There may be small breaks in the antitrust clouds for dealmakers, after years of gloom.

In Europe: Incoming EU antitrust and green transition chief Teresa Ribera plans to soften competition rules, according to multiple interviews this week.

• Many European politicians, including former Italian Prime Minister Mario Draghi, have expressed concern that strict antitrust enforcement has put their companies behind U.S. and Chinese peers.
• Ribera, who succeeds Margrethe Vestager, told the FT that the antitrust regime "needs to evolve and to adapt to the circumstances."
• She told Spanish newspaper El País that she hopes to speed up merger approval reviews, adding: "Europe's competitiveness is not solved by three or four national champions. We need dimension to compete in international markets, but we also need the internal market to work, with a business ecosystem where things are reasonably balanced,"

In America: The lack of government challenge to Alaska Airlines buying Hawaii Airlines is a smaller green shoot than what's being seen in Europe, but still notable.

• This one got approval from both DOJ and Transportation Department, both of which had opposed JetBlue-Spirit.
• DOT secured certain consumer protections before giving its blessing, such as promises to compensate passengers for significant delays and to not reduce the value of combined frequent flier rewards.
• Transportation Secretary Pete Buttigieg called it a "new chapter," in how his department approaches mergers.

Zoom out: Global M&A activity is up 16% year-over-year, including 23% in the U.S. and 30% in Europe, per new data out today from LSEG.

• Most dealmakers believe the increases would be significantly higher if not for enhanced antitrust enforcement, which has caused many merger talks to die in their cribs.

The bottom line: These new developments don't completely stem the tide, particularly with Lina Khan still running the FTC, but they could signal that it's weakening.

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OpenAI today is expected raise around $6.5 billion at a $150 billion pre-money valuation, while also turning down billions of oversubscribed dollars, Bloomberg reports.

Why it's the BFD: This would be the largest venture capital round of all time, topping the $6 billion raised earlier this year by Elon Musk's xAI.

• OpenAI previously scored $10 billion from Microsoft, but that was a multi-year, corporate deal that included more cloud credits than cash.

For context: $150 billion is what the entire U.S. venture capital market had under management in 1999, which fueled the internet bubble.

• $6.5 billion is the amount raised just 10 years ago (2014) by all startups in New York, Texas, and Florida combined.

Details: Thrive Capital is leading with an invesment just north of $1.25 billion, including out of a special purpose vehicle.

• Other likely backers reportedly include Apple, Nvidia, and Microsoft. Sequoia Capital reportedly won't re-up after recently backing the new statup from OpenAI chief scientist Ilya Sutskever (unclear what a16z will do).
• OpenAI is requiring a $250 million minimum investment, per The Information.

The bottom line: Generative AI giants are playing in a different universe than the rest of startupland, enabled by YOLO VC firms that have decided to discount portfolio concentration risk.

• Physics Wallah, an Indian ed tech company, raised $210m in Series B funding at a $2.8b valuation. Hornbill Capital led, and was joined by Lightspeed Ventures Partners and insiders WestBridge and GSV. axios.link/4d99j9z

🌎 Twelve, a Berkeley, Calif., sustainable aviation fuel startup, raised $200m in Series C funding. TPG Rise Climate, Capricorn Investment Group and Pulse co-led, and were joined by Fifth Wall, Northstar VC, TGVP, Alaska Airlines, DCVC, Munich Re Ventures, and Emerson Collective. Twelve also secured $445m in project equity financing and credit facilities. axios.link/3XzotiA

🚑 Alan, a French health insurer, raised €173m in Series F funding at a $4.5b valuation from insiders Teachers' Venture Growth, Temasek, Coatue, and Lakestar. axios.link/3BkEwcm

• Virtuous, a Phoenix provider of fundraising CRM for nonprofits, raised $100m led by Susquehanna Growth Equity. axios.link/3ZuykIY

🚑 GC Therapeutics, a Cambridge, Mass., cell therapy startup, raised $65m in Series A funding. Cormorant led, and was joined by Mubadala and a16z. axios.link/3ZwfGk4

• Picus Security, an SF-based cybersecurity startup, raised $45m in Series C funding. Riverwood Capital led, and was joined by Earlybird Digital East Fund. axios.link/47xIryO

• Datamaran, a London-based provider of ESG risk management software, raised $33m in Series C funding led by Morgan Stanley Expansion Capital. axios.link/3zpPkFE

• DeepDrive, a German electric motor developer, raised €30m in Series B funding led by Leitmotif, joined by insiders BMW I Ventures, Co-Pace, UVC Partners and Bayern Kapital. axios.link/4eNe0Hp

• Yonder, a U.K. rewards credit card startup, raised £23.4m co-led by Repeat and RTP Global, with participation from Latitude. axios.link/4euWPdj

🌎 LiquidStack, a Carrollton, Texas, provider of liquid cooling for data centers, raised $20m in Series B extension funding from Tiger Global. axios.link/4eaQX9g

🚑 Mevo, a Brazilian digital prescription startup, raised $19m in Series B funding led by Matrix with participation from Jefferson River Capital. mevo.com.br

• Rebelstork, a baby gear recommerce marketplace, raised $18m. Maveron led, and was joined by Serena Ventures, Marcy Venture Partners, and Golden Ventures. axios.link/4ecOWcM

🍷 Ferovinum, a U.K. provider of funding and supply chain solutions for wine and spirits businesses, raised £17.5m in Series A funding. Notion Capital led, and was joined by Shapers VC and Semapa Next. axios.link/47D3dNA

• Zeno, an e-motorbike developer, raised $9.5m in seed funding. Lowercarbon Capital and Toyota Ventures co-led, and were joined by 4DX Ventures, Active Impact, Advantedge, MCJ, and RedBlue. axios.link/3ZtJOMQ

🌎 Tidal Metals, a Hamilton, N.J., producer of magnesium using seawater and renewable electricity, raised $8.5m in seed funding. DCVC led, and was joined by Bidra Innovation Ventures and First Spark Ventures. axios.link/47vaGy5

⚡ Safire Technology Group, a Knoxville, Tenn., developer of Li-ion battery technologies, raised $8m in new funding. Canaan Partners led and was joined by Correlation Ventures, Higher Life Ventures, and Ajinomoto Co.. safire.co

🚑 Koltin, a Mexican private health insurance coverage for seniors, raised $7.3m in Series A funding led by Left Lane Capital. koltin.mx

🚑 Harbor, a Dallas maker of smart baby monitors, raised $7m in seed funding led by Trust Ventures. harbor.co

🚑 Coral Care, which connects parents to childhood development specialists, raised $5.2m in seed funding led by AlleyCorp, per Axios Pro. axios.link/3XAxwzN

🚑 Canopie, a Falls Church, Va., digital preventive maternal health startup, raised $3.7m in seed funding led by Aeroflow Ventures. aeroflowhealth.com

• Sitewire, a Lafayette, Calif., construction finance startup, raised $3.2m in seed capital. Zacua Ventures led, and was joined by Argonautic, Great Wave and Hamilton Ventures. axios.link/3ZCsJAe

• Statt, a data platform for the policy and regulatory spaces, raised $2.8m in seed funding from Moneta Ventures, Clutch VC, Next Coast Ventures and NextGen Venture Partners. statt.com

• Settle, an Egyptian B2B payment platform, raised $2m in pre-seed funding led by Shorooq Partners. axios.link/3B8CFaG

• Acceleration, a holding company backed by Solace Capital and Verance Capital, acquired a majority stake in New York-based PR firm DKC. axios.link/3zqDtai

• CSI, a Paducah, Ky., portfolio company of TA Associates, acquired Velocity Solutions, a Ft. Lauderdale, Fla., provider of revenue solutions for financial institutions, from H.I.G. Capital. csiweb.com

• EQT agreed to buy the home finance unit of India's IndoStar Capital Finance for $209m. axios.link/3XzUl6r

• Kingswood Capital Management acquired Solon, Ohio-based Kichler Lighting, and will merge it with portfolio company Progress Lighting. progresslighting.com

🚑 MedeAnalytics, a health care analytics SaaS backed by JLL Partners, acquired SubPop Health, a Nashville marketplace for self-insured employers. medeanalytics.com

• Orchestra (fka BerlinRosen), a PR company backed by O2 Investment Partners, acquired social impact-focused Civitas Public Affairs Group. axios.link/3zqwX3l

• Platinum Equity is in talks to buy Trivium Packaging, a Youngstown, Ohio-based metal packager, for more than $3.5b from Ontario Teachers' and Ardagh Group, per Bloomberg. axios.link/3Zs4LI7

🚑 RF Investment Partners invested in both Altro and Amici Pharmaceuticals, providers of generic veterinary drug sourcing, production and insights. axios.link/3B8b21B

• Stellex agreed to acquire a majority stake in Fox Brothers, a British provider of services to the construction and infrastructure industries. foxbrothers.co.uk

• Yingling Aviation, a portfolio company of AE Industrial Partners, acquired Bevan Aviation, a Wichita-based aircraft maintenance provider. yinglingaviation.com

• Cayson Acquisition, an Asia-focused SPAC led by Yawei Cao (Hong Kong Dragon Financial), raised $60m in its IPO. axios.link/4eMRsHc

• DCM Ventures is seeking to sell its remaining 92m shares in Chinese short video platform Kuaishou Technology (HK: 1024), which could fetch nearly $480m, per Reuters. axios.link/3XOmzvO

• Hummingbird, a financial crime risk management software firm that's raised over $30m in VC funding, agreed to buy LogicLoop, an SF provider of no-code data integration and automation solutions that raised $4.5m from firms like Formulate Ventures, First Round Capital and Accel. hummingbird.co

• Intel (Nasdaq: INTC) said it doesn't plan to sell its 88% stake in self-driving tech company Mobileye (Nasdaq: MBLY). axios.link/3TzEunx

• Viavi Solutions (Nasdaq: VIAV) is weighing another bid for buy British telecom testing firm Spirent Communications (LSE: SPT), which agreed to sell to Keysight Technologies (NYSE: KEYS) for £1.16b, per Reuters. axios.link/4evNTEx

🚑 Biospring Partners, a New York-based growth equity firm, is raising up to $350m for its second fund, per an SEC filing.

• Capmont Technology of Munich raised €100m for a fund targeting early-stage B2B tech startups. axios.link/4e7oAcg

• New Catalyst Strategic Partners of LA is targeting $750m for an emerging manager fund-of-funds, per the WSJ. axios.link/3MRTEk9

• TJ Halbertsma joined HarbourVest Partners as a managing director and head of EMEA investor relations. He previously was with Morgan Stanley. axios.link/3B7eUjo

• JPMorgan Chase named new heads of tech and health investment banking, per Bloomberg. axios.link/4gLoHfp

• Will McCallum (ex-Gryphon Investors) was named a principal with Norwest, which also promoted Sameer Kapur to VP of growth equity and Julia Lewis to principal and co-head of talent. nvp.com

• Michael Mylonas joined BTIG as head of consumer investment banking and head of I-banking coverage in Europe. He previously was with Nomura International. axios.link/3XLtshj

Former President Trump is out of stock lockup, as of Thursday's market close, free to sell shares in his social media company.

• Trump and some other insiders had been prohibited from selling for six months after the Truth Social parent company went public via SPAC.
• Now he can try to cash in on the flagging meme stock — the price is down 66% over that period — although last week he pledged that he wouldn't.