TL;DR

OpenAI acquires Jony Ive’s io; Neuralink raises $650M; Chime sets $11.2B IPO valuation.

Highlights

• OpenAI acquires Jony Ive’s io for $6.5B in equity; Laurene Powell Jobs invests $1B+; hardware device production could start in 20271.
• OpenAI to launch ChatGPT “super assistant” and develop a display-less wearable device with Ive’s team; targeting platform-neutral, multimodal AI11.
• Neuralink raises $650M Series E at $9B valuation; five patients implanted; FDA “Breakthrough Device” status for vision-restoring tech2.
• Paradromics completes first human test of Connexus brain implant; clinical trials planned; joins BCI competition with Synchron and Precision Neuroscience14.
• Musk’s xAI seeks $113B valuation in $300M secondary share sale; Morgan Stanley arranging $5B in debt; sector investment hits $73B Q1 20253.
• Samsung in advanced talks to invest in Perplexity AI; plans default integration on Galaxy S26; Perplexity targets $500M raise at $14B valuation4.
• Chime Financial sets IPO terms: up to $832M raise at $11.2B valuation, down from $25B in 2021; Nasdaq listing expected week of June 95.
• Roark Capital acquires Dave’s Hot Chicken for $1B; 315 units; expansion and IPO possible in 3–5 years6.
• Applied Digital and Nvidia-backed CoreWeave sign $7B, 250MW AI data center lease; both stocks surge7.
• Snowflake to acquire Crunchy Data for $250M, expanding PostgreSQL and AI capabilities8.
• Atai Life Sciences to acquire Beckley Psytech for up to $390M in stock, contingent on Phase 2b trial data9.
• Nebius Group raises $1B in convertible notes for AI cloud infrastructure; shares fall 6.4% post-announcement12.

Commentary

AI hardware and platform integration are seeing significant capital deployment, with OpenAI’s $6.5B all-equity acquisition of Jony Ive’s io1 and Samsung’s pending investment in Perplexity AI4. OpenAI’s hardware ambitions, backed by Laurene Powell Jobs and involving a display-less wearable, point to increasing competition for control of the AI assistant layer across consumer devices111. Samsung’s plans to preload Perplexity as the default assistant on future Galaxy phones—potentially displacing Google —signal a notable shift in the mobile AI landscape and could drive further strategic partnerships and investments in AI-native software and hardware startups4.

The brain-computer interface (BCI) sector is attracting both capital and clinical momentum. Neuralink’s $650M Series E and successful patient implants2, alongside Paradromics’ first human test and upcoming trials14, highlight growing investor confidence in neurotech. The FDA’s “Breakthrough Device” designation for Neuralink’s vision-restoring device and the entry of multiple BCI competitors suggest the sector is moving from early-stage to clinical validation, which may accelerate Series B/C financings and strategic M&A214.

On the infrastructure front, hyperscale demand for AI compute is reflected in CoreWeave ’s $7B, 15-year lease with Applied Digital 7 and Snowflake’s $250M acquisition of Crunchy Data to bolster open-source and AI database capabilities8. These moves indicate continued appetite for foundational AI and data infrastructure, with public and private capital supporting expansion despite ongoing supply chain and talent constraints. Nebius Group ’s $1B convertible note raise (despite a share price dip) underscores the capital intensity required for AI platform plays12.

Public market activity is showing renewed signs of life. Chime Financial ’s IPO, albeit at a sharply lower valuation than in 2021, will be a key test for late-stage fintech exits5. Roark Capital’s $1B acquisition of Dave’s Hot Chicken, with an eye toward IPO, reflects continued PE and strategic interest in scalable consumer brands6. Atai Life Sciences ’ contingent acquisition of Beckley Psytech, and Snowflake’s Crunchy Data deal, further illustrate a healthy exit environment for companies with differentiated technology or clinical milestones98.

VCs should monitor: (1) AI hardware and platform integrations, (2) clinical progress in neurotech, (3) AI infrastructure deal flow, and (4) IPO/M&A activity in fintech and consumer sectors. Entry discipline and technical differentiation remain critical as capital continues to chase high-growth opportunities.