Emptying out the notebook before I hop a plane for San Francisco...

🏠 Housing ban: The Senate is expected to vote today on a bipartisan bill that includes limits on private equity ownership of single-family homes.

• The 21st Century Road to Housing Act contains 50 different measures, with a topline aim of increasing homebuilding and decreasing prices.
• President Trump first floated the PE piece in January, and the Senate language prevents large institutions from buying any single-family homes.
• Well, sort of. It only applies to institutions that own at least 350 such homes — and does not require divestitures if the homes were purchased prior to the bill becoming law. It also doesn't apply to homes that large institutions build, rather than purchase.
• Brookings estimated in late 2023 that around 3% of America's single-family homes were owned by "large institutional investors," adding that they were more active in multifamily housing — something the bill does not address, despite earlier Democratic efforts to be more comprehensive.
• Expect the Senate vote early this evening, with the House to follow suit either on Wednesday or Thursday.

💰 Missed this one: Spark Capital last week announced $3.3 billion in new funds, which I'm told includes $1 billion for its ninth early-stage flagship and $2.3 billion for its sixth growth fund.

• Word is that they had to beat LPs off with a stick, given that Spark co-led a Series C investment in Anthropic at only a $4.1 billion pre-money valuation. The Boston-based firm also has the only VC representative on Anthropic's board in Yasmin Razavi.

💵 Stripe scoop: The payments giant is promoting chief revenue officer Eileen O'Mara to vice chair — effectively making her the company's top exec besides the founding Collison brothers.

• O'Mara will become Stripe's envoy to government leaders, regulators and top clients — a new role that's akin to what Dina Powell McCormick now does with Meta.
• She's been with Stripe since 2019, splitting time between Dublin and New York, before which she spent time at Salesforce and Oracle. The CRO role will be filled by Tyler Bryson, who joned Stripe last year.

❓ Quiz time: Can you name the Silicon Valley venture firm that's undergoing some major management changes? Hint: It's been around since before the dotcom days.

💬 Update: We reported last month that Groq was raising up to $650 million from existing investors, months after signing a $20 billion licensing deal with Nvidia that saw much of its senior team depart.

• The round, led by insiders Disruptive and Infinitum, is being formally announced this morning.
• Groq, which has pivoted from AI chipmaker to AI inference neocloud, also says that it's now operating 13 data centers, with "plans to scale toward 200 MW by the end of 2027."

Penske Media Corp. acquired Vox Media's digital brands, including The Verge, Eater, SB Nation, Popsugar, The Dodo, Punch, and Thrillist.

Why it's the BFD: This is the end of Vox, which once was at the vanguard of new media and valued by VCs at $1.2 billion.

• Last month, it agreed to sell its podcast network and New York magazine to James Murdoch's Lupa Systems for around $300 million.

Catch up quick: Vox raised around $450 million since its 2003 founding, including a $200 million Series G round in 2015 at the $1.2 billion post-money valuation. In 2023, it raised around $100 million at a $500 million post-money valuation from Penske Media, Glynn Capital, and The Rockefeller Foundation.

• Other backers included Accel, Khosla Ventures, Comcast Ventures, General Atlantic, Next Play Ventures, and Providence Equity Partners.

The bottom line: "The pact makes PMC the world's largest digital publisher." — Cynthia Littleton, Variety

• Baseten, an SF-based provider of services to enable lower-cost AI models, is finalizing a $1.5b round that will give some investors an $11b valuation and others a $13b valuation, per the WSJ. axios.link/4gD4Xwu

• Nearfield Instruments, a Dutch maker of atomic force microscopes used by AI chipmakers, raised $380m in Series D funding at a $1.6b post-money valuation. Fidelity led, joined by Temasek, Walden Catalyst Ventures, Innovation Industries, M&G, Invest-NL, QIA, TNO Ventures, and ING. axios.link/43Q8lg5

• Upscale AI, a Santa Clara, Calif.-based AI networking infrastructure company, raised $190m in Series A-1 financing at a $2b valuation. Premji Invest led, joined by Nvidia, Salesforce Ventures, Seligman Ventures, Temasek, Maverick Silicon, Mayfield, Prosperity7 Ventures, StepStone Group, and Tiger Global. axios.link/43TJUhQ

🚑 Bionyra Pharma, a biotech focused on immune-mediated inflammatory diseases, raised $165m in Series A funding. Jeito Capital and Sofinnova Partners led, joined by Arkin Bio, Sanofi Ventures, Sixty Degree Capital, Vives Partners and Apollo Health Ventures. axios.link/3QZmrsF

• Twenty, a cyber warfare startup, raised $100m in Series B funding at a $1b post-money valuation. Accel led, joined by Friends & Family Capital, Point72 Ventures, and Caffeinated Capital. axios.link/43PrGhA

• Castelion, a San Mateo, Calif.-based hypersonic missile maker, is raising at a $12b or more valuation, per The Information. axios.link/4w2EFZb

• Fomo, a trading app, raised $75m in Series B funding at a $550m valuation. Index Ventures led, joined by Union Square Ventures and insider Benchmark. axios.link/4emS7Bc

🚑 Nura Bio, an SF-based developer of therapies for neurodegenerative conditions, raised a $73.8m in Series B funding. The Column Group led, joined by Euclidean Capital, Samsara BioCapital, and Sanofi Ventures. axios.link/4eoLYoe

• Isometric, a London-based industrial certification platform raised $40m in Series A funding led by AVP. axios.link/4uNJGUw

• American Perpetuals Exchange, a perpetual futures startup, raised $30m at a $300m valuation led by Lux Capital. axios.link/4uRdDDg

• Architect Labs, a Palo Alto, Calif.-based designer of custom chips, raised $24m in seed funding. Kindred Ventures led, joined by TQ Ventures, Race Capital, and Together Fund. axios.link/4a7szpi

🚑 Prosper AI, a platform for the "patient journey," raised $30m in Series A funding. A16z led, joined by Base10 and insiders Emergence Capital, YC, and Company Ventures. axios.link/4xDUpUd

• Superlight, a U.K. maker of medium-duty electric trucks, raised $21m in Series A funding, per Axios Pro. Engine Ventures and 2150 led, joined by Avila Ventures. axios.link/4vt5Lca

⚡️ Cuprum Metals, a copper extraction company, raised $19.4m in Series A funding. Lundin Family Office led, joined by Woodline Partners and BHP Ventures. axios.link/4vGeUhL

• TurboFlow, a Singaporean on-chain trading ecosystem, raised $6m in seed funding. Pantera Capital led, joined by Susquehanna Crypto and DCG. tf.xyz

• Orthogonal, an SF-based internet discovery, orchestration, and payment layer, raised $4.3m in seed funding. Pantera Capital led, joined by YC, Pioneer Fund, Decasonic, Blast, Outbound, and Surreal. orthogonal.com

• Ralo, an "AI-native mortgage broker," raised $2.9m in seed funding from YC, Manresa Ventures, and Pack Ventures. axios.link/3STasNL

🚑 Channel Robotics, a San Diego-based endoscopic robotics startup, raised a $2.5m seed round led by True Ventures. axios.link/4eIubay

🚑 June Health, a women's health-care navigation and integrated care platform, raised C$2.4m in pre-seed funding from Securian Canada and AgeTech Capital. axios.link/4vBTr9H

⚽ Arctos is in early talks to buy a stake in Premier League club Newcastle United FC from control owner Saudi PIF, per Bloomberg. axios.link/4acPQpO

• Balbec Capital acquired Funding 365, a British property lender. axios.link/4fZX18q

• Brenton Point Capital Partners invested in Merit Restorations, a Purcellville, Va.-based general contractor. axios.link/4oGYJho

• Brookfield is lead bidder for Patrick Drahi's control stake in broadband network XpFibre, which could be valued at up to €8b, per Bloomberg. axios.link/4oCcKg5

• CertifID, backed by Arthur Ventures and Centana Growth Partners, acquired CloseSimple, a Minneapolis-based provider of real estate closing software, from Straylight Capital. axios.link/447uGpL

✈️ EasyJet (LSE: EZJ rejected a £4.74b takeover offer from Castlelake. axios.link/4fZWLGC

🚑 EBI, backed by Avista Healthcare Partners, acquired Xstim, a division of Precision Medical Products focused on bone growth stimulation solutions. axios.link/4vyRF8U

• Flexpoint Ford invested in Novel, a Jersey City, N.J.-based underwriting and insurance services platform. axios.link/3SUcuxa

• Forged Solutions, a J.F. Lehman & Co. portfolio company, acquired Custom Alloy, a High Bridge, N.J.-based forged components maker. axios.link/3QE7CLQ

• Infoshare, backed by Omni Partners, bought DEF Software, a U.K.-based government software developer. axios.link/4a8Te58

• Investcorp agreed to acquire a majority stake in Smart Managed Solutions, a U.K. provider of mechanical and electrical facilities management services. axios.link/4gyv8V5

• MSP Sports Capital acquired a majority stake in New Zealand SailGP Team. axios.link/3QFQxBc

• Pollen Street agreed to buy Universal Banking, the core banking software business of Finastra, a London-based portfolio company of Vista Equity Partners. axios.link/4xBCBsV

• Ridgeline Roofing & Restoration, backed by Bertram Capital, acquired Freedom Roofing & Construction, a Champaign, Ill.-based provider of roofing and exterior services. axios.link/4eUXMi1

🚑 Singlepoint Healthcare, backed by DFW Capital Partners, acquired Healix, a Sugar Land, Texas-based infusion services provider, from TA Associates. Axios Flashback

🚑 Thoreau, Matt Holt's health investment fund, confirmed its $12b plan to acquire Ensemble, a Blue Ash, Ohio-based revenue cycle management company. Berkshire Partners, Warburg Pincus, and Bon Secours Mercy Health will continue as investors. axios.link/4w5b5Cv

Doncasters, a British metal engineering group, is the only major U.S. IPO expected this week.

• Bleichroeder Acquisition III, a tech SPAC, filed for a $300m IPO. axios.link/43OALaf

• ITG, a Fort Lauderdale, Fla.-based telecom services provider owned by Oaktree Capital Management, set IPO terms to 19.5m shares at $19-$22. It would have a $2.5b market cap, were it to price in the middle, and plans to list on the Nasdaq (ITG). axios.link/4g06pJk

• Jio Platforms, India's largest telecom and digital services provider, filed for an IPO. axios.link/43RC0FL

🛴 Lime, the micro-mobility company partially owned by Uber, set IPO terms to 7m shares at $24-$26. It would have a $1.8b fully diluted value, were it to price in the middle, and plans to list on the Nasdaq (LIME). It's raised over $900m in VC funding, from firms like a16z, Bain Capital Ventures, and GV. Its peak valuation was $2.4b in 2019. axios.link/4exk3RD

• Reformation, a womenswear retailer owned by Permira, is prepping for an IPO that could come as soon as this summer, per the WSJ. axios.link/4uK9gJV

• Sinda, an exploration-stage silver miner focused on Mexico, set IPO terms to 17.8m shares at $11.25-$13.25. It would have a $2.1b fully diluted cap, were it to price in the middle, and plans to list on the NYSE (SIND). axios.link/4v9IL0Z

⚡️ Standard Nuclear, an Oak Ridge, Tenn.-based maker of fuel for small modular reactors, filed for a $100m IPO. It plans to list on the NYSE (STDN) and raised over $180m from firms like Decisive Point, Welara, Fundomo, Crucible Capital, and Washington Harbour. axios.link/4enKyua

• Danone (Paris: DANO) agreed to buy Australia's Made Group, producer of Cocobella coconut water and Rokeby protein smoothies, from TPG. axios.link/4v0jjLi

🌎 Döhler, a German ingredients maker, acquired Nukoko, a British alt-chocolate developer backed by EIT Food, Innovate UK, Oyster Bay, The Mills Fabrica, IndieBio, SOSV, Kickstart Innovation, and Shakeup Factory. axios.link/4vVWzN5

• MoonPay acquired Entendre, an AI accounting startup for companies using stablecoins and other digital assets, per Axios Pro. Entendre had raised $4m in seed funding from Basis Set Ventures, Valhalla Ventures, Caffeinated Capital, and MoonPay. axios.link/4fV0zsA

• Samba, backed by firms like August Capital and Union Grove Ventures, acquired Bestever AI, an SF-based agentic advertising startup that had raised over $5m from Audacious Ventures, F7 Ventures, MKT1, Offline Ventures, Pareto Holdings, SuperAngel.Fund, and XRM Media. axios.link/4epCV6k

⚡️ Stonepeak sold its remaining 50% stake in the KAPS Pipeline to Keyera (TSX: KEY) for C$1.22b. axios.link/4vRZNRH

🚑 AbbVie (NYSE: ABBV) agreed to buy anti-inflammatory biotech Apogee Therapeutics (Nasdaq: APGE) for $10.9b in cash, or $135.11 per share. axios.link/4eB5Cfg

• CRH (NYSE: CRH) agreed to buy Arcosa (NYSE: ACA), a Dallas-based infrastructure products maker, for $8.4b in cash. axios.link/3SEIhCa

🎲 Entain (LSE: ENT), a London-based gambling company, is weighing a sale of its Central and Eastern Europe operations, per Reuters. axios.link/4eyU2kR

🚀 MDA Space (TSX: MDA) agreed to buy smallsat manufacturer Blue Canyon Technologies from Raytheon, a unit of RTX (NYSE: RTX), for $620m in cash. axios.link/4uT3EgH

• 224 Ventures, led by Shaun Johnson (ex-AIX Ventures), is raising $81m for its debut fund, per an SEC filing.

⚡ Conifer closed its debut energy and critical materials fund at its $900m hard cap. axios.link/4uLOHwI

• Niobrara Capital, a tech-focused PE firm whose partners include Mike Pompeo and PE vet Chip Schorr, has raised over $1b for its debut fund, per Axios Pro. axios.link/4ai4nAC

• Seedcamp, a European seed firm, raised $220m for its seventh flagship fund and $100m for its second "select" fund. axios.link/4gENWC6

• Daniel Grinnan and Will Olson joined Braemont Capital as a managing director and VP of biz dev, respectively. Grinnan previously was with The Riverside Co., and Olson was with Braemont portfolio company Vixxo Facility Solutions. axios.link/3SUaPHV

• Littlejohn & Co. promoted Charles Leung to managing director. axios.link/4uR7vuz

• William Mansfield is joining Citi as head of EMEA M&A from Deutsche Bank, per Reuters. axios.link/4vq88fR

• Pradeep Mohinani is retiring as a partner with Ares Management, where he focuses on Asia credit, per Bloomberg. axios.link/4oK8njg