Hey friends, welcome to What’s the Deal? Your weekly roundup of the latest and greatest stories in tech, venture capital, and the capital markets — with the latest deals front and center.

I’m Ella, the voice behind this beautiful newsletter, and this week there’s a lot to catch up on. Most of the news is actually pretty fun and engaging, which is always a good… compared to some other weeks… 😐

We’re seeing everything this week… From record-breaking IPOs and tech rivalries being questioned, to some major shifts in Venture Capital trends. Grab a snack and let’s dive in…

Market Debut - SpaceX has filed for a blockbuster IPO that could value the company at up to $1.75 trillion, potentially making it the largest public offering in history

IPO Watch - SoftBank secured a $40B short-term loan to fund its massive investment in OpenAI, signaling expectations of a near-term IPO

TBPN Acquisition - OpenAI is entering the news industry by acquiring TBPN to expand its media and marketing influence

Design Meets AI - Noon, an AI native startup that aims to bridge the gap between product design and engineering, raised $44M out of stealth

Spacetech - Starcloud raised $170M in a Series A to build solar-powered, space-based data centers for AI, hitting a $1.1B valuation

An Alliance - Despite competition, Kalshi and Polymarket CEOs are backing a $35M VC fund to invest in startups powering the future of prediction markets

3D Expansion - Sony Interactive Entertainment acquired Cinemersive Labs, a UK startup that uses AI to turn 2D photos and videos into immersive 3D experiences

$$$ Valuations - What was a $5M seed at a $25M valuation in 2024 is now closer to $10M at $40–45M for AI startups

YC Demo Day - AI dominated Y Combinator’s Winter 2026 Demo Day, with startups ranging from humanoid training (Asimov) to AI wearables (Button) and self-healing software (Sonarly)

Investor Shift - Family offices are bypassing VCs to invest directly in startups, reshaping venture capital

Gemma 4 - Google just launched Gemma 4, a more powerful and efficient open AI model family for developers

AI “Selve” - Pika introduced AI Selves, allowing users to create persistent digital versions of themselves that can post, message, and evolve over time

AI Emotions - Anthropic found that its AI model, Claude, exhibits internal “functional emotions” that shape its behavior

Space Shift - NASA’s Artemis II marks the last moon mission without major Silicon Valley involvement, as companies like SpaceX and Blue Origin take a leading role

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