TL;DR

OpenAI eyes $500B valuation, $40B raise; GPT-5 launch; Blackstone, Rillet, Chai Discovery, XtalPi lead deals.

Highlights

• OpenAI is in talks for a secondary stock sale at a $500B valuation, up from $300B, with a $40B primary round led by SoftBank also in progress; IPO and corporate restructuring are being considered 1.
• OpenAI will unveil GPT-5 on August 7; ChatGPT nears 700M weekly users and 5M paying business customers 12.
• OpenAI released open-weight GPT-OSS-120B and 20B models under Apache 2.0, with Microsoft and AWS integrating them for local and cloud deployment 513.
• OpenAI signed a $1-per-agency deal to provide ChatGPT Enterprise to all US federal executive-branch agencies, outpacing rivals in government AI adoption 7.
• Blackstone launched a $3.5B bid to take Japan’s TechnoPro private and closed a $6.5B acquisition of US energy data firm Enverus, signaling renewed PE activity 2.
• AI accounting platform Rillet raised $70M Series B at a $500M valuation from a16z and ICONIQ; legal-tech startup August raised $7M seed led by NEA and Pear VC 3.
• Chai Discovery, an OpenAI-backed AI drug design startup, raised $70M Series A at a $550M valuation led by Menlo Ventures 4.
• XtalPi shares rose 12% after a $6B AI drug discovery partnership with US-based DoveTree, reflecting increased cross-border biotech/AI deals 10.
• Google Cloud and Cohere launched new enterprise AI agents for data automation and privacy; Cohere’s North platform is being piloted by major corporates 6.
• Google pledged $1B to expand AI education, launching Gemini-powered tools and training for students globally 15.
• Uber is seeking financing for a robotaxi fleet, while Tesla plans to deploy over 100 autonomous vehicles in California 8.
• Joby Aviation and ANA plan to launch electric air taxis in Japan by 2025 with over 100 aircraft; Joby’s FAA certification is 70% through stage 4 9.
• Chinese robotics firm Unitree launched the A2 Stellar Hunter quadruped robot; humanoid robot Ling Shu also unveiled, driving robotics stock gains 11.
• Microsoft introduced Project Ire, an AI agent for malware reverse engineering, to be integrated into Defender 14.

Commentary

OpenAI continues to dominate the private tech landscape, with a potential $500B secondary valuation and a $40B primary raise in play—both unprecedented for a venture-backed company 1. The secondary sale would offer liquidity for employees and early investors, while the $1 ChatGPT Enterprise deal with the US government positions OpenAI to accelerate institutional adoption and set a high bar for competitors 7. The imminent GPT-5 launch and release of open-weight models further entrench OpenAI’s ecosystem, with Microsoft and AWS integrations expanding developer access and enterprise use cases 51312.

Venture and growth-stage activity remains robust across AI-driven verticals. Rillet’s $70M Series B and Chai Discovery’s $70M Series A at $500M+ valuations underscore sustained investor demand for enterprise AI and biotech applications 34. XtalPi’s $6B partnership with DoveTree, alongside continued cross-border licensing deals, highlights the growing importance of AI in drug discovery and China’s rising role as a partner for Western pharma 10. These trends are likely to drive further mega-rounds and M&A activity in AI/biotech.

Private equity is re-engaging globally, as shown by Blackstone’s $3.5B TechnoPro bid and $6.5B Enverus acquisition 2. This suggests improved confidence in both Japanese and US markets, with implications for later-stage VC exits and secondary transactions. Meanwhile, the push into autonomous mobility—Uber’s robotaxi financing, Tesla’s California deployment, and Joby ’s air taxi JV in Japan—signals increasing capital requirements and partnership opportunities in next-gen transportation 89.

On the infrastructure and security front, the open-weight AI model releases, Microsoft ’s Project Ire, and new enterprise AI agents from Google and Cohere are expanding the enterprise AI stack 513146. Security and compliance are rising priorities, as evidenced by the uptick in security-focused VC activity and the integration of autonomous security agents 6.

For VC investors, the market remains highly active in AI, enterprise SaaS, biotech, and automation. Secondary liquidity events, cross-border deal flow (notably in China and Japan), and new government and enterprise adoption channels are worth close monitoring for both deal sourcing and exit planning.