Earlier this morning, I thought I had a pretty good grasp of the Intel situation.

• Then I read that SoftBank — led by Trump press conference pal Masa Son — has agreed to invest $2 billion into the U.S. chipmaker, which only bolstered my confidence.
• But a lot can change in a few hours.

What I thought: The U.S. government would soon acquire around a 10% equity stake in Intel, whose products division has been struggling to support its foundry.

• The White House then would put pressure on major U.S. tech companies to buy Intel chips or use its foundry, either by making a compelling national security case or (more likely) via an array of financial carrots and sticks.
• Maybe there would even be a move to split the company, taking the foundry private.

What happened: Treasury Secretary Scott Bessent was interviewed on CNBC.

• Bessent confirmed that the U.S. government is in talks to take an equity stake, via the conversion of untapped CHIPS Act loans (logistical details of which remain murky).
• Then he poured cold water on finding new customers for Intel.
• "The last thing we're going to do is take the stake and then try to drum up business," Bessent said. "There's no talk of trying to force companies to try and buy from Intel."

Zoom in: Bessent may be playing coy, not wanting to spook Silicon Valley before he even has a deal in place.

• If he's sincere, you're going to need a ton of AI to figure out how this isn't burning taxpayer dollars. Why spend $10 billion to "stabilize" a company without trying to solve the main reason it's unstable in the first place?
• To be clear, there are all sorts of second-order problems with the U.S. government bluntly coercing U.S. companies to alter their strategic decisions. But that's a slippery slope on which the Trump 2.0 administration has shown no hesitance to slide.

The bottom line: If you're going to create a national champion, it only makes sense to ensure there's a well-attended parade. Otherwise, it may be a short-lived title.

Eight Sleep, a New York-based developer of smart sleep products, has raised $100m in Series D funding.

Why it's the BFD: This comes just weeks after RFK Jr. said that the Department of Health and Human Services will launch a giant advertising campaign aimed at encouraging the use of wearables.

• "My vision is that every American is wearing a wearable within four years," he told Congress.
• Eight Sleep's smart mattress cover isn't technically a wearable — users lie on top of it — but still fits within the category.

Investors include HSG (fka: HongShan Capital/Sequoia Capital China) and insiders Valor Equity Partners, Founders Fund, and Y Combinator.

• Existing backer Khosla Ventures didn't participate.

Look ahead: CEO Matteo Franceschetti tells me that the company this month will file two applications with the FDA for medical device classifications — one for sleep apnea and another for menopause.

• Eight Sleep also plans to launch branded retail stores in 2026, and boost its Asia expansion efforts (thus the HSG participation).

⚡Aalo Atomics, an Austin-based developer of modular nuclear plants for data centers, raised $100m in Series B funding. Valor Equity Partners led, joined by Fine Structure Ventures, Hitachi Ventures, NRG Energy, Vamos Ventures, Tishman Speyer, Kindred Ventures, 50Y, Harpoon Ventures, Crescent Enterprises, Crosscut, Alumni Ventures, MCJ, Gaingels, and Nucleation Capital. axios.link/4lwQUHK

• Medallion, an SF-based back-office management automation company, raised $43m. Acrew Capital led, joined by Washington Harbour Partners, Sequoia Capital, GV, Spark Capital, and NFDG. axios.link/45KEyG9

• Functionize, a software testing startup, raised $41m in Series B funding. Mumford Investments and LHH Investments led, joined by insiders Canvas Ventures and Wipro Ventures. axios.link/418kpsg

• Kasa, an SF-based provider of flexible accommodations, raised $40m led by Silver Lake Waterman, per Axios Pro. axios.link/4mkuYAM

• Keychain, a New York-based manufacturing platform for CPG companies, raised $30m in Series B funding. Wellington Management led, joined by Box Group. keychain.com

🚀 SpinLaunch, a Long Beach, Calif.-based developer of a low-orbit broadband constellation, raised $30m. ATW Partners led, joined by Kongsberg Defence and Aerospace. axios.link/3V6e90r

• Firecrawl, an SF-based AI crawler, raised $15.5m in Series A funding. Nexus Venture Partners led, joined by Shopify CEO Tobias Lütke and YC. axios.link/473Rklp

• Qunova Computing, a South Korean quantum software developer, raised $10m in Series A funding from GS Ventures, Korea Development Bank, GU Equity Partners, Company K, Quantum Ventures Korea, JB Investment, CKD Venture Capital, and Daesung Private Equity. qunovacomputing.com

• TensorZero, a New York-based developer of open-source infrastructure for LLMs, raised $7.3m in seed funding. FirstMark led, joined by Bessemer Venture Partners, Bedrock Capital, DRW, and Coalition. axios.link/4mTMWKx

🌎 ChemFinity, a developer of wastewater filters for recovering critical minerals, raised $7m in seed funding, per Axios Pro. Overture Ventures and At One Ventures led, joined by Closed Loop Ventures Group, Pace Ventures, WovenEarth Ventures, and Climate Capital. axios.link/3HxBbKM

• Zipline AI, a San Mateo, Calif.-based data platform, raised $7m in seed funding led by Wing VC, per Axios Pro. axios.link/4mKuCmN

• Grid Aero, a Palo Alto, Calif.-based developer of cargo drones, raised $6 million in seed funding from Calibrate Ventures and Ubiquity Ventures. axios.link/462h67F

• Paradigm, an SF-based agentic spreadsheet startup, raised $5m in seed funding led by General Catalyst. axios.link/4mPCYd5

• Automated Industrial Robotics, a Michigan-based portfolio company of Ares Management, acquired Owens Design, a Fremont, Calif.-based industrial automation company. owensdesign.com

• Comply365, backed by Insight Partners and Liberty Hall Capital Partners, acquired Beams, a German provider of aviation safety risk management solutions. axios.link/4fH0bvq

• Core Industrial Partners invested in Immec, a Social Circle, Ga.-based provider of facility maintenance, retrofit, and renovation services. immec.com

⚡ E Source, an Align Capital Partners portfolio company, acquired Opinion Dynamics, a grid program evaluation and advisory firm. esource.com

• Edcetera, an Eden Capital-backed provider of career education programs, acquired Pulse Radiology Institute, an online radiology school. axios.link/4oIaLGI

• Fortifi, a KKR portfolio company, agreed to acquire Provisur, a Chicago-based provider of processing solutions to the protein industry. fortififoodsolutions.com

• Rockwood Equity Partners acquired Zero Manufacturing, a Utah-based maker of fabricated aluminum and molded plastic protective cases. zerocases.com

• Unik System Design, a Danish portfolio company of Main Capital Partners, acquired LEB System, a Swedish provider of property and asset management software. axios.link/4luYdzH

• American Exceptionalism Acquisition A, a SPAC led by Chamath Palihapitiya, filed for a $250m IPO. axios.link/3HGBnqW

☕ Black Rock Coffee Bar, a Scottsdale, Ariz.-based chain with 158 locations, filed for an IPO. It reports a $2m net loss on $95m in revenue for the first half of 2025, and plans to list on the Nasdaq (BRCB). Backers include Cynosure Partners. axios.link/45Fqw8C

• Figure, a consumer lending platform led by Mike Cagney (ex-SoFi), filed for an IPO that Renaissance Capital estimates could raise $400m. It reports $29m of net income on $191m in revenue for the first half of 2025, and plans to list on the Nasdaq (FIGR). Figure has raised around $425m, most recently in 2021 at a $3.2b valuation, from backers like DST Global, Ribbit Capital, DCM, and Norgan Creek Digital. axios.link/3UDGdIu

• TGE Value Creative Solutions, a French SPAC focused on media and culture, filed for a $150m IPO. axios.link/45CPC8e

• Blue Yonder, owned by Panasonic (TKS: 6752), acquired Optoro, a Washington, D.C.-based provider of returns optimization software that raised over $250m from backers like Kleiner Perkins, Grotech, Revolution, IKEA, Swan & Legend, and Generation Investment Management. axios.link/4lzSc4P

⚡ Black Hills Corp. (NYSE: BKH) agreed to buy rival U.S. utility NorthWestern Energy Group (Nasdaq: NWE) for around $3.6b. axios.link/4mpDizq

📺 Nexstar (Nasdaq: NXST) agreed to buy rival broadcaster Tegna (NYSE: TGNA) for $6.2b (including debt). axios.link/3HgQXtq

⚡ Peabody Energy (NYSE: BTU) pulled out of its $3.78b agreement to buy the Australian steelmaking coal mines of Anglo American (LSE: AAL). axios.link/4motUMw

⚡Raisa Energy of Denver is seeking up to $1.5b for a portfolio of U.S. oil and gas wells, per Reuters. axios.link/45puCmH

🌎 Clean Growth Fund, a U.K. firm focused on startups that cut greenhouse gas emissions, held a £49m first close on its £150m target. axios.link/3V3dwF0

• Curate Capital, a Houston-based VC firm focused on female-founded CPG brands, is targeting $50m for its second fund, per an SEC filing. curate.capital

• Pritzker Private Capital raised $3.4b for its fourth flagship fund. ppcpartners.com

• Vanara Capital is launching to provide flexible capital solutions to growth-stage companies. TPG is serving as anchor investor, while Vanera is led by TPG alums Neil Kamath and Hayden Lekacz. vanaracapital.com

Venture capitalist Jeremy Solomon died last Thursday after a cycling accident.

• Jeremy joined fintech-focused Nyca Partners in 2021, before which he spent time at such companies as Affirm, Lending Club, and SoFi.
• He leaves behind two children, his wife, parents, and sister.

In a letter sent to investors and portfolio companies, Nyca wrote: "Jeremy was a light in any room he walked in: his Hoosier modesty, global intellectual curiosity, wry grin, and acute listening made him both a fast and lasting friend."

• It also asks that any donations in Jeremy's honor be made to Temple Beth El of Northern Westchester.