Elon Musk's lawsuit against Sam Altman ostensibly is about OpenAI's pivot to a for-profit model, after having been founded for more altruistic purposes.

• What really matters, however, is if either side can expose damaging information about the other. Almost regardless of the jury verdict.

The big picture: Altman has more at stake than does Musk.

• The WSJ last night reported that OpenAI "missed its own targets for new users and revenue."
• This comes just weeks after WSJ noted that some OpenAI shareholders "have begun to privately question whether [Altman] should lead OpenAI through the turbulence of going public."
• Musk also is prepping a massive IPO for SpaceX, which now includes xAI, but Wall Street already knows many of his warts and appears to have accepted them. Even the casual racism.

State of play: A nine-person jury was seated yesterday in Oakland, with opening arguments to begin later today.

• The liability phase (i.e., did Altman and OpenAI do anything wrong) is expected to last for the next three weeks, with the jury to then provide what amounts to an advisory opinion.
• The remedies phase, with only the presiding judge involved, could follow.

Zoom in: We've already learned some fun gossip via discovery, but nothing that would change the trajectory of either principal or their company.

• The real fireworks and burning embers, if any, would come during testimony from witnesses that almost certainly will include both Altman and Musk. Plus many others who have long personal and professional relationships with both men.
• We just don't know what we don't yet know.

The bottom line: Tech investors regularly say that they back people, not projects. Individuals, not ideas.

• That means the unprecedented quantums of capital are being bet as much on Altman and Musk as they are on OpenAI and SpaceX — even if neither man is an actual AI engineer.
• What happens over the next few weeks, therefore, could make or break fortunes.

True Anomaly, a Centennial, Colo.-based developer of autonomous spacecraft and software for U.S. national security, raised $650 million in Series D funding led by insiders Eclipse and Riot Ventures at a $2.2 billion post-money valuation.

Why it's the BFD: This comes just days after True Anomaly was picked to help develop the Golden Dome missile interceptor program.

• Others participating in the $3.2 billion worth of U.S. Space Force contracts included defense primes and defense-tech juggernaut Anduril.

Other investors include Paradigm, Atreides, G Squared, The Private Shares Fund, VanEck, Accel, Menlo Ventures,  ACME Capital, Space VC,  Meritech Capital, Narya, and 645 Ventures.

The bottom line: "Space interceptors are a new market for True Anomaly, which also makes autonomous orbital satellites, known as Jackal, and its Mosaic autonomy software platform." — Samantha Subin, CNBC

• Ineffable Intelligence, a London-based reinforcement learning startup, raised $1.1b in "seed funding" at a $5.1b valuation. Sequoia Capital and Lightspeed led, joined by Nvidia, Google, and Index Ventures. axios.link/48sB8dq

• Vinted, a Lithuanian second-hand fashion marketplace, sold €880m in secondary shares led by Teachers' Venture Growth and Schroders Capital at an €8b valuation. axios.link/48XoZNI

🚑 Coultreon Biopharma (fka Onco3R Therapeutics), a Belgian immunology biotech, raised $125m in Series A funding. Sofinnova Investments led, joined by Forbion, Novo Holdings, Galapagos, Regeneron Ventures, Balyasny Asset Management, Luma Group, Samsara BioCapital, Longwood Fund, and Finchley Healthcare Ventures. axios.link/4mUT3PP

⚡️ Wiliot, a San Diego-based developer of sensors and software for supply chains, raised $75m from Avery Dennison. axios.link/4wcZceH

🚑 Nervonik, an LA-based maker of peripheral nerve stimulation devices, raised $52.5m in Series B funding. Amzak Health led, joined by Elevage Medical Technologies, USVP, Lumira Ventures, Foothill Ventures, and Shangbay Capital. axios.link/4vQxyUx

• Liquid Instruments, a San Diego-based provider of software-defined test solutions, raised $50m in Series C funding led by Keysight Technologies and the Australian Government's National Reconstruction Fund. liquidinstruments.com

🚑 Fathom Therapeutics, a NYC-based quantum and AI drug design company, raised $47m in Series A funding. Sutter Hill Ventures led, joined by Chemistry, Alexandria Venture Investments, and Empire State Development. axios.link/4cQEwzY

🐶 Golden Child, a Miami-based dog food brand, raised $37m from Atomic, A*, and Redpoint Ventures. axios.link/420NiGQ

🚑 Minish Technology, an LA-based biometric dental restoration startup, raised $22m led by VIG Partners. axios.link/4vL7ABD

• Zamp, a Miami-based sales tax compliance startup, raised $17m, per Axios Pro. Acrew Capital led, joined by Thomson Reuters Ventures. axios.link/48rozPu

• Windmill, an NYC-based performance review platform, raised $12m in pre-seed and seed funding from Inspired Capital, Primary Venture Partners, Founder Collective, and Oceans Ventures. axios.link/4eLh3CS

• Clarasight, a provider of corporate travel and expense management software, raised $11.5m in Series A funding, per Axios Pro. AlleyCorp led, joined by Rackhouse Venture Capital, Clocktower Ventures, Pulse Fund, Thayer Ventures, Future Back Ventures, Vestigo Ventures, and XYZ Venture Capital. axios.link/4vXos8g

• SkyfireAI, a Huntsville, Ala.-based developer of the autonomy layer for multi-drone operations, raised $11m in seed funding. Mucker Capital led, joined by AI Fund, SaaS Ventures, and Halogen. axios.link/3OuiUl5

• Marloo, a London-based AI for financial advisors, raised $10m in seed funding led by Blackbird Ventures. axios.link/3QPevcZ

• Segura, a Brazilian developer of AI infrastructure for insurance distribution, raised $8m in seed funding led by a16z and Kaszek. axios.link/4vTuC9x

• Redpine, a Swedish startup that gives AI agents access to non-public data, raised €6.8m. NordicNinja led, joined by Luminar Ventures and Node vc. axios.link/4t50lC2

• Neutonic, a London-based functional drinks brand, raised $6m at a $60m valuation from individual investors. axios.link/4mT4ozQ

🚑 Dehaze, a German chronic disease detection startup, raised €3.2m in seed funding. YZR Capital and DN Capital led, joined by Angel Invest, Zoho, and Better Ventures. axios.link/4tOnoC8

🌎 Fermeate, an SF-based precision fermentation startup, raised $2m in seed funding. Newfund Capital led, joined by SOSV, Ajinomoto Group Ventures, Ki Tua Fund, Heuristic Capital Partners, Momentum Capital, Plug and Play, Tesserakt Ventures, and Ag Startup Engine. axios.link/3OwIJku

• Linexa, German developer of factory efficiency software, raised €2m in pre-seed funding led by Project A. axios.link/4mS8KYd

• Artemis agreed to acquire Optikos, a Wakefield, Mass.-based optical products testing company. axios.link/41VabLN

• Bridgepoint agreed to buy a majority stake in German identity security company iC Consult from Carlyle. axios.link/4vViXqP

• ClearCourse, an Aquiline Capital Partners portfolio company, acquired Kurve, a provider of kiosks and digital ordering systems to hospitality businesses. axios.link/4eLkgSW

• Fusion Capital Partners acquired Aqualis, a Morrisville, N.C.-based provider of water management services for critical infrastructure, from DFW Capital Partners. axios.link/4t1abFa

• Mach, a Main Capital Partners portfolio company, acquired SMS Stiewi, a German provider of non-wage employee expense management software. axios.link/4cRROfE

• Newport Specialty Partners, backed by Lovell Minnick Partners, acquired Complex Coverage, a Huntington, N.Y.-based managing general agency focused on homeowners' and personal lines insurance. axios.link/3P5DEzF

⚡ Pelican Energy Partners acquired Environmental Alternatives, a Mechanicsville, Va.-based provider of environmental remediation and nuclear decontamination services. axios.link/4mRpLBE

• Protos Security, backed by Southfield Capital, acquired At-Risk International, a Chantilly, Va.-based security and risk consulting services company. axios.link/41YQvqq

⚡ Saavi Energia, backed by Global Infrastructure Partners, agreed to merge with Grupo Mexico's electricity generation unit. axios.link/4uf144F

⚡ Stonepeak and Bernhard Capital Partners agreed to acquire Louisiana utility Cleco Group from Macquarie Asset Management, British Columbia Investment Management, and Manulife Investment Management. axios.link/48sSzKV

🚑 Superior Health, a Renovus Capital Partners portfolio company, acquired Chant Healthcare, a provider of home health and hospice services in Southeastern Oklahoma. axios.link/48XxqIS

• Triton Partners agreed to acquire Cint (STO: CINT), a Swedish market research firm. axios.link/4tOrqKM

• Varsity Brands, a KKR portfolio company, acquired Sports Endeavors, a provider of club soccer uniforms and equipment. axios.link/4t3IU4F

• Berto Acquisition II, an AI and AI infrastructure SPAC led by Harry You, filed for a $250m IPO. axios.link/4vV1b77

• Churchill Capital XII, a SPAC led by Michael Klein, raised $360m in an upsized IPO. axios.link/41ch9M6

🚑 Hemab Therapeutics, a Copenhagen-based blood disorder biotech, set IPO terms to 11.8m shares at $16-$18. The Phase 3 company would have a $666m market cap, were it to price in the middle, and plans to list on the Nasdaq (COAG). It's raised around $346m from firms like RA Capital Management (17.6% pre IPO stake), Novo Holdings (15.2%), Access Industries (13.8%), Sofinnova (8.7%), Deep Track Capital (8%), SCWF (7.9%), Healthcap (6.9%), and Avoro Ventures (6.6%). axios.link/4mWol8X

• Irenic Acquisition, an aerospace and defense SPAC formed by Irenic Capital Management, raised $220m in its IPO. axios.link/3QAfHAM

• Rare Earths Americas, a Manchester, Ga.-based miner, set IPO terms to 2.78m shares at $17-19. It would have a $349m market cap, were it to price in the middle, and plans to list on the NYSE American (REA). axios.link/4w3ilQ7

🚑 Seaport Therapeutics, a Boston-based developer of neuropsychiatric medicines, set IPO terms to 11.8m shares at $16-$18. The Phase 2 biotech would have an $861m market cap, were it to price in the middle, and plans to list on the Nasdaq (SPTX). It's raised around $330m from firms like PureTech Health (42.9% pre-IPO stake), Arch Venture Partners (13.4%), General Atlantic (8.6%), Sofinnova (7%), and Third Rock Ventures (5.3%). axios.link/3Qzbg9A

• Virtusa, a Southborough, Mass.-based IT consultant owned by EQT, is prepping an India IPO that could raise around $1b at a $7b valuation, per Reuters. axios.link/4cUwXIM

🎵 BMG Rights Management, owned by Bertelsmann, agreed to acquire music rights business Concord, which is majority owned by the State of Michigan Retirement System. An earlier report suggested a $7b cash-and-stock pricetag. axios.link/4n6hry3

• Main Post Partners completed its sale of DeMert Brands, parent company of haircare brand Not Your Mother's, to Henkel. Axios Pro flashback

• Phenom, an Ambler, Pa.-based HR tech company that's raised over $160m in VC funding, acquired Plum, a Canadian provider of psychometric-based talent assessments that had raised over $10m from firms like Pearson Ventures, EDC Investments, BDC Capital, Real Ventures, EduLab Capital Partners, Strada Education Foundation, Impact Engine, and JFFVenture. axios.link/3R6TjiL

• Stonepeak Partners is weighing options for Digital Edge, a Singaporean data center operator that could fetch around $10b in a sale, per Bloomberg. axios.link/4tFV70P

🚑 Advanced Bifurcation Systems, a VC-backed maker of stents for coronary angioplasties, acquired the assets of Svelte Medical Systems, a Providence, N.J.-based stent maker. axios.link/4dabNYg

🚑 Angelini Pharma, an Italian drugmaker, is exploring an acquisition of Catalyst Pharmaceuticals (Nasdaq: CPRX), which has a $3.6b market cap, per Bloomberg. axios.link/3QqUbia

• Elliott Investment Management has taken a stake in Nippon Express (Tokyo: 9147), boosting the Japanese logistics company's shares to a record high. axios.link/3OLWBr6

⚡ Eneos (Tokyo: 5020) is the last remaining bidder for Chevron's (NYSE: CVX) Asia assets, which could fetch more than $2b, per Bloomberg. axios.link/3QNlFhW

• Rain, a Bahrain-based crypto exchange valued by VCs at nearly $2b, acquired financial media group Digital Ma'arefa. axios.link/4edUyGz

• Starboard Value has taken a "significant stake" in Dynatrace (NYSE: DT), per the WSJ. axios.link/3QsnOzF

• Emerald Lake, led by Ares vet Dan Lukas, raised $825m for its debut fund. axios.link/48pUVu3

• Mighty Capital, an SF-based VC firm, raised $91m for its third fund. axios.link/4cWvZvH

• QDNL Participations, a Dutch VC firm focused on early-stage quantum startups, rebranded to Ground State Ventures and raised $88m for a new fund. axios.link/4eag3rT

• Silver Rock Capital Partners, led by alumni of Michael Milken's family office, raised over $4b for a private credit fund. axios.link/4218j45

• Patrick dePenaloza joined Twin Bridge Capital Partners as a principal and head of capital formation and IR. He previously was with RCP Advisors. axios.link/4d760CR

• Robert Zell joined Maple Park Capital as CFO. He previously was with Alta Fox Capital Management. axios.link/4w1Q4td

• Jimmy Zhao joined Mercer Advisors as chief corp dev officer. He previously was a partner at McKinsey & Co. axios.link/42xZEq0

The United Arab Emirates this morning announced plans to leave OPEC, cleaving itself from regional rival Saudi Arabia.

• This comes as crude oil prices hit their highest price in weeks, and U.S. gas prices topped $4.17 per gallon.