OpenAI IPO Preparations at Up to $1 Trillion Valuation

OpenAI (the maker of ChatGPT) is laying the groundwork for a potential initial public offering, with discussions referencing a valuation of up to $1 trillion and possible timing in late 2026 or 2027. The company recently completed a restructuring that leaves it controlled by a nonprofit - the OpenAI Foundation -  which now holds a 26% stake and a warrant for additional shares tied to milestones. Management says an IPO is not the current focus, but acknowledged the listing path is likely given substantial capital needs; Microsoft now owns about 27% following $13 billion invested. OpenAI’s annualised revenue run rate is expected to reach about $20 billion by year-end, and management views public equity as a route to finance major AI infrastructure. OpenAI is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

Whatnot Raises $225 Million at an $11.5 Billion Valuation

Whatnot, a leading US livestream shopping platform, raised $225 million to accelerate international expansion and roll out new features. The company reports 2025 gross merchandise value already surpassing $6 billion - more than double its full year 2024 GMV - highlighting strong adoption of live commerce in Western markets. The round was led by existing investors DST Global and Capital G, with participation from Sequoia Capital, Greycroft and Andreessen Horowitz. Strategic focus remains scaling category breadth and seller tools as competition from other livestream platforms intensifies. Whatnot is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

Harvey Raises $150 Million; Valued at Over $8 Billion

Legal AI startup Harvey closed a $150 million round led by Andreessen Horowitz, more than doubling its valuation to over $8 billion. The company provides AI tools to leading law firms (e.g., A&O Shearman, Ashurst) and buyside clients (including KKR and Bridgewater), and has now raised in excess of $1 billion in total. Proceeds will support product depth amid intensifying competition across legal AI and adjacent workflow tools. Harvey is an underlying asset of VenCap 16 and VenCap 17.

 

Navan Prices IPO at $25; Roughly $6.7 Billion (Fully Diluted) Valuation

Travel and expense platform Navan priced its US IPO at $25 per share (midpoint of the marketed range), raising $923 million. Shares opened below issue at $22, implying about $5.6 billion market cap, then fell further to $20 by close on the first day. Navan positions as an AI first, all-in-one travel, payments and expense platform serving large enterprises. The offering proceeded despite regulatory headwinds from a US government shutdown that temporarily slowed new listings. Navan is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

Fireworks AI Raises $254 Million Series C at a $4 Billion Valuation

Fireworks AI, which provides developers with virtual access to advanced chips and an inference platform for running and optimising opensource AI models, raised $254 million. The company plans to scale hiring by 150+ roles and expand GPU capacity to meet demand as the industry shifts from model training to large scale inference. Reported annual recurring revenue has surpassed $280 million with a 115 person team, underscoring rapid efficiency focused AI adoption. Competition includes major cloud providers and specialised inference platforms, but Fireworks aims to differentiate via tooling and cost performance. Fireworks AI is an underlying asset of VenCap 16 and VenCap 17.

Legora Raises $150 Million Series C at a $1.8 Billion Valuation

Swedish legal AI startup Legora raised $150 million at a $1.8 billion valuation to accelerate model training and US expansion. The platform automates contract review, diligence and legal research for clients including Linklaters, Cleary Gottlieb and Goodwin Proctor, staffed by “legal engineers” to speed onboarding. Legora primarily relies on a blend of models with emphasis on Anthropic’s Claude Sonnet 4.5, and investors cite rising demand for domain specific AI. The round included existing backers ICONIQ, General Catalyst, Redpoint Ventures, Benchmark and Y Combinator. Legora is an underlying asset of VenCap 6, VenCap 13B and VenCap 15.