Venture Capital

📱Snap cuts 1,000 jobs as AI replaces routine work Snap will lay off about 1,000 employees, around 16% of staff, and close more than 300 open roles. The move follows pressure from activist investor Irenic Capital, which holds about 2.5%. The company says AI now generates over 65% of new code, allowing smaller teams to handle core work. Snap expects more than $500M in annual cost savings by the second half of 2026. The cuts come as Snap continues investing in products like its AR glasses, which have already cost over $3.5B and remain under scrutiny. ✔️@venture

📈Madison Air raises $2.23B IPO Madison Air Solutions raised $2.23B in its US IPO at a $13.2B valuation. It is the largest industrial IPO of the century. The company builds ventilation, air quality, and cooling systems for data centers, commercial, and residential use. Its portfolio includes Nortek Air Solutions and Big Ass Fans. Demand is driven by data center growth, where cooling has become a core constraint. ✔️@venture

🚀🔋 Alphabet could make $100B on SpaceX IPO stake Alphabet’s early investment in SpaceX may turn into a $100B windfall. A new filing shows Google held 6.11% at the end of 2025, likely diluted to around 5% after the xAI merger. At a $2T IPO valuation, that stake would be worth about $100B. Even a 0.05% holding could make an investor a billionaire at that level. SpaceX is targeting a listing that could raise up to $75B, potentially the largest IPO ever. ✔️@venture

💻️ Jensen Huang says China can build Claude-level AI and calls for cooperation In a new interview with Dwarkesh Patel, NVIDIA CEO Jensen Huang said China already has enough compute and energy to train models at the level of Claude Mythos. The AI race is shifting, and the US needs to stay open while holding its lead. Export restrictions became a key factor. Limits on chip supply pushed China to accelerate its own ecosystem, including Huawei and SMIC, increasing independence instead of slowing progress. Demand for TPU and Trainium is largely tied to Anthropic. Early deals with Amazon and Google locked the company into their infrastructure, creating artificial demand for these chips. Nvidia did not invest at that stage, which Huang called a missed opportunity. The balance between policy and technology is starting to shape the market. ✔️@venture

🚖Uber breaks its asset-light model with $10B robotaxi push Uber built its business on not owning assets. Cars were never on its balance sheet, and drivers handled everything themselves. Now that model is changing. The company is committing $10B to robotaxi development and fleet purchases, with another $7.5B reserved for expansion. The plan is to deploy thousands of autonomous vehicles as a starting point. Autonomy forces a different structure. To run robotaxis, Uber needs to own and operate the fleet. ✔️@venture

📈Allbirds pivots from shoes to GPU rental after raising $50M Allbirds is shifting its business to GPU infrastructure after struggling in footwear. The company faced rising losses, falling demand, and store closures as the brand lost traction. It is now selling assets and raising $50M to buy GPUs for rental. The plan is to enter the GPU-as-a-service market. After the announcement, Allbirds stock jumped more than 400%. ✔️@venture

🚀Amazon buys Globalstar for $11.6B to build direct-to-device satellite network Amazon will acquire Globalstar for about $11.6B, offering $90 per share in cash or stock. The deal implies a 117% premium and is expected to close in 2027. The acquisition adds satellites, spectrum licenses, and infrastructure to Amazon’s Leo network. The goal is to launch direct-to-device connectivity starting in 2028. Globalstar currently operates about 24 satellites and already powers Apple’s Emergency SOS, with Apple holding a 20% stake. Amazon has launched over 240 satellites so far, still far behind Starlink with more than 10,000 satellites and over 9M users. The deal gives Amazon both capacity and spectrum to compete in direct-to-cell services. ✔️@venture

⚔️ OpenAI claims Anthropic overstates revenue by about $8B OpenAI says Anthropic inflates its annual run rate, putting the gap at about $8B. The claim surfaced through a leaked internal memo after reports that Anthropic crossed $30B while OpenAI sits around $24–25B. According to the memo, Anthropic reports gross revenue from partnerships with Google and Amazon instead of net figures. That means cloud provider shares are not deducted, which lifts the headline number. If adjusted, Anthropic’s run rate would drop below OpenAI’s by a few billion. ✔️@venture

💰 OpenAI cap table leak shows early investors up to 140x A cap table circulating in venture circles outlines potential returns for OpenAI investors. The data was compiled from public filings and secondary market estimates, and attributed to investor Sheel Mohnot. 🖱 Early angels — about 140x. Includes names like Reid Hoffman and Peter Thiel, who entered at the very beginning. 🖱 Sound Ventures — about 43x. Ashton Kutcher’s fund invested $20–30M early. 🖱 Khosla Ventures — about 30x. Invested $50M in 2019 for a 5% stake, now around 0.18%. 🖱Microsoft — about 17.6x. Entered in 2019 and remains the key strategic backer. Most other investors are shown below 10x in the same table. The numbers come from mixed sources and secondary estimates, not official disclosures. ✔️@venture

🚀 SpaceX loses $5B as AI spending surges ahead of IPO SpaceX reportedly lost nearly $5B last year as AI capex reached $13B. Total revenue was $18.5B, while adjusted EBITDA came in just over $6.5B. The spending went into chips and data centers tied to xAI. This exceeded investment in rockets and satellites. At the same time, launch services and Starlink generated close to $8B in earnings before depreciation and stock-based compensation. Analysts now frame SpaceX as a full-stack infrastructure play. The company combines compute, models, satellite internet, and launch capability. Partnerships like Project Terafab with Intel, Tesla, and xAI point in the same direction. IPO expectations are pulling capital into the broader space sector. ETFs saw inflows, while listed space companies moved higher alongside rising retail interest. ✔️@venture

💰 Wall Street banks set for $40B trading revenue on volatility surge The five largest US banks are expected to report over $40B in trading revenue for Q1 2026. That would be the highest combined level in at least 12 years and about 13% higher year over year. JPMorgan, Goldman Sachs, Morgan Stanley, Citi, and Bank of America benefited from renewed market volatility driven by Middle East conflict and US operations in Venezuela. Oil spiked, equities fell, and trading activity picked up across desks. Equities trading is expected to grow 13–15%, outpacing FICC at 8–13%. Investment banking fees are also set to rise more than 10%, supported by deal flow tied to AI financing and a looser regulatory backdrop. Banks are now structured to profit from client activity rather than directional bets. Volatility feeds trading revenue directly. ✔️@venture

📈 Intel stock jumps 227% to $64.56 but analysts still see downside Intel shares rose 227% in a year, adding $44.82 and reaching $64.56. Wall Street consensus target sits at $47.23, implying about 20% downside. Only 9 analysts rate it a buy, while 33 say hold. The company is still not profitable. Intel reported a $591M loss in Q4 2025 and −$267M for the full year. Forward P/E is at 101x, with guidance of $0.00 non-GAAP EPS for Q1 2026. There are signs of growth. 🖱Data center and AI revenue reached $4.7B in Q4, up 15% sequentially. 🖱The 18A process is now in production. 🖱Custom ASIC revenue passed a $1B run rate. 🖱Nvidia invested $5B and SoftBank added $2B. The rally is running ahead of the income statement. ✔️@venture