This week’s underlying portfolio activity was driven by two sizeable financings in defence technology and AI models, alongside continued employee share sales.

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Anduril raises a multibillion-dollar round at a $60 billion valuation
Anduril is a US defence technology company building AI-powered hardware and software for autonomous military systems, including drones. The company is finalising a new multibillion-dollar financing that would double its valuation from $30.5 billion last year to $60 billion, reflecting sustained investor appetite for defence tech amid rising geopolitical tensions. The round underscores continued momentum behind platforms working closely with government customers on next-generation battlefield technology. Anduril is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

Reflection AI seeks at least $2bn at a valuation of more than $20bn
Reflection AI is a New York-based artificial intelligence company developing open AI models that developers can download and modify. The company is in funding discussions that would more than double its October valuation of $8 billion, as US policymakers and investors look to support domestic alternatives to Chinese open-model competitors such as DeepSeek and Alibaba’s Qwen. Reflection’s positioning around open-weight frontier models, together with reported government interest and support from existing backers including Nvidia, highlights the strategic significance of the business. Reflection AI is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Plaid completes an employee share sale at an $8B valuation
Plaid is a fintech infrastructure company that connects financial applications to users’ bank accounts for payments and data verification. The company has enabled employees to sell shares at an $8 billion valuation, up from $6.1 billion in April last year, using liquidity as a retention tool and to help staff manage tax obligations tied to equity awards. The transaction reflects a broader trend among private technology companies towards structured secondary liquidity ahead of any future IPO. Plaid is an underlying asset of VenCap 6, VenCap 10A, VenCap 12, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

Decagon AI closes employee tender at a $4.5 billion valuation
Decagon AI is an AI company focused on customer service automation, model training, fine-tuning and agent operating procedures. The company has completed its first employee tender offer, providing liquidity to staff following its recently announced additional $250 million financing and broader business momentum. Decagon AI is an underlying asset of VenCap 6, VenCap 16, VenCap 17 and VenCap 18.

Eight Sleep raises $50 million at a $1.5 billion valuation
Eight Sleep is a sleep technology company that sells smart mattress accessories capable of monitoring sleep patterns and adjusting temperature in real time. The company has raised $50 million in a strategic round at a $1.5 billion valuation and said it was free-cash-flow positive in 2025, with plans to invest in new products, international expansion and clinical validation. Its roadmap includes FDA-related work and the development of an AI-driven sleep agent, extending the business beyond consumer hardware into broader health technology. Eight Sleep is an underlying asset of VenCap 6, VenCap 10A and VenCap 13A.