Axios Pro Rata

February 04, 2026
Top of the Morning
SpaceX is gobbling up most of the IPO headlines, but float fans needn't wait until June.
- Eight companies plan to raise at least $100 million in U.S. IPOs this week, which would be the most such activity since 2021.
- The octet's largest issuer and the one most tied to AI — Forgent Power Solutions — is expected to price tonight.
- Hair-loss biotech Verademics was first out of the gate, raising $256 million after pricing above its offering range.
The big picture: It's a diverse bunch of companies, ranging from energy to retail to biotech to digital marketing. There's even a celebrity-driven brand, with Jennifer Garner's Once Upon a Farm.
- Some of the high volume is backlog from last winter's government shutdown, during which certain companies pushed Q4 2025 listings into Q1 2026.
What to watch: Aftermarket performance.
- The IPO window is wide open, but it can slam shut quickly.
- Five of the seven U.S. IPOs to raise at least $100 million last month are trading below their IPO price, several by double-digits. There also were some aftermarket dogs in December, like Lumexa and Wealthfront.
- Renaissance Capital's IPO index not only underperforms the S&P 500 over the past year, it's actually negative. Same goes for the one-, three-, and six-month periods.
- If traders come to believe that they're likely to get a Day 2 discount, they'll stop buying on Day 1.
The bottom line: The next couple months could determine IPO activity in the back half of 2026.
The BFD
Texas Instruments (Nasdaq: TXN) agreed to buy Silicon Laboratories (Nasdaq: SLAB), an Austin, Texas-based chipmaker with a particular focus on IoT, for $7.5 billion in cash.
Why it's the BFD: The semiconductor market keeps consolidating, even within the analog world.
Zoom in: TI will pay $231 per share, which represents around a 69% premium on yesterday's closing price.
- It's the company's largest acquisition since buying National Semiconductor for $6.5 billion in 2011.
The bottom line: "Because of its outsized role in global supply chains, Texas Instruments has become a barometer of sorts for much of the economy, showing whether businesses have confidence in future sales." — Nick Turner, Bloomberg
Venture Capital Deals
• Skyryse, an El Segundo, Calif.-based aviation automation startup, raised over $300m in Series C funding at a $1.15b post-money valuation. Autopilot Ventures led, joined by Fidelity, ArrowMark Partners, Atreides Management, BAM Elevate, Baron Capital Group, Durable Capital Partners, Positive Sum, QIA, Rokos Capital Management, and Woodline Partners. axios.link/4qYMkWs
• Bedrock Robotics, an SF-based developer of construction robots, raised $270m at a $1.75b valuation. CapitalG and Valor Equity Partners led, joined by 8VC and NVentures. axios.link/3ZgZTnW
⚡️ Lunar Energy, a developer of home battery systems and virtual power plant software, raised $102m in Series D funding led by B Capital and Prelude Ventures. It also disclosed a prior $130m Series C round led by Activate Capital. axios.link/4qf7fDa
• Positron, a Reno, Nev.-based memory chip startup, raised $230m in Series B funding from backers like QIA, per TechCrunch. axios.link/3MceZYH
🌍 Tomorrow.io, an Israeli weather intelligence platform, raised $175m from Stonecourt Capital and HarbourVest. axios.link/4auc7Qj
• Machina Labs, a Chatsworth, Calif.-based developer of a robo-factory for manufacturing missile structures and airframes, raised $124m from Lockheed Martin Ventures, Balerion Space Ventures, Woven Capital and Abu Dhabi-based Strategic Development Fund. axios.link/3ZB4qBT
• SynthBee, a Fort Lauderdale, Fla., compute intelligence startup led by MagicLeap founder Rony Abovitz, raised $100m from Crosspoint Capital Partners. axios.link/4rqF6dp
• Kindred, a home-swapping platform, announced $85m in Series C funding led by Index Ventures and a $40m Series B led by NEA and Figma's Dylan Field. axios.link/4a1Gjkg
• Ares Interactive, an Austin-based game developer, raised $70m in Series A funding led by General Catalyst. axios.link/3ZO2rdj
• Veremark, a London-based employee background check platform, raised $26m in Series B funding. Gresham House Ventures led, joined by Samaipata, ACF Investors, and Stage 2 Capital. axios.link/45PQKq6
🌍 Varaha, an Indian carbon removal startup, raised $20m in Series B funding led by WestBridge Capital, with RTP Global and Omnivore participating. The total round target is $45m. axios.link/3NOh51H
• Phylo, an applied AI research lab, raised $13.5m in seed funding led by Menlo Ventures and a16z. axios.link/49UZBsX
🚑 Graici, a Cleveland-based Medicaid renewal and redetermination solutions provider, raised a $7.5m Series A led by Santé Ventures. axios.link/3Mn1xkU
⚡️ Derapi, an SF-based grid software startup, raised $7m in seed funding. Earthshot Ventures led, joined by Tuesday Capital, Susquehanna Sustainable Investments, WYVC, Breakthrough Venture Capital, WovenEarth Ventures, Radicle Impact, Raisewell Ventures, E8 Angels, GreenSky Capital, and Aurora Venture Investments. axios.link/4bADE3B
• Airrived, a Dublin, Calif.-based developer of enterprise AI agents, raised $6.1m in seeed funding. Cannage Capital led, joined by Plug and Play Ventures, Rebellion Ventures, and Inner Loop Capital. axios.link/4thbxg8
• Uptool, an SF-based provider of automating price quoting for manufacturers, raised $6m from Khosla Ventures, Eclipse, Bessemer Venture Partners, and Kleiner Perkins, per Axios Pro. axios.link/4qjIYMC
• Qureos, a MENA-focused hiring platform, raised $5m led by Prosus Ventures. axios.link/4qU4f0f
• Refute, a U.K. counter‑disinformation company, raised £5m in seed funding. Amadeus Capital Partners led, joined by NSSIF. axios.link/4c81Z0M
• QT Sense, a Dutch quantum sensing startup, raised €4m in seed funding. Cottonwood Technology Fund led, joined by QDNL Participations. axios.link/4qfIO8I
• CloudForge, an NYC-based metals supply chain startup, raised $3.95m from Zero Infinity Partners, Resolute Ventures, and Bienville Capital. axios.link/4r0mktI
• Kairos, a cross-platform tool for prediction market traders, raised $2.5m in seed funding led by a16z. axios.link/4r7bFgE
• Haelixa, a Swiss provider of DNA-based product traceability, raised €2m. Verve Ventures and Zurich Kantonalbank led, joined by 212 NexT Fund. axios.link/3Zbl9LP
Private Equity Deals
• AEA Investors acquired Magna5, a Pittsburgh-based managed services provider, from backers like NewSpring Capital. axios.link/45P4RMm
• Antin Infrastructure Partners agreed to acquire Vigor Marine, a Portland, Ore.-based provider of ship repair and marine services, from Lone Star Funds. axios.link/4tiipK6
• Arax Investment Partners acquired GFP Private Wealth, a Cleveland-based RIA with $1.5b in AUM. axios.link/3Mm9oiE
• ILS Gummies, a McKinney, Texas-based nutritional supplement company, secured investment from Edgehill Management, ECP Growth, Patriot Capital, and Providence Investment Partners. axios.link/4kf5Dbt
• IMMEC, a Core Industrial Partners portfolio company, acquired Helton Electrical Services, a Ga.-based provider of electrical, utility and HVAC services. axios.link/4qgXwfW
• Littlejohn & Co. acquired 80/20, a Columbia City, Ind.-based provider of modular framing solutions. axios.link/3ZNSpJa
• MiddleGround Capital acquired Pi Innovo, a U.K. developer of electronic control systems and control software, from Dana (NYSE: DAN). axios.link/4ahIeBC
• Precision Door Tri-State, a Monogram Capital Partners portfolio company, acquired Foris Solutions, a Plymouth, Mich.-based garage repair group. axios.link/4tla3lk
🚑 Rhône acquired Invacare Europe and Direct Healthcare Group, creating a post-acute care medical device group called DHCare, with Archimed retaining a minority stake in the combined company. axios.link/3MdV3ol
🚑 Superior Health, a Renovus Capital Partners portfolio company, acquired Pulse Home Health and Hospice, a provider of home health and hospice services in Louisiana. axios.link/4qmsRxN
• Trive Capital acquired PavCon, a provider of predictive analytics and decision-support solutions to the Defense Department. axios.link/45OnpMG
• Veritiv, a Clayton, Dubilier & Rice portfolio company, acquired Pack4, a Boston-based protective packaging manufacturer. axios.link/4bBfRAI
🚑 Vivo Capital agreed to acquire French medical research equipment manufacturer Dutscher Group, from LBO France. axios.link/4teOJ0r
Public Offerings
• Clear Street Group, an NYC-based brokerage, set IPO terms to 23.8m shares at $40-$44. It would have an $11.3b market cap, were it to price in the middle, and plans to list on the Nasdaq (CSIG). Backers include Prysm Capital. axios.link/4rp34ps
• Colombier Acquisition III, a SPAC formed by 1789 Capital, raised $260m in an upsized IPO. Directors include 1789's Donald Trump Jr., Chamath Palihapitiya, Blake Masters, and Fox News host Laura Ingraham. axios.link/4qf7mP6
🚑 Veradermics, a New Haven, Conn.-based hair-loss biotech, raised $256m in its IPO. It priced at $17 per share, above the $14-$16 range, for a $606m fully diluted value. The pre-revenue company plans to list on the NYSE (MANE) and hasd raised around $260m from SR One, Longitude Capital, Viking Global, J.W. Childs, Marshall Wace, Invus, Columbia Threadneedle, Infinitium, and LifeSci Venture Partners. axios.link/4rpsP9j
Liquidity Events
Anthropic is working on an employee tender offer at a $350b valuation, per Bloomberg.
• Bridgepoint sold Flexitallic, a Houston-based provider of sealing and joint integrity solutions, to Michelin (Paris: ML). axios.link/4tmfbWg
• Colliers (Nasdaq: CIGI) agreed to acquire Spain's Ayesa Engineering from A&M Capital Europe for $700m. axios.link/3LS5Wwa
• Valtris, a specialty chemicals firm owned by SK Capital Partners, sold its French rapeseed business Champlor Renewables to Avril Industrie. axios.link/4ruvi24
• Wendel agreed to sell Dutch coatings company Stahl to Henkel for €2.1b. axios.link/4rvuU3u
• Wynnchurch Capital sold Team Car Care, the largest Jiffy Lube franchisee, to Triple JJJ Lube. axios.link/4rsRF84
More M&A
• Banco Santander (NYSE: SAN) of Spain agreed to acquire Waterbury, Conn.-based Webster Financial (NYSE: WBS) for $12.3b in cash and stock. axios.link/4tf4jtd
• Abrigo, commercial lending software provider backed by Accel-KKR, acquired Journey Technology Solutions, a Sioux Falls, S.D.-based banking data firm. axios.link/4c4HodN
• Beazley (LSE: BEZG), a London-based insurer, accepted a sweetened $10.97b takeover offer from Zurich Insurance Group (Swiss: ZURN). axios.link/49YKIpC
• Pendo, a Raleigh, N.C.-based customer analytics platform that's raised over $450m, acquired Chisel Labs, a product management platform seeded by Array Ventures, Ridge Ventures, Contour Venture Partners and BluePointe Ventures. axios.link/3M4moJK
• Polestar, the Swedish and Chinese EV maker, raised $400m in equity from Sumitomo Mitsui Banking Corporation, and Standard Chartered Bank. axios.link/46htilE
Fundraising
• BayHawk Capital, a tech and services PE firm, raised $616m for its debut fund. Boston-based BayHawk was founded by THL Partners vets Jeff Swenson and Doug Haber. axios.link/4keMuGF
It's Personnel
• ATL Partners promoted Lauren DiBartolomeo to COO and Josh Raj and Daniel Wu to vice presidents. axios.link/4acAiBs
• Brookfield Asset Management named Connor Teskey as CEO. He succeeds Bruce Flatt, who will remain chairman (plus CEO of BAM's parent company). axios.link/4thV4sc
• Franco Danesi (ex-Korelya Capital) joined Molten Ventures as senior partner, while Inga Deakin and George Chalmers were promoted to partner. moltenventures.com
• Suzanne Donohoe joined Vista Equity Partners as COO and chief commercial officer. She previously was with EQT, KKR, and Goldman Sachs. axios.link/4aqdmA1
• Mainsail Partners promoted Anthony Hayes and Phil Stern to partners, Aeri Miller to VP of finance, Ania Frankel to senior director of internal ops, Immad Baig to director of accounting; and Rachel Byrne to senior talent manager. axios.link/49ZKfna
• Cedric Powell joined law firm Squire Patton Boggs as a private equity-focused partner. He previously was with Sheppard Mullin. axios.link/4qblZ6l
• San Francisco Equity Partners promoted Andrew Poley to principal and Marc Berbert to VP, and hired John Duffy (ex-Bainbridge Capital Advisory) as VP of biz dev. sfequitypartners.com
Final Numbers


Disney yesterday named Josh D'Amaro as its next CEO, succeeding Bob Iger.
- D'Amaro helped drive Disney's investment in Fortnite maker Epic Games, and reportedly envisions "giving videogames a bigger role at the company and integrating gaming technology throughout its creative processes."
This may mean Disney becomes a buyer in gaming M&A, despite Electronic Arts being off the board.
- One possibility would be gaining control of Epic, if it could convince Tencent to sell its stake, or maybe even making a play for Roblox if it can get past the trust and safety challenges.
An intriguing (and expensive) target floated by Stephen Totilo, my former Axios colleague who now writes Game File, could be Microsoft's Xbox division, which includes Minecraft.
- Satya Nadella emphasized gaming upon becoming CEO, but Microsoft now is much more focused on AI.
📬 Thanks for reading Axios Pro Rata, and to copy editor Bryan McBournie! Please ask your friends, colleagues, and IPO bankers to sign up.
Sign up for Axios Pro Rata




