Anduril's 8x Oversubscribed $2.5B Series G at $30.5B Valuation
Cursor's $900M at $9.9B, Circle IPO, Ken Moelis, Boom Supersonic, Palantir, Bilt, Kalshi, Brex
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Hello From SF
Buckle up. Last week was huge. To start we interviewed 7+ leaders in tech for NY Tech Week. This included two “Zero to Unicorn: Founder Fireside Chats” for Unicorner with Kalshi CEO Tarek Mansour & Bilt CEO Ankur Jain.
TLDR? It’s clear Kalshi has hit a severe inflection point, growing rapidly against all odds. The team has reached an insane new height in trading volume expanding into sports, & they’re hiring a ton right now. Bilt, aka the brand for NYC renters, has definitely become the city favorite for rewards (on everyone’s largest purchase per month) & their perks are about to get a lot better.. stay tuned.
On top of that! Brex hosted one of the buzziest founder meetups at their custom coffee truck in USQ. An amazing Founder (Alannah of Raena) even won a free billboard to promote her company! Shoutout to Dani, Michael, Conor, & team!
And with YC on Wednesday, this week just might be bigger.. hopefully with less insane market-moving drama.
Major Financing Recap:
Circle ($CRCL), the USDC stablecoin issuer, debuted on the NYSE on June 5, raising nearly $1.1B at a $31 IPO price. Shares opened at $69, surged as high as $103.75, and closed at $83.23—marking a 168% first-day gain and valuing the firm at over $18B.
Anduril’s 8x oversubscribed $2.5B Series G doubled its valuation to $30.5B, cementing its lead in AI-driven defense tech (time for some acquisitions?).
Cursor raised $900M at a $9.9B valuation, with ARR surpassing $500M—up 60% in two months, reflecting the explosive growth of AI developer tools.
Major Launch Recap:
ElevenLabs’ Conversational AI scaled to 250K customized agents, while Julius AI now supports up to 32GB files and step-by-step multi-agent workflows, making it a powerful tool for large-scale academic data analysis. Nucleus Genomics launched Nucleus Embryo, the first embryo optimization tool, analyzing up to 20 embryos for 900+ traits like IQ and health risks—sparking ethical debates.
Plus, Palantir’s merch drop for their “softwear” sold out in about 24 hrs from their 295K+ X fans.
Musings
Macro
Two MIT Math Nerds Crack Open Legalized Gambling on Wall Street [Bloomberg]
Ken Moelis Plans to Step Down as CEO of His Investment Bank
Can’t wait to read the legendary biography! Recent Moelis deals:
New York Giants Hire Moelis to Sell Minority Stake in Team
Moelis Recently Advised The $1 Billion Acquisition of Haily Bieber’s rhode to e.l.f. Beauty
Palantir: Correcting the Record: Responses to the May 30, 2025 New York Times Article on Palantir
Robinhood to provide tech for Brad Gerstner’s Invest America initiative
Giving every child born in America $1,000 in a brokerage account
Hardtech
Supersonic is back! Congrats to Blake Scholl & Boom Aero!
Coincidental timing with Pirate Wires latest piece published the week prior.. Nice work PW.
Great brands create movements. Anduril is the gold standard.
AI
China, AI Immigration, Rare Earths & Chips, Tariffs, Markets | BG2 w/ Bill Gurley & Brad Gerstner
SemiAnalysis: Dylan Patel’s slides from his talk on the current state of global chip supply & competition
More
Pirate Wires Pod Is BACK: Elon & Trump Break Up, Nucleus Super Babies, Palantir
The Steve Ballmer Interview, Acquired
We went viral for this thread.. Stay tuned for the deep dive.
Top Interviews
Nucleus Launches First Genetically Optimized Embryo | Founder & CEO Kian Sadeghi
Wander’s $50M Series B To Reinvent Luxury Travel | Founder & CEO, John Andrew Entwistle
Valued at $800M, CTO Jack Sharkey breaks down Whop’s latest developer platform launch: turning 'vibe coders' into successful founders
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Last Week (6/2-6/6):
Relevant deals include the 70+ deals across stages below. I've categorized the deals below into seven categories, Fintech, Care, Enterprise / Consumer, HardTech, Sustainability, Acquisition/PE, and Fund Announcements, and ordered from later-stage rounds to early-stage rounds.
VC Deals
Fintech:
- Nomupay, a Dublin-based payments platform, raised $40 million in funding from Softbank at a $290 million valuation.
- Simetrik, a New York-based reconciliation platform for finance teams, raised $30m in Series B extension funding led by Goldman Sachs Alternatives.
- Reserv, a New York-based insurance claims admit, raised $25m in Series B funding led by Flourish Ventures, with Accenture Ventures participating.
- OatFi, a New York City-based B2B payments platform, raised $24 million in Series A funding. White Star Capital led the round and was joined by existing investors Portage and QED.
- Crabi, a Mexico City-based auto insurance platform, raised $13.6 million in funding. Kaszek and Ignia led the round and were joined by 30N, Redwood, Carao, and others.
- AgentSmyth, a New York City-based trading and investment agentic AI platform, raised $8.7 million in seed funding. FinTech Collective and Thomson Reuters led the round and were joined by BNY.
- Kiwi, a San Juan, Puerto Rico-based AI-powered financial tools developer, raised $7.8 million in Series A funding. LIP Ventures and Advent-Morro Equity Partners led the round and were joined by Morro Ventures, Independent Capital, Neer Venture Partners, Invariantes Fund, and others.
- Atticus, a stealthy stablecoin banking startup, is in advanced talks to raise new funding led by Anduril CEO Palmer Luckey at a valuation of between $1.5b and $2b,
Care:
- Neuralink, the brain-implant startup founded by Elon Musk, confirmed that it raised $650m in Series E funding from ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, QIA, Sequoia Capital, Thrive Capital, Valor Equity Partners, and Vy Capital.
- Antheia, a Menlo Park, Calif.-based manufacturer of a major Narcan ingredient, raised $56m in Series C funding. Global Health Investment Corp. and EDBI co-led, joined by Athos, Federov, Viking Global Investors, Sherpalo Ventures, S-Cubed Capital, In-Q-Tel, and Civilization Ventures.
- ArcheHealth, a Birmingham, Ala.-based AI-powered healthcare intelligence platform, raised $6.7 million in seed funding from LRVHealth, Martin Ventures, and Texas Health Resources.
Enterprise/Consumer:
- Anysphere, aka Cursor, an AI coding assistant, confirmed an earlier FT report that it raised $900m at a $9.9b valuation. Thrive Capital led, joined by a16z, Accel and DST Global
- Mubi, an London-based streaming service for independent films, raised $100m led by Sequoia Capital at a $1b valuation
- Prepared, an New York-based provider of emergency response tools, raised $80m. General Catalyst led, joined by insiders a16z, First Round Capital and Radical Ventures
- Vivrelle, a New York-based luxury accessories membership service, raised $62m in Series C funding from Protagonist
- MIND, a Seattle-based data loss prevention company, raised $30 million in Series A funding. Paladin Capital Group and Crosspoint Capital Partners led the round and were joined by Okta Ventures and existing investor YL Ventures.
- Sema4.ai, an Atlanta-based enterprise agentic AI company, raised $25 million in Series A extension funding from Snowflake Ventures, Rocketship VC, MVP Ventures, COX Enterprises, and existing investors Mayfield and Benchmark.
- Reserv, a New York City-based third-party administrator, raised $25 million in Series B funding. Flourish Ventures led the round and was joined by Accenture Ventures.
- Moments Lab, a Paris-based AI-powered video discovery platform, raised $24 million in funding. Oxx led the round and was joined by Orange Ventures, Kadmos, Supernova Invest, and Elaia Partners.
- Obvio, a San Carlos, Calif.-based AI-powered traffic camera company, raised $22 million in Series A funding. Bain Capital Ventures led the round and was joined by Khosla Ventures and Pathlight Ventures.
- Ciroos, a Pleasanton, Calif.-based AI-powered SRE solution, raised $21 million in funding. Energy Impact Partners led the round and was joined by angel investors.
- dataplor, a Manhattan Beach, Calif.-based location data company, raised $20.5 million in Series B funding. F-Prime led the round and was joined by Spark Capital, FFVC, Acronym Venture Capital, and others.
- Labrys, a London-based workforce management platform developer, raised $20 million in funding. Plural led the round and was joined by AlbionVC, Superangel, and existing investors Project A, MDOne, Expeditions Fund, and Marque Ventures.
- Infisical raises $16 million Series A led by Elad Gil to safeguard secrets
- Deep Sentinel, a Pleasanton, Calif.-based AI-powered security company, raised $15 million in Series B funding. Egis Capital Partners led the round and was joined by existing investors Intel Capital, Shasta Ventures, UP2398, and Slow Launch Fund.
- Projectworks, a San Mateo, Calif.-based project intelligence platform for consulting firms, raised $12 million in Series A extension funding. Ten Coves Capital led the round and was joined by existing investors Bridgewest Group and Punakaiki Fund.
- Rally UXR, a New York City-based User Research CRM, raised $11 million in Series A funding. Canapi Ventures led the round and was joined by existing investors Stage 2 Capital and Y Combinator.
- Nectar Social, a social commerce platform, raised $10.6m. GV and True Ventures co-led, joined by BAM Ventures, Charge Ventures, FAB Ventures, Flying Fish Ventures, Mercury Fund, Trust Fund by Sophia Amoruso, and XRC Ventures.
- Impart Security, a San Francisco-based AI security platform for production, raised $12 million in Series A funding. Madrona Ventures led the round and was joined by CRV and 8-Bit Capital.
- Flank, a Berlin-based legal AI agents developer, raised $10 million in funding. Insight Partners led the round and was joined by 10x Founders, HV Capital, and existing investor Gradient Ventures.
- GC AI, a San Francisco-based AI platform in-house legal teams, raised $10 million in Series A funding. Sound Ventures led the round and was joined by Fellows Fund, Guillermo Rauch, Gokul Rajaram, and others.
- Veris AI, a New York-based AI agent training and testing platform, raised $8.5 million in seed funding. Decibel Ventures and Acrew Capital led the round and were joined by angel investors.
- Latent Technology, a London-based AI-powered physical animation game technology developer, raised $8 million in seed funding. AlbionVC and Spark Capital led the round and were joined by Root Ventures and Alumni Ventures.
- Archil, a San Francisco-based cloud storage company, raised $6.7 million in seed funding. Felicis led the round and was joined by Y Combinator, Peak XV, Wayfinder, angel investors, and others.
- Solidroad, a Dublin-based AI QA and training platform for customer experience teams, raised $6.5 million in seed funding. First Round Capital led the round and was joined by Y Combinator and angel investors.
- Console, a San Francisco-based AI-powered IT support solution, raised $6.2 million in funding from Thrive Capital.
- deepdots, a Copenhagen-based AI-powered customer feedback analysis platform, raised €5.5 million ($6.3 million) in seed funding. Dawn Capital led the round and was joined by Maki.vc and Geeta Schmidt.
- Freeplay, a Boulder-based AI products and agents building platform, raised $5.6 million in seed funding. Renegade Partners led the round and was joined by Next Frontier Capital, PWV, Vermillion Cliffs Ventures, existing investors Conviction and Matchstick Ventures, and others.
- LuminX, a San Francisco-based AI-powered inventory management solutions provider, raised $5.5 million in seed funding from 1Sharpe, GTMFund, 9Yards, and others.
- Valla, an Edinburgh-based legal support platform, raised £2 million ($2.7 million) in seed funding. Ada Ventures and Active Partners led the round and were joined by Portfolio Ventures and existing investors Techstart Ventures and the Resolution Foundation.
- Mixus, a San Francisco-based colleague verification-enabled AI agents developer, raised $2.6 million in pre-seed funding. Hannah Grey VC and Verissimo Ventures led the round and were joined by Liquid 2, Everywhere Ventures, OVTR, angel investors, and others.
HardTech:
- Anduril Industries, a Costa Mesa, Calif.-based defense tech company, raised $2.5 billion in Series G funding at a valuation of $30.5 billion. Founders Fund led the round and was joined by all existing investors.
- Impulse Space, a Redondo Beach, Calif.-based in-space mobility company, raised $300 million in Series C funding. Linse Capital led the round and was joined by DFJ Growth, existing investors Valor Equity Partners, Founders Fund, Lux Capital, and others.
- Infleqtion, a Boulder, Colo.-based quantum computing startup, raised $100m in Series C funding from backers like Glynn Capital, Counterpoint Global, S32, and SAIC
- Aerones, a Latvian provider of robotic inspection of wind turbines, raised $62m. Activate Capital and S2G Investments co-led, joined by Carbon Equity, Overlap Holdings and insiders Lightrock, Blume Equity, and Metaplanet.
- Voxel, a San Francisco-based AI-powered workplace safety platform, raised $44 million in Series B funding. NewRoad Capital Partners led the round and was joined by existing investors Eclipse, Rite Hite, Tokio Marine, MTech, and others.
- Treefera, a London-based AI-powered data fabric for supply chains, raised $30 million in Series B funding. Notion Capital led the round and was joined by existing investors Albion VC, Triple Point, and Twin Path Ventures.
- Amber, a Melbourne-based home battery automation company, raised €26 million ($29.6 million) in funding. ETF Partners led the round and was joined by existing investors Square Peg, Gentrack, Rubio Impact Ventures, and Breakthrough Victoria.
- Fabriq, a Paris-based manufacturing operations platform, raised $25 million in funding. Expedition Growth Capital and was joined by existing investor OSS Ventures.
- Space Forge, a British startup seeking to make wafer materials in space, raised £22.6m in Series A funding led by NATO Innovation Fund
- Kargo, a warehouse inventory management startup, raised $18.4m. Matter Venture Partners led, joined by Sozo Ventures, Founders Fund, Lineage, and Armada Supply Chain Solutions
- Deep Sentinel, a Pleasanton, Calif.-based physical security startup, raised $15m in Series B funding. Egis Capital Partners led, joined by Intel Capital, Shasta Ventures, UP2398, and Slow Launch Fund
- Manex AI, a Munich-based AI-powered industrial quality management and process steering platform, raised €8 million ($9.1 million) in seed funding. Lightspeed Venture Partners and BlueYard Capital led the round and were joined by Capmont Technology and the CDTM Venture Fund.
- GridFree AI, a Houston-based data center technology company, raised $5 million in funding. Giant Ventures led the round and was joined by Amplo.
- SWTCH Energy, a Boston-based electric vehicle charging solutions company, raised $4 million in funding from Constellation Technology Ventures.
Sustainability:
- TAE Technologies, a Foothill Ranch, Calif.-based fusion energy startup, raised over $150m in an ongoing round from insiders Google, Chevron, and NEA
- REplace, a Tel Aviv-based AI-powered renewable energy development platform, raised $2.1 million in seed funding. Gravity Climate led the round and was joined by Adam/a, Malbec Ventures, existing investor Techstars, and angel investors.
Acquisitions & PE:
- Scopely acquired the games business of Niantic, a San Francisco-based software developer, for $3.5 billion.
- Misfits Market acquired The Rounds, a New York City-based AI-powered grocery and household essentials management and restock platform. Financial terms were not disclosed.
- Datasite, backed by CapVest, acquired Grata, a New York City-based private markets intelligence platform, for more than $200 million, according to the Wall Street Journal.
- NinjaOne acquired Dropsuite, a Melbourne-based cloud data backup solutions provider, for approximately $270 million.
- AppDirect acquired Broker Online Exchange, a Westlake, Texas-based energy brokerage platform, at an enterprise valuation of $85 million.
- CallMiner acquired VOCALLS, a Prague-based voice AI platform for contact centers. Financial terms were not disclosed.
- Hims & Hers Health agreed to acquire ZAVA, a London-based digital health platform. Financial terms were not disclosed.
- FalconX, a crypto prime brokerage valued by VCs at $8b, acquired a majority stake in crypto hedge fund Monarq Asset Management.
- Robinhood (Nasdaq: HOOD) completed its $200m acquisition of Bitstamp, a crypto exchange that had raised around $40m from firms like Pantera Capital and Ripple
- Snowflake (NYSE: SNOW) is paying around $250m to acquire Crunchy Data, a Charleston, S.C.-based provider of Postgres tech that had raised around $14m from Harbert Growth Partners, Heavybit, and Gray Ventures.
- Salesforce (NYSE: CRM) acquired Moonhub, a Menlo Park, Calif.-based AI startup for employee vetting and hiring that had raised $10m from Khosla Ventures, GV, AIX Venture, Day One Ventures.
IPOs:
- Circle Internet Group, a New York City-based stablecoin issuer, raised $1.1 billion in an offering of 34 million shares (56% secondary) priced at $31 on the NYSE. The company posted $1.9 billion in revenue for the year ending March 31, 2025. Accel, Breyer Capital, General Catalyst, IDG Capital, Oak Investment Partners, and FMR back the company.
- Omada Health, an SF-based chronic care management platform, raised $150m in its IPO. It priced in the middle of its $18-$20 range, for a $1.2b fully diluted value, and plans to list on the Nasdaq (OMDA). Omada raised around $450m in VC funding, most recently at a $1.1b valuation, from firms like Revelation Partners (10.9% pre-IPO stake), USVP (8.5%), a16z (9.6%), Fidelity (9.3%), Cigna Ventures (7.2%), aMoon (5.8%), and NVP (5.3%).
Funds:
- Energize Capital, a Chicago-based investment firm, raised $430 million for its third venture fund and fifth institutional fund focused on the climate sector.
- Amplify Partners raised $200m for its first biotech-focused VC funding, and added Elliot Hirshberg (Not Boring) as a partner, per Endpoints
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The material presented on Molly O’Shea’s website are my opinions only and are provided for informational purposes and should not be construed as investment advice. It is not a recommendation of, or an offer to sell or solicitation of an offer to buy, any particular security, strategy, or investment product. Any analysis or discussion of investments, sectors or the market generally are based on current information, including from public sources, that I consider reliable, but I do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. My views and opinions expressed in any website content are current at the time of publication and are subject to change. Past performance is not indicative of future results.