We now have a private, VC-backed company valued at over $1tn in the underlying portfolio following the SpaceX–xAI merger. This week also saw the long-awaited close of Anthropic’s latest fundraise at a $380bn valuation, alongside the equally long-anticipated EU clearance of Wiz’s acquisition by Google.

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SpaceX Acquires xAI in Record M&A at a $1.25T Valuation
SpaceX (space launch and Starlink satellite connectivity) has agreed to acquire Elon Musk’s AI start-up xAI, according to Reuters. The transaction reportedly values SpaceX at $1 trillion and xAI at $250 billion. This brings the Grok chatbot developer into SpaceX’s broader platform ambitions, with commentary highlighting potential synergies in data centre build-out and distribution via Starlink. Reuters also notes the deal could attract regulatory and governance scrutiny given overlapping leadership roles and SpaceX’s sizeable US federal contract footprint. The report adds SpaceX is considering a public offering this year that could value the company above $1.5 trillion. SpaceX is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18. xAI is an underlying asset of VenCap 16 and VenCap 17.

Anthropic Raises $30B Series G at a $380B Post-Money Valuation
Anthropic (enterprise AI and frontier model development) announced a $30 billion Series G financing valuing the company at $380 billion post-money. The company said proceeds will support frontier research, product development and infrastructure expansion, and pointed to rapid enterprise adoption—particularly for Claude Code and broader business workflows. Anthropic also cited $14 billion in run-rate revenue (up from $1 billion in January 2025) and growing numbers of large customers as evidence of scaled commercial demand. Anthropic is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

Stripe Plans Tender Offer at at Least a $140B Valuation
Stripe (payments infrastructure) is reportedly arranging a tender offer that would value the company at at least $140 billion. Bloomberg notes Stripe has used tender offers since 2024 to provide employee liquidity while remaining private, and that terms could still change. The report also points to Stripe’s continued stance that it is not rushing an IPO, alongside recent restructuring that included job cuts while maintaining hiring plans. Stripe is an underlying asset of VenCap 6, VenCap 10A, VenCap 12, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

Wiz’s $32B Acquisition by Google Approved by the EU at a $32B Valuation
Wiz (cloud security) has received European Commission approval for its $32 billion acquisition by Google, according to CTech, avoiding a longer Phase II review. The report notes regulators concluded customers would retain credible alternatives in cloud infrastructure and the ability to switch providers, while highlighting criticism from advocacy groups focused on the potential loss of Wiz’s cross-cloud neutrality. The clearance reduces a key regulatory risk for one of the largest cybersecurity deals on record. Wiz is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

Mistral Reports $400M in Revenue and Expects to reach $1B by Year-End
Mistral (French large language model developer) told the Financial Times that its annualised revenue run rate is now “north of $400mn”, up from about $20mn a year earlier, and said it is targeting more than $1bn in annual recurring revenue by year-end. The company, valued at nearly €12bn last year, announced plans to invest €1.2bn to build AI data centres in Sweden in partnership with EcoDataCenter, citing the attraction of relatively low-carbon, cost-effective energy for compute-intensive workloads. Management framed the strategy as expanding European “sovereign” AI capacity and reducing reliance on US hyperscalers. Mistral is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Harvey in Talks to Raise $200M at a $11B Valuation
Harvey (legal AI software for drafting, review and document analysis) is reportedly in discussions to raise $200 million at an $11 billion valuation, according to Forbes. The article notes Harvey’s rapid growth, including management commentary pointing to $190 million in annual recurring revenue by end-2025 and a customer base spanning large law firms and corporate legal teams. The reported round would follow a $160 million financing in December at an $8 billion valuation, underscoring sustained investor interest in vertical enterprise AI. Harvey is an underlying asset of VenCap 16 and VenCap 17.

Icertis Considers a Sale Process at up to a $5B Valuation
Icertis (AI-powered contract lifecycle management software) is considering a sale that may value the business at as much as $5 billion, according to people familiar with the matter. The report says Icertis is working with Goldman Sachs and has attracted preliminary interest from buyout firms, though no decision is final and the company could remain independent. SoftBank invested in Icertis in 2021 in a transaction that valued the company at about $5 billion at the time. Icertis is an underlying asset of VenCap 6.