The first weekly update of 2026 from VenCap’s underlying portfolio highlights continued liquidity and momentum: two Hong Kong IPOs, two confidential US IPO filings, a strategic acquisition and several sizeable up-rounds.

xAI Raises $20B Series E at a reported $230B Valuation.
xAI is an AI company building frontier models and large-scale training infrastructure. The company announced a $20 billion Series E to accelerate compute buildout and advance its consumer and enterprise product roadmap. The scale of the round and reported valuation underline ongoing investor appetite for compute-intensive AI platforms and model development. xAI is an underlying asset of VenCap 16 and VenCap 17.

Discord Files Confidentially for US IPO.
Discord is a voice, video and text communications platform best known for gaming and online communities. Reuters reported the company has filed confidentially for a US IPO. A spokesperson said Discord remains focused on delivering the best possible experience for users and building a strong, sustainable business. Discord is an underlying asset of VenCap 6, VenCap 10A, VenCap 12, VenCap 13A and VenCap 13B.

Cyera Raises $400M Series F at a $9B Valuation.
Cyera is an AI-native data security platform. The company announced a $400 million Series F and said the round triples its valuation from a year ago to $9 billion, bringing its total funding to over $1.7 billion. Cyera positioned the raise around securing data and strengthening governance as enterprises expand agentic AI usage. Cyera is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

Zhipu Prices $558M (HK$4.3B) IPO at a ~$6.6B (HK$51B) Valuation.
Zhipu (Knowledge Atlas Technology JSC) is a China-based large language model developer that completed a Hong Kong IPO raising $558 million (HK$4.3 billion). Reporting on the listing indicated an implied valuation of approximately $6.6 billion (HK$51 billion), positioning it among the larger AI flotations in recent years. The company has said it intends to allocate a significant portion of proceeds toward R&D for general-purpose large AI models. Zhipu is an underlying asset of VenCap 6.

MiniMax Raises ~$620M (HK$4.8B) in Hong Kong IPO at a ~$6.5B (HK$50.6B) Valuation.
MiniMax is a China-based AI applications company spanning chatbots, image generation and video synthesis. Shares opened at HK$235.40, up 42.7% from the IPO price of HK$165, and peaked as high as HK$351.80. The stock closed at HK$345, representing a gain of 109% from the IPO price, valuing the company at around $13.7 billion (HK$106.7 billion). MiniMax is an underlying asset of VenCap 6, VenCap 13B, VenCap 15 and VenCap 16.

Manus to Be Acquired by Meta at a $2B–$3B Valuation.
Manus is a Chinese-founded AI start-up now based in Singapore that Meta agreed to acquire, with a source citing a valuation of between $2 billion and $3 billion. Manus gained attention for an “AI agent” positioned around autonomous decision-making and execution, and Meta said it will operate and integrate the service into its consumer and business products. The deal underscores continued strategic M&A by large platforms as they accelerate agentic AI roadmaps and product integration. Manus is an underlying asset of VenCap 16.

Strava Files Confidentially for IPO.
Strava is a consumer fitness app popular with runners and cyclists that has filed confidentially for an IPO and hired Goldman Sachs to run the listing. The report said the company has been meeting with prospective investors ahead of a potential spring offering and was described as having grown revenue by more than 50% last year while being profitable. Coverage also noted Strava generated less than $500 million in revenue last year, indicating a smaller scale versus other listed consumer internet peers. Strava is an underlying asset of VenCap 6.

LMArena Raises $150M at a $1.7B Valuation.
LMArena operates a widely referenced ranking of AI models based on head-to-head user evaluations. The company raised $150 million at a $1.7 billion valuation and said proceeds will help fund computing power to run evaluations and expand technical hiring. The platform is used by major AI labs for benchmarking and early feedback, and the company is exploring ways to expand services using its evaluation data. LMArena is an underlying asset of VenCap 16 and VenCap 17