Anthropic soon will raise tens of billions of dollars in new funding, likely at a record valuation, even though it's not yet at the term-sheet stage.

• In the meantime, the AI giant is cracking down on unauthorized secondary stock sales. At least rhetorically.

Driving the news: Tech fintwits has been buzzing over this Anthropic blog post, which warns:

• "Any sale or transfer of Anthropic stock, or any interest in Anthropic stock, that has not been approved by our Board of Directors is void and will not be recognized on our books and records."
• It then calls out eight secondary trading platforms by name, including well-known ones like Hiive and Forge. Both companies tell Axios that they only facilitate issuer-approved transfers, and Forge adds that it's asked Anthropic to remove its name from the list (which hasn't happened as of this writing).

Why it matters: There may be a lot of people, or even institutions, who think they have Anthropic shares but really don't.

The big picture: Anthropic's restrictions aren't unusual.

• Most startups require board approval for common stock transfers, often with ROFRs attached.
• Preferred stock restrictions are more of a mixed-bag, although they become much more prevalent when startups graduate to decacorn+ valuations.
• Anthropic declined to comment on if it restricts preferred stock sales, or if it approves share transfers.

Zoom in: The complication is usually around SPVs, which may offer indirect exposure via a derivative.

• Anthropic says it doesn't permit SPVs to buy Anthropic stock, even though there are plenty of SPVs that have claimed access. Some are even on file with the SEC.
• Some SPVs are structured as derivatives themselves, signing agreements with authorized holders — something that's nearly impossible for issuers to police.
• There also are complicated Delaware rules on transfer restrictions, which require they be validated by the holder if imposed after shares were acquired.

Reality check: Anthropic is blasting out a loud warning to would-be buyers and sellers, but is unlikely to do much enforcement.

• It would be a titanic legal headache that could delay its IPO, all for the sake of booting some minnows from the pond.

What to watch: SpaceX's cap table is said to be stuffed full of SPVs and other secondary buyers. It doesn't seem to much care, but its stock transfer agents might learn some lessons for future mega-IPO issuers.

The bottom line: Silicon Valley and the SEC have allowed the secondary markets for private shares to run wild.

• Anthropic has achieved amazing things, but putting toothpaste back into the tube may be a step too far.

Fervo Energy, a Houston-based geothermal energy developer, raised $1.9 billion in its IPO.

Why it's the BFD: Climate tech investors have needed a big win, particularly as the Trump administration has gutted federal support for more traditional sources of renewable power.

Zoom in: Fervo priced 70 million shares at $27, versus original plans to offer 55.6 million shares at $21-$24. It later upped the range, but still priced higher — for an $8.8 billion fully diluted valuation.

• Fervo had raised over $1.6 billion in VC funding from backers like Devon Energy (17.4% pre-IPO stake), Capricorn Investment Group (16.6%), DCVC (8.8%), Breakthrough Energy Ventures (6.8%), Centaurus Capital (6.2%), and B Capital.
• It will list on the Nasdaq (FRVO).

By the numbers: The U.S. IPO market could generate more than $9 billion in proceeds this week, thanks largely to Fervo and the upcoming Cerebras float.

• For context, there had only been $18.3 billion of 2026 volume through last Friday.

The bottom line: "Fervo uses traditional shale drilling techniques to unlock previous inaccessible geothermal projects, and is the first big player in the 'enhanced geothermal' sector." — Katie Fehrenbacher, Axios Pro

• Anduril raised $5b at a $61b valuation led by Thrive Capital and a16z. Flashback.

🚑 Isomorphic Labs, an AI drug discovery company spun out of Google's DeepMind, raised $2.1b in Series B funding. Thrive Capital led, joined by GV, MGX, Temasek, CapitalG, and the UK Sovereign AI Fund. axios.link/4u8eMGZ

🚀 Blue Origin, the rocket maker founded by Jeff Bezos, is weighing its first external fundraise, per the FT. axios.link/49MUudJ

• Wispr, an SF-based voice dictation tool maker, is in talks to raise around $260m led by Menlo Ventures at a $2b valuation, per Bloomberg. axios.link/4nyzVaQ

• Photonic, a Canadian quantum computing startup, raised US$200m at a $2b post-money valuation. Planet First Partners led, joined by Business Development Bank of Canada, Export Development Canada, Bell Ventures, Firgun Ventures, InBC Investment, and Mubadala Capital. axios.link/4u8JrUD

• Exaforce, an SF-based agentic cybersecurity startup, raised $125m in Series B funding from HarbourVest Partners, Peak XV, Mayfield, Khosla Ventures, and Seligman Ventures. axios.link/49DajDF

⚡️ Havoc, a Providence, R.I.-based developer of AV software and hardware, raised $100m in Series A funding from CCM Capital Markets, Clear Street, Cobalt Capital, Boardman Bay Capital Management, Meet Perry, Mute Ventures, Soren Ventures, SAIC, JA Green, Outlander VC, Scout VC, B Capital, Lockheed Martin, Taiwania Capital, UP Partners, The Veteran Fund and Vanderbilt University's endowment. axios.link/4eIjA0S

⚡️ Star Catcher, a Jacksonville, Fla.-based developer of a power grid in space, raised a $65m in Series A funding from B Capital, Shield Capital, and Cerberus Ventures. axios.link/4nIZCWl

• NVision, a German quantum-enabled medical imaging startup, raised $55m in Series B funding. Abbott led, joined by Playground Global, Matterwave/b2ventures, and Entrée Capital. axios.link/3R7X0ov

• Monaco, an SF-based sales platform, raised $50m in Series B funding. Benchmark led, joined by insiders Founders Fund and Human Capital. axios.link/4dApJLr

• Gaiia, an OS for communication service providers, raised $40m in Series B funding led by JMI Equity. axios.link/4wkoE1D

• Judgment Labs, an SF-based agentic AI software startup, raised $32m in seed and Series A funding. Lightspeed led both rounds, joined by Nova Global, SV Angel, Valor Equity Partners, and Dynamic. axios.link/42uBgWo

• Embat, a Madrid-based treasury management startup, raised €30m in Series B funding. Cathay Innovation led, joined by insiders Creandum, Samaipata, 4Founders, and Venture Friends. axios.link/3PzGEVi

🚑 9amHealth, a San Diego-based provider of virtual cardiometabolic treatment, raised $26m in Series B funding, per Axios Pro. Define Ventures led, joined by SemperVirens, Catalio Capital and New Health Ventures. axios.link/4tv7Sds

• Webidoo, an Italian AI operating system developer for SMBs, raised $25m. IXC3 led, joined by 8a+ and TIM Ventures. axios.link/48YmuLc

🚑 Basata, a Phoenix-based health-care admin company, raised $21m in Series A funding. Basis Set Ventures led, joined by Cowboy Ventures, PHX Ventures, Zenda Capital, and Victoria Treyger. axios.link/3PDMkgW

• Outmarket, an SF-based provider of AI workflow software for insurance brokers, raised $17m in Series A funding, per Axios Pro. Permanent Capital Ventures led, joined by SignalFire, Fika Ventures, TTV Capital, and Dash Fund. axios.link/49szJE2

• Greenboard, an NYC-based securities compliance startup, raised $15.5m in Series A funding. Base10 Partners led, joined by YC, General Catalyst, Commerce Ventures, Transpose Platform, Liquid2 Ventures, and Kulveer Taggar. axios.link/4dhC1Hg

⚡️ Reel, a Danish electricity supplier and trader, raised €15m in Series A funding. Future Energy Ventures led, joined by UVC Partners, Transition, and The Footprint Firm. axios.link/3PClx4H

• Hint, a home management platform co-founded by Martha Stewart, raised $10m in seed funding. Slow Ventures led, joined by Montauk Capital, Tusk Venture Partners, Amplo, Energy Impact Partners, Hannah Grey VC, and Brian Kelly. axios.link/4dFGR2j

• DesignVerse, a Romanian platform for modernizing legacy enterprise software, raised $5.5m in seed funding from Begin Capital, Gapminder VC, and Underline Ventures. axios.link/3QXeaoX

• Ventory, a Belgian inventory management platform, raised €2.65m. KBC Securities led, joined by Finindus, Matterwave and Delaware. axios.link/4eI8Xv0

🌎 NanoStruct, a German developer of food bacteria-detection solutions, raised €2.6m in seed funding from High-Tech Gründerfonds, Bayern Kapital, and the AUXXO Female Catalyst Fund. axios.link/4d5lwzc

• SAP invested in n8n, a Berlin-based workflow automation platform, via a secondary transaction at a $5.2b valuation — more than double its valuation from last year. axios.link/4dAsBbb

• Apollo acquired Noble Environmental, a Pittsburgh-based waste management company. axios.link/4d4fNd0

🚑 Avanta Salud Integral, an H.I.G. Capital portfolio company, agreed to acquire Vitaly Group, an occupational health and safety services provider in Iberia. axios.link/432zThN

• Carlyle and Yum China (HK: 9987) are among those vying for a Jardine Matheson unit that operates KFC and Pizza Hut chains in markets like Hong Kong and Taiwan, per Reuters. The business could fetch around $400m. axios.link/4d7OaQk

• Graycliff Partners acquired Tramont Manufacturing, a Milwaukee-based manufacturer of generator enclosures and fuel tanks for backup power applications. axios.link/4wpuz5v

• Green Arrow Capital acquired DeA Capital, an Italian alternative investment manager. axios.link/49LLbL5

• Infracapital acquired Relobus, a Polish operator of public buses, from Mutares. axios.link/3PmsPth

• Providence Equity is weighing a buyout bid for Gamma Communications (LSE: GAMA), a U.K. telco with an £843m market cap, per Bloomberg. axios.link/49rUzU0

• Quad-C Management invested in Thibaut, a Union, N.J.-based designer and distributor of wall coverings, fabrics, rugs, and furniture. axios.link/4eJG69v

• Roskam Foods, a portfolio company of Entrepreneurial Equity Partners, acquired Kitchen Partners, a Canadian provider of sauces, marinades, dips, and soups to restaurants. axios.link/4noogLv

• SBJ Capital invested in fragrance developer 3B International. axios.link/4uIBNjo

• TA Associates invested in Govineer Solutions, a Polson, Mont.-based provider of software and payments solutions for local governments. axios.link/4uAU3es

• Breeze Acquisition II, a SPAC led by Douglas Ramsey (ex-CEO of Saddle Operations), raised $125m in its IPO. axios.link/4r6Nn6S

🚑 GMR Solutions, a Lewisville, Texas-based emergency medical services company, raised $479m in its IPO. It priced at $15 per share, compared to an original $22-$25 range, for a $3.8b fully diluted value, and will list on the NYSE (GMRS). The company reports $206m of net income on $5.7b in revenue for 2025, with KKR, Koch Industries, and BlackRock as major shareholders. axios.link/4t9Ausz

• American Securities sold CPM Holdings, a Blaine, Minn.-based provider of process equipment and automation solutions, to Rosebank Industries (LSE: ROSE) for $2.1b. axios.link/4wrgMvc

🥃 Brown-Forman (NYSE: BF) rejected a $15b takeover bid from Sazerac, per the WSJ. axios.link/4uNWef5

⚡ EDF, a French state-owned energy giant, is seeking to sell its China renewables assets for more than $500m, per Bloomberg. axios.link/4eIzM21

• Mercedes-Benz agreed to sell its seven Berlin dealerships to Canada's Global Auto Holdings. axios.link/3PCLYqT

• A*, an early-stage VC firm co-founded by Kevin Hartz and Bennett Siegel, raised $450m for its third fund. axios.link/4dEtdMR

• Boyu Capital plans to target $3b for its next China-focused PE fund, per Bloomberg. axios.link/4ufDoO8

• Duration Ventures, led by Arif Janmohamed (ex-Lightspeed) and Trevor Oelschig (General Catalyst), is targeting $375m for its debut early-stage fund focused on enterprise AI, per the WSJ. axios.link/4d97OLS

• Finback Investment Partners, founded and chaired by Jeb Bush, raised nearly $500m for its second PE fund. axios.link/4uM9CAh

• PSG is targeting €3.4b for its third PE fund focused on European software, per public pension docs. axios.link/4wst5aH

• Verdane raised €635m for a multi-asset CV led by Coller Capital. axios.link/4uEXYqF

• Griffin Doty joined Mintz as a private equity-focused member in its NYC office. He previously was with McDermott Will & Schulte. axios.link/4djvwn8

• JPMorgan named Dorothee Blessing, Kevin Foley and Jared Kaye as global co-heads of investment banking, while Charles Bouckaert will succeed Anu Aiyengar as global M&A head. Aiyengar becomes global chair of investment banking and M&A. jpmorgan.com

🚑 Roger Kahn joined CriticalPoint as a managing director. He previously was a health care banker at FTI Capital Advisors. axios.link/4djWPhs

• Deva Mishra joined Blue Owl as head of insurance solutions. He previously was CEO of Prosperity Asset Management and CIO and director of Prosperity Group Holding. axios.link/4tFLY7K

Equinox Gold today agreed to acquire rival Orla Gold, forming a new North American gold mining giant with a combined value of around C$18.5 billion.

• Both companies are traded in Toronto and on the NYSE American.