TL;DR

Perplexity AI hits $18B valuation; US startup funding surges 76% on AI; OpenAI launches ChatGPT Agent.

Highlights

• Perplexity AI’s valuation rises to $18B after rapid revenue growth1; launches Comet AI browser6, targets $1B revenue and profitability ahead of 2028–29 IPO6.
• OpenAI debuts ChatGPT Agent, a unified agentic model for autonomous web tasks, rolling out to paying users5.
• US startup funding up 75.6% YoY to $162.8B in H1 2025; AI startups capture 64% of US VC funding7.
• Accel leads $200M Series A for Sweden’s Lovable, valuing the AI coding platform at $1.8B with $75M ARR3.
• Substack raises $100M Series C at $1.1B valuation, surpasses 5M paid subscribers and $45M ARR2.
• Uber invests $300M in Lucid for 20,000-vehicle autonomous EV fleet with Nuro ; Lucid plans reverse stock split4.
• China increases state-backed AI investment across chips, data centers, and open-source models to narrow US tech gap10.
• Novo Nordisk Foundation and EIFO invest €80M in QuNorth, launching a Copenhagen-based quantum computing venture with Atom Computing and Microsoft 8.
• Coinbase rebrands wallet as “Base App,” integrating trading, payments, social, and messaging on its Layer-2 network11.
• Bit Origin plans up to $500M raise to establish the first Dogecoin -denominated corporate treasury12.
• Jack Dorsey invests $10M in “and Other Stuff” nonprofit, launching open-source social and health apps using AI tool Goose9.
• Amazon cuts hundreds of AWS jobs as part of ongoing resource reallocation15.
• Rivian resumes $5B Georgia EV plant preparations, targeting 2026 construction and 2028 opening, backed by $6.6B DOE loan14.
• US security concerns delay UAE’s Nvidia AI chip deal, reflecting ongoing geopolitical friction in semiconductor exports13.

Commentary

AI continues to drive the bulk of venture capital activity, with US startup funding reaching $162.8B in H1 2025 and AI startups accounting for 64% of US VC allocations7. Perplexity AI’s rapid revenue growth and $18B valuation1—alongside the launch of its Comet browser6 and plans for a $1B revenue run-rate before a 2028–29 IPO6—highlights investor appetite for agentic AI platforms with credible monetization and IPO timelines. OpenAI’s ChatGPT Agent rollout5 further intensifies competition in autonomous AI tools, signaling that workflow automation and agentic models remain a top priority for capital and product development.

Large rounds and rising valuations are not limited to the US. Accel’s $200M Series A in Sweden’s Lovable (valued at $1.8B)3 and Substack’s $100M Series C at $1.1B2 demonstrate continued investor willingness to back high-growth, subscription-driven platforms in both AI and content. These deals reflect a preference for companies with strong user metrics, recurring revenue, and clear product-market fit.

Strategic and infrastructure investments are also accelerating. Uber ’s $300M commitment to Lucid and Nuro for a 20,000-unit autonomous EV fleet signals renewed momentum in mobility and robotics4, while Coinbase ’s “Base App” rebrand and integration of payments, trading, and social features point to the ongoing convergence of fintech and consumer platforms11. Meanwhile, China’s state-driven AI investment10 and the Novo Nordisk Foundation’s €80M quantum computing bet in Denmark8 underscore the global nature of deep tech capital flows.

Geopolitical and regulatory risks remain a factor, as seen in the delayed UAE–Nvidia chip deal13 and ongoing AWS resource optimization at Amazon 15. These developments may impact cross-border deal flow and highlight the need for VCs to monitor export controls, supply chain dependencies, and shifting capital allocation in both public and private markets.