Crusoe has raised $3.9 billion to expand its data center business and build small modular facilities designed for artificial intelligence workloads, valuing the company at $30.9 billion.
7:25 PMTechCrunch11 stories from 6 sources
AI capital is moving from startups to the infrastructure around them
Day’s Recap
Supporting Articles
Emulate, a U.K. AI startup founded by former Google DeepMind researchers, is reportedly in advanced talks to raise as much as $700 million. The proposed financing would value the month-old company at roughly $3.7 billion.
10:40 AMPYMNTS
Emulate, a startup founded by researchers leaving DeepMind’s London lab, is close to raising $700 million at a valuation approaching $4 billion, only a month after its creation.
12:00 AMFinancial Times
Apollo Global Management is investing in AI and hardware startups, including chipmaker SiFive and AI-powered factory developer Hadrian. It also plans to lend to some of these companies as they expand, positioning its equity investments ahead of future infrastructure financing.
8:17 PMPYMNTS7:25 PMTechCrunch
Crusoe raises $3.9B to build massive data centers and small modular ‘AI factories’
Summary
Crusoe has raised $3.9 billion to expand its data center business and build small modular facilities designed for artificial intelligence workloads, valuing the company at $30.9 billion.
The financing gives Crusoe the capital to scale data center capacity as AI companies compete
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The round shows that investors are funding physical AI infrastructure at a scale approaching that of the software companies using it.
10:40 AMPYMNTS
Weeks-Old AI Startup Emulate Approaches $4 Billion Valuation
Summary
Emulate, a U.K. AI startup founded by former Google DeepMind researchers, is reportedly in advanced talks to raise as much as $700 million. The proposed financing would value the month-old company at roughly $3.7 billion.
Emulate’s potential valuation shows that top AI researchers can now command multibillion-dollar pricing before establishing
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal would reinforce an AI funding market that prices talent and technical promise ahead of operating proof.
12:00 AMFinancial Times
DeepMind offshoot nears $4bn valuation just a month after founding
Summary
Emulate, a startup founded by researchers leaving DeepMind’s London lab, is close to raising $700 million at a valuation approaching $4 billion, only a month after its creation.
A rapid, multibillion-dollar financing would make Emulate an immediate major player in the AI market
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
AI startup valuations are increasingly being set by access to scarce research talent rather than by operating history.
8:17 PMPYMNTS
Apollo Backs AI Hardware Startups to Win Future Infrastructure Financing
Summary
Apollo Global Management is investing in AI and hardware startups, including chipmaker SiFive and AI-powered factory developer Hadrian. It also plans to lend to some of these companies as they expand, positioning its equity investments ahead of future infrastructure financing.
Apollo is linking venture investment to private credit, using early equity stakes to build access
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The model could make large private capital firms more influential across the full funding lifecycle of AI infrastructure startups.
Other Developments
A curated list of other prominent stories from this day.
Toronto-based investment firm Portage has raised US$600 million for its latest fintech fund.
8:01 PMFinextra
A wave of mega-IPOs linked to the AI boom is intensifying venture capital's long-standing feast-or-famine cycle. The gains are concentrating around a small number of companies and investors.
12:46 PMFinancial TimesManchester-based payments infrastructure platform Ryft has raised £20 million in a Series B round. The company plans to use the funding to expand into Europe and the US.
11:57 AMFinextra
AI note-taking startup Plaud is reportedly targeting a US IPO filing in 2028, provided annual revenue exceeds $1 billion. The company is also aiming for $500 million in global sales as it scales its products.
11:49 AMPYMNTSSeattle startup Ravel has raised $8.2 million for a purification process that removes elastane and dyes while preserving the polyester polymer. The technology targets a major obstacle in textile recycling.
11:00 AMWWD
Nex, maker of the family-focused Nex Playground gaming console, raised more than $150 million to expand retail distribution and develop new content partnerships. The company also plans to introduce connected play, enabling families to play across multiple devices.
9:02 AMVariety
Iceland-based Treble has raised $18 million for its voice simulation platform, which is used by voice AI developers as well as companies building AI wearables and robots.
1:00 AMTechCrunch8:01 PMFinextra
Canadian fintech VC Portage closes US$600m fund
Summary
Toronto-based investment firm Portage has raised US$600 million for its latest fintech fund.
Portage now has substantial new capital to deploy across fintech companies, even as many investors
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A large new fintech fund signals that institutional investors still see durable opportunities in financial infrastructure and software.
12:46 PMFinancial Times
Has AI broken the old VC model?
Summary
A wave of mega-IPOs linked to the AI boom is intensifying venture capital's long-standing feast-or-famine cycle. The gains are concentrating around a small number of companies and investors.
AI has widened the gap between venture winners and the rest of the market, making
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
AI may be turning venture capital into an even more concentrated bet on a handful of breakout companies.
11:57 AMFinextra
UK payments firm Ryft raises £20m for European push
Summary
Manchester-based payments infrastructure platform Ryft has raised £20 million in a Series B round. The company plans to use the funding to expand into Europe and the US.
The funding gives Ryft the capital to pursue cross-border growth beyond the UK. Its next
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Ryft’s raise shows continued investor appetite for payments infrastructure with international expansion potential.
11:49 AMPYMNTS
Plaud Plans to File IPO for AI Note-Taking Startup in 2028
Summary
AI note-taking startup Plaud is reportedly targeting a US IPO filing in 2028, provided annual revenue exceeds $1 billion. The company is also aiming for $500 million in global sales as it scales its products.
Plaud has tied its public-market ambitions to a revenue threshold rather than a fixed timetable,
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Plaud’s plan offers an early test of whether standalone AI productivity startups can scale enough to meet public-market expectations.
11:00 AMWWD
Ravel Raises $8.2M to Tackle Fashion’s Elastane Problem
Summary
Seattle startup Ravel has raised $8.2 million for a purification process that removes elastane and dyes while preserving the polyester polymer. The technology targets a major obstacle in textile recycling.
Ravel is addressing the material-mixing problem that makes many stretch garments difficult to recycle. If
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A viable way to separate elastane could make a large category of hard-to-recycle clothing more compatible with circular manufacturing.
9:02 AMVariety
Nex Playground Gaming Console Maker Raises More Than $150 Million in Funding, Niantic’s Jeff Shouger Joins as CFO
Summary
Nex, maker of the family-focused Nex Playground gaming console, raised more than $150 million to expand retail distribution and develop new content partnerships. The company also plans to introduce connected play, enabling families to play across multiple devices.
Nex is shifting from a hardware sale to a broader family gaming platform. The funding
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The raise signals investor confidence in family gaming as a platform opportunity rather than a niche hardware category.
1:00 AMTechCrunch
Iceland-based Treble raises $18 million for its voice simulation platform
Summary
Iceland-based Treble has raised $18 million for its voice simulation platform, which is used by voice AI developers as well as companies building AI wearables and robots.
The funding gives Treble capital to expand a specialized infrastructure layer for synthetic voice development
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Specialized infrastructure startups are capturing value as voice AI moves into physical products and machines.
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