TL;DR

Anduril raises $2.5B at $30.5B; Circle’s IPO surges; Google’s Gemini 2.5 Pro leads LLM benchmarks.

Highlights

• Anduril raises $2.5B Series G led by Founders Fund, doubling valuation to $30.5B; round 4x oversubscribed 1.
• Circle raises $1.1B in NYSE IPO; shares open 123% above $31 offer, peaking at $18B+ valuation 2.
• Neuralink secures $650M at $9B valuation; human trials ongoing, with backing from ARK Invest and Sequoia 3.
• DeepSeek-R1 launch triggers $1T Nasdaq drop; US VCs increase China AI diligence amid chip export bans and talent shifts 5.
• Google releases Gemini 2.5 Pro preview, regains top LLM benchmarks; introduces developer controls, pricing unchanged 14.
• Mary Meeker’s AI report: AI startups scaling to $100M ARR 10x faster than SaaS; data moats key 10.
• Palantir stock up 77% YTD on AI and government contract momentum; expands US surveillance projects 15.
• Nordic Foodtech VC closes €40M for new €80M fund targeting deeptech food/ag startups, despite 30% drop in EU foodtech investment 6.
• Higgsfield launches AI video avatar platform, reaches $11M ARR in 8 weeks; Series A in progress 7.
• Obvio raises $22M Series A (Bain Capital) to expand AI-powered stop sign cameras, reporting rapid adoption in Maryland 8.
• Tether leads Orionx Series A to expand stablecoins in Latin America and Africa; invests in African blockchain, targets Bitcoin mining 9.
• Bessemer appoints Pankaj Mitra to lead India AI, enterprise tech, and cybersecurity investments 13.
• Planet Labs achieves positive free cash flow; stock up 54% on $66.3M Q1 revenue. Rubrik Q1 revenue up 49%, raises full-year guidance 11.
• Rocket Companies’ $1.75B Redfin acquisition faces antitrust scrutiny over market consolidation and debt risks 12.

Commentary

Capital deployment remains robust across defense, AI, and fintech, with several large late-stage rounds and a major tech IPO. Anduril’s $2.5B Series G at a $30.5B valuation, led by Founders Fund and heavily oversubscribed, highlights sustained investor appetite for defense technology, particularly as geopolitical risk and government procurement drive demand 1. Neuralink’s $650M round, with continued human trials and top-tier VC participation, confirms ongoing interest in frontier neurotechnology, while Higgsfield’s rapid $11M ARR growth in AI video avatars demonstrates the speed at which new AI applications can scale 37.

Circle’s $1.1B NYSE IPO and strong aftermarket performance mark a significant milestone for crypto infrastructure, suggesting renewed risk appetite for digital asset platforms and setting a precedent for future crypto-related public offerings 2. Tether’s expansion into Latin America and Africa via Orionx and Shiga Digital shows stablecoins’ growing role in emerging markets, while also signaling that major crypto players are prioritizing international growth 9.

AI remains the central theme, with Google ’s Gemini 2.5 Pro regaining benchmark leadership and DeepSeek-R1’s cost-efficient launch prompting both a sharp Nasdaq correction and increased US VC focus on China’s AI ecosystem 145. Mary Meeker’s comprehensive AI trends report quantifies the rapid scaling of AI startups and underscores the importance of proprietary data as a defensible advantage 10. Bessemer’s new India partner appointment reflects global VC interest in emerging AI and enterprise tech markets 13.

Sector-focused funds and infrastructure plays continue to attract capital despite broader market headwinds. Nordic Foodtech VC’s new fund launch 6, Obvio’s traction in civic AI 8, and strong quarters from Planet Labs and Rubrik 11 all point to selective optimism in sustainability, public safety, and data infrastructure. Meanwhile, Rocket Companies’ Redfin acquisition and the associated antitrust scrutiny highlight ongoing regulatory risk for consolidation plays in tech-enabled real estate 12.