TL;DR

Abridge AI raises $300M at $5.3B; Anthropic hits $3B revenue; Builder AI collapses for fraud.

Highlights

• Andreessen Horowitz leads $300M round in Abridge AI (doctor-patient transcription), doubling valuation to $5.3B; Khosla Ventures also participates 1.
• Anthropic, backed by Alphabet and Amazon , reaches $3B annualized revenue, up 3x since Dec 2024; rapid enterprise adoption of code generation AI 2.
• Builder AI collapses after faking AI, inflating $60M sales; raised $445M at $1.5B valuation—exposes diligence gaps 4.
• Stablecoin market cap hits $250B (Tether $153B, USDC $61B); Circle files for IPO; B2B stablecoin payments reach $36B; Senate blocks GENIUS Act 3.
• REX Shares and Osprey file for first U.S. Ethereum and Solana staking ETFs, bypassing SEC 19b-4 process; launch targeted for mid-June 13.
• Waymo surpasses 10M paid robotaxi rides, 250,000 weekly trips, 50M autonomous miles; expansion continues, $11B+ raised to date 5.
• SoftBank, Intel, and Saimemory develop AI memory chips to halve data center power use; Japanese edge AI startup secures $21M in grants 7.
• EU launches Startup and Scaleup Strategy with 28 proposals, new regulatory framework, and Scaleup Europe fund; targets tech innovation and $50B marijuana market 6.
• Hims & Hers cuts 68 employees (4%) after U.S. ban on mass-manufactured Wegovy; biopharma sector sees further layoffs 10.
• Roblox game Grow a Garden surpasses 11.6M concurrent players; spawns million-dollar weekly eBay economy for in-game items 12.
• Loudio’s $LOUD token dominates CryptoTwitter mindshare (>70%), raising nearly 200 SOL in first IAO phase 14.
• Meta shareholders reject proposal to add Bitcoin to treasury; $72B cash position unchanged 15.

Commentary

AI remains the primary driver of venture activity, with Abridge AI’s $300M round—led by Andreessen Horowitz and joined by Khosla Ventures—doubling its valuation in three months 1. This, alongside Anthropic’s acceleration to $3B in annualized revenue, highlights sustained enterprise demand for both vertical (healthtech) and horizontal (productivity/code generation) AI applications 2. The pace of revenue growth at Anthropic is notable even by SaaS standards, setting a new bar for AI monetization and likely increasing pressure on early-stage AI startups to demonstrate real traction 2.

The collapse of Builder AI, after raising $445M on fraudulent claims, is a cautionary signal for investors 4. This event will likely prompt more rigorous technical and financial diligence, especially in sectors where AI capabilities are difficult to verify. VCs should expect increased scrutiny on product authenticity and revenue validation at both early and growth stages 4.

Crypto infrastructure continues to mature: stablecoins now exceed $250B in market cap, and Circle’s IPO filing signals growing institutional interest despite regulatory uncertainty 3. The upcoming launch of Ethereum and Solana staking ETFs—using a structure that bypasses traditional SEC review—could accelerate capital inflows and provide new liquidity options for crypto-native startups 13. However, regulatory risk remains high, as seen in the Senate’s recent blocking of the GENIUS Act 3.

Mobility and hardware innovation also saw major milestones. Waymo’s 10M paid rides and ongoing expansion underscore the progress of autonomous vehicles toward commercial viability 5, while SoftBank and Intel’s work on energy-efficient AI memory chips reflects continued investment in foundational infrastructure 7. Layoffs at Hims & Hers and elsewhere in biopharma point to ongoing sector volatility, especially as regulatory changes impact business models 10.

Early-stage and growth investors should focus on technical diligence in AI, monitor regulatory developments in crypto and healthtech, and track exit opportunities as IPO and ETF windows open. Deal flow remains robust in AI, crypto, and mobility, but selectivity and verification are increasingly critical.