TL;DR

Chime, Voyager, Insta360 IPOs surge; Stripe buys Privy; Proxima Fusion raises €130M for fusion.

Highlights

• Chime to IPO at $11B valuation (10x oversubscribed); early VCs (Crosslink, Cathay, PivotNorth) set for major returns amid renewed fintech IPO activity 1.
• Stripe acquires crypto wallet firm Privy, advancing its stablecoin and on-chain payments infrastructure after Bridge acquisition 2.
• Proxima Fusion (Germany) raises €130M Series A (Europe’s largest fusion round) to build stellarator-based fusion power plant by 2031; backed by Breakthrough Energy Ventures 3.
• Multiple Asia- and Japan-focused funds close: Churchill ($1.5B co-invest), BharCap ($1B+), Geodesic ($250M US-Japan tech), Seed to Sunflower ($150M), Ares ($2.4B Japan data centers), Apollo expands Asia credit 4.
• Byju’s sells US subsidiaries Epic ($95M) and Tynker ($2.2M) in bankruptcy auction, reflecting late-stage edtech and cross-border M&A risk 5.
• Oklo shares rise 30% on pending DoD micro-reactor contract; plans $400M share sale to fund advanced nuclear projects 6.
• Bullish, a Peter Thiel-backed crypto exchange, confidentially files for US IPO amid improving digital asset policy environment 7.
• Insta360 IPO on Shanghai STAR Market raises $270M; shares surge 285%; targets US expansion 9.
• Voyager Technologies raises $383M in NYSE IPO; shares up 125% on debut, supporting momentum for space/defense tech exits 10.
• Nvidia announces major European AI expansion: 18,000-chip Mistral deal, Siemens partnership, new AI/automation toolkits 11.
• Disney and NBCUniversal sue AI startup Midjourney for copyright infringement, increasing legal scrutiny for generative AI 12.
• UK announces £2.1T spending plan: £2B for AI, £30B for nuclear, record R&D and infrastructure funding 13.
• Japan’s Marelli files for Chapter 11, secures $1.1B DIP financing to restructure $4.9B in debt, raising auto supply chain credit concerns 14.
• Google offers voluntary buyouts to US Search/Ads staff as AI investment pressures margins; further tech sector restructuring possible 15.

Commentary

The IPO window is clearly opening for scaled tech companies, with Chime 1, Voyager Technologies 10, and Insta360 9 all securing strong public market demand and delivering substantial first-day gains. Early VC investors in Chime are seeing significant liquidity events, which may encourage renewed capital deployment in fintech and adjacent sectors 1. The robust performance of Voyager and Oklo 6 also signals public market appetite for defense, space, and advanced nuclear tech, potentially improving exit prospects and late-stage valuations in these categories 610.

Strategic M&A and capital formation remain active. Stripe’s acquisition of Privy, following its Bridge purchase, underscores the drive among payments leaders to integrate crypto and stablecoin infrastructure, which could spur further consolidation and investment in fintech infrastructure 2. Bullish’s confidential IPO filing points to improving sentiment for digital asset platforms, especially with a perceived policy tailwind in the US 7.

Deep tech and climate remain in focus, with Proxima Fusion’s record Series A 3 and Oklo’s DoD contract progress 6 highlighting investor and government interest in next-generation energy. The UK’s £2.1T spending plan—with targeted AI and nuclear allocations—signals sustained public sector support for R&D, infrastructure, and climate tech 13. Nvidia’s Nvidia Corp European expansion and new partnerships will likely accelerate the development of AI-native startups and enterprise applications across the continent 1113.

On the risk side, Byju’s distressed asset sales 5 and Marelli’s bankruptcy 14 illustrate the dangers of overextension, debt-heavy capital structures, and cross-border M&A, particularly in volatile sectors. The legal action by Disney and NBCUniversal against Midjourney increases IP risk for generative AI startups, an area VCs should monitor closely 12. Google’s buyouts reflect ongoing cost pressures as incumbents reallocate resources to AI, which may create opportunities for startups to attract talent or fill gaps left by larger firms 15.