President Trump pulled back from the brink last night, after having threatened to destroy Iran's "civilization," agreeing to a two-week ceasefire.

• In so doing, he also may have saved the next generation of defense-tech companies.

We don't know what Trump would have done were the temporary truce not struck.

• But, if we take him at even just some of his words, it would have resulted in an enormous amount of human suffering — particularly if desalination plants (or power to those plants) were targeted.

Domestically, this would have been a tough sell.

• Maybe not for most in MAGA, but almost certainly for many in Silicon Valley who until very recently were hesitant to work on or invest in defense technologies.

Venture capital's embrace of these startups — from Anduril on down — has come fast and furious. From just $520 million into U.S. defense-tech startups in 2020 to nearly $7 billion last year, per PitchBook.

• Something that flips that quick can flip back just as quickly if the vibes shift. And killing tens of thousands of civilians could have been that boomerang.
• People don't want to feel complicit in something they believe to be immoral.

Congress also might have become more stingy with the Pentagon, particularly if Democrats take control after the midterms.

• One reason VCs historically avoided defense-tech was that they didn't want to rely on a primary procurer of their product.
• Yes, the Defense Department would have needed to refill their stockpiles, and heightened geopolitical tensions might help incumbents, but new tech spend is often the first thing to go when fists get tighter.

Again, this is all a counterfactual. There is a ceasefire, and most everyone hopes that a lasting peace can be negotiated.

• And, if so, then those building and investing in tools of war will have a lot to gain from there not being more of one.

American Ocean Minerals, a Houston-based deep-sea mining company, agreed to a reverse merger with Odyssey Marine Exploration (Nasdaq: OMEX).

Why it's the BFD: The U.S. needs to find new sources of critical minerals for batteries and other industrial and national security applications, so that it can't be choked off by geopolitical conflict.

• AOM, led by ex-Rio Tinto CEO Tom Albanese, is focused on finding polymetallic nodules in waters near the Cook Islands.

Zoom in: The combined company would be valued at around $1 billion, including a $150 million private placement, and plans to list on the Nasdaq under ticker symbol "AOMC."

The bottom line: "The Cook Islands spent years building a formal regulatory framework for seabed mining, putting the South Pacific nation ahead of many other jurisdictions in setting out how projects can move from exploration to potential harvesting." — Veena Ali-Khan and Crystal Tse, Bloomberg

🚑 Sidewinder Therapeutics, a San Diego-based developer of antibody-drug conjugates, raised $137m in Series B funding. Frazier Life Sciences and Novartis Venture Fund led, joined by OrbiMed, Goldman Sachs Alternatives, DCVC Bio, Samsara BioCapital, Longwood Fund, Astellas Venture Management, and Alexandria Venture Investments. axios.link/4tu5xQp

🚑 Life Biosciences, a developer of anti-aging gene therapies, said it raised $80m in Series D funding from undisclosed investors. axios.link/4snqLyD

• MillTech, a British FX hedging cash management platform, raised $60m from Apax Digital Funds at a $325m valuation. axios.link/4sYFPnh

• Patlytics, an AI platform for patent law, raised $40m in Series B funding. SignalFire led, joined by N47, Myriad Venture Partners, Relativity, Alumni Ventures, Antiportfolio Ventures, and BAM Corner Point. axios.link/4t1wNpR

• Trent AI, a provider of security agents for agentic and vibe-coded systems, raised $13m in seed funding led by LocalGlobe and Cambridge Innovation Capital. axios.link/4sRGwPi

• Astromech, an AI biological data spinout from Colossal Biosciences, raised $10.5 million in seed extension funding at a $2b valuation led by Builders VC, per Axios Pro. axios.link/4sqMeH1

🚑 Flora Fertility, a Canadian reproductive care insurance platform, raised C$5m led by ManchesterStory, with participation from Slauson & Co., BDC, Adara Venture Partners, Highline Beta, Everywhere Ventures, and Cartography Capital. axios.link/488PEqH

• Inxy, a stablecoin infrastructure startup, raised $4m in seed funding led by Flashpoint. axios.link/41T2ZQ8

• Blackstone and Tinicum agreed to acquire U.K. aerospace engineering firm Senior (LSE: SNR) for £1.4b, beating out Advent International and Arcline. axios.link/41WJciE

🚑 Blackstone and TPG completed their $18.3b take-private buyout of Hologic, a Marlborough, Mass.-based medical device maker.

• Caylent, a Gryphon Investors portfolio company, acquired Pronetx, a customer experience transformation firm. axios.link/4c6LzEl

• Francisco Partners agreed to acquire Blackline Safety (TSX: BLN), a Canadian maker of connected safety tech, for up to C$850m. axios.link/41FLy5L

🚑 Graham Partners acquired Midwest Products & Engineering, a Milwaukee-based outsourced manufacturer for health-care OEMs, from BPOC. axios.link/3PTQbGA

• Great American Holdings, owned by Oaktree Capital Management, acquired G2 Capital Advisors, a Boston-based investment bank and restructuring advisory firm. axios.link/41jy4fK

🌎 Harrell-Fish, backed by New State Capital Partners and Amethyst Capital Group, acquired Ecofriendly Mechanical, a Bloomington, Ind.-based provider of sustainable and energy-efficient mechanical solutions. axios.link/4tzwySG

⚽ Sixth Street Partners agreed to buy a majority stake in the women's club of Sunderland AFC. axios.link/4vhAusY

• Triton agreed to acquire Integris Composites, a Vienna, Va.-based maker of military armor products, from Agilitas. axios.link/4cvb8Aj

🚑 Vernacare, an H.I.G. Capital portfolio company, acquired Eakin Surgical, a U.K. maker of single‑use surgical instruments, from Eakin Healthcare. axios.link/4cvOMi8

• VITALSpace, a Heartwood Partners portfolio company, acquired B.I.G. Enterprises, a South El Monte, Calif.-based maker of custom guard booths and protective enclosures. axios.link/41WIQsk

• Arxis, a Connecticut-based defense electronics maker owned by Arcline, set IPO terms to 37.7m shares at $25-$28. It would have a $10.8b market cap, were it to price in the middle, and reports $46m of net income on $1.59b of revenue for 2025. Arxis plans to list on the Nasdaq (ARXS). axios.link/4dwdpfL

• ACP Holdings Acquisition, a SPAC formed by Atlas Credit Partners, raised $200m in its IPO. axios.link/4ugu2C1

• Apogee Acquisition, an advanced tech SPAC led by Jeffrey Smith, raised $150m in a downsized IPO. axios.link/4rud3cY

• RRE Ventures Acquisition, a SPAC formed by RRE Ventures, filed for a $250m IPO. axios.link/4twucnB

🚑 FFL Partners hired Raymond James to find a buyer for ambulatory infusion therapy provider Apex Infusion, per Axios Pro. axios.link/4c7jrkA

✈️ Transportation Secretary Sean Duffy told CNBC that he thinks there's "room" for some airline mergers. Such deals would need to be approved by both DOT and DOJ.

⛳ Bryson DeChambeau, the pro golfer, is leading an acquisition of Sportsbox AI, a Bellevue, Wash.-based provider of AI-powered coaching for golf. axios.link/4mjMHcw

• Gamma Communications (LSE: GAMA), a British telco with a £667m market cap, said that it's in early sale talks with multiple suitors. Barclays is managing the process. axios.link/47Nk9SM

• MSCI (NYSE: MSCI) acquired PM Insights, an NYC-based private markets analytics firm. axios.link/4t90vJi

• Telefónica (Madrid: TEF) agreed to sell its Mexican unit for $450m to OXIO and Newfoundland Capital Management. axios.link/4cc5CkG

🌎 Evok Innovations, a Canadian VC firm focused on climate, is targeting US$400 million for its third fund, per Axios Pro. axios.link/4e4B1Z2

• King Street Capital Management of New York is raising a MENA-focused private credit fund to be anchored by Saudi Arabia's Public Investment Fund. axios.link/3QowLcY

🚑 Jeito Capital, a Paris-based biopharma VC, raised €1b for its second fund. axios.link/3NNQmmg

• NOVA Infrastructure, a midmarket infrastructure PE firm, raised $1.45b for its second flagship fund. axios.link/4miq2xe

• LGT Capital Partners hired the six-person VC fund-of-funds team from Sapphire Ventures, although the group will continue to manage the existing portfolio.

• It includes: Beezer Clarkson, Nate Leung, Laura Thompson, Dan Clayton, Vittorio Reynoso-Avila, and Anna Jacoby. axios.link/4md9cja

• Liz Benz joined Rally Ventures as an operating partner. She previously was chief sales officer at Jamf Software. axios.link/4sSFfYd

• Seth Harward joined Siris as a managing director of biz dev. He previously was with Piper Sandler's merchant banking group. axios.link/4vgWmVn

• Sarah Lightdale joined Latham & Watkins as an M&A-focused litigation partner. She previously was with Cooley. axios.link/4vgzTHS

• Michael Kuh (ex-Hogan Lovells) and Eric Geffner (Sidley Austin) agreed to join Simpson Thacher as co-heads of its sports, media, and entertainment practice, while Matthew Carpenter-Dennis (NBA) joined the group as a partner. axios.link/4tsEDZb

• Eric Rosenblum joined Xora Innovation, a deep-tech VC firm backed by Temasek, as its first Silicon Valley-based partner, per Axios Pro. He previously was with Foothill Ventures. axios.link/4tU15Ll