Elon Musk tends to get what he wants, by force of will or wallet.

• Which raises a big question in the wake of Musk's surprise effort to buy OpenAI: What is it that Musk really wants?

Catch up quick: Musk yesterday offered $97.4 billion to acquire the operating assets of OpenAI, which CEO Sam Altman is in the process of cleaving from the company's nonprofit board.

• Financial details weren't disclosed, except that the bid is being backed by Musk's own artificial intelligence company, xAI, and a handful of private investment firms that have supported other Musk endeavors.
• Altman responded at first by snarkily offering to buy Twitter instead, before later telling Axios that OpenAI is not for sale.

OK, back to what Musk wants:

Option 1: Musk wants to troll Altman, with whom he has a longstanding feud.

• Not only by wasting Altman's time, but also by setting a price floor that Altman may need to clear in order to "buy" OpenAI's operating assets from the nonprofit.

Option 2: Musk wanted to upstage the Paris AI Summit. If there's one thing the man can't seem to get enough of, it's attention.

Option 3: Musk wants to stop OpenAI from becoming America's national champion of tech's most significant shift.

• It may seem counterintuitive that Musk's rival would be getting close to President Trump, but the Stargate announcement clearly got under the SpaceX founder's skin. Bidding on OpenAI could help highlight the fissure for Trump, in a way that litigation won't.

Option 4: Musk really does want to buy OpenAI, and views doubters much like he viewed them when he first offered to buy Twitter.

• First, there's some remarkable symmetry here given that OpenAI's board chair is Bret Taylor, who also chaired Twitter during Musk's takeover battle.
• Second, this might be where Musk's ambition runs into a brick wall. Twitter's board was primarily driven by fiduciary duty to shareholders — which is why it forced Musk to complete the pricey deal even when he didn't want to. OpenAI's board, however, is mission-driven, meaning that price needn't be a determining factor.

The bottom line: If you can't beat 'em, try to buy 'em.

Bain Capital said that it is considering the "option of withdrawing" its hostile $4.2 billion takeover bid for Japanese tech group Fuji Soft, after KKR raised its own offer to $4.3 billion.

Why it's the BFD: It wasn't too long ago that U.S. private equity firms were steering clear of Japan, to the point of closing offices. Now they're competing hard, as evidenced by the Fuji Soft episode, viewing the long layoff as having made some Japanese companies flabby and undisciplined.

The bottom line: Bain always had the weaker hand here, despite support from the company's founding family, given that KKR holds a 34% stake in Fuji Soft and has the board on its side.

• QuEra Computing, a Boston-based quantum computing startup, raised $170m from such backers as Google and SoftBank. The deal also includes $60m in earnouts. axios.link/41ajqIf

• Tines, a Dublin, Ireland-based no-code security automation platform, raised $125m in Series C funding at over a $1.1b valuation. Goldman Sachs Alternatives led, and was joined by SoftBank, Activant, and insiders Accel, Felicis, CrowdStrike Falcon Fund, and Addition. tines.com

🚑 Harrison.ai, a developer of medical diagnostic support and workflow solutions, raised $112m in Series C funding co-led by Aware Super, ECP, and insider Horizons Ventures. harrison.ai

• Zeta, an provider of banking software to banks and fintechs, raised $50m at a $2b valuation from Optum, a subsidiary of UnitedHealth. axios.link/4gzWlDo

🚑 Collate, a SF-based provider of health-care paperwork automation software, raised $30m in seed funding. Redpoint led, and was joined by First Round, Capital, Conviction, and YC. axios.link/4gyaAbN

🚑 Epicore Biosystems, a Cambridge, Mass.-based wearables startup, raised $26m in Series B funding led by The Steele Foundation. axios.link/418S0T0

• Libeen, a Spanish rent-to-own housing startup, raised €25m. Andbank led, and was joined by Cusp Capital. axios.link/3CBUwrM

• InvestNext, a Detroit-based real estate investment management platform, raised $15m in Series B funding led by Beringea. axios.link/40Mu7PU

• Plain, an SF-based B2B customer support startup, raised $15m in Series A funding. Battery Ventures led, and was joined by Index Ventures and Connect Ventures. plain.com

• Akamas, an Italian developer cloud optimization group, raised $10m in first-round funding led by United Ventures. axios.link/3QaDDrh

• Raenest, a Nigerian business fintech, raised $11m in Series A funding led by QED Investors. axios.link/4aXfyxt

• Fifteenth, a provider of complex tax services to founders, tech employees, and VCs, raised $8.25m in seed funding co-led by A* and General Catalyst, per Axios Pro. axios.link/3CJBT57

• Affinity Africa, a Ghanaian digital banking startup, raised $8m in seed funding. Grazia Equity and Backed VC co-led, and were joined by Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, Impact Assets, and Eldon Capital. axios.link/3CLNVec

⚡Nido, a Spanish aerothermal startup, raised €5m in seed funding from Iberdrola, Ship2B Ventures, Zubi Labs, Decelera Ventures, Silence VC, IVF, the City of Valencia, and ENISA. axios.link/419F6Ek

• Drosera, an Ethereum security platform, raised $3.25m. Greenfield Capital led, and was joined by Anagram, Paper Ventures, Arrington Capital, UDHC, and Pulsar. axios.link/4hPSAuy

• Future AGI, an SF-based AI infrastructure startup, raised $1.6m in pre-seed funding co-led by Powerhouse Ventures and Snow Leopard Ventures. futureagi.com

• Noxus, a London-based developer of AI workforces for the enterprise, raised $1.5m in pre-seed funding led by SFC Capital. noxus.ai

• Clavis Capital Partners invested in ATEX Distributing, an Orlando-based provider of wholesale air conditioning equipment and supplies. atexac.com

🚑 Cotiviti, a Salt Lake City portfolio company of KKR, acquired Edifecs, a Bellevue, Wash., health care data interoperability company, from TA Associates and Francisco Partners for around $3b. axios.link/40Psnp7

🚑 Custom Veterinary Services, a Florida-based portfolio company of Align Capital Partners, acquired Milton, Vt.-based Green Mountain Animal. customvetservices.com

• J.C. Flowers acquired a majority stake in Infinite Investment Systems, a provider of portfolio management solutions to the Canadian wealth managers. axios.link/3WV1IWB

🚑 Nautic Partners bought Proud Moments ABA, a Brooklyn, N.Y.-based provider of applied behavioral analysis (ABA) therapy to children with autism, from Audax Private Equity. proudmomentsaba.com

• Platinum Equity invested in Global the Source, a Universal City, Texas-based master distributor of HVAC/R components. globalthesource.com

🚑 Kestra Medical Technologies, a Kirkland, Wash., cardiac arrest monitoring company, filed for a $100m IPO. It plans to list on the Nasdaq (KTMS) and has raised $246m from firms like Bain Capital, Endeavour Vision, Andera Partners, Ally Bridge Group, Longitude Capital, Omega Funds, T. Rowe Price, Eventide Asset Management, and Gilmartin Capital axios.link/4jS3CBm

• Nouryon, a Dutch chemicals company owned by Carlyle, filed confidential U.S. IPO papers, per Bloomberg. axios.link/42POeza

• Sailpoint, an Austin, Texas-based identity governance software provider owned by Thoma Bravo, upped its IPO price range to $21-$23 from $19-$23. It still plans to offer 50m shares and list on the Nasdaq (SAIL). axios.link/3Qyq5pP

• Texas Ventures Acquisition III, an industrial tech SPAC, filed for a $200m IPO. axios.link/3CNj0OL

• Columbus McKinnon (Nasdaq: CMCO) agreed to buy Richardson, Texas-based machinery maker Kito Crosby from KKR for $2.7b. axios.link/4hTTCFM

🚑 Novartis (NYSE: NVS) agreed to acquire the stake it doesn't already hold in Anthos Therapeutics, a Boston-based developer of blood thinners, from Blackstone or $925m upfront and up to $2.15b in earnouts. axios.link/41kQP3j

🚑 Summer Health, a VC-backed pediatric virtual care provider, acquired Caraway Health, a women's hybrid clinic that had raised $27m from firms like Maveron and GV. summerhealth.com

🚑 DocGo (Nasdaq: DCGO) acquired PTI Health, a Newark, Del., mobile lab collection and phlebotomy services company. docgo.com

🚑 Merck KGaA is in advanced talks to buy SpringWorks Therapeutics (Nasdaq: SWTX), a Stamford, Conn.-based developer of treatments for rare conditions and cancers like connective tissue tumors, per Bloomberg. axios.link/42QvM9N

🚑 PureHealth of Abu Dhabi, UAE, at a $2.3b valuation, ended talks to buy MENA hospital chain NMC Heathcare, per Bloomberg. axios.link/3CNleh5

🚑 SelectQuote (NYSE: SLQT), a distributor of Medicare insurance policies, secured a $350m investment from Bain Capital, Morgan Stanley Private Credit, and Newlight Partners. axios.link/3QdbKik

• TD Bank (TSX: TD) said it plans to sell its 10.1% stake in Charles Schwab (NYSE: SCHW), valued at around $15.4b. axios.link/4hvYvoG

• BC Partners plans to target between €5b-6b for its 12th flagship fund fund, per Bloomberg. axios.link/3CXisFU

🌎 Coatue has raised $249m for its second climate tech VC fund, which has an evergreen structure, per an SEC filing.

• Junction Growth Investors of Belgium raised €115m for its debut fund. axios.link/3Qgij3D

• Northrim Horizon of Arizona raised $235m for its third PE fund focused on service and software businesses. northrimhorizon.com

• Oaktree Capital Management raised around $16b for its 12th flagship fund. oaktreecapital.com

• Thomson Reuters (NYSE: TRI) launched its second VC fund with $150m. trventures.com

• Abheek Anand and Shailesh Lakhani both are stepping down as partners with Indian VC firm Peak XV, which last fall slashed its fund size, per TechCrunch. axios.link/3CIIL2I

• Evan Hudson joined Simpson Thacher & Bartlett as a partner in the law firm's registered funds practice. He previously was with Alston & Bird. axios.link/3Qa6T1p

• Colin Miller joined Adams Street Partners as head of a new Toronto office and a principal of IR. He was previously with Fiera Capital. axios.link/3WQMWQT

• Leah Morris joined Pillar VC to manage a new AI fellowship program in London. She previously was with Radical Ventures. axios.link/3QaWtOL

Activist investor Elliott reportedly has built more than a $2.5 billion stake in Phillips 66, and wants the Houston-based oil refiner to sell or spin off its midstream business.

• This comes on the heels of news that Elliott also amassed a significant position in British energy giant BP. No word yet on what Elliott wants with BP, but speculation is that it could push the company to refocus on its core oil and gas business at the expense of green energy projects.