Good morning. Here's everything happening in startup land today, in under 2 minutes.
⚡ THE ONE NUMBER
$5.55 billion
That's what Cerebras raised in its IPO last night, pricing at $185 per share (well above its $150–$160 range) and giving the AI chipmaker a $56.4B fully diluted valuation. It's one of the biggest tech IPOs since Uber in 2019. The wild part: Cerebras filed to go public in 2024, withdrew over customer concentration concerns, and just came back priced 20x oversubscribed.
💸 BIGGEST ROUND
Recursive Superintelligence raises $650M at $4.65B.
A six-month-old AI lab with fewer than 30 employees just came out of stealth with $650M at a $4.65B valuation. GV and Greycroft co-led, with Nvidia and AMD's venture arms participating. The founding team is: Richard Socher (ex-Chief Scientist at Salesforce, founder of You.com), Tim Rocktäschel (UCL professor, ex-DeepMind), plus alumni from OpenAI, Meta, and Uber AI. Instead of scaling bigger models they build AI that recursively improves itself and automates the entire research process. They've also hired Peter Norvig, the 25-year Google research director who co-wrote the standard AI textbook. The company plans to run its first "Level 1" autonomous training system before a public launch later this year.
📰 HEADLINES, NO FLUFF
→ UK chip startup Fractile raises $220M to crack AI's inference bottleneck Accel, Factorial Funds, and Founders Fund led the Series B for the Oxford-born startup. Anthropic is reportedly in talks to buy Fractile's chips when they ship in 2027.
→ Anthropic ships Claude for Small Business The new bundle plugs Claude into QuickBooks, PayPal, HubSpot, Canva, DocuSign, Google Workspace, and Microsoft 365, with 15 pre-built workflows for payroll, invoicing, and month-end close. A 10-city training tour kicks off today in Chicago.
→ Rivian spinout Mind Robotics raises $400M at $3.4B RJ Scaringe (still Rivian's CEO) just took his 18-month-old robotics startup past $1B in total funding. Kleiner Perkins led; the moat is that Mind trains its models inside Rivian's actual factories.
→ Mantle8 raises €31M to drill for natural hydrogen Bill Gates' Breakthrough Energy Ventures and Sandwater are backing the Grenoble startup's hunt for commercial reservoirs of "geologic hydrogen." Target production cost: €0.80/kg, well under what clean hydrogen sells for today.
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