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BREAKING
$2.3B Q3 RevenuePalantir Posts $2.3B Q3 Revenue, Its Fastest Growth Everā—$17B Q3 RevenueAnthropic's Q3 Revenue Surged To $17B, Filing Shows Lossā—$92B Q3 NA FundingVC Dollars Jump 50% In Q3, Deal Counts Hit Low Since 2023ā—$115B All-Stock DealMarvell Buys Lumentum For $115B To Build AI Networking Giantā—$45M Series ATrajectory Raises $45M Series A At $300M Valuationā—$750M Fund VIIICreandum Closes $750M Fund VIII, Its Largest Fund Everā—
TC
The Briefing
Trace Cohen Ā· Monday, November 2
Updated 2h ago

AI's earnings season is colliding with its IPO season, and the numbers aren't lining up cleanly.

BIG TECH LEAD5h ago

Palantir Posts $2.3B Q3 Revenue, Its Fastest Growth Ever

Palantir's third-quarter revenue jumped 96% year over year to $2.3 billion, the fastest growth rate in company history, and CEO Alex Karp called the results extraordinary even as shares gave back early gains.

$2.3B, +96% YoY
Palantir Q3 2026 revenue
$984M, +148% YoY
Palantir US commercial revenue
$953M, +96% YoY
Palantir US government revenue
IPO

Anthropic's Q3 Revenue Surged To $17B, Filing Shows Loss

FUNDING

VC Dollars Jump 50% In Q3, Deal Counts Hit Low Since 2023

BIG TECH

Marvell Buys Lumentum For $115B To Build AI Networking Giant

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Funding & Deals
6 stories
FUNDING

Trajectory Raises $45M Series A At $300M Valuation

FUNDING$45M Series A

Trajectory Raises $45M Series A At $300M Valuation

Trajectory raised a $45 million Series A led by Sequoia at a $300 million valuation to help companies automate AI model post-training, the startup told TechCrunch.

Why it matters

Trajectory's $45 million Series A was led by Sequoia Capital, with Nvidia, Bessemer Venture Partners and Bain Capital Ventures participating, at a $300 million valuation.

FUNDING

Creandum Closes $750M Fund VIII, Its Largest Fund Ever

FUNDING$750M Fund VIII

Creandum Closes $750M Fund VIII, Its Largest Fund Ever

Creandum closed its eighth and largest fund at $750 million, betting half the capital on new seed and Series A deals and half on follow-ons into portfolio companies like Lovable and Klarna.

Why it matters

Creandum's $750M fund is its largest ever, well above Fund VII's $560M

FUNDING

Pulse Tracks $441M In Fresh Raises That Skipped AI Labs

FUNDING$441M New Raises

Pulse Tracks $441M In Fresh Raises That Skipped AI Labs

Three new U.S. raises crossed Value Add Pulse's desk this morning -- Platform Accounting Group's $355 million, Lumaril's $66 million and SuperMe's $20 million, totaling $441 million -- and none went to an AI foundation-model lab.

Why it matters

None of this morning's three disclosed US raises went to an AI foundation-model lab, a reminder that most real capital still funds unglamorous, cash-generative businesses.

FUNDING

Northwood Space Raises $375M Series C At Reported $2B Valuation

FUNDING$375M Series C

Northwood Space Raises $375M Series C At Reported $2B Valuation

Northwood Space closed a $375 million Series C co-led by Andreessen Horowitz and DFJ Growth to expand the ground network connecting satellites to Earth, with a reported $2 billion valuation.

Why it matters

A $375M Series C is one of the largest rounds yet for ground-segment satellite infrastructure

FUNDING

Platform Accounting Group Books $355M, Quadrupling Its 2024 Raise

FUNDING$355M Growth Financing

Platform Accounting Group Books $355M, Quadrupling Its 2024 Raise

Platform Accounting Group secured $355 million in growth financing led by Treville Capital Group, more than four times the $85 million Cynosure Group led in 2024, as the Salt Lake City roll-up passes 65 acquisitions and 50,000 clients.

Why it matters

The $355M round shows private equity still prizing accounting roll-ups even as dealmaking slows elsewhere in professional services.

PEOPLE

Entourage Ventures Closes ā‚¬100M Fund II, Beats ā‚¬75M Target

PEOPLEā‚¬100M Fund II

Entourage Ventures Closes ā‚¬100M Fund II, Beats ā‚¬75M Target

Entourage Ventures has closed its second fund at ā‚¬100 million, beating an original ā‚¬75 million target within two weeks, to back roughly 25 pre-seed and seed-stage companies across Europe and other markets.

Why it matters

Entourage beating its ā‚¬75M target by a third within two weeks shows European LPs still backing early-stage generalist funds despite a slower fundraising market overall.

AI & Technology
6 stories
AI

42AI Emerges From Stealth With $62.5M Behavioral AI Model

AI$62.5M Seed

42AI Emerges From Stealth With $62.5M Behavioral AI Model

Israeli startup 42AI emerged from stealth with $62.5 million in seed funding for a behavioral world model that predicts how people will act, and says 10 large brokerages already use it.

Why it matters

42AI's $62.5 million seed came from its founders and Infinity Group over three years, not a single priced round, an unusual structure for a company only now leaving stealth.

AI

Omen AI Buys Aquatic Labs For $16M To Expand Water Sensors

AI$16M Acquisition

Omen AI Buys Aquatic Labs For $16M To Expand Water Sensors

Omen AI is acquiring rival water-sensor startup Aquatic Labs for $16 million in cash and stock, adding alkalinity-testing technology to its data-center cooling monitors, TechCrunch reported.

Why it matters

Omen AI is paying $16 million in cash and stock for Aquatic Labs, combining two real-time water-sensor startups into one data-center cooling monitor.

AI

SWI Compute Orders $1B Of Nvidia Chips For AI Factories

AI$1B Nvidia Order

SWI Compute Orders $1B Of Nvidia Chips For AI Factories

SWI Compute launched a European AI data center network built on roughly $1 billion of Nvidia hardware, targeting 2.3 gigawatts of capacity by 2029.

Why it matters

SWI Compute's $1B Nvidia order signals European AI infrastructure is attracting serious capital

AI

SuperMe Raises $20M Series A Led By Forerunner's Kirsten Green

AI$20M Series A

SuperMe Raises $20M Series A Led By Forerunner's Kirsten Green

SuperMe has raised a $20 million Series A led by Forerunner Ventures partner Kirsten Green, with Greylock Partners also participating, to expand its AI-generated profiles built on real people's professional expertise.

Why it matters

Forerunner's Kirsten Green and Greylock Partners backing SuperMe at the Series A signals top consumer and enterprise investors converging on AI-generated expertise as a category.

AI

Lumaril Raises $66M Series A At $400M Valuation, Elad Gil Leads

AI$66M Series A

Lumaril Raises $66M Series A At $400M Valuation, Elad Gil Leads

Lumaril raised a $66 million Series A at a $400 million valuation led by returning investor Elad Gil, bringing its industrial AI platform's total funding to $78 million.

Why it matters

Elad Gil returning as lead investor signals continued conviction in industrial AI platforms that tie pricing to factory output rather than software seats.

AI

AI Megarounds Keep Pricing Up While Credit Markets Panic

AI$201.7B Tracked

AI Megarounds Keep Pricing Up While Credit Markets Panic

Private AI valuations kept climbing this week even as credit-rating agencies punished the same sector's debt-funded compute buildout -- a widening split between equity conviction and credit anxiety.

Why it matters

Private investors priced AI and deep-tech companies at record or near-record valuations this week despite a public AI stock selloff.

IPO Watch
6 stories
IPO

Anthropic Files To Sell $3.5B Of Shares To Japan Investors

Anthropic Files To Sell $3.5B Of Shares To Japan Investors logo
IPO$3.5B Japan Share Sale

Anthropic Files To Sell $3.5B Of Shares To Japan Investors

Anthropic filed to sell up to $3.5 billion of shares to investors in Japan as part of its planned US listing, without disclosing the IPO's total size or valuation.

Why it matters

A dedicated Japan share tranche shows Anthropic courting Asian capital ahead of its US listing

IPO

Anthropic Expected To Get 'Junk' Rating After Its IPO

Anthropic Expected To Get 'Junk' Rating After Its IPO logo
IPOBB 'Junk' Rating Expected

Anthropic Expected To Get 'Junk' Rating After Its IPO

Blackstone now expects Anthropic to receive a double-B 'junk' credit rating at its IPO, a downgrade from its earlier investment-grade forecast, as the AI lab's compute-financing spree draws scrutiny.

Why it matters

Blackstone now expects Anthropic to receive a double-B 'junk' rating at IPO, a downgrade from its earlier investment-grade forecast before 2027.

IPO

OPay Leads $613.5M Week Of Priced IPOs

IPO$613.5M Combined (3 IPOs)

OPay Leads $613.5M Week Of Priced IPOs

Three IPOs priced between Oct. 27-30, 2026 raised a combined $613.5 million, led by OPay's $304 million NYSE debut, while biotechs Bambusa Therapeutics and Aspen Neuroscience priced the same morning.

Why it matters

Three IPOs priced between Oct. 27-30, 2026 raised a combined $613.5 million, led by OPay's $304 million NYSE debut.

IPO

Two Biotechs Price IPOs The Same Day: BBTX And ASPE

IPO2 IPOs, Same Day

Two Biotechs Price IPOs The Same Day: BBTX And ASPE

Bambusa Therapeutics and Aspen Neuroscience both priced IPOs on October 29, 2026, debuting on Nasdaq the same morning as BBTX and ASPE, in what BioSpace calls a cautiously optimistic biotech IPO rebound.

Why it matters

Two priced biotech IPOs landing on the same Nasdaq session is itself a signal of renewed issuance after a multiyear drought in biotech listings.

IPO

OPay Prices $304M IPO, Then Withdraws NYSE Listing

IPO$304M IPO

OPay Prices $304M IPO, Then Withdraws NYSE Listing

OPay priced its NYSE IPO at $19.00 per ADS, the low end of its range, implying roughly $304 million in gross proceeds, then withdrew the offering: the underwriting agreement was terminated and the ADSs did not begin trading.

Why it matters

Pricing at the low end of its $19-$21 range suggests measured demand for an African fintech IPO even as US markets stay open to new listings.

IPO

Bambusa Therapeutics Prices $168.9M IPO, Debuts As BBTX

IPO$168.9M IPO

Bambusa Therapeutics Prices $168.9M IPO, Debuts As BBTX

Bambusa Therapeutics priced an upsized IPO of 10,555,555 shares at $16.00, raising $168.9 million, with shares set to begin trading on Nasdaq as BBTX on October 30, 2026.

Why it matters

Bambusa upsized its offering from 9.38 million to 10.55 million shares and still priced at the midpoint, a sign of real investor demand rather than a discount to get the deal done.

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