Neptune Insurance didn't just price its IPO last night ahead of the government shutdown, it thinks the shutdown could help its business.

• "We compete with the federal government, which provides flood insurance through FEMA" says Neptune CEO Trevor Burgess, who adds that he received lots of shutdown questions from prospective investors. "They'll be closed, but we'll be open and able to serve thousands of homeowners."

Driving the news: Neptune raised $368 million in the IPO, selling at the high end of its $18 to $20 per share range.

• That gives the St. Petersburg, Florida-based company an initial market cap of $2.76 billion, with backers Bregal Sagemount and FTV Capital selling a small portion of their stakes into the offering.
• Shares will trade on the NYSE under ticker "NP."

How it works: Neptune is a managing general agent, which means it underwrites flood policies for dozens of insurers and reinsurers without taking on the underlying risk.

Why it matters: Climate change is putting more properties at risk for flooding. Plus, scientific advances have helped identify flood zones that were previously unknown.

• Burgess claims that the federal government often relies on outdated maps, even though it controls around 90% of the country's flood insurance market via FEMA's National Flood Insurance Program (NFIP).
• "There are millions of houses at risk that don't have flood insurance, which is an opportunity for us, and we also can use our tech to provide lower prices than the government to consumers who actually are at lower risk."

Zoom in: Around 5% of homes are too high-risk to qualify for a Neptune policy.

• "I joke that you should move if Neptune says no, but it's not really that much of a joke," Burgess explains. "The NFIP in many ways enabled people to build houses there they probably shouldn't have by selling heavily subsidized flood insurance — kind of hiding their risk."

Look ahead: Neptune is seeking to eventually offer earthquake insurance policies, including in California.

The bottom line: Burgess says that Neptune always planned to price its IPO last night, rather than expediting to beat the shutdown.

• He adds that the SEC was "great to work with," and there was regular communications last week to ensure that the registration could be made effective in time.

Global Infrastructure Partners, owned by BlackRock, is in advanced talks to acquire Virginia-based power group AES (NYSE: AES) for around $38 billion, per the FT.

Why it's the BFD: AI needs data centers and data centers need power.

By the numbers: The $38 billion headline figure would include nearly $31 billion of assumed debt.

• AES stock was flat in 2025 prior to the FT report, which sent them up more than 10% in pre-market trading, but down over 30% from this time last year.

The bottom line: AES continues to push U.S. renewables during Trump 2.0, working on projects with tech giants like Alphabet, Meta, and Microsoft.

• Periodic Labs, an "AI scientist" startup, raised $300m in seed funding. A16z led, joined by a16z, DST, Nvidia, Accel, Elad Gil, Jeff Dean, Eric Schmidt, and Jeff Bezos. axios.link/3W2RKSx

• Vercel, a front-end cloud development platform, raised $300m in Series F funding at an $9.3b valuation from Accel, GIC, BlackRock, StepStone, and Khosla Ventures. axios.link/4pN5Gxk

🚑 Crystalys Therapeutics, an SF-based biotech focused on gout, raised $205m in Series A funding. Novo Holdings, Catalys and SR One led, joined by Lightstone VC, Longwood Fund, and Alexandria Venture Investments. axios.link/4pJWQkd

• Phaidra, a provider of AI agents that help manage data centers, raised $50m in Series B funding, per Axios Pro. Collaborative Fund led, joinerd by Sony Innovation Fund, Helena, Index Ventures, and Nvidia. axios.link/4nXnc06

• Nornorm, a Danish furniture-as-a-service company, raised €50m from insiders Verdane, Inter IKEA, Philian, and Banco Santander. axios.link/3VG2uGa

• RunBuggy, a Tempe, Ariz.-based platform connecting car shippers and haulers, raised $37m in Series B funding. Centana Growth Partners led, joined by OMI Capital. axios.link/42lLngB

• Kanastra, a Brazilian private credit infrastructure startup, raised $30m in Series B funding. F-Prime led, joined by IFC, Itaú, Kaszek, Valor, and Quona. axios.link/3VGcZcz

🚑 Visana Health, a Minneapolis-based provider of virtual women's care, raised $24m in Series A funding. Noro-Moseley Partners led, joined by Cigna, Intermountain Ventures, Flare Capital Partners, and Frist Cressey Ventures. axios.link/3IRxsZ1

🚑 SureCo, a Santa Ana, Calif.-based ICHRA administrator, raised $23m in Series A funding. Health Velocity Capital led, joined by Kaiser Permanente Ventures. axios.link/3WlrYZu

🚑 Aerska, an Irish brain biotech, raised $21m in seed funding. Age1 and Backed VC led, joined by Ada, Blueyard, Kerna, Lingotto, Norrsken, PsyMed, Saras, and Speedinvest. axios.link/485HEaD

• Baselane, a New York-based banking and financial platform for real estate investors, raised $20m in Series B funding. Thomvest Ventures led, joined by Matrix Partners. axios.link/4mOUsG7

• Lastro, a Brazilian residential proptech, raised $15m in Series A funding led by Prosus Ventures. lastro.co

• Cyvl, a Somerville, Mass.-based provider of infrastructure analysis tech for local governments, raised $14m in Series A funding. Sentinel Global led, joined by Companyon Ventures and MassVentures. axios.link/4oiUxTJ

• Datawizz, an SF-based developer of specialized language models, raised $12.5m in seed funding. Human Capital led, joined by BGV and 91VC. axios.link/48GoAjk

• ConCntric, an SF-based preconstruction platform, raised $10m in Series A funding. 53 Stations led, joined by Argonautic Ventures. concntric.com

• InOrbit.AI, a Mountain View, Calif.-based provider of robot orchestration software, raised $10m in Series A funding led by L'attitude Ventures and Globant Ventures. axios.link/48ew9Oh

• StackGuardian, a Belgian cloud infrastructure automation startup, raised $10m in seed and Series A funding. TIN Capital led the Series A, joined by Volta Ventures and InvestLink. axios.link/3KuHMH2

• Djust, a Paris-based B2B digital platform design startup, raised €7m from NEA, Elaia, and Speedinvest. www.djust.io

🚑 BeSound, a breast cancer imaging startup, raised $6.8m in seed funding from Overwater Ventures, Kindred Ventures, Muse Capital, Lux Capital, Wisdom.VC, Retron VC, Mana Ventures, Pave Health Ventures, and SSC Venture Partners. axios.link/4gNFH4R

• Fan3, a London-based live events ticketing platform, raised $5m from Improbable. fan3.io

• Tato, a Montreal-based project intelligence platform, raised US$5m in seed funding. Ridge Ventures led, joined by Myriad Venture Partners, Betaworks, and RRE Ventures. axios.link/4mNtZbZ

🚑 DataJoint, a Houston-based computational database for life sciences, raised $4.9m in seed funding led by Nina Capital, Inoca Capital Partners, and Capital Factory. axios.link/489kXlZ

🚑 NoBACZ, a British veterinary wound-care startup, raised £4.8m. The Yield Lab led, joined by Adjuvo, ACF Investors, the University of Cambridge, Parkwalk, The FSE Group, and Cambridge Enterprise Ventures. axios.link/3VIo1xT

• Clarifeye, a French platform for building enterprise AI agents, raised €4m led by EQT Ventures. clarifeye.ai

• Boldr, a London-based residential power plant startup, raised $3.2m from Ada Ventures, Unconventional Ventures, Inclimo Climate Tech Fund, Prosegur, Techstars, S20 Fund, and Viva Holdings. axios.link/3VIqM2g

• Hupside, a Washington, D.C.-based developer of tech to measure human creativity, raised $1.7 in pre-seed funding led by Ruxton Ventures. axios.link/4pICCHj

• Artemis acquired Millrock Technology, a Kingston, N.Y.-based maker of freeze-drying instruments. axios.link/3IQQpei

⚡ BDC Capital acquired a minority stake in PMC Energy, a provider of energy efficiency retrofits and services. axios.link/42OTxy6

• Clayton Dubilier & Rice is weighing a bid for French food retailer Prosol Group, owned by Ardian, per Bloomberg. A deal could fetch around €3b. axios.link/46wymmU

• H.I.G. Capital completed its $464m purchase of Rentokil Initial's (LSE: RTO) French workwear business. axios.link/4dzsbQG

⚡ MidOcean, an LNG company backed by EIG, agreed to buy a 20% stake in certain Canadian entities of Brazil's Petronas. axios.link/4nVs5a7

• Njord Partners acquired Red Funnel, a U.K. ferry operator. axios.link/46FbNMZ

⚡Nuveen acquired a majority interest in Houston-based industrial energy services company Ally Energy Solutions. axios.link/42m93Bs

🚑 Revelstoke invested in Tampa, Fla.-based Griffin Concierge Medical. axios.link/4pO7O8b

⚡Fermi, an energy infrastructure REIT cofounded by former Energy Secretary Rick Perry, raised $683m in its IPO. It priced at $21 (vs $18-$22 range), for a $13.9b fully diluted market value, and will list on the Nasdaq (FRMI). axios.link/428oCws

• LG Electronics will launch an IPO for its India arm next month, with hopes of an $8.7b valuation. axios.link/489mZT8

• AA Mission Acquisition II, a food and beverage SPAC, raised $100m in its IPO. axios.link/3HK5LRo

• American Dynamism Acquisition, a defense and logistics SPAC, filed for a $200m IPO. axios.link/4nwis1W

⚡ Rice Acquisition 3, an "energy value chain" SPAC formed by Rice Investment Group, raised $300m in an upsized IPO. axios.link/4mrLkXL

• CVC Capital Partners is seeking to sell Domestic & General, a British provider of electrical goods insurance, per Sky News. axios.link/4pJOUzb

• Meta (Nasdaq: META) agreed to acquire Rivos, a Santa Clara, Calif.-based chip startup that reportedly was raising new funding at a $2b valuation. Rivos was cofounded by Intel CEO Lip-Bu Tan, and had raised $370m from firms like Matrix Capital Management, Intel Capital, Cathay, Dell Technologies Capital, and Koch Disruptive Ventures. axios.link/4gTLZ31

🚑 Permira is weighing a sale of Neuraxpharm, a German CNS biotech that could fetch €3b to €4b, per Bloomberg. axios.link/4mI6UY3

• Zebra Technologies (Nasdaq: ZBRA) completed its $1.3b cash takeover of Elo Touch Solutions, a Milpitas, Calif.-based touchscreens maker, from Crestview Partners. axios.link/3IYDuqt

• Banco Sabadell (Madrid: SAB) rejected a sweetened €17b takeover offer from BBVA (M: BBVA). axios.link/3Izy8Cj

⚡ Civitas Resources (NYSE: CIVI), a Denver-based oil and gas explorer with a $3b market cap, is seeking a buyer, per Bloomberg. axios.link/4pGj0nc

⚽ Crux Football acquired French women's soccer club Montpellier HSC Féminines. axios.link/3IKEZss

⚡ Occidental Petroleum (NYSE: OXY) is in talks to sell its OxyChem petrochemicals unit for $10b to Berkshire Hathaway, per the WSJ. axios.link/4pLa4ND

⚾ Patrick Zalupski completed his purchase of MLB's Tampa Bay Rays from Stu Sternberg for a reported $1.7b. axios.link/3Kvg3px

• Cole Pergament joined Sequoia Capital as a partner. He previously was with Bond Capital. axios.link/4nPBS1s

Nigel Wright, co-head of Onex Partners, has died at the age of 62.

• He joined the Canadian private equity firm in 1997, and helped launch its London office in 2014.
• Wright also took time away from Onex to serve as chief of staff to former Canadian Prime Minister Stephen Harper, a role that ended in controversy.

Onex chair Gerry Schwartz said in a statement:

"His professional and personal achievements may seem at odds with a man who was so humble and selfless with his time and resources. His passing is a loss not just for Onex but for anyone who had the privilege to know him. I take comfort in knowing that his legacy will carry on through the many enterprises, foundations, charities and individuals who benefited from his kindness and generosity."

Three quarters of 2025 are in the books, and the S&P 500 is up 14%.

• Axios Markets author Madison Mills writes about why October should be more treat than trick.