TL;DR

Palo Alto buys CyberArk for $25B; Ramp raises $500M at $22.5B; Kraken targets $500M, eyes IPO.

Highlights

• Palo Alto Networks to acquire CyberArk for $25B in cash and stock, expanding into identity security; deal follows recent sector consolidation 1.
• Ramp raises $500M Series E-2 led by Iconiq at a $22.5B valuation, accelerating AI-driven fintech automation 2.
• Kraken seeks $500M at a $15B valuation, with fundraising potentially paving way for a future IPO 3.
• KKR closes $6.5B credit fund (its largest), acquires HealthCare Royalty Partners, and plans a retail-focused interval fund with Capital Group 4.
• 180 Life Sciences rebrands as ETHZilla , raises $425M to build a large Ethereum treasury and pursue on-chain yield strategies 5.
• BTCS files to raise up to $2B to expand its Ethereum holdings, already among the largest corporate Ether holders 6.
• JPMorgan Chase partners with Coinbase , enabling 80M retail customers to directly access crypto and stablecoins 15.
• Meta consolidates AI efforts into Superintelligence Labs, led by Scale AI’s Alexandr Wang, with major investment in AI infrastructure and talent 9.
• OpenAI code leak signals GPT-5 launch in August, featuring new reasoning capabilities and lighter model variants 10.
• Meta ’s $1B+ AI talent offers to Thinking Machines Lab staff declined, reflecting strong retention at high-value AI startups 11.
• Amazon signs $20–25M/year licensing deal with The New York Times for AI training data 12.
• UK AI Security Institute launches £15M Alignment Project with Anthropic, Amazon , and Canadian AI Safety Institute to fund global AI safety research 8.
• WithNeo debuts NEO, an AI system automating end-to-end machine-learning pipelines 13.
• Gilmour Space’s first orbital rocket launch fails after 14 seconds; company plans next test as Australia’s space sector develops 14.
• Skydance in talks to acquire The Free Press, with potential editorial changes at CBS News amid Paramount takeover 7.

Commentary

M&A activity remains robust, with Palo Alto Networks ’ $25B acquisition of CyberArk underscoring continued consolidation in cybersecurity, particularly as identity security becomes more critical in the AI era 1. This follows a string of large security deals and indicates that strategic buyers are willing to pay premiums for differentiated capabilities 1. For VC-backed security startups, the bar for acquisition is rising, but so are potential exit multiples for those with unique AI or identity solutions 1.

AI continues to command capital and talent. Ramp’s $500M round at a $22.5B valuation highlights investor appetite for enterprise automation 2, while Meta ’s consolidation of its AI divisions and aggressive recruitment (and the refusal of Thinking Machines Lab staff to accept $1B+ offers) show the intensifying competition for top AI talent 911. OpenAI’s imminent GPT-5 launch and new automation platforms like WithNeo’s NEO point to rapid progress in AI infrastructure, likely driving up valuations for teams with technical edge and defensible IP 1013.

Digital assets are seeing deeper institutional adoption. Kraken ’s $500M raise at a $15B valuation and IPO discussions 3, along with JPMorgan Chase ’s partnership with Coinbase 15, signal growing mainstream integration of crypto. Public companies like ETHZilla and BTCS are building substantial Ethereum treasuries, reflecting increased on-balance-sheet exposure and new strategies for yield 56. These moves may spur further VC activity in crypto infrastructure, compliance, and asset management 36.

Private market fundraising is strong, with KKR ’s record $6.5B credit fund and new retail-focused vehicles broadening access to alternatives 4. The launch of the UK AI Security Institute’s Alignment Project and Amazon ’s data licensing deal with The New York Times highlight ongoing demand for AI safety and quality training data, which could shape future startup opportunities and deal terms 812.

VCs should monitor escalating acquisition multiples in security 1, rising early-stage AI valuations 29, and the continued convergence of traditional finance with digital assets 315. Talent retention and data/IP access are becoming critical differentiators in both AI and fintech 91112.