TL;DR

Uber eyes Pony.ai U.S. unit; Meta hires OpenAI talent; $100M rounds for World Liberty, Raphe mPhibr.

Highlights

• Uber is in early talks to help finance Travis Kalanick’s bid for Pony.ai’s U.S. robotaxi unit; Pony.ai shares rose 15%1.
• World Liberty Financial, a Trump-backed crypto firm, secured $100M from a UAE fund and will soon publish a stablecoin audit; governance token transferability expected2.
• Galaxy Digital closed a $175M debut external VC fund focused on stablecoins and DeFi, with $50M already deployed3.
• Xona Space Systems raised $92M Series B (Craft Ventures) to launch encrypted LEO navigation satellites; SoftBank invested $14M in Skai, a U.S. balloon-based mobile platform4.
• CoreWeave revived talks to acquire Core Scientific (bitcoin miner/data center operator), sending Core Scientific shares up 30%5.
• Raphe mPhibr, an Indian defense drone startup, raised a record $100M Series B (General Catalyst); company is profitable and targets IPO in 2–5 years6.
• Zama, a Paris-based homomorphic encryption company for blockchain/AI, raised $57M Series B (Pantera Capital), reaching unicorn status and launching a public testnet7.
• Meta hired three senior OpenAI researchers for its new “superintelligence” AI initiative, following its $14.3B stake in Scale AI8.
• Cyngn shares surged over 500% after announcing a robotics partnership with Nvidia for autonomous industrial vehicles9.
• Nvidia CEO Jensen Huang identified robotics as the company’s next major market; Roundhill launched a humanoid robotics ETF (HUMN) on Nasdaq1214.
• Microsoft is negotiating with OpenAI to remove an AGI-triggered IP restriction clause in their partnership13.
• Binance, Upbit, and Kraken coordinated the listing of Sahara AI’s token, reflecting strong demand for AI-linked crypto assets15.
• Rocket Lab won an ESA contract to launch LEO navigation demo satellites; Blue Origin is lobbying the Trump administration for federal space contracts1011.

Commentary

Deal activity this cycle is concentrated in AI, robotics, crypto infrastructure, and dual-use aerospace, with VCs and strategics deploying capital into both enabling technologies and application platforms. Uber ’s possible re-entry into autonomous vehicles through Kalanick’s Pony.ai bid reflects renewed strategic urgency as competition from Waymo and Tesla intensifies1, while Meta ’s hiring of top OpenAI talent and its recent Scale AI investment highlight the ongoing battle for AI leadership and proprietary IP8.

Crypto and blockchain infrastructure continue to attract substantial venture capital, as seen in Galaxy Digital ’s oversubscribed fund3 and Zama’s unicorn round7. The $100M investment into World Liberty Financial and the coordinated Sahara AI token listings point to persistent investor demand for digital assets tied to AI and payments215, though regulatory and governance risks remain elevated.

Defense and space are also seeing robust VC and crossover activity. Raphe mPhibr’s record round6 and Xona’s Series B4 show growing investor appetite for dual-use and national security tech, especially as India and Japan boost procurement and encourage private-sector manufacturing. Meanwhile, Rocket Lab ’s ESA contract10 and Blue Origin’s lobbying efforts11 signal ongoing opportunities for venture-backed space companies to secure government and commercial contracts.

Valuations in sectors like robotics and AI remain sensitive to public market sentiment, as evidenced by Cyngn’s extreme share move on minimal revenue9 and the launch of new robotics-focused ETFs14. Strategic partnerships and M&A, such as CoreWeave’s renewed pursuit of Core Scientific 5, are likely to continue as incumbents seek to secure critical infrastructure and talent.