This week’s pulse
Capital concentrated further at the frontier: Anthropic’s $30B raise (at a reported $380B valuation) reset the “credible scale” bar for frontier-model financings—and reaffirmed that sovereigns + crossover growth remain decisive check writers at the top end.
Infrastructure financing got more creative: GPU- and contract-backed financing structures continued to emerge as “picks-and-shovels” platforms scale without constant equity dilution.
Security demand tracks AI adoption: multiple security rounds framed AI not just as a product tailwind, but as a data-volume + complexity shock that’s breaking legacy tooling assumptions.
