A top tech banker yesterday told me that tech buyouts are "frozen," and the data largely backs him up.

By the numbers: There's been a total of just $9.3 billion of global tech buyout value in April and May 2026 combined, according to PitchBook.

• That compares to $52.6 billion in March alone, and a monthly average of $43.4 billion between last September and this February.
• U.S. tech buyout data is a bit lumpier, but follows the same trend. A monthly average of $25 billion for the 12 months ending March 2026, but just $4.4 billion total in April and May 2026.

What happened: In a word, Claude. Which was followed by Codex.

• The buyside is paralyzed by AI-driven uncertainties and a sudden draining of private credit market liquidity.
• The sell-side either can't find buyers or has received offers too deeply discounted to stomach. Some sponsors are seeking to raise continuation vehicles, while others structure new convertible preferred rounds that leave valuations intact. Private equity's own version of amend-and-pretend.

What happens next: We wait, even if the Nasdaq has more than recovered on the back of strong Q1 earnings.

• The banker told me that the market needs to digest a couple more quarters of data. Not only to judge the depths of disruption, but also to analyze and rationalize token spend.
• Plus, there are broader private equity concerns about rising rates, as inflation keeps running hot.

Wildcard: One possibility is that successful IPOs for Anthropic, OpenAI, and SpaceX could create future selling opportunities for private equity — with those companies seeking inorganic growth if there's a splinter in their hockey sticks.

The bottom line: Summer vacation began early for tech buyouts, and may run long.

GHO Capital of London has agreed to merge with Singapore-based rival CBC Group, forming a dedicated health care investment firm with over $21 billion in AUM.

Why it's the BFD: This is about scaling for survival, as generalist PE giants have begun to crowd out smaller players in health care.

By the numbers: The combined firm will have more than 200 investment and operating pros working in 13 offices across North America, Europe, and Asia.

The bottom line: "The merger comes as the sector is challenged by startups seeking to transform the industry by speeding up the process of discovering and producing new drugs, though they are yet to deliver on that promise." — Aanu Adeoye, FT

• Radar, a NYC-based retail intelligence platform, raised $170m in Series B funding at a $1b post-money valuation. Gideon Strategic Partners and Nimble Partners led, joined by Align Ventures. axios.link/4dlSbAN

🚑 Vi, an NYC-based maker of health care AI agents raised $145m at a $1.65b valuation from General Atlantic, Revelstoke, 1902 Capital, Square Peg, Savano Capital, and Island Green. axios.link/4dAe5Po

• SendCutSend, a Reno, Nev.-based on-demand manufacturer, raised $110m at a $1b valuation from Sequoia Capital, Paradigm and Stripe co-founders Patrick and John Collison. axios.link/42NJclJ

🚑 Commure, a Mountain View, Calif.-based health-care workflow platform, raised $70m at a $7b post-money valuation. General Catalyst led, joined by Sequoia Capital, Morgan Stanley ⁠and Kirkland & Ellis. axios.link/4tIyTKw

🚑 Cagent Vascular, a Wayne, Pa.-based developer of endovascular technologies, raised $41m in Series D funding led by USVP and Astoria Health Investors. axios.link/4dA4Cro

• Brami, a Carlsbad, Calif.-based protein pasta maker, raised $33m in Series B funding. VMG Partners led, joined by La Molisana, Pentland Ventures, Lerer Hippeau, and Gather Ventures. axios.link/49VXEvK

• CircuitHub, a South Deerfield, Mass.-based electronics manufacturer, raised $28m in Series A funding led by Plural, per Axios Pro. axios.link/4uTWglp

• Ocean, an agentic email security startup, raised $28m. Lightspeed led, joined by Picture Capital and Cerca Partners. axios.link/4wzMIOp

• Findd, a Provo, Utah-based frontline workforce management platform, raised $21m from Unbundled Capital. axios.link/3PB4C2v

• RemotePass, a payroll and spend management platform, raised $17.4m in Series B funding. EBRD led, joined by 500 Global and insiders Oraseya Capital, 212 VC, Access Bridge Ventures, and Khwarizmi Ventures. axios.link/4uZJ8LN

• Status AI, a gamified social media app, raised $17m in combined seed and Series A funding from Abstract Ventures, General Catalyst, USV, YC, and LightShed Partners. axios.link/4dw4CZw

• Texture, an NYC-based provider of software for electric utility operations, raised $12.5 million in Series A funding, per Axios Pro. VoLo Earth Ventures and Equal Ventures led, joined by Lerer Hippeau and Abstract Ventures. axios.link/4dS1icu

• Getquin, a German retail investor platform, raised €12m led by State Street Investment Management and Portage. axios.link/3RgfraN

• Tribal, an Israeli startup seeking to make business agents smarter, raised $10m in seed funding, per Axios Pro. Team8 led, joined by DYDX Capital. axios.link/4uTOEiN

🚑 Century Health, an NYC-based clinical data startup, raised $5m in seed funding. Origin Ventures led, joined by InnovateHealth Ventures, 25madison, and Next Play Ventures, 2048 Ventures, and Alumni Ventures. axios.link/4wWR6ar

• Stilta, a research and analysis platform for IP cases, raised $10.5m in seed funding. A16z led, joined by YC. axios.link/4v24gkE

• Infrawatch, a London-based cybersecurity startup, raised $3m in pre-seed funding. Outward VC and Triple Point Ventures led, joined by Portfolio Ventures. axios.link/49HhHhs

🌎 Qurie, a German developer of sustainable refrigeration systems, raised €2.2m from High-Tech Gründerfonds, Technology Transfer Fund TT49, and Aepikur. axios.link/4v5i8dX

🏈 Arctos Partners acquired a 10% stake in the Cleveland Browns at around a $9b valuation. axios.link/3PPCj0k

• Bain Capital, Blackstone, and Warburg Pincus are expected to bid in a take-private process for Japanese logistics firm Nikkon Holdings (Tokyo: 9072), per Bloomberg. axios.link/49a8Swt

• Boyne Capital acquired Local Boy Outfitters, a Columbia, S.C.-based consumer apparel and lifestyle brand inspired by Southern outdoor culture. axios.link/43eJAtE

• Dr. Scholl's, a portfolio company of Yellow Wood Partners, acquired VKTRY, a maker of carbon fiber insoles. axios.link/4dluIQb

⚡ Hull Street Energy agreed to acquire First Light USA, an energy portfolio of 1.4 GW of installed capacity in the Northeast, from PSP Investments. axios.link/42M6msJ

• La Caisse agreed to acquire Canadian database company Information Services (TSX: ISC) for C$1.2b. axios.link/49eu2tr

• Learning Pool, a Marlin Equity Partners portfolio company, acquired Confirm HR, an SF-based performance management platform whose VC backers included Western Technology Investment and Spero Ventures. axios.link/4wIZ3ji

• Leonard Green & Partners completed its $3.1b take-private buyout of Mister Car Wash. axios.link/4amthiU

• Marco Sealing Solutions, an Align Capital Partners portfolio company, acquired Pride Seals, a Cincinnati-based provider of specialty sealing products and services. axios.link/4nG007S

• Novvia Group, a Kelso & Co. portfolio company, acquired APC Packaging, a Ft. Lauderdale, Fla.-based provider of luxury beauty packaging. axios.link/4dmCAkw

• PestCo, a Thompson Street Capital Partners portfolio company, acquired Tucson, Ariz.-based University Termite & Pest Control. axios.link/4dIyxxU

• True North, Glen Mills, Pa.-based fleet operator backed by Garnett Station Partners, is acquiring Miles Truck Services, a Niles, Mich.-based trucking services company. axios.link/43eJ4fc

⚡ Deep Fission, a Berkeley, Calif.-based developer of underground nuclear reactors, filed for an IPO that seeks to sell 6m shares at $24-$26. It would have a $1.7b fully diluted valuation, were it to price in the middle, and plans to list on the Nasdaq (FISN). Shareholders include 8VC, with an 8% pre-IPO stake. axios.link/4uX8PMK

🚀 FutureCorp Space Acquisition 1, a space and defense SPAC led by Joshua Marks (Anuvu), filed for a $200m IPO. axios.link/3PEgNLM

• JAB Acquisition I, a marketing tech and customer acquisition SPAC led by Joshua Jagid (Quantum 3 Media), filed for a $150m IPO. axios.link/4wHw53b

• Lincoln International, a Chicago-based investment banking advisory, raised $421m in its IPO after pricing atop its $18-$20 range. It will list on the NYSE (LCLN). axios.link/496RGYQ

🚑 Parabilis Medicines, a Cambridge, Mass.-based oncology biotech, filed for an IPO. It plans to list on the Nasdaq (PBLS) and has raised over $800m from Fidelity (11.3% pre-IPO stake), RA Capital Management (10%), Arch Venture Partners (8.3%), Venbio (6.7%), GV (6.2%), Milky Way Investments (5.9%), Cormorant (5.6%), Nextech (5.4%), Janus Henderson, Soleus Capital, T. Rowe Price, Marshall Wace, General Catalyst, Invus, Farallon, Foresite Capital, Rock Springs Capital, HBM Healthcare, Samsara BioCapital, Catalio Capital Management, Sixty Degree Capital, and Alderline Group. axios.link/3PxXV0Y

• Cohere, a Canadian enterprise AI company valued by VCs at $7b, acquired Reliant AI, a Montreal-based biopharma AI company that had raised $13.5m from firms like Inovia Capital and Tola Capital. axios.link/4v2iUIE

• Wynnchurch Capital sold Ironform, a Chicago-based metal fabricator, to an undisclosed strategic buyer. axios.link/4wERVnN

🏈 Doug Ostrover, co-founder of Blue Owl, sold his remaining stake in the Washington Commanders to majority owner Josh Harris, per the WSJ. axios.link/4djWU5Z

• Mach Industries, a defense-tech unicorn, raised $100m at a $470m valuation co-l acquired Exquadrum, a Victorville, Calif.-based solid rocket motor developer, for $50m in cash and stock. axios.link/4tEZnwx

• Tether bought SoftBank's 26% stake in crypto treasury company Twenty One Capital (NYSE: XXI). axios.link/4fDoLiO

• Shamrock Capital raised $813m for its fourth content-focused PE fund. axios.link/42NMeXb

• Stellus Capital Management raised $1.5b for its fourth midmarket direct lending fund, and already has 44 portfolio companies. axios.link/4dtGUgw

• Ground State Ventures promoted Kris Kaczmarek to partner. axios.link/4wBw1SF

• Aatish Nayak joined Kleiner Perkins as a partner. He was the first product manager and VP of product at legal-tech unicorn Harvey. axios.link/4tDG1YF

Axios and Harris Poll are out with our annual brand reputation rankings, which you can find here.

Inside the numbers: "Democrats have become more skeptical of AI technology and the industry behind it, while Republicans are significantly more likely to trust most AI companies," Axios' Margaret Talev writes.