Axios Pro Rata

June 05, 2026
❌ Double denial: S&P won't change its rules to fast-track SpaceX into the S&P 500.
- In other IPO news, Databricks won't go public in 2026.
Top of the Morning
Years before he helped launch Disney+, or helped the Mouse buy Marvel and Star Wars, Kevin Mayer studied mechanical engineering at MIT and spent time working on battlefield radar systems and signal processors.
- Now he's getting back to those roots.
Driving the news: Smash Capital, the venture firm Mayer co-founded in 2021, has led a $200 million Series B round for autonomous turret maker Allen Control Systems at a $2.2 billion post-money valuation. Expect the deal to be announced later today.
- Smash also has hired David Urban, a Trump campaign advisor and K Street vet, as an operating partner.
Zoom in: Mayer formed Smash with other Disney vets and former investors from Insight Partners (including Paul Szurek, who sourced the ACS deal).
- It raised $837 million for its debut fund and then another $840 million for a series of SPVs that allowed it to write larger checks. Word is that Smash is raising around $2 billion for Fund II, with plans to also continue the SPV strategy.
- Most of the portfolio is in software and media, including Eleven Labs, Epic Games, and Bilt.
- Smash perhaps is best known for its efforts to shake up college football broadcasting rights, which Urban will help shepherd in Congress.
Zoom out: A throughline from Disney is the importance of brands, whether touching millions of end users or being used to sell to defense primes and governments.
Defense deal: Austin-based ACS says it currently has over $120 million of U.S. government contracts to make different variants of its flagship Bullfrog product.
- A lot of that is for the version with a 40-pound gun that can shoot down drones, as bullets remain the cheapest way to fight UAVs that have become military game-changers in both Ukraine and Iran.
- But some is for different effectors designed by third parties, including lighter ones like lasers and sensors. In short, the Bullfrog is becoming a platform.
- "The unmanned gimbal is the new soldier," explains ACS CEO Mike Wior, who adds that return backers on the new funding round include Craft Ventures, Rally Ventures, and Inspired Capital.
The bottom line: Defense-tech investing just got even more crowded.
The BFD
Senior U.S. officials have held talks about acquiring stakes in major AI companies, with a possibility that the shares would be voluntarily ceded, according to multiple reports.
Why it's the BFD: President Trump is moving closer to Bernie-nomics with each passing day, which is probably a surprise to both of them.
- Sen. Bernie Sanders (D-Vt.) proposed something similar just a few days ago, although his office has declined to offer any details on how it might work when asked by Axios.
Zoom in: OpenAI reportedly has discussed the idea with White House officials, although Anthropic has not.
- No word on if it's reached the talking stage with SpaceX, Google, Microsoft, etc. Or even what companies might qualify.
The bottom line: "Returns on the investment could then be directed to public purposes ... such as distributing a dividend payment to all American households." — Jeff Stein & Samuel Larreal, NOTUS
Venture Capital Deals
• Supabase, a provider of backend tools for building AI apps, raised $500m in Series F funding at a $10.5b post-money valuation. GIC led, joined by insiders Accel, YC, Craft Ventures, Felicis, Peak XV Partners, and Coatue. axios.link/4uAcTlT
⚡ Helion, an Everett, Wash.-based nuclear fusion startup, raised $465m in Series G funding at a $15.5b post-money valuation. Thrive Capital led, joined by Alta Park Capital, Anti Fund, BoxGroup, Lux Capital, Peak XV, Bill Ford and insiders Sam Altman, Capricorn, Lightspeed, Mithril Capital, Good Ventures Foundation, and SoftBank. axios.link/4vov6Dw
• Generalist, an SF-based robotics startup, raised $400m at a $2b post-money valuation. Radical Ventures led, joined by 8VC, USV, Hanabi, Fei-Fei Li, Eric Yuan, and Xiaomi's Bin Lin. axios.link/4vxMSo4
🚑 CereVasc, a Charlestown, Mass.-based maker of medical devices for neurological diseases, raised $85m in Series C funding. Piper Sandler Merchant Banking led, joined by JJDC, Medtronic, Bain Capital Life Sciences, and Perceptive Xontogeny Venture Funds. axios.link/4fwF5lL
• Opal Security, an SF-based identity security and access management startup, raised $23m. Greylock and Battery Ventures led, joined by Cambium Capital. axios.link/4oc9c46
🌎 GR3N, the Swiss PET chemical recycling startup, raised €15.5m in Series B funding. 360 Capital led, joined by VP Textile. axios.link/3RQ1UqH
⚡️ Red Metals, a Charleston, S.C.-based developer of copper from waste, raised $10m in seed funding. Gigascale Capital led, joined by Future Ventures, MCJ, and JB Straubel. axios.link/4vxTenu
🚑 Scispot, a Canadian operating layer for life sciences labs, raised US$8m in Series A funding. Avenue Growth Partners. axios.link/3PVoI7R
• Offroad AI, a developer of enterprise identity security solutions, raised $7m in seed funding led by Ibex Investors and Skywell Capital. axios.link/4g2VwGp
• Willow, an Israeli agent governance startup, raised $7m in seed funding led by Hetz Ventures. axios.link/49JhRFg
• Kalogon, a Melbourne, Fla.-based smart seating startup, raised $5.75m. Enable Ventures led, joined by Florida Opportunity Fund, Castellan Group and returning investors DeepWork Capital, Sawmill Angels, and Black Opal. axios.link/4vxKVYQ
• Paypercut, a payments platform for Central and Eastern Europe, raised €5m in seed funding led by Concentric, Passion Capital, and Araya Ventures. axios.link/4ukgV1A
Private Equity Deals
• Apollo Global Management opted against making a formal takeover bid for British heat treatment firm Bodycote (LSE: BOY). axios.link/4uTaXpe
• ATC Group, an AE Industrial Partners portfolio company, acquired Aero Controls, a provider of aerospace component MRO services. axios.link/4vtgd2K
• EducationDynamics, a Lenexa, Kan.-based portfolio company of Renovus Capital Partners, acquired Net Natives, a U.K. student and education marketing firm. axios.link/4vw6j0s
• Hillhouse Investment is in talks to buy a "significant minority stake" in LORA, a British certifications and inspections business, from Goldman Sachs Asset Management, per Bloomberg. axios.link/4uS0lXF
⚡ Guardian Infrastructure Services, an Energy Impact Partners portfolio company, acquired E2 Consulting Engineers, a provider of engineering and technical consulting services to electric and gas utilities. axios.link/43PF5WI
• White Wolf Hybrid Capital and Investly Capital invested in AccuCast, a Waco, Texas-based supplier of waterworks infrastructure products. axios.link/4vpodSl
SPAC Stuff
🚀 FutureCorp Space Acquisition 1, a space and defense SPAC led by Joshua Marks (Anuvu), raised $200m in its IPO. axios.link/3PEgNLM
• InterPrivate Investment Partners V, a blockchain and digital assets SPAC, raised $175m in its IPO. axios.link/4sR3mpr
• Long Table Growth, a SPAC led by blank-check vet Gregory Ethridge, raised $150m in a downsized IPO. axios.link/4r3B4HF
• Meridian3 Industrials Acquisition, an industrial tech SPAC, filed for a $175m IPO. axios.link/4fZCmkK
• Watu Metals Acquisition, a SPAC led by Brendan Thomas Brown (CEO of Cape Leveque Securities), filed for a $100m IPO. axios.link/4o42ZHe
Liquidity Events
• Airwallex acquired Leapfin, a San Mateo, Calif.-based financial data automation platform that had raised over $20m from firms like Crosslink Capital, Artisan Venture Capital, Uncorrelated Ventures, Work-Bench, and Counterpart Ventures. axios.link/4dPC8eH
🚑 Clarify Health, valued by VCs at $1.5b, acquired health care patient activation platform Loyal Health, an Atlanta-based patient activation platform that had raised over $50m from firms like Concord Health Partners and Calm Ventures. axios.link/4vzuzyW
• Cloudflare (NYSE: NET) acquired VoidZero, a Palo Alto, Calif.-based maker of the maker of the Vite JavaScript toolchain that had raised $14m from firms like Accel. axios.link/3RMMkvX
🚑 Dexcom (Nasdaq: DXCM) agreed to acquire Nutrisense, a health and nutrition tracking company that raised about $31m from 1315 Capital, Techstars, and Tribe Capital. axios.link/4xbhehJ
More M&A
• Allianz is in advanced talks to buy Portuguese insurer Caravela Seguros, per Bloomberg. axios.link/4fLGAg3
🎲 Bally's Intralot of Greece agreed to buy British bookmaker Evoke (LSE: EVOK), owner of William Hill, for around £243m (not including debt). axios.link/4xanzK9
⚡ Mercuria Energy Group agreed to acquire a portfolio of Argentinian fuel assets, including a refinery, from Brazil's Raizen for $1.42b. axios.link/4e6NyJY
• Pathstone acquired Mill Creek Capital Advisors, a Pennsylvania-based RIA that advises on roughly $12b in assets. axios.link/4vpBH0w
🚀 York Space Systems (NYSE: YSS) acquired Solestial, a Tempe, Ariz.-based developer of space solar cells. axios.link/4obQrxG
Fundraising
Blackstone limited redemptions from its flagship private credit fund.
• Dimension Capital. an NYC-based VC firm, is raising up to $750m for its third fund, per an SEC filing.
• Volition Capital, a Boston-based growth equity firm, is raising $875m for its sixth fund, per an SEC filing. axios.link/4xeFQ9u
It's Personnel
• Jeff Haight. former CEO of Locana, joined Transom Capital Group as an operating partner. axios.link/4dNXtFo
• Bodo Krug von Nidda joined Houlihan Lokey as a managing director of capital solutions. He previously was with PJT Park Hill. axios.link/3SlU205
Final Numbers


The U.S. economy added 172k jobs in May, crushing expectations, while the April jobs number was revised upwards from 179k from 115k.
- The unemployment rate held steady at 4.3%, the same figure it's been in all but one month this year.
📬 Thanks for reading Axios Pro Rata, and to copy editor Bryan McBournie! Please ask your friends, colleagues, and robot builders to sign up.
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