TL;DR

Nvidia eyes first quantum deal; Circle weighs $10B+ sale; Charter acquires Cox for $34.5B.

Highlights

• Nvidia is in advanced talks to make its first quantum computing investment, joining PsiQuantum’s $750M+ round 1.
• Circle is in informal sale talks with Coinbase and Ripple, with bids reportedly over $10B, while also pursuing a $5B IPO 2.
• Charter to acquire Cox for $34.5B, creating a 38M-subscriber broadband giant; deal faces antitrust review 3.
• Blackstone to acquire TXNM Energy for $11.5B, reflecting increased investor focus on U.S. utilities and grid modernization 4.
• Regeneron to acquire 23andMe (excluding Lemonaid Health) out of bankruptcy for $256M, gaining access to 15M DNA samples 5.
• CATL raises $4.6B in Hong Kong’s largest 2025 IPO; U.S. investors excluded from the listing 6.
• Verizon ends DEI programs to secure FCC approval for its $10B Frontier deal amid regulatory and political shifts 7.
• Klarna’s Q1 loss widens to $99M; pauses U.S. IPO and sells UK loans to Elliott for GBP 30B 8.
• Revolut to invest €1B in France, create 200 jobs, and apply for a French banking license 9.
• Microsoft partners with xAI to host Grok 3 models on Azure and launches GitHub Copilot coding agent 11.
• Uber launches B2B logistics and metro ticketing in India via ONDC, targeting e-commerce and healthcare logistics 12.
• Five Chinese companies plan Singapore IPOs or dual listings in 12–18 months, seeking alternatives amid U.S. tariffs 13.
• Sei Labs unveils Sei Giga, a new EVM Layer 1 blockchain upgrade, targeting 200K TPS; backed by top crypto VCs 14.
• Dick’s Sporting Goods to acquire Foot Locker for $2.4B (86% premium); Dick’s shares fall 15% on announcement 15.

Commentary

Deal activity this cycle is marked by sectoral shifts and strategic capital redeployment. Nvidia ’s move toward quantum computing, backing PsiQuantum’s $750M+ round, signals growing institutional interest in next-generation hardware 1. This may drive further VC inflows into quantum and adjacent deep tech, especially as large corporates look to diversify beyond AI chip dominance.

In financial services, Circle’s parallel sale and IPO processes, with bids above $10B and ongoing IPO prep, underscore the competitive dynamics and consolidation pressure in the stablecoin and digital asset space 2. Klarna’s widened losses, IPO pause, and asset sale to Elliott highlight the impact of market volatility and regulatory uncertainty, particularly in the U.S. market 8. Revolut’s €1B commitment to France and pursuit of a local banking license reflect a trend toward regional scale and regulatory engagement as fintechs seek growth amid shifting global conditions 9.

Large-scale M&A in infrastructure—Charter’s $34.5B Cox acquisition and Blackstone ’s $11.5B TXNM Energy deal—reflects ongoing consolidation and a search for stable, scalable assets in broadband and utilities 34. These moves are influenced by rising data and energy demands, but are also subject to heightened regulatory scrutiny, especially regarding antitrust and DEI policy shifts 7.

On the capital markets front, CATL’s $4.6B Hong Kong IPO (excluding U.S. investors) and the planned Singapore listings by Chinese firms illustrate a pivot away from U.S. exchanges amid trade tensions 613. This fragmentation is relevant for VC-backed growth-stage companies evaluating exit options, especially those with cross-border ambitions.

Other notable moves include Regeneron’s acquisition of 23andMe’s genetic assets out of bankruptcy 5, Microsoft ’s continued AI platform expansion 11, and Uber ’s B2B logistics push in India 12. Blockchain infrastructure innovation (Sei Giga) 14 and retail consolidation (Dick’s /Foot Locker ) 15 round out a week of significant deal flow and strategic repositioning.