AI dominates this week's headlines, with Moonshot preparing a pre-IPO round at up to $50bn, Mistral edging toward €20bn backed by Samsung, and OpenEvidence weighing a raise at $20bn — all against the backdrop of Revolut's valuation climbing past $100bn and Stripe's reported approach for OpenRouter at $10bn.

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Revolut Boosts Valuation to $115bn in Secondary Sale

Revolut has boosted its valuation to $115bn in a newly launched secondary sale, up sharply from $75bn set in 2025. The uplift reflects continued strong demand among institutional investors for exposure to Revolut's shares as the fintech scales its international footprint.

Revolut is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

Moonshot in Talks on Pre-IPO Round at $50bn Valuation

Moonshot AI is a Beijing-based LLM developer, best known for its Kimi family of models. The company is preparing for what could be its final private fundraising round before a planned Hong Kong listing, targeting a valuation of as much as $50bn. The talks follow an ongoing financing round at a $31.5bn valuation. Momentum has been driven by strong demand for Kimi K3, the company's newly launched 2.8-trillion-parameter open-weight model.

Moonshot is an underlying asset of VenCap 6, VenCap 13B, VenCap 15 and VenCap 16.

Mistral in Talks to Raise at €20bn Valuation as Microsoft Deepens Ties

Mistral is a Paris-based developer of open and proprietary foundation models. Samsung is reportedly in talks to invest around €1bn as part of a new funding round that would value the company at approximately €20bn, up from the €11.7bn valuation set less than a year ago, with EQT's Scaleup Europe Fund also said to be considering participation. The talks come a day after Microsoft agreed a multi-billion-euro expansion of its strategic partnership with Mistral. Together, the developments underline Mistral's position as one of Europe's most highly valued AI companies and reinforce the region's push for AI infrastructure sovereignty.

Mistral is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

OpenEvidence Considers $200m Raise at $20bn Valuation

OpenEvidence is an AI platform often described as a ChatGPT for doctors, providing clinicians with AI-assisted answers drawn from peer-reviewed medical literature. The company has reportedly considered raising $200m after receiving investor offers at a valuation of around $20bn. The prospective valuation would be nearly six times the $3.5bn mark set in July 2025 and well above the $12bn level reported earlier this year.

OpenEvidence is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.

Stripe in Talks to Acquire OpenRouter at $10bn Valuation

OpenRouter is a US-based AI model routing marketplace that gives developers a single API to access hundreds of models from providers including OpenAI and Anthropic, alongside open-weight alternatives. Stripe, the payments group, is reportedly in talks to acquire the company in a deal that could value it at around $10bn. That would mark a steep rise from the $1.3bn valuation OpenRouter achieved in a funding round in May 2026.

OpenRouter is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.