IPOs, acquisitions, and secondaries — where returns get real.
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Returns are only real at the exit, and this desk covers the point where paper marks become distributions. IPOs and direct listings, strategic acquisitions, private-equity take-privates, secondary sales and continuation funds — the full set of routes liquidity now takes, in a market where companies stay private far longer than the ten-year fund life that was designed around them. We cover pricing and the first weeks of trading, not just the debut pop, and we look at what an exit returns to the funds that backed the company early versus late. Acquisition coverage focuses on rationale and price: what the buyer is really purchasing, whether that is a team, a customer base, or a competitor removed.
OpenAI CFO Sarah Friar has laid out a target for a public listing by 2027, addressing mounting liquidity pressures from employees and venture backers while setting a timeline for the most anticipated tech debut in years.
Francisco Partners is acquiring healthcare communication platform Weave for $650 million, marking another mid-market SaaS take-private as private equity capitalizes on depressed public valuations.
Boston-based private equity firm THL has agreed to acquire website traffic manager Queue-it from Nordic sponsor GRO Capital, marking a key secondary exit in the enterprise SaaS sector.
Anthropic has disclosed a massive second-quarter revenue jump to prospective investors, positioning itself for a public debut while attempting to justify its premium private valuation against rising compute costs.
SpaceX has finalized its $60 billion acquisition of AI coding startup Cursor, signaling a major pivot toward vertical integration of proprietary software in aerospace.
Anthropic is reportedly in advanced discussions to acquire AI startup Decart for $6 billion, signaling a strategic move to bolster its technological stack before a potential public listing.
Goldman Sachs has agreed to acquire Neos Investments for $2.25 billion, signaling continued consolidation in the asset management sector and a premium placed on specialized ETF platforms.
SpaceX's privately traded shares have surpassed the $135 per share mark, often cited as a notional IPO price, for the first time in several weeks, buoyed by stronger-than-expected second-quarter revenue.
New Mountain Capital has agreed to acquire Jensen Hughes from Gryphon Investors, marking a significant exit for Gryphon and a strategic bet by New Mountain on mission-critical engineering services.
Sanctioned Chinese GPU designer Moore Threads is planning a Hong Kong IPO, offering a critical liquidity test for venture capital backers navigating geopolitical barriers.
Switch Inc., a key player in the data center market, has confidentially filed for a US initial public offering, signaling a significant liquidity event driven by surging demand for AI infrastructure.
Alternative investment platform CAIS has closed a $170 million Series D round, effectively doubling its valuation to $2 billion amid a push for fintech scale.
The impending release of $101 billion in SpaceX shares represents a massive test of public market liquidity and a critical moment of reckoning for late-stage venture backers.
SpaceX’s inaugural quarterly report as a public company sets a new benchmark for capital-intensive ventures, beating revenue estimates and testing the market's appetite for long-horizon space infrastructure.
SpaceX's venture backers are seeking direct answers from Elon Musk regarding the speculative merger with Tesla, a move that could profoundly reshape their investment liquidation pathways and the private company's valuation.
Fintech brokerage Clear Street is debuting a secondary trading platform starting with Databricks, highlighting the growing institutionalization of pre-IPO liquidity.
An AI hedge fund's forced liquidation of public assets due to leveraged bets leaves its Anthropic stake as a key remaining holding, potentially signaling future secondary market activity for the high-profile AI startup.
Microsoft’s strong earnings have lifted tech sector sentiment, contrasting with Meta’s weaker guidance, signaling cautious investor outlook ahead.
Cyera's $1 billion acquisition of Oasis Security marks its third deal this year, underscoring intensified venture activity in AI security and consolidation trends.
SpaceX's stock has declined 20% from its IPO price, erasing $1.2 trillion in market capitalization as investors retreat from high-risk tech.
CXMT’s IPO raised $8.6 billion at 8.66 yuan per share, with shares surging 466% on debut, making it China’s highest valued listed firm and signaling strong investor appetite in the chip sector.
SoftBank is exploring a deal to acquire Gravis Robotics, signaling renewed focus on AI-driven robotics and potential shifts in venture-backed hardware investments.
Alphabet's disclosure of a $94 billion equity holding in SpaceX after its IPO highlights the immense value created by the space and AI company, signaling strong investor confidence and a major liquidity event in the venture ecosystem.
Revolut's secondary share sale confirms a $115 billion valuation, spotlighting strong investor demand in fintech despite broader market uncertainties.