Axios BFD kicks off today at 2pm ET in New York City.

• I look forward to seeing hundreds of you in person, and everyone can watch the livestream.

Why it matters: Axios BFD events are the live versions of this newsletter, talking directly to the people driving the headlines.

• We'll dig deep into the AI boom (or is it a bubble?), the rise of new markets (crypto, predictions, private credit), the challenges of legacy ones (passive equities vs. active), the state of consumers and merchants, Trump 2.0 regulation, the future of sports investing, and much more.
• Several of our guests have made big news in just the past week, and we'll be sure to ask about all of it.

Here's the lineup:

• Roelof Botha, Sequoia Capital partner. 2:05pm
• Emilie Choi, Coinbase president and COO. 2:25pm
• Marc Lipschultz, Blue Owl co-founder and co-CEO. 2:55pm
• Gerry Cardinale, RedBird Capital Partners founder and managing partner. 3:25pm
• Clem Delangue, Hugging Face co-founder and CEO. 3:45pm
• Max Levchin, Affirm founder and CEO. 4:05pm
• Emma Grede: Good American CEO, Skims founding partner and host of the "Aspire with Emma Grede" podcast. 4:25pm
• Jesse Cohn, Elliott Investment Management managing partner. 4:45pm
• Shayne Coplan, Polymarket founder and CEO. 5:05pm

Catch that livestream.

Akzo Nobel, a listed Dutch paintmaker, agreed to buy Philadelphia-based rival Axalta Coating Systems (NYSE: AXTA) for around $9.2 billion in stock.

Why it's the BFD: This would create the world's second-largest coatings company by revenue, trailing only Sherwin-Williams, and is part of an industry consolidation trend that recently saw Carlyle agree to buy BASF's coatings unit for €5.8 billion.

Zoom in: Akzo Nobel would control 55% of the combined company, with its shares relocating from Amsterdam to New York.

• The combined company would have around $17 billion in revenue and a $25 billion enterprise value.

Catch up quick: The two companies had weighed a merger back in 2017, while Axalta was the subject of private equity takeover talks in 2019.

• Axalta was spun out of DuPont in 2013 by Carlyle Group, which took it public the following year.

The bottom line: "Tariffs and a slowing economy have been weighing on the coatings industry, with Akzo Nobel last month lowering its earnings outlook because its customers, among them automotive clients directly hit by extra duties, have been spending less." — Bloomberg

• Databricks is in talks to raise funding at a valuation north of $130b, per The Information. axios.link/3WYuWUm

• Ramp, an expense management startup, raised $300m in primary capital at a $32b valuation and also completed an employee tender. Lightspeed led, joined by new Alpha Wave Global, Bessemer Venture Partners, Robinhood Ventures, 1789 Capital, Epicenter Capital, and Coral Capital. axios.link/4oF0omE

• Sakana AI, a Japanese AI model developer, raised around $135m in Series B funding at a $2.65b post-money valuation from MUFG, Khosla Ventures, Macquarie Capital, NEA, Lux Capital, and In-Q-Tel. axios.link/47LaZXf

• Celero Communications, a Laguna Beach, Calif.-based provider of digital signal processors for AI infrastructure, raised $100m in Series B funding led by CapitalG. Other backers include Sutter Hill Ventures, Valor Equity Partners, Atreides Management and Maverick Silicon. axios.link/4okKZap

• Faire, an SF-based wholesale marketplace, launched a $100m tender offer at a $5.2b valuation, per Bloomberg. WCM Investment Management is leading, joined by Baillie Gifford and True North Fund. axios.link/3JYZvGz

⚡ Gridware, an SF-based electric grid protection startup, raised $55m in Series B funding led by Tiger Global and Generation Investment Management. axios.link/3JEXCif

• Agentio, a platform for creator-led advertising, raised $40m in Series B funding. Forerunner led, joined by Benchmark, Craft Ventures, AlleyCorp, Antler, and Starting Line. axios.link/49qMDU2

• Chargeflow, an NYC-based fintech that automates chargeback disputes, raised $25 million in Series A funding, per Axios Pro. Viola Growth led, joined by insider OpenView. It also secured $10m in debt. axios.link/4oUsH0M

• PowerLattice, a Vancouver, Wash.-based low-power chiplet developer, raised a $25m Series A round led by Playground Global and Celesta Capital. axios.link/3JQHB8X

• Peec AI, a German brand marketing startup, raised $21m in Series A funding led by Singular. axios.link/47Y6mrG

• Biocentis, a London-based genetics company addressing insect control, raised $13m in seed funding, per Axios Pro. The Grantham Foundation led, joined by Neurone, Corbites and NovaTerra. axios.link/4oLLdbt

• Bone AI, a robotics platform for defense and government clients,, raised $12m in seed funding. Third Prime led, joined by Kolon Group. axios.link/4pb8frV

• PicoJool, a Palo Alto-based optical connectivity, startup, raised $12m led by Playground Global. axios.link/3WYnQPL

• Runlayer, a Model Context Protocol security startup, raised $11m in seed funding from Khosla Ventures, with Felicis participating. axios.link/4pdxtWH

• Backflip, a Charlotte-based real estate investment platform, raised $10m from FirstMark Capital, LiveOak Venture Partners, and Vertical Venture Partners. axios.link/4o2JLQG

• Condukt, a U.K. compliance platform for financial services, raised $10m. Lightspeed and MMC Ventures led, joined by Cocoa Ventures. axios.link/4oF3dUO

⚡ Hammerhead AI, a Redwood City, Calif.-based electric grid optimization startup, raised $10m in seed funding, per Axios Pro. Buoyant Ventures led, joined by SE Ventures, Aina Climate AI Ventures, MCJ Collective, and WovenEarth Ventures. axios.link/481il7L

• Self, an SF-based zero-knowledge identity solution, raised $9m in seed fundin from Greenfield Capital, SoftBank, Spearhead VC, Verda Ventures, and Fireweed Ventures. axios.link/3K8SEKC

⚡ Pionix, a German provider of EV charging tech, raised 8m in seed funding. Ascend Capital Partners led, joined by Start-up BW Seed Fonds, Pale Blue Dot, Vireo Ventures, and Axeleo Ventures. axios.link/47K7wIw

• Luminal, an SF-based developer of GPU code software, raised $5.3m in seed funding led by Felicis. axios.link/49YhfMJ

• SubImage, an SF-based cloud security graph for the enterprise, raised $4.2m in seed funding from FundersClub, YC, Phosphor Capital, and Transpose Platform. axios.link/3LKGJ6e

• AlertD, an agentic AI SRE and dev-ops platform, raised $3m in pre-seed funding led by True Ventures. axios.link/3LR2Esq

🚑 Cellbyte, a drug launch acceleration platform, raised $2.75m in seed funding. Frontline Ventures led, joined by YC. cellbyte.com

• Amundi, controlled by Credit Agricole, agreed to buy a 9.9% stake in U.K. alts firm ICG. axios.link/4i5YPvq

• Ardurra Group, a Littlejohn & Co portfolio company, acquired MKN & Associates, an Arroyo Grande, Calif.-basedprovider of wastewater engineering services. axios.link/3K3SSml

⛳ Bain Capital agreed to buy Lake Mary, Fla.-based golf club operator Concert Golf Partners from Clearlake Capital. axios.link/3WY0NEL

• Cook & Boardman Group, a Platinum Equity portfolio company, acquired Norwood Hardware and Supply, a Cincinnati-based maker of commercial doors and frames, from Littlejohn & Co. (which retains a stake). axios.link/3XxEqWH

• General Atlantic invested $96m for a minority stake in Japanese HR software maker SmartHR, marking its first Japan investment. axios.link/44c7dnx

⛳ Leonard Green agreed to buy Topgolf from Topgolf Callaway Brands (NYSE: MODG) for $1.1b. BFD flashback

🚑 Long Ridge Equity Partners invested $45m into GoTu Technology, a Miami-based dental talent marketplace. axios.link/4oPziJN

• Paine Schwartz Partners bought and merged Crisp, a food supply chain platform, and better-for-you energy drink brand Lucky Energy. axios.link/4r5TWXm

• Quantum Lending Solutions, a Reston, Va.-based business financing firm, secured $400m in a round that includes equity from LL Funds. It was led by an unidentified private credit firm, with other debt participation from Atlas SP Partners. quantumlends.com

• Thoma Bravo bought a majority stake in Java development platform Azul from Vitruvian Partners and Lead Edge Capital (both of which will retain minority stakes), per Axios Pro. axios.link/48l9nUf

⚡ TPG and La Caisse agreed to buy minority stakes in Charlotte-based grid services company Pike. axios.link/487RGGD

• Breeze Acquisition II, a SPAC led by Douglas Ramsey (ex-CEO of Saddle Operations), filed for a $125m IPO. axios.link/4r6Nn6S

• ITHAX Acquisition III, a SPAC formed by Ithaca Capital Partners, filed for a $200m IPO. axios.link/3JRq5RZ

🚑 Lumexa, a Raleigh, N.C.-based medical imaging firm, filed for an IPO. It reports an $18m net loss on $755m in revenue for the first nine months of 2025 and plans to list on the Nasdaq (LMRI). Lumexa was formed in 2018 as a joint venture between Charlotte Radiology and Welsh, Carson, Anderson & Stowe. axios.link/48720yJ

🚀 York Space Systems, a Denver-based small satellite provider owned by AE Industrial Partners, filed for an IPO that Renaissance Capital estimates could raise $400m. axios.link/4if9qoc

🚑 Bemberg Capital is seeking to sell Tri-Imaging Solutions, a Madison, Tenn.-based diagnostic imaging equipment repair company, per Axios Pro. axios.link/4r4XBVn

• Cisco (Nasdasq: CSCO) acquired EzDubs, an SF-based translation startup seeded by Venture Highway, YC, Goodwater Capital, Pioneer Fund, and Amino Capital. axios.link/4pauVsm

• IonQ (NYSE: IONQ) agreed to acquire Skyloom Global, a Broomfield, Colo.-based network provider that raised nearly $53 million from Castlegate Capital Advisors and IronGate Capital Advisors. axios.link/3K4LRS6

• Lincoln Property Co. of Dallas acquired Capstone Development Partners, a Birmingham, Ala.-based student housing and university facilities developer and manager. axios.link/48iVxBM

• MTY Food Group (TSX: MTY), the Canadian owner of Pinkberry and Cold Stone Creamery, hired TD Bank to explore a sale, per Reuters. axios.link/43XoTDx

• Versant Media Group, a media group currently being spun off from Comcast (Nasdaq: CMCSA), hired Lazard to explore a sale of youth-sports app SportsEngine for between $400m-$500m, per Bloomberg. axios.link/44bppxB

🚑 Xenotherapeutics, a nonprofit biotech, agreed to acquire Repare Therapeutics (Nasdaq: RPTX), a precision oncology biotech, for around $78m. axios.link/47LesoK

• The LegalTech Fund, a Ft. Lauderdale, Fla.-based VC firm focused on legal tech startups, raised $110m for its second fund. axios.link/4raGlyk

• Monogram Capital Partners raised $350m for its third fund, per Axios Pro. axios.link/3JQGLJl

⚡ Rockland Capital raised $1.2b for its fifth power-focused fund. axios.link/48iVlCy

• Chris Jackson left Citibank to joined Truist Financial as head of a new institutional capital group focused on midmarket sponsors and family offices. axios.link/3LKq4zR

• Rodrigo Trelles and Baxter Wasson are leaving UBS O'Connor, where they led private credit, ahead of the hedge fund's planned acquisition by Cantor Fitzgerald. axios.link/4qZo6vr

Jim Bernhard, founder of Bernhard Capital Partners, has died at the age of 71.

• Bernhard launched an energy services firm called The Shaw Group in 1987, eventually growing it to over $6 billion in revenue and 25,000 employees.
• In 2013 he launched BCP, a Baton Rouge-based private equity firm focused on midmarket services and infrastructure deals. It has $5.6 billion in AUM.

BCP said in a statement: "Jim's impact extended far beyond business. He transformed the lives of thousands of employees and residents of the communities he and his companies served. Many of today's leaders across the industrial services, infrastructure, and utility sectors were mentored by Jim. His guidance, high expectations, and belief in people shaped careers and built future leaders."

He's survived by his wife Dana, five children, and eight grandchildren.

We're seeing some normalization in the rise of global and U.S. dealmaking, per new data from LSEG.

• Global M&A is up 43% year-over-year, while U.S. dealmaking is up 44%.
• In private equity, however, the U.S. boom is outpacing the global boom, 53% to 29%.