Axios Pro Rata

April 21, 2026
📈 If you're a CEO or on a CEO's team: Request to join Axios CEO Jim VandeHei's free new Axios C-Suite weekly newsletter.
Top of the Morning
Fed Chair nominee Kevin Warsh stands to be the most tech-friendly Fed chair on record, with extensive private holdings that will be a focus at today's confirmation hearing.
Zoom in: The long-term impact of AI on the labor market and inflation continues to be hotly debated and the next Fed chair will need to direct policy as it becomes reality vs. speculation.
What he's saying: Warsh has taken the stance that AI will boost productivity and take-home pay, in contrast to Powell's stance.
- "We are going to have to make a bet ... my simple version of this is, everything technology touches gets cheaper," Warsh said a few months ago.
- This productivity boom, he's said, supports the argument for lower rates.
Follow the money: Democrats at the hearing will highlight on the potential conflicts of interest stemming from his private holdings.
- Disclosures of his venture capital holdings are vague, but include home-equity company Aven (last valued at $2 billion), private markets tech company Hebbia, coding company Replit, betting market business Polymarket, Elon Musk's SpaceX, and data center energy company Crusoe.
- He also appears to have a stake in Chinese ride-hailing company, DiDi.
- Many of these positions, aside from Aven, are likely held indirectly through his LP positions in venture funds including those of Abstract Ventures.
- He also has stakes in DCM Investments 10 and various Bessemer Ventures funds, though he has not disclosed those underlying holdings.
Between the lines: Warsh has plans to divest of several stakes, including in DCM, Bessemer, Hebbia, and Aven, upon his confirmation. He's also expected to resign from his Coupang board position.
The bottom line: He's cemented himself as a tech-forward Fed candidate, but that could weigh him down with many of the more AI-anxious Congress members today.
The BFD
U.K.-based neobank Revolut is gearing up for a secondary share sale later this year that could value it over $100 billion, the Financial Times reports citing sources.
Why it's the BFD: Some companies are going public now, afraid SpaceX and other potential trillion-dollar listings will dry up the market, but Revolut CEO Nik Storonsky is eyeing 2028 or later.
Between the lines: The profitable company could be set up for annual secondary sales, similar to Stripe, until it goes public.
- Revolut hit a $75 billion valuation just last year, up 66% from its last round, in a secondary sale.
Between the lines: The step-ups in valuation are geared toward hitting a $150 billion to $200 billion valuation in a potential IPO, per the FT.
Venture Capital Deals
• Anthropic, an SF-based AI model company, will raise $5b from Amazon. Amazon has the option to buy $20b more, after Anthropic agreed to spend $100b on compute. axios.link/42jrS7J
• Project Prometheus, an SF-based physical AI company from Jeff Bezos, is close to a $10b fundraising at a $38b valuation. JPMorgan and BlackRock are among the investors. axios.link/4sQLFqf
⚡️ Blue Energy, a Chevy Chase, Md.-based prefabricated nuclear power plants company, raised $380m led by VXI Capital. Engine Ventures, At One Ventures and Tamarack Global joined. axios.link/4tl8nYn
⚡️CuspAI, a U.K.-based materials-discovery startup, is in talks to raise $200m+ at a valuation over $1b, per Bloomberg. axios.link/4dUZj7P
⚡️ Rivan, a London-based synthetic natural gas company, raised $34m led by IQ Capital. Plural, Fundomo, Thomas Wolf, Matt Clifford, and Markus Villig joined. axios.link/3OclhsE
🌎 Planetary, a Swiss industrial fermentation provider, raised a nearly €17m Series A, plus €6.3m in debt, led by Radikal Capital and Oetker Ventures. Royal Cosun, Arc Investors, Green Generation Fund, AgriFoodTech Venture Alliance, Astanor Ventures and XAnge joined. axios.link/4tvtQhA
• Archil, an AI filing system, raised $11m in Series A funding. Standard Capital led joined by Y-Combinator, Felicis, Peak XV Partners, and Wayfinder Ventures. archil.com
• Antioch, an NYC-based simulation tools maker for robots, raised $8.5m in seed funding at a $60m valuation led by A* and Category Ventures, joined by MaC Venture Capital, Abstract, Box Group, and Icehouse Ventures. axios.link/4sIhMbz
• Hata, a Malaysian digital asset exchange, raised an $8m Series A led by Bybit. axios.link/48f9jFr
🚑 Sleuth Insights, an SF-based decision platform for pharmaceutical and biotech, raised $8m in seed funding led by Bison Ventures. sleuthinsights.com
• Openlaw, a European digital legal and notary platform, raised a $3.3m seed from Y Ventures, Moonfire Ventures, Zeno Ventures, Combination VC and Orange Collective. axios.link/4con2vV
• Audrey AI, a Dublin-based financial auditor software developer, raised $1.8m led by Sure Valley Ventures and Delta Partners, with participation from Enterprise Ireland. axios.link/41HPhzF
• MTS, a new media company known as Monitoring the Situation that will air 24/7, has raised capital from a16z. axios.link/48a551J
Private Equity Deals
• Aquiline invested in EnrollHere, a platform and system of record for insurance distribution. axios.link/4cV4OCn
• Alignment Growth invested in Free Association Live, a live entertainment company co-founded by actor Channing Tatum and partners Peter Kiernan, Reid Carolin, and Vincent Marini. FA Live raised a total of $45m in equity and debt. axios.link/4evZHK6
• andwis, backed by H.I.G. Capital, acquired Senseco Systems, a U.K.-based building compliance company. andwis.com
• Blue Owl Capital will acquire Sila Realty Trust for $2.4b. axios.link/4sFmUNn
• Collective Waste Solutions, backed by Concentric Equity Partners, acquired Straight Flush Rentals, a provider of portable sanitation, septic services and temporary fencing serving the Calgary region. axios.link/4mIw5eI
• Hg, TowerBrook, and Vitruvian are circling Benchmark, the financial planning arm of Schroders, and could potentially value it at $270m, per Sky News. axios.link/4cjsoIU
• Learning Pool, backed by Marlin Equity Partners, acquired WorkStep, an frontline employee engagement platform. axios.link/4u0yvI1
🚑 ModMed, backed by Clearlake Capital Group, acquired Bonsai Health, an AI patient engagement platform. axios.link/4cD57AH
• OneItalia Alliance, backed by J.C. Flowers & Co., acquired Strategica Group, an Italian risk management consulting and insurance brokerage services company. axios.link/4sIVxSE
• Steele Solutions, backed by Revelar Capital, acquired Maysteel Industries, a provider of custom enclosures, hot aisle containment, and precision fabricated solutions. axios.link/4sJdDnq
• RedBird Capital Partners agreed to acquire Affinia, a U.K.-based accounting business, from Sovereign Capital. axios.link/4dZr9Qi
Public Offerings
• Tribeca Strategic Acquisition, a blank check company eyeing tech, now plans to raise $140m, down from the initial $175m. axios.link/4tYxjF1
Liquidity Events
• ServiceNow completed its acquisition of Armis for $7.8b. Sequoia Capital, Capital G, and Insight Partners backed Armis. axios.link/4euqx5q
More M&A
• Gyde, an Austin, Texas-based brokerage platform backed by Lightspeed, acquired BenaVest, a national health insurance agency specializing in consumer plans. axios.link/4u4EXhn
• Rayonier Advanced Materials (NYSE: RYAM) says its engaged Morgan Stanley to explore strategic alternatives. The company has a market cap of $628m. axios.link/4tGz9Lf
• Sanas, backed by Quiet Capital, acquired Tomato.ai, backed by investors including Point72 Ventures and Recursive Ventures. axios.link/4cn67d9
• Spirit has floated the idea of selling an equity stake to the U.S. government at a discount to stave off liquidation, per Bloomberg. axios.link/4u2y1kP
• Tilman Fertitta is now in talks to buy Caesars Entertainment for about $18b as the latter extends its period of exclusivity around the talks. axios.link/4cwlvmk
Fundraising
• Baird Capital closed its third Global Fund with $450m. bairdcapital.com
• Cerberus Capital Management raised $2.3b for a single-asset continuation vehicle for Subsea Communications, a subsea fiber optic cable systems. CVC Secondary Partners led. axios.link/4vHLYGc
• EQT raises $15.6b for the largest Asian private equity buyout fund. axios.link/48YZX0y
• Hillhouse Investment Management plans to raise $8b for its first funds in five years. axios.link/3Qe1eL0
It's Personnel
• Zachary Iscol was named Venture Partner at Lux Capital. axios.link/4cC6ob7
Final Numbers


Tim Cook increased Apple's market cap 12-fold. It's gone from about $330 billion to $4 trillion today — and is the third-largest American company by that measure, after Nvidia and Alphabet, Emily Peck writes in Axios Markets.
📬 Thanks for reading Axios Pro Rata, and to copy editor Bryan McBournie! Please ask your friends, colleagues, and new CEOs to sign up.
Sign up for Axios Pro Rata



