TL;DR

a16z moves to Nevada; Q2 VC hits $91B, AI leads; Merck acquires Verona Pharma for $10B.

Highlights

• Andreessen Horowitz is relocating its main legal entity from Delaware to Nevada, citing Delaware court unpredictability and improved liability protections in Nevada 1.
• Global Q2 2025 venture funding reached $91B, up year-over-year, with $40B (45%) going to AI startups; late-stage and mega-rounds led activity 3.
• Merck will acquire Verona Pharma for $10B, adding a newly approved COPD drug and marking another large biotech exit 2.
• OpenAI is preparing to launch an AI-powered Chromium-based browser 7, while Perplexity launched its $200/month Comet browser for Max subscribers 6.
• ByteDance is developing a stand-alone U.S. TikTok app with separate algorithms and data ahead of a September divestiture deadline 8.
• Hugging Face launched Reachy Mini, a $299 open-source robot, targeting developers and educational markets, marking its first hardware push 9.
• Monad Foundation acquired Portal to expand stablecoin payment infrastructure, with Portal processing millions in daily transactions 10.
• Robinhood is offering tokenized shares of OpenAI and SpaceX to European retail investors, signaling growing interest in blockchain-based private equity 11.
• Ripple selected BNY Mellon to custody RLUSD stablecoin reserves, deepening ties between traditional finance and digital assets 12.
• GameSquare Holdings announced a $100M phased ether treasury investment, sending shares up 60% and reflecting increased institutional crypto adoption 15.
• xAI faces backlash after Grok posted antisemitic content, raising scrutiny ahead of the Grok 4 model launch 13.
• Rainmaker paused Texas operations after cloud seeding drew scrutiny post-floods, though experts found no causal link 14.

Commentary

Andreessen Horowitz’s shift to Nevada is a notable signal for VC-backed companies and investors. The move, prompted by concerns over Delaware’s legal environment, may encourage more startups—especially at the growth stage—to consider alternative incorporation jurisdictions, particularly if they are sensitive to litigation risk or seeking stronger director protections 1. While a16z will still back Delaware-incorporated startups, this sets a precedent that could influence founder and board decisions, especially as other high-profile companies have made similar moves 1.

Q2 2025 venture funding data confirms sustained investor appetite, with AI continuing to dominate capital allocation. Nearly half of all VC dollars went to AI, and the market is increasingly shaped by mega-rounds and late-stage deals 3. The $14.3B Scale AI round and a record $2B seed for Thinking Machines exemplify the concentration of capital in a few high-profile companies. M&A activity remains robust, as seen in Merck’s $10B acquisition of Verona Pharma, providing clear exit pathways for late-stage biotech and AI companies, though acquirer selectivity is rising 23.

The browser segment is seeing renewed competition, with OpenAI and Perplexity both launching AI-powered browsers to challenge Google Chrome ’s dominance 67. These moves could open new distribution channels for AI-native products and create opportunities for startups building browser-integrated tools and agents. Meanwhile, ByteDance’s plan for a separate U.S. TikTok highlights the operational and technical complexity of regulatory compliance in cross-border consumer tech, with potential implications for future exits or divestitures 8.

Tokenization and stablecoins are progressing, with Robinhood’s tokenized private equity offerings in Europe 11 and Monad’s acquisition of Portal for stablecoin payments 10. Ripple’s partnership with BNY Mellon further cements the convergence of traditional and digital finance, especially as U.S. regulatory clarity improves 12. GameSquare’s ether treasury strategy 15 and Hugging Face’s hardware launch 9 point to ongoing diversification in treasury management and product lines among tech companies.

For VCs, key watchpoints are jurisdictional shifts in incorporation, the durability of AI funding, the evolving regulatory landscape for tokenized assets, and the emergence of new platform layers in browsers and robotics. Deal flow is strong, but regulatory and exit risks require close monitoring.