OpenAI and SpaceX, the world's two most valuable private tech companies, both want to give retail investors access to future financial upside.

Why it matters: Decades of "stay private longer" have exacerbated wealth inequality.

• It's something I first wrote about in 2014 — before Axios was even founded — and the situation has only gotten worse.

Driving the news: OpenAI yesterday said that its shares will soon be included in several exchange-traded funds (ETFs) offered by ARK Invest, the Cathie Wood-led firm that previously invested in OpenAI via its venture capital arm. ETFs don't typically hold private shares directly, although several mutual funds do.

• The ChatGPT maker also disclosed that it sold around $3 billion of shares to individual investors, via a private placement to clients of three "very large banks," as part of a mega-round that now totals $122 billion at an $852 billion valuation.
• SpaceX, meanwhile, reportedly plans to reserve up to 30% of its upcoming IPO for individual investors, which could work out to a $22.5 billion allocation.

What they're saying: "We are really trying to take to heart our mission, which is AGI for the benefit of humanity and thinking about access," OpenAI chief financial officer Sarah Friar explains. "Not just access to the technology, but also access to the economic upside that it's driving."

Yes, but: Both companies already have accrued record value in the private markets, and plausible arguments could be made that retail investors are being let in closer to the top than to the bottom.

• It's also not novel for private tech giants to try increasing retail access, particularly around IPOs. Examples include Google's Dutch auction and Uber's share offer to drivers.

The bottom line: This isn't perfect, but it is progress.

Saronic, an Austin-based developer of autonomous military ships, raised $1.75 billion at a $9.25 billion post-money valuation led by Kleiner Perkins.

Why it's the BFD: Washington, D.C., has rekindled its interest in domestic shipbuilding, after decades of neglect that pushed the industry offshore.

Zoom in: Other investors include Advent International, Bessemer Venture Partners, DFJ Growth, BAM Elevate and insiders 8VC, Caffeinated Capital, a16z, Elad Gil, and Franklin Templeton.

• This is the largest VC round ever for an Austin-based startup.
• No word yet on where Saronic plans to locate Port Alpha, a giant shipyard project where it could mass produce drone boats like its 180-foot Marauder.

The bottom line: "The future, military leaders believe, is defined by sailors and Marines fighting alongside smart machinery. — Colin Demarest, Axios

🚑 Ambrosia Biosciences, a Boulder, Colo.-based obesity biotech, raised $100m in Series B funding. Blue Owl Healthcare Opportunities, Redmile and Deep Track Capital led, joined by BVF Partners, Janus Henderson Investors, Samsara BioCapital, and Boulder Ventures. axios.link/47zfCmQ

• EPG, a Singaporean data center company, raised over $100m in Series B+ funding led by Decarbonization Partners and Alibaba Cloud. axios.link/4dW1Z4V

• Coder, an Austin-based provider of AI development infrastructure, raised $90m in Series C funding. KKR led, joined by Qube Research & Technologies and Uncork Capital. axios.link/4s5VBeQ

• Depthfirst, an AI application security startup, raised $80m in Series B funding at a $580m valuation. Meritech led, joined by Forerunner Ventures, The House Fund, Accel, Box Group, Liquid 2 Ventures, Alt Capital, and Mantis VC. axios.link/47TYwAn

• Sona, a London-based workforce management startup, raised $45m in Series B funding, per Axios Pro. N47 led, joined by insiders Felicis, Northzone, Gradient, and Italian Founders Fund. axios.link/4m3wLuR

• Censys, an Ann Arbor, Mich.-based internet intelligence platform, raised $40m in Series D equity funding. Morgan Stanley Expansion Capital led, joined by insiders Decibel Partners, GV, Greylock, and Intel Capital. It also secured $30m in debt. axios.link/488kxLD

⚡️ Voltify, an Israeli developer of tech to convert diesel trains to electric, raised $30m in seed funding. Aleph and Fortescue led, joined by Menomadin, Jimpact, and The Dock. axios.link/4m1QM4V

• Treeline, an SF-based IT streamlining startup, raised $25m in Series A funding led by a16z. axios.link/4c0xWqs

• The Better Money Co., a stablecoin clearinghouse, raised $10m led by a16z Crypto, with BoxGroup, Sunflower Capital and The Fintech Fund participating. axios.link/4thByem

• MemQ, a Chicago-based quantum networking developer, raised $10m in Series A funding led by Quantonation and Ocean Azul Partners. axios.link/4m0faEd

⚡️ Nomadic AI, an AV data infrastructure provider, raised $8.4m in seed funding at a $50m post-money valuation. TQ Ventures led, joined by Pear VC. axios.link/4viiQFA

• Latitude, an SF-based cross-border stablecoin payments startup, raised $8m led by NEA, with Lightspeed Faction, Coinbase, Paxos and Solana Foundation participating. axios.link/4scfW2h

• Kulipa, a Paris-based startup that helps crypto wallets issue debit cards, raised $6.2m in seed funding. Flourish Ventures and 1kx led, joined by White Star Capital and Fabric Ventures. kulipa.xyz

• Uniblock, a Toronto-based blockchain infrastructure provider, raised US$5.2m from SBI, AllianceDAO, CoinSwitch, Blockchain Founders Fund, Hustle Fund, AAF Management, NGC Ventures, Alchemy, and MoonPay. axios.link/4s6OiDQ

• Rowan, a Chicago, Ill.-based AI platform for small business succession, raised $3.3m in seed funding. DRW led, joined by Motivate Ventures and Mercury Fund. axios.link/4v8IUD4

• Linecook, an SF-based social network for home cooks, raised $2.3m in pre-seed funding from Ardent VC, Sweet Spot Capital, and the founders of Strava, Whoop, and MyFitnessPal. axios.link/4sa2xIa

• Riplo, a London-based agentic platform for consulting workflows, raised £2.3m in pre-seed funding led by Cherry Ventures, with Blue Lion Capital participating. axios.link/4tkuyxy

• 26North Partners agreed to acquire Sunnyvale, Calif.-based Intermedia Intelligent Communications from Madison Dearborn Partners. axios.link/4sHXS0S

• Accel-KKR took a majority stake in AccessPay, a British bank integration and payment automation provider that had previously raised about $50 million from investors like True Ventures, MasterCard, and NatWest Venture. axios.link/4c2YOWF

• Apex Capital invested in El Latino, a Miami-based provider of Latin American and Caribbean food products. axios.link/4bMs1Gs

• Arclin, a TJC portfolio company, completed its $1.8b purchase of Aramids, a heat-resistant fibers business whose brands include body armor maker Kevlar, from DuPoint (NYSE: DD). axios.link/4oWvYgt

• Carlyle agreed to buy a majority stake in MAI Capital Management, a Cleveland-based RIA valued at more than $2.8b. axios.link/415jgkQ

⚡️ Closed Loop Partners acquires Lacey, Wash.-based metals processing company Sutter Metals. axios.link/4bVpVTw

• Cordillera Investment Partners acquired a minority stake in Northridge Law, a London-based law firm focused on sports. axios.link/4tcKe5K

• Cross River Bank, a Fort Lee, N.J.-based bank offering embedded finance services, raised $50m from T. Rowe Price. axios.link/41AsVQq

🚑 Eir Partners invested in Long Tail, a provider of health care revenue management software. axios.link/4v3gV7D\

• H.I.G. Capital acquired Global Elite Group, a provider of unarmed aviation security services for airports and cargo operators, from Securitas (Swiss: SECU). axios.link/4sKviMq

• Inflexion acquired Marioff, a provider of fire suppression solutions, from Sentinel Capital Partners. axios.link/4tj8ZNK

• KKR agreed to buy Japanese chemicals manufacturer Taiyo (Tokyo: 6976), for around $3.3b. axios.link/3OdjRhl

🚑 LongueVue Capital and Swaney Group Capital acquired Apex Dental Laboratory Group, a Dallas-based dental laboratory platform with 16 labs in 10 states. axios.link/415fGqU

• Mountaingate Capital acquired UpSwell Marketing, a Marietta, Ga.-based direct response marketing platform. axios.link/47y3OkI

• Resultant, owned by Investcorp, acquired Liberty Advisor Group, a Chicago-based M&A advisory firm. axios.link/4m6v4Np

• Oak Hill Capital acquired Hunter Communications, a fiber-optic provider in Oregon, from Grain Management. axios.link/3O94TZI

🚑 Quad-C Management invested in Dane Street, a Florida-based provider of medical examination and peer review services. axios.link/4dEIEW7

• Windjammer Capital acquired PrecisionX Group, a Waterbury, Conn.-based provider of metal components, from Core Industrial Partners. axios.link/4bLjAeG

⚡ HMH Holding, a Houston provider of drilling equipment and services co-owned by Baker Hughes and Akastor, raised $210m in its IPO. It priced at $20 ($19-$22 range), for an initial market value of $862m, and plans to list on the Nasdaq (HMHW). axios.link/4c3iuLa

• KNDS, the German tankmaker, will seek to raise up to €5b at a €25b valuation in its Frankfurt IPO, per Bloomberg. axios.link/4v3db62

• KPET Ultra Paceline, a SPAC formed by ex TPG Pace Group execs, raised $200m in its IPO. axios.link/4csaK6c

• TK Elevator, a German elevator and escalator maker owned by Advent International and Cinven, said it's considering strategic options that include an IPO. axios.link/416hL5W

🌎 Afreshed, an Austrian delivery service for organic produce that would otherwise go to waste, acquired German rival Etepetete, whose backers included KI Capital. axios.link/4sPiAMw

• CoinShares, a European digital asset manager, completed its reverse merger at a $1.2b pre-money valuation with Vine Hill Capital Investment Corp., a SPAC led by Nicholas Petruska. It will list on the Nasdaq (CSHR). axios.link/4c3Tm65

• HGGC and Monogram Capital Partners sold its remaining stake in Grand Fitness Partners, a Planet Fitness franchisee, to Flynn Group. axios.link/4dg0H4B

🌎 Novisto, a VC-backed enterprise sustainability management platform, acquired Minimum, a London-based carbon management software company from backers like AENU, Blue Impact Ventures, Lakestar, and NEA. axios.link/4m3a61O

• QXO (QXO.N) completed its $2.25b purchase of Englewood, Colo.-based Kodiak Building Partners from Court Square. axios.link/4rJly43

• Irenic Capital Management disclosed a 2.5% stake in Snap (NYSE: SNAP), arguing the social media company spin off (or shut down) its Specs business and use AI to replace jobs. Snap shares shares rose over 14% on the news. axios.link/4dVQdHR

🌎 Circulate Capital held a $220m first close on its second Asia-focused recycling fund, which is targeting a total of $300m. axios.link/3PMhSRy

• HCI Equity Partners, a Washington, D.C.-based lower midmarket PE firm, is rebranding to Oridian Capital Partners. axios.link/4tlQyYX

• OceanSound Partners raised $3.4b for its third fund. axios.link/4sbLbuv

Doug Leone is back making investments at Sequoia Capital, four years after stepping back into what he called a "retired partner" role.

• His new position will be chairman, although I'm told his day-to-day will be like that of other partners. It's a title reflecting his tenure and history with the firm, not a change in reporting structure.
• Sequoia also added Liam Corrigan as a partner. He's a former Olympic rower who previously was with fusion startup Fuse.

⚡️Chris Adams joined Bank of Nova Scotia to run a new power and utilities team. He previously was with Royal Bank of Canada. axios.link/4scholf

• Eric Epstein is joining Brightstar Capital Partners as a partner and co-chair. He previously was a partner and president of Davidson Kempner Capital Management. axios.link/4dFFkdl

• Joerg Kukies, Germany's former finance minister, is joining Morgan Stanley as country head for Germany and Austria. axios.link/4sSkJHu

• Mérieux Equity Partners promoted Quentin de Lebarre to managing director. axios.link/3PKyjOf

• Woven Capital, the VC arm of Toyota, named Michiko Kato as CIO. She'll also be CEO of Toyota Invention Partners, while Woven also promoted Mia Panzer to COO. axios.link/4vjkdUu

🚑 Pete Zippelius joined Partners Group as co-head of its health-focused private equity group. He previously was with Leonard Green. axios.link/3NTugPa

Global dealmaking just completed its second-most valuable Q1 on record, coming in at just over $1.2 trillion, per preliminary data from LSEG.

• Big deals drove the numbers, including several in the last few days that turned around what had been a sluggish March.
• 52.3% of deal dollars were for deals that were $5 billion or larger, an all-time record.

Private equity-backed deals topped $314 billion in value, up 26% from Q1 2025. PE-backed deal activity rose 22%.