Data centers could provide a power boost for green energy companies that are being ignored — or outright denigrated — by President Trump.

• That's a takeaway from the new IPO filing for SOLV Energy, a private equity-owned provider of construction services for solar and battery projects.
• It mentions data centers more than a dozen times, including the lead of a section on "market opportunity."

State of play: Trump loves data centers, for both their construction jobs and AI enablement. But he despises solar energy, calling it a "scam" and pledging to block new solar farm permits.

Zoom in: San Diego-based SOLV hints at the inconsistency, without explicitly calling it out, and argues that America's climbing energy needs can only be satisfied with the sort of all-in strategy that Trump once touted.

• It writes: "The combination of growth in the number and capacity of data centers, manufacturing reshoring, increasing use of HVAC caused by more extreme weather, electrification of industrial processes and retirement of existing coal-fired generation facilities are resulting in rapid load growth that cannot be met by existing generation capacity."

By the numbers: Per the IPO filing, Wood Mackenzie and the U.S. Energy Information Administration estimate that annual U.S. electricity consumption will climb 28% between 2024 and 2034, versus just 5% during the prior decade, with a majority of that increase coming from data centers.

• SOLV, which was founded in 2008 and bought by American Securities in 2021, reports $114 million of net income on $1.7 billion of revenue for the first nine months of 2025.
• That's up from basically break-even on $1.4 billion of revenue for the year-earlier period.

The bottom line: For solar, the friend of its enemy may be its friend.

Netflix (Nasdaq: NFLX) today revised its $83 billion takeover offer for Warner Bros. Discovery's (Nasdaq: WBD) studio and streaming business, making it all-cash instead of cash-and-stock.

Why it's the BFD: Netflix ostensibly is bidding against itself, which means it and WBD's board are getting nervous about Paramount's proxy fight.

Zoom in: Netflix still is offering $27.75 per share, versus the $30 per share offered by Paramount, but argues that its new structure is superior in terms of financing certainty and time to close.

The bottom line: This is as much a battle for the future of Hollywood as it is for specific assets.

• humans&, a "human-centric" AI lab, raised $480m in seed funding at a $4.48b post-money valuation led by SV Angel and company co-founder Georges Harik (ex-Google). Others backers include Nvidia, Jeff Bezos, GV, Emerson Collective, Forerunner, S32, DCVC, Human Capital, Felicis, and CRV. axios.link/3NuMmq3

⚡ Terralayr, a German battery storage company, raised €192m led by Eurazeo led, joined by RIVE Private Investment, Creandum, Earlybird, Norrsken VC, and Picus Capital. axios.link/4jX7r8U

• Pennylane, a French accounting software startup, raised €175m. TCV led, joined by Blackstone. axios.link/4a3PwK8

• DealHub. an Austin, Texas-based enterprise sales engagement platform, raised $100m led by Riverwood Capital, per Axios Pro. axios.link/4a8E2UP

• Emergent, an India-based AI software creation platform, raised $70m from Khosla Ventures and SoftBank. axios.link/4r8euxT

• Pomelo, a Latin American payments infrastructure startup, raised $55m in Series C funding. Kaszek and Insight Partners led, joined by Index Ventures, Adams Street Partners, S32, Endeavor Catalyst, Monashees, and TQ Ventures. pomelo.la

🚑 Exciva, a German developer of Alzheimer's disease therapies, raised €51m in Series B funding. EQT Life Sciences and GIMV led, joined by Fountain Healthcare Partners, LifeArc, Carma Fund and insiders Andera Partners and LBBW. axios.link/4b4JtWR

• Ivo, an SF-based legal-tech startup using AI for contract work, raised $55m in Series B funding, per Axios Pro. Blackbird led, joined by Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehouse Ventures. axios.link/460R0SW

• Dominion Dynamics, a Canadian developer of attritable systems for contested theatres, raised C$21m in seed funding. Georgian led, joined by Bessemer Venture Partners and British Columbia Investment Management. axios.link/4sPfCbf

• TitanX, a developer of outbound sales solutions, raised $27m in Series A funding led by Updata Partners. titanx.io

• Ditto, which helps draft and review product text, raised $12.2m in Series A funding led by Craft Ventures, per Axios Pro. axios.link/4sOV8zi

• Brickeye, a Toronto-based construction risk mitigation platform, raised US$10m in Series B funding. GreenSky Ventures led, joined by Beauchamp Construction. axios.link/4641pNM

• TeamFeePay, an Irish provider of sports management software, raised £9m from YFM Equity Partners, IFNI, and TechStart. axios.link/3YNMJOT

• Stilla, a Stockholm-based developer of collaborative intelligence for product team, raised $5m in pre-seed funding led by General Catalyst. axios.link/4jNZXoD

• NEOintralogistics, a German robotics-as-a-service startup, raised €3m in seed funding. Amadeus APEX Technology Fund led, joined by Cetus Holding. axios.link/3Lz823P

🌎 Anzen Industries, a London-based biomanufacturing startup, raised $2.2m in pre-seed funding led by LocalGlobe and Creator Fund. anzenindustries.com

• FuriosaAI, a South Korean AI chipmaker, is seeking to raise up to $500m in Series D funding, per Bloomberg. axios.link/4bEqrqm

• Auction Technology (LSE: ATG), an online auctions platform, rejected a £491m sweetened takeover bid from FitzWalter Capital. axios.link/3LV9vBB

• Bain Capital made a binding takeover bid for for Japanese personal-care group FineToday, whose backers include CVC Capital Partners, per Bloomberg. Rival suitors Blackstone and KKR withdrew from the process. axios.link/3ZnxMDm

• Bluestone Equity Partners invested $30m into Selkirk Sport, a Hayden, Idaho-based maker of pickleball equipment. axios.link/3NrqJXO

• Gauge Capital acquired Ecosystems, a McLean, Va.-based B2B customer value management company. axios.link/49Ms5ng

• IK Partners agreed to buy a majority stake in Trustmoore, a Dutch fund services platform. axios.link/49LQnxZ

• KKR agreed to increase its ownership stake in Altavair, an Issaquah, Wash.-based commercial aviation leasing and financing company. axios.link/4a3zujt

• Elliott Investment Management invested in Stratolaunch, a Mojave, Calif.-based hypersonic flight company owned by Cerberus Capital Management. axios.link/3NASs8k

• Waste Eliminator, a portfolio company of Allied Industrial Partners, acquired Happy Haulers, a frontload and roll-off company operating in Atlanta. axios.link/4pRSlCW

• Wingify, an Indian website optimizer platform owned by Everstone Capital, is acquiring French digital optimization company AB Tasty. axios.link/4pLV4O4

• Yellow Wood Partners merged portfolio companies SuaveBrands and Elida Beauty. axios.link/3LDzIoc

Two companies, BitGo and EquipmentShare, expect to price U.S. IPOs this week.

🚑 AgomAb Therapeutics, a Belgian Phase 2 fibrosis biotech, filed for a $100m IPO. It plans to list on the Nasdaq (AGMB) and raised over $330m from firms like LSP (11.1% pre-IPO stake), Fidelity (9.4%), Pontifax (8.4%), Sanofi (7.5%), Redmile (7.1%), Cormorant (6.8%), Pfizer (5.7%), and Canaan Partners (5.5%). axios.link/3NqvSPS

• Ethos Technologies, an SF-based life insurance marketplace, set IPO terms to 10.5m shares at $18-$20. It would have a $1.3b fully diluted value, were it tio price in the middle, and plans to list on the Nasdaq (LIFE). Ethos raised over $400m from firms like Sequoia Capital, Accel, GV, and SoftBank. axios.link/4b9rQVY

• Infinite Eagle Acquisition, the 10th SPAC led by Jeff Sagansky and Harry Sloan, raised $300m in its IPO. axios.link/4880jkh

• PicS, a Brazilian digital banking company, set IPO terms to 22.9m shares at $16-$19. It would have a $2.3b fully diluted value, were it to price in the midle, with Bicycle Fund and Claure Group agreeing to buy around $75m of shares. The company plans to list on the Nasdaq (PICS). axios.link/49MRIEG

🚑 SpyGlass Pharma, a Phase 3 biotech focused on chronic eye conditions, filed for a $100m IPO. It plans to list on the Nasdaq (SGP) and has raised around $200m from firms like NEA (28.6% pre-IPO stake), RA Capital (19.2%), Versana Capital (14%), Gilde Healthcare (8.3%), Sands Capital (8.3%), and Samsara BioCapital (6.6%). axios.link/4qBhwLg

🚀 York Space Systems, a Denver-based small satellite provider owned by AE Industrial Partners, set IPO terms to 16m shares at $30-$34. It would have a $4b market cap, were it to price in the middle, and plans to list on the NYSE (YSS). axios.link/4qw6Mh6

• Alantra Partners is among those seeking to sell their stakes in Salto Systems, a Spanish electronic locks maker, per Bloomberg. axios.link/4r5GZMI

🚑 Hellman & Friedman and KKR are weighing a sale of Cordis, a Florida-based medical device maker that could fetch up to $10b, per Bloomberg. axios.link/4q6wMid

• Henkel of Germany is in talks to buy Dutch specialty chemicals company Stahl from Wendel. axios.link/4b8yonG

• Deutsche Boerse is in talks to buy Amsterdam-listed fund distribution platform Allfunds for around €5.3b in cash and stock, per Bloomberg. axios.link/4a0ZD2m

🚑 GSK (NYSE: GSK) agreed to buy RAPT Therapeutics (Nasdaq: RAPT), a Canadian developer of food allergy therapies, for around $2.2b. axios.link/49PpqJD

• Toscafund is seeking to sell Portuguese insurer Caravela Seguros, per Bloomberg. axios.link/4jRbsf5

• Zurich Insurance Group (Swiss: ZURN) offered to buy London-based insurer Beazley (LSE: BEZG), which has rejected prior approaches, for around $10.3b. axios.link/3LTCcyM

🌎 Ananda Impact Ventures of Germany raised €73m for its fifth impact fund. LPs include EIF, NRW.BANK, Investcorp-Tages, and Mercator Foundation. axios.link/49uN92X

• Niko Bonatsos (ex-General Catalyst) and Michael Fertik (Reputation.com) are seeking to raise $300m for their debut early-stage VC fund, per Bloomberg. axios.link/4bqSbPt

• Overlook Capital, an Austin-based VC firm led by Robey Miller (ex-Alpha Edison) and Eric Scott (Founders Fund), is raising $100m for its debut fund and $40m for an affiliates fund, per SEC filings.

• Mei Chel Tan promoted 500 Global to global managing partner. axios.link/4pQqW4a

• FirstMark, an NYC-based VC firm, promoted David Waltcher to partner and Aman Kabeer to principal. firstmark.com

• Shirley Hermann joined Cyberstarts, after eight years with Microsoft. axios.link/3YJxo1U

• Ivan Pascual joined HarbourVest as head of private wealth EMEA. He previously was with Blackrock. axios.link/45NOkrS

• Cheri Reeve joined Wingman Growth Partners as CFO. She previously was with Atlas Holdings. axios.link/3Zk5DNt

• VMG Partners promoted Robin Tsai to managing partner. axios.link/49F8R32

WBD shares continue to trade at a slight premium to Netflix's bid, but at a slight discount to Paramount's bid.