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Nvidia's Reported $12.9B Hugging Face Deal

Aug 28, 2026

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8 min read

Nvidia's Reported $12.9B Hugging Face Deal

Nvidia has reportedly agreed to buy Hugging Face for $12.9 billion, choosing an outright acquisition after a year of license-and-hire deals. Anthropic is reportedly planning to let existing shareholders sell stock in its IPO while considering lockups longer than the standard 180 days. The company also discussed and then dropped a roughly $7 billion acquisition of chip startup MatX, Reuters reported. Meanwhile, SpaceX traded below its $135 IPO price for part of the week as lockup expirations added shares to the market.

Paul Smalera
Paul Smalera
What Nvidia buys without buying the company

Aug 27, 2026

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6 min read

What Nvidia buys without buying the company

Groq, Poolside, and reportedly Perplexity: Nvidia keeps paying for technology and teams without buying the company.

Paul Smalera
Paul Smalera
Nvidia eyes Perplexity at $30B+

Aug 25, 2026

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4 min read

Nvidia eyes Perplexity at $30B+

Nvidia is reportedly in talks to invest in Perplexity at a valuation above $30 billion — its third reported private-AI move this month. Beneath the AI cluster, Forge's July data show the median secondary trade at a 7% discount to the company's last funding round, with buyers a minority of marketplace interest for the first time since late 2023. And Cerebras has fallen back to roughly its $185 May IPO price after a sharply higher first-day close.

Paul Smalera
Paul Smalera
The Pulse — Friday, August 21, 2026

Aug 21, 2026

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7 min read

The Pulse — Friday, August 21, 2026

Anthropic reportedly expects its IPO to match or exceed SpaceX's record offering and could make its S-1 public by the end of August. California startups have raised about $366 billion this year, more than three times the total for the other 49 states combined. And much more.

Paul Smalera
Paul Smalera
A Stock Token Can Be Three Different Things

Aug 20, 2026

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6 min read

A Stock Token Can Be Three Different Things

Nasdaq and Robinhood both use the language of tokenized stocks. Underneath it are three very different legal claims.

Paul Smalera
Paul Smalera

Pulse

Nvidia Guaranteed Up to $105B on OpenAI's Ohio Lease

Aug 18, 2026

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5 min read

Nvidia Guaranteed Up to $105B on OpenAI's Ohio Lease

Nvidia is backstopping $105B of OpenAI's rent

Paul Smalera
Paul Smalera
Six Anthropic Backers Expect a $2T October Listing

Aug 14, 2026

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10 min read

Six Anthropic Backers Expect a $2T October Listing

Six Anthropic investors told the Financial Times they expect an October listing at $2 trillion or more, a figure the company itself has reportedly not set. The same day, Databricks closed $5 billion at $190 billion and announced no listing plans.

Paul Smalera
Paul Smalera
What Airtable and Brex Actually Sold For

Aug 13, 2026

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6 min read

What Airtable and Brex Actually Sold For

Bending Spoons agreed to buy Airtable on August 4 at about $2.25 billion of equity value, roughly 81% below its 2021 Series F. Six days later, PitchBook priced every company that last raised in 2021 at an average 59.1% discount.

Paul Smalera
Paul Smalera
OpenAI's $7B tender cleared at $852B

Aug 11, 2026

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6 min read

OpenAI's $7B tender cleared at $852B

OpenAI completed a roughly $7 billion employee tender on Monday at $852 billion, unchanged from its last primary round, and funded the purchase itself rather than bringing in outside investors. The OCC denied bunq a national bank charter in the same week that Erebor moved toward a raise at roughly $8 billion. And Sacra estimates Notion has grown 82% since the tender that set its current mark.

Paul Smalera
Paul Smalera
911.5M SpaceX shares became eligible to trade

Aug 7, 2026

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9 min read

911.5M SpaceX shares became eligible to trade

SpaceX's float went from 4.9% to 11.8% in a single day, and the market reacted.

Paul Smalera
Paul Smalera
OpenAI: Reportedly $0 debt, $665B in commitments*

Aug 6, 2026

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6 min read

OpenAI: Reportedly $0 debt, $665B in commitments*

OpenAI reportedly had no debt as of March 31. Its long-term contracts tell a more complicated story.

Paul Smalera
Paul Smalera
OpenAI's at $852B. Employees still won't sell.

Aug 4, 2026

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5 min read

OpenAI's at $852B. Employees still won't sell.

Employees at Anthropic, OpenAI and SpaceX are declining to sell into tender offers, and Anthropic's most recent one came up short of the roughly $6 billion of equity investors reportedly wanted to buy. SpaceX's public shares are now trading below their June offer price, which gives that holdout logic its first live read. And Clear Street, which withdrew its own IPO in February, spent last week launching a pre-IPO marketplace.

Paul Smalera
Paul Smalera
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