Axios BFD, our annual dealmakers summit, returns to New York City on the afternoon of Nov. 17. This is our fifth year, and you can request an invite to join in person.

• This morning I'm pleased to announce our initial guests (more to come) and why each one is such a BFD.

Kim Posnett

• Kim is global co-head of investment banking at Goldman Sachs, where she's in the middle of the hottest mergers and IPOs (including SpaceX). There's probably no one with a better sense of what's in market and what's coming next.

Alex Rodriguez

• Other than that whole baseball thing? A-Rod has invested in more than 40 companies via A-Rod Corp., including startups, acquired more than $1 billion of real estate, and is co-chair of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx.

Chris Sacca

• Chris is at the forefront of investing in nuclear fusion startups via Lowercarbon Capital, the firm he founded after years of backing tech startups like Twitter, Uber, and Instagram. Plus, cowboy shirts!

Joan Solotar

• Joan is global head of private wealth at Blackstone, where she's leading the push to get individual investors into alternative investments — a move that the industry has long salivated over.

Robert F. Smith

• Robert is founder and CEO of Vista Equity Partners, one of the world's largest private equity firms dedicated to tech. It's a pivotal moment for tech private equity, with AI and the supposed SaaSpocalypse creating both challenges and opportunities.
• Omeed Malik & Donald Trump Jr.
• Omeed is founder and president of 1789 Capital, while Don Jr. is his partner at 1789 and also executive vice president at The Trump Organization.
• 1789 has been on a heater, investing in companies like Anduril and Polymarket, and we'll be gathering just two weeks after a midterm election that could change the investment landscape for what 1789 refers to as "patriotic capitalism."

Request an invite. And be sure to follow Pro Rata for additional guest announcements.

To see videos from past Axios BFD events, or to get sponsorship info, please go here.

The Justice Department is investigating Nvidia's $20 billion "non-exclusive" licensing" agreement with Groq to determine if it "tried to skirt antitrust scrutiny," per the NY Times.

Why it's the BFD: If this sort of arrangement is determined to be illegal, it could extend to a raft of other AI industry deals.

The bottom line: There's not much doubt as to why Nvidia picked the structure it did. At the time we wrote that the agreement seemed "designed to avoid tripping antitrust wires."

• The question is if its lawyers were right.

• The Boring Co., Elon Musk's tunneling startup, raised $3b at a $28b valuation. The UAE led, joined by Human Capital, Vy Capital, Valor Equity Partners, ​Sequoia Capital, a16z, Temasek, Shamal Holding, and ​Baron Capital. axios.link/4iVJ0Km

• Positron AI, an AI inference hardware company, raised $875m in Series C funding at a $5b post-money valuation from NEA, Atreides Management, Valor Equity Partners, Andra Capital, Dylan Patel's SemiAnalysis Capital, and Jim Clark. axios.link/3TiK0Oi

• Mach Industries, an Austin, Texas-based aerospace defense-tech startup, raised $600m in Series C extension funding at a $3.7b valuation from insiders Ribbit Capital, Infinite Capital, Bedrock Capital, and Sequoia Capital. axios.link/4xBTmmB

• Harvey, an SF-based legal AI platform, raised $550m at a $15.5b post-money valuation. Diffusion and Lightspeed led, joined by Sequoia Capital, Kleiner Perkins, a16z, Coatue, Conviction, Elad Gill, Goldman Sachs, GIC, Evantic, Sapphire Ventures and Whale Rock. axios.link/3UJMyFA

• UniPat AI, an AI training and benchmarking startup, is in talks to raise $300m at a $2.5b valuation led by Alibaba, per Bloomberg. axios.link/4A3KpEP

• Ayar Labs, a San Jose, Calif.-based developer of co-packaged optics, raised $150m. Company backers include Alchip, AMD, Intel, MediaTek, and Nvidia. axios.link/4xGkPUO

⚡️ TAR, an Austin, Texas-based developer of off-grid power systems for AI data centers, raised $120m in Series A funding led by Spark Capital at a $1b post-money valuation. axios.link/4xT3N6a

• Sequen, an NYC-based real-time ranking and relevance platform, raised $90m in Series B funding at a $1.44b valuation, per Axios Pro. Prysm Capital led, joined by Star Capital and Threshold Ventures. axios.link/4in78p1

• Inspiren, an NYC-based senior living tech startup, raised $70m in Series C funding at a valuation north of $500m. NewView Capital led, joined by Insight Partners, Primary Venture Partners, Scale Venture Partners, Vintage Investment Partners, Lightbank, Avenir Growth Capital, Story Ventures, and Camber Creek. inspiren.com

🚑 TwoStep Therapeutics, a cancer-focused biotech, raised $62.5m in Series A funding. Insight Partners and Medical Excellence Capital led, joined by M Ventures and Pfizer Ventures. axios.link/3UGT0gI

• ARC, a Philadelphia-based enterprise device management platform for frontline retail workers, raised $60m from Acadia Investment Partners. axios.link/4xL98wh

• Lightfield, a CRM for "companies that run on agents," raised $47m in Series A funding. A16z led, joined by Maverick Capital, Coatue, Audacious, Alumni Ventures, Greylock, and Lightspeed. axios.link/4xkyXlM

• Lattitude, a cross-border payments infrastructure startup, raised $35m in Series A funding. Oak HC/FT led, joined by NEA, Coinbase Ventures, Lightspeed Faction, OpenFX, and Wilson Sonini. axios.link/46NPBPK

• Vecna Robotics, a Waltham, Mass.-based provider of flexible material handling automation solutions, raised $31m. Unless led, joined by Drive Capital, Tiger Global, Highland Capital Partners, and Tectonic Ventures. axios.link/4r6aizU

🚑 Vheda Health, a Columbia, Md.-based health outcomes and analytics platform, raised $47m from Agora. axios.link/3VnvyFe

• Arlequin AI, a Paris-based developer of topological neural network architecture, raised €28m in Series A funding. Redalpine and OTB Ventures led, joined by Bpifrance's Defence Innovation Fund, Xavier Niel, Vsquared Ventures, and 10x Founders. axios.link/46l1xbB

🚑 Epsilon Health, an SF-based provider of AI-enabled radiology services, raised $20m in Series A funding, per Axios Pro. AlleyCorp led, joined by Uncork Capital, Renegade Partners, and SemperVirens. axios.link/46RhHtm

• Piston, a payments platform connecting commercial fleets with gas stations, raised $15m in Series A funding. FPV Ventures led, joined by Spark Capital and Pear VC. axios.link/4iTiX6v

• Cymphony, an NYC-based agentic security startup, raised $30m led by Sequoia Capital and SMBC Fin Atlas Beyond Fund. axios.link/3UHBY20

• Beep, a Lake Nona, Fla.-based autonomous mobility startup, raised $20m in Series B funding led by Mobileye. axios.link/4xe7LoA

• Bolter, an AI-native messaging platform, emerged from stealth with $10m from founder Improbable. axios.link/4ynT9nA

• Carrum Mobility, an Indian fleet management startup, raised $10m in Series B funding from Uber. axios.link/46PsbcI

• Intermezzo, developer of a global payroll API, raised $10m in seed funding, per Axios Pro. Crosslink Capital led, joined by UKG Ventures, CloudPay, Character (VC), and Behind Genius Ventures. axios.link/4Abgrz0

• Sparkle Grooming, a Scottsdale, Ariz.-based dog grooming franchise, raised $6m led by Companion Fund. axios.link/3V1kJbS

⚡️ MCatalysis, a Dallas-based waste-to-fuels developer, raised $5m in seed funding led by HL Energy and Oxford Science Enterprises. axios.link/4xlRNsK

• Bynario, an Italian cybersecurity startup focused on software vulnerabilities, raised €2.1m in pre-seed funding led by 360CapitalPartners, with Prana Ventures participating. axios.link/3ULc1OW

• Accel-KKR agreed to acquire Eleco (LSE: ELCO), a London-based provider of construction software, for £207.6m. axios.link/4yxWsZC

• American Equipment Solutions, a portfolio company of Rotunda Capital Partners, acquired Anaheim, Calif.-based BC Wire Rope & Rigging. axios.link/4gKRjaA

• Belle Brands, a Windsong Global portfolio company, is buying Vegamour, an LA-based hair longevity brand backed by General Atlantic Service and Plus Capital. axios.link/46NYUz5

• Bregal Sagemount acquired a majority stake in A-Rent Test Equipment, a Chicago-based provider of electrical test equipment rentals, calibration, and asset management services. axios.link/46NGpe7

• Chimney Rock Equity Partners acquired Russell Equipment, a Twinsburg, Ohio-based provider of off-lease aftermarket material handling equipment and parts. axios.link/3UHRVVP

• Dollar Shave Club, a razor company backed by Nexus Capital Management, is buying Truly Beauty, a Gen Z-focused body care company. axios.link/4A17zMd

🚑 Eir Partners acquired Accumulus Technologies, an SF-based provider of life sciences regulatory SaaS. axios.link/4hgOpu9

• FFL Partners invested in Waylin Partners, an Office of CFO advisory firm. axios.link/4yptjzC

• H.I.G. Capital invested in Click Here Digital, a Baton Rouge, La.-based digital marketing agency. axios.link/4yyxcT3

• MBK Partners agreed to acquire Japanese online lifestyle services platform Sharingtechnology (Tokyo: 3989) for around $241m. axios.link/4h3KFLt

• New Water Capital acquired LidWorks, a Plant City, Fla.-based maker of food and beverage lids. axios.link/4gYOSA7

• No Dig Alliance, an Ambienta portfolio company, acquired Horisonterra, a Swedish provider of underground pipe installation using trenchless technologies. axios.link/4cDwyuT

🚑 Precera Medical, an SK Capital portfolio company, acquired Additive Metal Services, a Port Huron, Mich.-based provider of metal injection molding and sinter-based additive manufacturing. axios.link/4xPgDST

• Sverica invested in Atrium, a Bozeman, Mont.-based consulting and data transformation firm focused on Salesforce and Snowflake. axios.link/3VmKYcT

🚑 Vion Biosciences, an Iron Path Capital portfolio company, acquired Prolytix, an Essex Junction, Vt.-based provider of bioanalytical lab services. axios.link/4r62M8a

• Watkins, a flavor company backed by KDSA Investment Partners, is buying the spice business of Advent International portfolio company Sauer Brands. axios.link/4xGFojW

• Orion180 Insurance Group, a Melbourne, Fla.-based provider of excess and surplus home insurance, set IPO terms to 20m shares at $15-$17. It would have a $1.6b value at the midpoint and plans to list on the Nasdaq (OIG). axios.link/4iUiMrF

⚽ Football Manager SPAC, a blank-check company targeting a mid-tier European soccer club, filed for a $100m IPO. axios.link/4drUGAU

• Harbour Island Acquisition I, a tech SPAC led by McAndrew Rudisell (CEO of Forum Markets), filed for a $100m IPO. axios.link/46c5rUa

• Motive Technologies, an SF-based provider of fleet management solutions, withdrew an IPO registration that it filed last December. The company has raised over $770m from firms like GV, Index Ventures, Kleiner Perkins, IVP, Greenoaks, Base10 Partners, and Scale Venture Partners. axios.link/3Tlf3Jm

• Analog Devices (Nasdaq: ADI) agreed to acquire Alif Semiconductor, a Pleasanton, Calif.-based provider of microcontrollers and fusion processors, for $1.35b in cash plus up to $200m in earnouts. Alif raised $342m in VC funding, most recently at a $1.1b valuation in 2025. Backers include Kleiner Perkins, Iconiq, Fidelity, Essentia Ventures, MicroVentures, and Mayfield. axios.link/4gGMu1Y

• Bending Spoons (Nasdaq: BSP) agreed to buy Miro, a workplace collaboration platform, for $1.36b. Miro had raised around $475m, most recently at a $17.5b valuation in 2021. Backers include Iconiq, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, and TCV. axios.link/4iWtqy0

🚑 Blackstone is exploring a sale of ZO Skin Health, which could fetch around $2b, per Reuters. axios.link/3ThlrRQ

• Grab (Nasdaq: GRAB) is in talks to buy a majority stake in Singaporean BNPL provider Atome, per Bloomberg. Atome backers include SoftBank and Warburg Pincus. axios.link/4r6D57o

⚡ Kinetik (NYSE: KNTK), a U.S. pipeline operator with nearly a $9b market cap, is weighing a sale process, per Bloomberg. Blackstone holds around a 48% stake, while I Squared Capital owns 19%. axios.link/4yroohz

• SecureSky acquired Soveren, a data protection startup that had raised $11m from firms like 10x Founders, DIG Ventures, and Semapa Next. axios.link/4ifD7HH

• Meta (Nasdaq: META) acquired Stilla, a Swedish developer of collaborative intelligence for product teams that last year raised $5m in pre-seed funding led by General Catalyst. axios.link/46KhjwO

🚑 TPG is seeking to sell Lyric, a health-care payments company that could fetch around $5b, per Reuters. axios.link/4gZrz94

DOJ is expanding its antitrust investigation into Fox's proposed $22b takeover of Roku.

• Baseten, valued by VCs at $13b, acquired Blaxel, an SF-based provider of cloud infrastructure and sandboxes for AI agents, per Axios Pro. Blaxel last year raised $7.3m in seed funding from First Round Capital, YC, Liquid 2, and Multimodal. axios.link/3VlE2N8

• Circle8 Group (Nasdaq: CIRC) made a preliminary takeover approach for U.K. recruiter SThree (LSE: STEMS). axios.link/4r8ufGm

• Chris and Angie Long are seeking to sell Palmer Square Capital Management, their $37b credit firm, per Bloomberg. axios.link/4gLK0zt

⚽ José António dos Santos said he'd been approached by multiple investors about selling his 16.4% stake in Portuguese soccer club Benfica. axios.link/4h59bMm

• Swarmer (Nasdaq: SWMR) agreed to acquire Ratel Robotics, a Ukrainian maker of unmanned ground vehicles. axios.link/4r1Iooq

• Apogem Capital raised $597m for its 11th fund. axios.link/4ikCAV1

🚑 Archimed raised €1.5b for its fourth smallcap fund. archimed.group

• Peterson Partners raised $510m for a single-asset VC for Kelso Industries, backed by NorthSands Capital. axios.link/4gLww6E

• Ariele Cohen joined Jones Day as a partner focused on private investment funds. She previously was with McDermott Will & Schulte. axios.link/3Uxp9Hv

🚑 Edie Connor joined Grant Avenue Capital as director of executive talent. She previously was with Oxeon. axios.link/4cwzGZE

🎵 Patrick Morin earlier this year joined HarbourView Equity Partners as a managing director, after more than nine years with Cambridge Associates. axios.link/3SQrlJB

• Steph Palmeri is transitioning from partner to venture partner at NextView Venture Partners. axios.link/3SYl3rb

🚑 Merdad Parsey, former chief medical officer at Gilead, joined Sofinnova Investments as an executive partner. axios.link/4xhyT6b

The Treasury Department failed to cow the bond market yesterday with its amped-up buyback announcement, Axios' Matt Phillips reports:

• "The reaction suggests that Scott Bessent's unusual showdown with the markets could itself add to upward pressure on interest rates — precisely the opposite of what most think he's trying to achieve."

Elsewhere in macro: Crude oil prices today topped $100 per barrel for the first time since May, and the Producer Price Index rose 0.4% in August (in line with expectations).