Highlights

• OpenAI restructures as a Public Benefit Corporation (PBC) under nonprofit control, preserving mission alignment while removing the 100x cap on investor returns; $40B funding round at $300B valuation led by SoftBank moves forward1.
• OpenAI agrees to acquire coding startup Windsurf (formerly Codeium) for ~$3B, marking its largest M&A to date and strengthening its position against GitHub Copilot and other AI coding tools2.
• Elon Musk will continue his lawsuit against OpenAI, alleging deviation from its original nonprofit mission, despite OpenAI’s governance shift15.
• Google DeepMind releases Gemini 2.5 Pro “I/O edition,” topping coding and multimodal AI benchmarks ahead of Google I/O, intensifying the AI platform race10.
• G42, UAE’s state-backed AI firm, commits to major US expansion as part of a $1.4T UAE investment push, while IBM unveils new AI mainframes and pledges $150B US investment over five years5.
• Tokenized real-world assets (RWAs) on blockchain reach a record $22.1B, led by private credit and US Treasuries; major financial institutions ramp up infrastructure for tokenized assets13.
• Coinbase CEO Brian Armstrong’s NewLimit raises $130M Series B led by Kleiner Perkins for AI-driven anti-aging drug development (Coinbase )3.
• Uber acquires 85% of Alibaba-owned Trendyol GO for $700M, expanding its food delivery reach in Turkey; Uber and WeRide also announce global robotaxi expansion to 15 cities49.
• Skechers to be acquired by 3G Capital for $9.4B at a 30% premium, taking the company private amid tariff headwinds and global economic uncertainty (Skechers )6.
• China’s Origin Quantum unveils Tianji 4.0 system with 500+ qubits, advancing mass production of quantum computers; Japan’s Fujitsu/Riken and Cisco also announce quantum hardware milestones7.
• CATL files for a $5B Hong Kong listing and seeks $1B loan for Indonesian battery plant expansion; Chery advances $1.5B IPO, both amid shifting global capital flows and geopolitical scrutiny11.
• Instacart launches Fizz, a Gen-Z-focused party delivery app, integrating with event platforms and offering innovative group ordering and loyalty features8.
• Turkey designates Atatürk Airport’s terminals as “Terminal İstanbul” technopark, aiming to create the world’s largest tech entrepreneurship hub14.
• FAA approves SpaceX for up to 25 annual Starship launches from Texas, accelerating Mars mission cadence and commercial spaceflight opportunities12.

Commentary

Today’s news cycle underscores a defining moment in the global innovation economy as AI, quantum computing, and tokenization of real-world assets converge with major capital flows and regulatory shifts. OpenAI’s decision to retain nonprofit control while converting its for-profit arm to a PBC—and simultaneously removing the cap on investor returns—signals a new era for mission-driven, yet highly scalable, AI ventures1. The $40B round at a $300B valuation, alongside the $3B Windsurf acquisition, will set new benchmarks for both capital deployment and M&A exit expectations in the AI sector12. However, ongoing legal friction from Elon Musk highlights the reputational and mission-governance risks that can shadow even the most high-profile deals15.

Google ’s Gemini 2.5 Pro leapfrogging OpenAI on coding benchmarks, and IBM ’s $150B AI/quantum investment commitment, reinforce the intensifying platform battle105. For early-stage and growth-stage VCs, this means a premium on differentiated AI tooling, vertical integration (e.g., code generation, agentic workflows), and the ability to partner or exit to hyperscalers flush with capital. The G42 and UAE’s $1.4T US investment push, with a clear pivot away from China, also opens new cross-border syndication and co-investment opportunities, but will require sharp attention to CFIUS and regulatory risk5.

The surge in tokenized RWAs to $22.1B, with projections to hit $30T by 2030, is a clarion call for fintech and blockchain VCs13. As BlackRock, Citi, and JPMorgan build out tokenization rails, startups enabling compliance, interoperability, and new yield products will be acquisition targets or IPO candidates. Meanwhile, the FAA’s approval of 25 annual Starship launches, China’s quantum hardware breakthroughs, and the rise of technoparks like Terminal İstanbul all point to a renewed arms race in deep tech infrastructure—offering fertile ground for patient capital and dual-use technology bets12714.

On the consumer front, Uber ’s Trendyol GO acquisition and Instacart ’s Fizz launch show that even in saturated markets, innovation in go-to-market (Gen-Z, group ordering, loyalty) and geographic expansion (Turkey, MENA, APAC) can drive growth and strategic exits48. The 3G Capital buyout of Skechers , despite tariff headwinds, is a reminder that PE appetite for global brands remains strong, especially when public market volatility creates valuation dislocations6.

VCs should watch for: (1) how the AI platform wars shape M&A and late-stage deal terms; (2) regulatory responses to tokenization and cross-border capital; (3) the pace of quantum and space commercialization; and (4) continued consumer tech reinvention in response to demographic and regulatory shifts. The next wave of unicorns and decacorns will likely emerge at the intersection of these themes—where capital, technology, and policy collide.