TL;DR

xAI raises $10B for AI infra; Anthropic, Cursor see rapid growth; SEC eyes SPAC, crypto rule changes.

Highlights

• xAI raises $10B ($5B debt, $5B equity) for data centers and Grok LLM; valuation now ~$80B.1
• Anthropic’s revenue run rate hits $4B; Cursor (AI coding) hires Claude Code leads, reaches $500M ARR, closes $900M Series C.2
• FTC opens in-depth antitrust review of SoftBank’s $6.5B Ampere Computing acquisition, delaying deal closure.3
• Coinbase acquires Liquifi (token cap-table software), its fourth acquisition in 2025; crypto sector M&A accelerates.5
• SEC Chair Atkins signals potential easing of SPAC and IPO rules, and promises clearer crypto regulation.8
• Ripple applies for a U.S. national bank charter to bring its stablecoin under federal oversight, following Circle’s move.9
• Huawei open-sources two Pangu LLMs to drive adoption of Ascend AI chips; Chinese models gain global traction.11
• KKR acquires UK’s Spectris for £4.1B ($6.5B), topping Advent’s bid; signals renewed UK deal interest.4
• DeFi Development raises $100M in convertible notes to expand Solana holdings; institutional access to SOL grows.7
• Alibaba expands Southeast Asia cloud network, opens new data centers, and launches $7B China e-commerce subsidy.13
• TikTok Shop cuts more US staff amid weak sales, tariffs, and regulatory pressure; launches in Japan.10
• Delphi raises $16M Series A led by Sequoia to scale “digital minds” for interactive expertise.6
• Brazil’s central bank halts C&M Software links after a cyberattack disrupts Pix payments for fintechs.15

Commentary

AI infrastructure and applications continue to attract significant capital, with xAI’s $10B raise1 and Anthropic’s rapid revenue growth2 highlighting sustained investor demand for both compute and software layers. The competitive environment is reflected in Cursor’s key hires from Anthropic and its $900M Series C2, signaling that top-tier talent and clear product-market fit remain decisive for outsized venture rounds. Meanwhile, open-sourcing by Huawei11 and Baidu 11 is lowering the cost of AI development, which could benefit early-stage startups but may also compress margins for established players.

M&A activity is robust across sectors. KKR’s acquisition of Spectris demonstrates renewed interest in UK tech assets4, while Coinbase ’s fourth acquisition this year5 and DeFi Development’s convertible note raise7 underscore ongoing consolidation and institutionalization in the crypto and blockchain space. Regulatory developments are also notable: the FTC’s deep review of SoftBank’s Ampere deal could slow AI chip consolidation3, while SEC Chair Atkins’ openness to revising SPAC and IPO rules may improve exit options for late-stage venture-backed companies8. At the same time, Ripple and Circle’s moves to secure federal charters signal a push for regulatory clarity in stablecoins, potentially unlocking new institutional flows9.

Alibaba ’s expansion in Southeast Asia cloud and e-commerce13, alongside TikTok Shop’s US retrenchment and Japan launch10, illustrate diverging strategies in response to regulatory and market pressures. Delphi’s $16M Series A, led by Sequoia, shows continued VC interest in novel AI-driven knowledge platforms6. Finally, the cyberattack on Brazil’s Pix infrastructure highlights ongoing operational and security risks for fintechs and payment infrastructure startups, a reminder for diligence in the sector15.

VCs should monitor the pace of AI and crypto deal flow, regulatory signals on exits and digital assets, and the impact of open-source AI on startup differentiation and valuation.