The world's most famous dealmaker isn't a venture capitalist or private equity investor.

• It's President Trump, whose negotiating skills are rhapsodized by supporters, both inside and outside of the White House. Unorthodox moves are lauded as part of "The Art of the Deal."
• But that reputation is being challenged by Trump's early second-term record. And if it were to erode, his flexibility could be limited on everything from tariffs to taxes, Axios' David Lawler and I report.

The big picture: The bar Trump set for himself may have been impossibly high, but he's a long way from clearing it.

• He said he'd make peace in Ukraine on day one. That was more than 140 days ago.
• He said he'd make peace in Gaza, but his ceasefire plan collapsed months ago.
• A two-month deadline for reaching a nuclear deal with Iran expires today.
• He said that trade wars were "good and easy to win," but so far doesn't have a single trade deal finalized. The closest ones are with the U.K., with which America has a trade surplus, and with China, which remains just a framework.
• He hasn't yet finalized deals over the future of either TikTok or U.S. Steel.
• The "Big Beautiful Bill" is increasingly unlikely to hit his desk by July 4.

Zoom in: In some cases, like on China trade and U.S. Steel, Trump has proclaimed that deals are done before they've been finalized.

• In other cases, like the $600 billion in pledged investments from Saudi Arabia, many of the specifics have been kept private.

Look ahead: It's entirely possible that Trump will seal one or all of those outstanding deals, including BBB, which would make much of this moot. Momentum, however, is tough to find.

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Apollo and Irth Capital have approached pizza chain Papa John's (Nasdaq: PZZA) about a $2 billion buyout, as first reported by Semafor.

Why it's the BFD: Pizza is the best food, even if Papa John's isn't the best pizza.

Zoom in: The firms reportedly offered just above $60 per share, which is higher than where Louisville-based Papa John's has traded in over a year.

• Shares opened yesterday at $48.22, but rose 7.45% on the news.

The bottom line: Both suitors have deep experience in the restaurant space.

• Apollo portfolio companies have included Qdobam, CKE Restaurants, Wagamama, and Chuck E. Cheese, while Irth co-founder Matthew Bradshaw previously was at Durational Capital Management, where he led the take-private of Bojangles (which is back on the block).

• Multiverse Computing, a Spanish AI model compression startup, raised €189m in Series B funding. Bullhound Capital led, joined by HP Tech Ventures, SETT, Forgepoint, CDP VC, Santander Climate VC, Toshiba, and Capital Riesgo de Euskadi - Grupo SPRI. axios.link/3G0uCPQ

• Meter, an SF-based networking startup, raised $170m at a valuation north of $1b. General Catalyst led, joined by Baillie Gifford, JPMorgan Chase, Microsoft, Sequoia Capital, WndrCo, and Lachy Groom. axios.link/43H88N8

• Gecko Robotics, a Pittsburgh-based maker of physical infrastructure inspection robots, raised $125m in Series D funding at a $1.25b valuation. Cox Enterprises led, joined by USIT, XN, Founders Fund, YC, and Friends & Family Capital. axios.link/403UpNU

• Lovable, a Swedish vibe coding startup, is in talks to raise $100m at a $1.5b valuation, per Bloomberg. axios.link/4kJ9jBM

• Coco Robotics, an LA-based developer of autonomous delivery vehicles, raised $80m from Sam and Max Altman, Pelion, Outlander, and SNR, Offline, DeepWater, and Ryan Graves. axios.link/4k5P4x3

⚡ Standard Nuclear, a reactor-agnostic producer of nuclear fuel, raised $42m. Decisive Point led, joined by a16z, Washington Harbour Partners, Welara, Fundomo, and Crucible Capital. axios.link/4l1gvss

• Sojo Industries, a Bristol, Pa.-based automated packaging startup, raised $40m from S2G Investments, per Axios Pro. axios.link/4l84cuF

• Payrails, a German provider of enterprise payments software, raised $32m in Series A funding. HV Capital led, joined by insiders a16z, EQT Ventures, and General Catalyst. axios.link/4dYYWqN

• Landbase, an agentic AI startup that automates go-to-market workflows, raised $30m in Series A funding. Sound Venures and insider Picus Capital co-led, joined by 8VC, A*, Firstminute Capital and the GP. landbase.com

🚑 Autonomize AI, an Austin, Texas-based provider of AI agents to health systems, raised $28m in Series A funding, per Axios Pro. Valtruis, Cigna Ventures, and Tau Ventures co-led, joined by Asset Management Ventures, ATX Venture Partners, and Capital Factory. axios.link/3SKCtUH

• OneBalance, a British cross-chain UX infrastructure startup, raised $20m in Series A funding. CyberFund and Blockchain Capital co-led, joined by Mirana Ventures and L2IV. axios.link/45YOihA

• Outset, an SF-based AI for market research interviews, raised $17m in Series A funding. 8VC led, joined by Future Back Ventures and Bain & Co. axios.link/45fidlx

🍅 Sauz, an LA-based tomato sauce brand, raised $12m. CAVU Consumer Partners led, joined by Coefficient Capital, Palm Tree Crew and Strand Equity. axios.link/4dYN33Z

• Try Your Best, a digital rewards platform for brands, raised $11m in Series A funding. Offline Ventures and Strobe Ventures (fka Blocktower VC) co-led, joined by Coinbase Ventures, Castle Island Ventures, and Unusual Ventures. axios.link/4l3f2lE

• Aethero, a defense-focused space computing startup, raised $8.4m led by Kindred Ventures, with participation from Neo, Giant Step, O'Shaughnessy Ventures, and Alumni Ventures. axios.link/3HvUGTF

• Bolo AI, a developer of AI tools for heavy industry, raised $8.1m in seed funding. True Ventures led, joined by Benchstrength, Accomplice, J Ventures, and Beat Ventures. axios.link/3HwYqEt

• Brandback, a German provider of embedded resale solutions for retailers, raised $7.4m led by Earlybird, with 9900 Capital participating. axios.link/3FTjuEr

• Iterate.ai, a San Jose, Calif.-based enterprise AI startup, raised $6.4m led by Auxier Asset Management. iterate.ai

• Riiico, a German 3D modeling platform for industrial clients, raised $5m in seed funding. Pi Labs led, joined by Seed+speed Ventures, WaVe-X, Earlybird Venture Capital, and Volvo Cars Tech Fund. axios.link/45kqG75

• Olyzon, a French ad-tech startup focused on connected TVs, raised $5m in seed extension funding led by Cassius Capital. olyzon.tv

🚑 OrisDX, a University of Chicago spinout that developed a saliva test for detecting oral cancers, raised $4m. Revere Partners led, joined by CareQuest Innovation Partners. orisdx.com

Sorcerer, a weather balloon startup, raised $3.9m in seed funding led by Funder's Club VC, per Axios Pro. axios.link/3TkZmOB

• Lembas, an Israeli food-as-medicine startup, raised $3.6m in pre-seed funding. Flora Ventures led, joined by Bluestein Ventures, Fresh Fund, Longevity Venture Partners, Maia Ventures, Siddhi Capital, Mandi Ventures, and SDH. axios.link/4dZ9Hte

🚑 Perci Health, a British virtual cancer clinic, raised £3m from Guiness Ventures, Conduit Fund, and Octopus Ventures. axios.link/4l6vAt4

🚑 Ryght AI, an Anaheim, Calif., clinical trial automation startup, raised $3m in seed funding, per Axios Pro. Foothill Ventures led, joined by LDV Partners. axios.link/4mVzA0W

• Advent International is in exclusive talks to acquire Essential Home, the consumer goods unit of Reckitt (LSE: RKT), per Reuters. Underlying assets include Air Wick fresheners. axios.link/3FIAltH

• Battery Ventures is merging portfolio companies Crunchtime Information Systems, a Boston-based back-of-house ops platform for restaurants, and QSR Automations, a Louisville, Ky.-based kitchen ops tech provider. crunchtime.com

🚑 Conquest Research, a portfolio company of Reynolda Equity Partners, acquired Sana Research, an Arlington, Va., clinical trials firm focused on neurologic, cardiovascular, and metabolic diseases. conquestresearch.com

• Craneware (LSE: CRW), a British enterprise software firm, rejected a £939m takeover offer from Bain Capital. axios.link/43YBtBo

🚑 Great Point Partners acquired a majority stake in Eutecma, a German maker of temp-controlled pharma packaging. axios.link/3FUL448

• Heartwood Partners invested in Norlee, a Jacksonville, Fla.-based provider of electrical and mechanical services. norleegroup.com

🚑 MRO, a Parthenon Capital Partners portfolio company acquired Q-Centrix, a Chicago-based enterprise clinical data management company, from TPG Growth. mrocorp.com

• Ridgemont Equity Partners recapitalized Unosquare, a Portland, Ore.-based provider of digital engineering solutions. Sellers include Trivest Partners. unosquare.com

• Securonix, a security analytics and operations management platform whose backers include Vista Equity Partners, acquired ThreatQuotient, an Ashburn, Va.-based threat intelligence startup that's raised around $85m from firms like NEA and Adams Street Partners. axios.link/4kWgm9I

• SRM Equity Partners acquired RF Technologies, a Brookfield, Wis.-based provider of safety and security tech. rft.com

• Chime, a San Francisco-based neobank once valued at $25 billion, raised $864m in its IPO. The company priced at $27 per share, above its $24-$26 range, for an $11.4b fully diluted market value. It was valued at $25b by venture capitalists in 2021. Backers include DST Global, Crosslink Capital, Access Industries, General Atlantic, Menlo Ventures, FPCI, and Iconiq. axios.link/3Zp9f1l

• 1RT Acquisition, a digital assets SPAC formed by 1RoundTable Partners, filed for a $150m IPO. axios.link/3SLf7hN

• Brookfield picked BNP Paribas and UBS to manage a sale of French towers business TDF Infrastructure, which could fetch around €10b (including debt), per Bloomberg. axios.link/43YgoHt

🐔 Durational Capital Management and TJC are weighing a sale of fast-food chain Bogangles, which could fetch $1.5b, per the WSJ. axios.link/45loUCK

• Lone Star Funds reportedly agreed to sell its 75% stake in Portuguese lender Novo Banco to French bank Groupe BPCE at a €7b enterprise value. axios.link/4kEbfLP

• Stripe agreed to acquire crypto wallet startup Privy, which has raised over $40m from firms like Ribbit Capital, Coinbase Ventures, Definition, Sequoia Capital, and Paradigm. axios.link/3FPNQaZ

• Allison Transmission (NYSE: ALSN) agreed to buy the off-highway business of auto components maker Dana (NYSE: DAN) for $2.7b. axios.link/3HEdq3q

• The Baldwin Group (Nasdaq: BWIN) agreed to buy the homebuilder distribution network of Hippo's (NYSE: HIPO) for $100m. axios.link/4kNmiSP

🚑 BioNTech agreed to buy CureVac (Nasdaq: CVAC), a German maker of cancer immunotherapies and vaccines for infectious diseases, for $1.25b in stock. axios.link/45QpKHA

🏈 The Chicago Bears are exploring the sale of a minority ownership stake held by late Andrew McKenna Sr., who died in 2023, per Bloomberg. axios.link/4kAyKFf

• Gordon Brothers acquired struggling U.K. discount retailer Poundland. axios.link/4l2oFRs

🚑 O Positiv Health, a founder-owned women's health supplements company, hired Jefferies to explore a sale that could fetch around $1b, per Reuters. axios.link/3HUjRPC

• Tencent is "studying" a $15b takeover of South Korean gaming company Nexon Co., per Bloomberg. axios.link/3Zp7xgr

• Felicis raised $900m for its 10th VC fund, per Fortune. axios.link/403aNOF

• Seven Stars, a pre-seed and seed firm led by Steven Lee (ex-SV Angel), raised $40m for its debut fund. sevenstars.vc

• Ufenau Capital Partners, a Swiss PE firm, raised €2.1b for its eighth fund. ucp.ch

• Costanoa Ventures promoted Nancy Katz to partner. axios.link/3HQwXxm

• Jacob Cohen joined Maple Park Capital as a vice president. He previously was with RedBird Capital Partners. axios.link/3FS4S8k

• Karina Lubell, the DOJ antitrust unit's former chief of competition policy and advocacy, is joining Brunswick Group as a Washington, D.C.-based partner. axios.link/4mUvvKq

• Alex van Someren agreed to join Paladin Capital Group as a strategic adviser. He's the former U.K. chief scientific advisor for national security. axios.link/4jFdtZP

That's the aftermarket performance for this year's five largest IPOs, by proceeds raised, although Chime would bump eToro off the list.