SpaceX's confidential IPO filing could lead to the largest public offering in history and set a new bar for late-stage tech liquidity. Meanwhile, Anthropic's announcement that its revenue run rate has surpassed $30 billion underscores just how quickly AI infrastructure demand is scaling.

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SpaceX confidentially files for IPO targeting a ~$1.75 trillion valuation

SpaceX has submitted a draft registration to the SEC, with a summer listing targeted and early reports suggesting a potential valuation of around $1.75 trillion. The company generated roughly $15–16 billion in revenue and about $8 billion in EBITDA last year, with Starlink now serving millions of subscribers across more than 150 countries. SpaceX is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

 

Anthropic’s annual revenue run rate surpasses $30 billion

Anthropic's ARR has reportedly crossed $30 billion, up from around $9 billion at the end of 2025 — a more than threefold increase in just a few months. The step change is driven by rapid enterprise adoption of Claude, with commentators noting that Anthropic has now overtaken OpenAI on a latest reported revenue run-rate basis. Anthropic is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

 

Vinted grew GMV 47% YoY to €10.8bn and crossed €1bn in revenue

Vinted reported 2025 GMV of €10.8 billion, up from €7.3 billion in 2024, and passed €1.1 billion in revenue. Profitability dipped as the company invested in Germany, new categories, and its Vinted Go logistics network. Vinted is an underlying asset of VenCap 6, VenCap 12, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

 

Saronic closes $1.75bn Series D at a $9.25bn valuation

Saronic Technologies, which builds autonomous surface vessels for defence and maritime customers, has raised a $1.75 billion Series D at a $9.25 billion valuation. The capital will go towards expanding production capacity and fulfilling a growing pipeline of US Navy and allied contracts for lower-cost, unmanned naval platforms. Saronic is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

 

Perplexity’s ARR rises to $500m after pivot to AI agents

Perplexity's annualised revenue run rate has risen to around $500 million, up sharply from the roughly $300–450 million range reported earlier this year. The jump is attributed to strong uptake of its new agent-based products and usage-based pricing, on top of a base of more than 100 million monthly active users and a fast-growing enterprise customer set. Perplexity is an underlying asset of VenCap 16.