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Strategy, startups, venture capital, and the business of building companies.
Four underwriters retained, nothing filed. The hard part of a DeepSeek listing is not the valuation — it is what an open-weights company writes in the revenue section of a prospectus.
Oracle reports Q1 FY2027 today carrying $638 billion in remaining performance obligations. That is roughly eight years of revenue at the current run rate, and it is not cash.
ISS and Glass Lewis both say reject it. Neither recommendation can change the result. At a company where one holder controls 86.4% of the stock, a say-on-pay vote stops being a decision and becomes a disclosure instrument.
The headline was the 94% drawdown from a $3.44 billion peak. The more useful arithmetic is the cash sitting inside the thing being bought — and the fact that everyone except the angels was paid in another private company's paper.
The biography is the least interesting part. What the board actually did was unbundle the CEO job — keeping Tim Cook on with a defined policymaker-engagement remit — and that separation says more about Apple's next decade than the appointment does.
Every outlet reported the size of Meta's teen-safety settlement and the screen-time limits. Almost nobody read the payment structure — where roughly $5.3bn is released only if two competitors act.
ClickUp's May restructuring was filed under AI layoffs and forgotten. It is the opposite of a layoff: a compensation experiment with a testable premise, an undefined qualifying threshold, and three disclosures that would settle whether it is real.
XPeng's robotics unit announced $900 million at a $6.3 billion post-money valuation. Bloomberg's reporting of the structure shows $600 million from outside investors, $200 million from XPeng, and $100 million from its own executives. Only one of those three numbers sets a price.
On 10 August Nvidia announced a platform to mobilise over $500 billion of third-party capital for AI infrastructure. The stock fell about 2.5%, shedding roughly $130 billion. A company that normally rises on more AI spending fell on news of more AI spending it helped arrange.
The $2 trillion number is real. It is also not Anthropic's. It comes from investors' own models — and three separate markets are already disagreeing with it.
The raise is the least interesting part. Muon has flown 11 satellites in total and intends to build 500 a year by 2027 — and the platform it debuted in June, Condor, is aimed at orbital compute. That connects directly to why terrestrial data centres are moving away from cities.
Function's $450 million from General Catalyst's Customer Value Fund was reported as a funding round. It isn't one. The instrument lends against cohort economics rather than buying equity — and founders will meet it again.