SpaceX $75B
Incoming IPO · SpaceTech · United States · May 22
SpaceX filed an IPO prospectus targeting a proposed $1.75T valuation, with Elon Musk retaining over 85% of voting power; 2025 revenue was $18.7B with a $4.9B loss.
A quick read on the week, 81 deals and $80B raised. The highlights, not the whole list.
Biggest rounds
ICEYE $348M
Venture debt · SpaceTech · Finland · May 22
Finnish spacetech ICEYE originated a €300M three-year revolving credit facility from a seven-bank syndicate to support contract guarantees and growth, after posting over €250M revenue and €100M EBITDA in 2025.
Amca $300M
Series B · Hardware · United States · May 21
Amca closed a $300M Series B led by Caffeinated Capital, passing a $1B valuation 18 months after launch, to rebuild the US defense manufacturing supply chain.
Exa $250M
Series C · AI · United States · May 20
Exa announced a $250M Series C at a $2.2B valuation to build web search infrastructure designed for AI agents rather than human users.
Rapido $240M
Growth · Mobility · India · May 21
Rapido raised $240M in a round led by Prosus at a $3B valuation, strengthening its challenge to Uber in the Indian market.
Notable M&A
Ximalaya $2.6B
acquired by Tencent Music Entertainment · May 19
Tencent Music completed the acquisition of 100% of audio platform Ximalaya for about RMB 18.6 billion (~$2.6 billion), with conditions imposed by China's antitrust regulator.
Reliant AI
acquired by Cohere · May 19
Canada's Cohere acquires Berlin-based Reliant AI to expand into healthcare and life sciences; terms not disclosed.
Emmi AI
acquired by Mistral AI · May 19
Mistral AI acquires Austria's Emmi AI: according to reports one of the largest exits in Austrian startup history (reported valuation up to 330 million euros in cash and shares).
Flatmates
acquired by Cosmico · May 18
Cosmico completed the full acquisition of Italian creator economy agency Flatmates, two years ahead of plan after taking a majority stake in 2024.
Did you also notice
- The week's biggest raise: SpaceX at $75B.
- SaaS B2B was the busiest sector with 11 rounds.
- United States led on deal count with 17.