Latest signals
UnitreeIPO & M&AUnitree filed for a Shanghai IPO seeking $610 million
Unitree, Chinese humanoid maker, filed for a Shanghai IPO seeking $610 million. Revenue quadrupled last year to 1.7 billion yuan. More telling: it sold 3,551 humanoids in the first nine months of 2025, up from 410 units in all of 2024.
Source: Bloomberg
Helion
OpenAIContractsOpenAI bets on Altman-backed fusion startup
Helion is reportedly negotiating to sell 12.5% of its power output to OpenAI. Nuclear fusion power, sold directly to an AI company, before a commercial fusion plant has ever operated.
Source: Axios
OuraIPO & M&AOura has been interviewing bankers for an IPO as soon as this year
Oura has been interviewing bankers for an IPO as soon as this year. Annualized revenue hit $1.3 billion late last year, more than doubling from $500 million in 2024.
Source: TheInformation
Reflection AIPrimary roundReflection AI is raising $2.5 billion at a $25 billion pre-money valuation
Reflection AI is raising $2.5 billion at a $25 billion pre-money valuation, being called the "DeepSeek of the West." The connection worth noting: it is part of Nvidia's new Nemotron Coalition alongside Perplexity, Cursor and Mistral — a consortium building open models for industry specialization.
Source: TFN
Shield AIPrimary roundDefense startup Shield AI lands $12.7B valuation
Shield AI's valuation leaped 140% in one year to $12.7 billion after winning a contract as software provider for Anduril's Fury fighter jet.
Source: TechCrunch
Physical IntelligencePrimary roundPhysical Intelligence is in talks to raise roughly $1 billion at an $11 billion valuation
Physical Intelligence is in talks to raise roughly $1 billion at an $11 billion valuation. The company builds general-purpose robot learning systems.
Source: TechCrunch
X EnergyIPO & M&AAdvanced nuclear startup X-energy files for IPO
X-energy filed for Nasdaq, targeting $300 million. The entire pitch is one sentence from its SEC filing: its technology will help satisfy "historically unprecedented electricity demand growth, driven by AI and data center infrastructure."
Source: Axios
HarveyPrimary roundHarvey confirms $11B valuation: Sequoia triples down
Harvey confirmed an $11 billion valuation with Sequoia, a16z and Kleiner Perkins all participating.
Source: Techcrunch
Mistral AIProduct UpdatesMistral AI raises $830M in debt to set up a data center near Paris
Mistral AI has raised $830 million in debt to build a new data center near Paris that will be powered by Nvidia chips.
Source: TechCrunch
AndurilContractsPalmer Luckey's US-First Arms Policy Raises Concerns Among Potential Allied Customers
Anduril founder Palmer Luckey's stated policy of deferring to US government interests when selling weapons abroad is drawing scrutiny over whether it could deter allied nations from purchasing Anduril systems. Luckey has also publicly addressed hypothetical scenarios around arms sales to adversarial states like North Korea.
Source: Fortune
BytedanceProduct UpdatesByteDance Adds Watermarking and IP Checks to Seedance 2.0 Before Global Launch
ByteDance is enhancing its Seedance 2.0 video generation model with watermarking and intellectual property checks ahead of a planned global release.
Source: South China Morning Post
NeuralinkProduct MetricsNeuralink Patient Plays World of Warcraft Hands-Free Using Brain Implant
A Neuralink patient is able to play World of Warcraft hands-free just 100 days after receiving the brain chip implant, describing the experience as 'pure magic' while exploring the game at full speed. The milestone highlights the real-world capability of Neuralink's brain-computer interface for everyday tasks.
Source: Futurism