Ten years ago, even five, an epically large seed round of hundreds of millions was unthinkable. Now, it’s started to feel oddly pedestrian to me and—the data actually bears out my ennui: Crunchbase recently calculated that, so far in 2026, over 40% of seed and Series A investment has been funneled into rounds of $100 million or more. 

Examples of the last few weeks include Humans& (a frontier AI lab that raised a $480 million seed round), Ricursive Intelligence (which raised a $300 million Series A), and Merge Labs, Sam Altman’s brain-computer interface company that raised a casual $252 million seed round.

This feeling, of course, doesn’t just fixate on earlier-stage companies. I actually don’t know if there’s any funding round number at this point that would genuinely shock me. It’s an endless slog of big-number headlines with no sense of where this is all going, especially as pertains to, say, the largest companies in the space. 

This week alone, reports dropped that SoftBank is in talks to invest another $30 billion in OpenAI (after previously investing $40 billion), and then there was the xAI news—that Elon Musk’s Tesla also invested in Musk’s $20 billion Series E, to the tune of $2 billion.

Musk’s companies have always been financially linked to one another in a clannish sort of way, but the reality is: All these AI startups and companies are investing in and selling to one another. This is something my colleague Jeremy Kahn has written about quite a bit, particularly in the context of Nvidia’s massive cycling cash machine. 

So, there’s no number that surprises me anymore. And that worries me. Because that maybe means the only thing that could feel shocking is a crash.

ICYMI… It’s been a big earnings week for Big Tech. Some standouts include Meta, which clocked a revenue beat as shares climbed. Meanwhile, Microsoft’s slowing revenue growth spooked the markets.

See you Monday,

Allie Garfinkle
X: @agarfinks
Email: alexandra.garfinkle@fortune.com
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VENTURE CAPITAL

- Decagon, a San Francisco, Calif.-based platform designed for creating AI concierges for customer service, raised $250 million in funding. Coatue Management and Index Ventures led the round.

- Oviva, a Zürich, Switzerland-based digital care platform for weight-related and chronic conditions, raised €200 million ($239 million) in Series D funding. Kinnevik led the round and was joined by Planet First Partners, A.P., Moller Holding, and others.

- Flapping Airplanes, a San Francisco-based data efficiency lab, raised $180 million in funding from Google Ventures, Sequoia Capital, Index Ventures, and others.

- RobCo, a San Francisco-based developer of autonomous industrial robots, raised $100 million in Series C funding. Lightspeed Venture Partners and Lingotto Innovation led the round and were joined by Sequoia Capital, Greenfield Partners, Kindred Capital, Leitmotif, and The Friedkin Group.

- Talos, a New York City-based digital asset infrastructure platform, raised $45 million in a Series B extension from Robinhood Markets, Sony Innovation Fund, IMC, and others.

- Recare, a Berlin, Germany-based discharge management platform, raised €37 million ($44 million) in funding. DNV led the round and was joined by CIBC Innovation Banking. 

- Revena, a São Paulo, Brazil-based AI platform designed to automate hospital revenue workflows, raised $8 million in seed funding from Canary, Flourish Ventures, and Caravela Capital.

- Datalinx AI, a New York City and Austin, Texas-based platform designed to make messy data usable for marketing, advertising, and commerce, raised $4.2 million in seed funding. High Alpha led the round and was joined by Databricks Ventures, Aperiam, and others.

PRIVATE EQUITY

- Capstreet acquired TOPS Field Services, a Huffman, Texas-based turbine maintenance and outage services company. Financial terms were not disclosed.

- Conquest Research, a portfolio company of Reynolda Equity Partners, acquired NeuroTrials Research, a Winter Park, Fla.-based clinical trial site network. Financial terms were not disclosed.

- HF Companies acquired a majority stake in Smith Gardens, a Bellingham, Wash.-based greenhouse growing company. Financial terms were not disclosed.

- Inspirit Equity acquired a majority stake in Sizemore, a Tallahassee, Fla.-based provider of outsourced facility management services. Financial terms were not disclosed.

- TCG acquired a minority stake in Goalhanger, a London, U.K.-based podcast franchise. Financial terms were not disclosed.

IPOS

- Liftoff Mobile, a Redwood City, Calif.-based marketing and monetization platform for mobile businesses, plans to raise up to $762 million in an offering of 25.4 million shares priced between $26 and $30. Blackstone, General Atlantic, and others back the company.

- AgomAb Therapeutics, an Antwerp, Belgium-based developer of therapies for immunology and inflammatory diseases, plans to raise up to $212.5 million in an offering of 12.5 million shares priced between $15 and $17. EQT Life Sciences, Fidelity Management & Research Company, Pontifax, Sanofi, Redmile Biopharma Investments, Cormorant Asset Management, Pfizer, and Canaan back the company.

- Ethos Technologies, a San Francisco-based online life insurance provider, raised $200 million in an offering of 10.5 million shares priced at $19 on the Nasdaq.

- SpyGlass Pharma, an Aliso Viejo, Calif.-based developer of treatments for chronic eye conditions, plans to raise up to $159.8 million in an offering of 9.4 million shares priced between $15 and $17. Glide Healthcare, Samsara BioCapital, Vensana Capital, New Enterprise Associates, RA Capital Management, and Sands Capital Alternatives back the company.

FUNDS + FUNDS OF FUNDS

- 2048 Ventures, an N.Y.C. and Boston, Mass.-based venture capital firm, raised $82 million for its third fund focused on AI, deep tech, health care, and biotech startups in New York City and Boston.

PEOPLE

- 2048 Ventures, an N.Y.C. and Boston, Mass.-based venture capital firm, promoted Daniella Cohen to principal.

- Bessemer Venture Partners, a San Francisco-based venture capital firm, promoted Sam Bondy to Vice President.

- Summit Partners, a Boston, Mass.-based private equity firm, promoted Chris Bon, Meg Devine, Ross Murphy, and Jono Pagden to partner. The firm also promoted Devin O’Connor Deane, Irina Müller, and Nik Ohri to principal, and Luke Farrugia, Grace Gwozdz, Patrick McLaughlin, Max Miller, Alberto Reyes, and Paul-Hugo Thiboult.