A New York jury yesterday found that Live Nation and its Ticketmaster subsidiary violated U.S. and state antitrust laws, after four days of deliberation in a case brought by more than two dozen states.

Why it matters: It's a repudiation of the Trump administration's decision to settle its own case with Live Nation, with minimal concessions, which had left antitrust activists fuming and led to several DOJ resignations.

• It also could force Live Nation to make divestitures, including concert venues, although that's still up to the judge and subject to appeal.

Zoom in: DOJ basically argued that its settlement was about prudence, with the subtext being that its case wasn't as strong as was widely believed.

• And certainly not driven by Live Nation paying someone who could bend the ear of President Trump.
• The jury, however, felt otherwise — and validated the states attorneys general who kept fighting in court.

What they're saying: DOJ tried to put a positive spin on the verdict, calling it "a fantastic outcome for the American people."

• But those words come from Omeed Assefi, who's been running DOJ's antitrust unit on an acting basis after the fulltime boss — Gail Slater — was forced out, in part over her objection to a Live Nation settlement.

The bottom line: Expect this verdict to embolden states to pursue antitrust actions, as the feds become more laissez-faire.

Saudi Arabia's Public Investment Fund plans to pull the financial plug on LIV Golf, a pro league it launched in 2022, per multiple reports.

Why it's the BFD: This reflects a change of strategy for Saudi, which had hoped to use LIV to sportswash its reputation and to help diversify its oil-rich revenue streams.

• It also may signal that the Iran war took a toll on Saudi willingness to subsidize an unprofitable startup league, which never managed to either supplant or merge with the PGA.

Yes, but: LIV isn't yet throwing in the towel, with CEO Scott O'Neil emailing staff to say that "our season continues exactly as planned, uninterrupted and at full throttle."

The bottom line: PIF yesterday announced a new strategy focused on "increasing the efficiency of investments," without directly addressing LIV.

🚑 Beeline Medicines, a Boston-based precision immunology startup, raised $300m in Series A funding led by Bain Capital. axios.link/41z6zPt

• Slash, an SF-based "vertical banking" startup, raised $100m in Series C funding at a $1.4b valuation. Ribbit Capital led, joined by Khosla Ventures and insider Goodwater Capital. axios.link/48PUb1c

• Wealth.com, a Tempe, Ariz.-based estate planning platform, raised $65m in Series B funding. Charles Schwab led, joined by GV, Titanium Ventures, Pruven Capital, The K Fund, Dynasty Financial Partners, Citi Ventures, 53 Stations, Anthos Capital, and Alumni Ventures. axios.link/3OEx1El

🚑 Storm Therapeutics, a U.K. developer of RNA-retargeting cancer drugs, raised $56m in Series C funding from insiders M Ventures, Pfizer Ventures, Taiho Ventures, IP Group, UTokyo IPC, and Fast Track Initiative. axios.link/4tjim0q

• Mintlify, an NYC-based code documentation platform, raised $45m in Series B funding. A16z and Salesforce Ventures led, joined by Bain Capital Ventures, YC, Rahul Mehta, MVP Ventures, Avra, HubSpot Ventures, and TwentyTwo Ventures. axios.link/4dRQ9sM

🚑 Alloy Therapeutics, a Boston-based AI drug discovery startup, raised $40m in Series E funding at a $1b valuation from 8VC, JIC Venture Growth Investments, Echo Capital, Mubadala Capital, Presight Capital, Thiel Capital, Founders Fund, Alexandria Venture Investments, Gaingels, and Ulysses Diversified Holdings. axios.link/429qfJP

• Resolve AI, an SF-based agentic AI startup that fixes software, raised $40m in Series A extension funding led by DST Global and Salesforce Ventures at a $1.5b valuation. axios.link/4mzNdTY

• Solidroad, a provider of customer interaction analysis software, raised $25m in Series A funding, per Axios Pro. Hedosophia led, joined by First Round Capital, YC, and Sony Innovation Fund. axios.link/4epEi5i

• Spektr, a Copenhagen-based maker of AI infrastructure for financial services compliance, raised $20m in Series A funding. NEA led, joined by insiders Northzone, Seedcamp, and PSV Tech. axios.link/3Q50RSX

🚑 Keebler Health, a Durham, N.C.-based risk adjustment startup, raised $16m in Series A funding. Flare Capital led, joined by Sands Capital. axios.link/4sDCfy7

• Pillar, an NYC-based hedging and risk execution platform for commodity-driven businesses, raised $20m. A16z led, joined by Crucible Capital, Gallery Ventures, Neo, Analog Ventures, and Dara Khosrowshahi. axios.link/4vyAd4Q

⚡ Sepion Technologies, an Alameda, Calif.-based developer of polymer coatings for lithium-ion battery separators, raised $10m in Series B funding. Fine Structure Ventures led, joined by W. L. Gore & Associates and Syensqo Ventures, alongside Volo Earth Ventures, Chailease, Catalus Capital, Impact Science Ventures, and ACVC Partners. axios.link/48RSu3p

🚑 Osteoboost Health, developer of a medical device for low bone density, raised $8m. Ambit Health Ventures led, joined by Emmeline Ventures, Disrupt Health Impact Fund, Esplanade Ventures, and Portfolia. axios.link/48C1Znf

• Capsule, an Israeli agentic AI security developer, raised $7m in seed funding led by Lama Partners and Forgepoint Capital International. axios.link/4tNY6Uo

• Cookiy AI, a Palo Alto-based customer research startup, raised $7m in pre-seed funding from Liquid2, Converge, GoAhead, and UpHonest. axios.link/3QpJM65

• Gravity, a Boulder, Colo.-based developer of autonomous AI analysts, raised $7m. Next Frontier Capital led, joined by Foundry Group, K5 Global and Denver Ventures. axios.link/3Qe3KAL

• Balerion, a provider of mortgage origination AI, raised $6m in seed funding, per Axios Pro. Kleiner Perkins led, joined by BoxGroup, Formation, and FM Home Loans. axios.link/4mtrk8A

• Stendr, a Norwegian defense-tech startup, raised $5.4m from RainFall, ACME, SkyFall, Sisyphus, Antler, StartupLab, Off Piste, and Andøya Ventures. axios.link/3QGHcIZ

• Brix, a fintech focused on tokenizing emerging markets assets, raised $5.5m from FRWRD Ventures, Circle Ventures, ConsenSys, Webrazzi Ventures, Borderless Capital, and Paribu Ventures. axios.link/4cHC7J7

• Traza, a procurement and supply chain ops automation platform, raised $2.1m in pre-seed funding. Base10 Partners led, joined by Kfund, a16z scouts, Clara Ventures, and Masia Ventures, and angel investors. axios.link/3QeBC0m

• Outcraft AI, a Lithuanian autonomous revenue execution platform, €2m in pre-seed funding from Practica Capital. axios.link/4tj34sC

• Apollo and KKR are weighing bids for Portuguese packaging maker Logoplaste, which is controlled by Ontario Teachers' Pension Plan, per Bloomberg. axios.link/4tQj1pQ

• Cerberus agreed to acquire Lendco, a British buy-to-let and bridging lender, from Cabot Square Capital. axios.link/4cAsfQm

• Emirates International Investment acquired a minority stake in juice chain Joe & the Juice at a $1.8b valuation, per Bloomberg. General Atlantic remains majority shareholder. axios.link/4czkZnP

• Forteum, a Landsdowne, Va.-based cybersecurity advisor firm backed by Gryphon Investors, acquired Kovr.AI, a Reston, Va.-based AI compliance platform that had been seeded by Xfund, IronGate Capital Advisors, DEV Capital, OODA Ventures, Bull City Venture Partners, Virginia Venture Partners, Battery Ventures, Hack Factory, and McLean Capital. axios.link/4vwW3Wp

⚡ H.I.G. Capital acquired Inventus Power, a Woodridge, Ill.-based provider of advanced battery and power systems. axios.link/4ccydYy

• Intertek (LSE: ITRK), a British product testing ​and certifications group, rejected a takeover offer from EQT. axios.link/3QGI0xw

⚡ I Squared agreed to acquire Spire's (NYSE: SR) natural gas storage assets in Wyoming and Oklahoma for $650m. axios.link/4myjA5s

• King Risk Partners, a Lightyear Capital portfolio company, acquired Morin Associates, a Groton, Conn.-based independent insurance brokerage. axios.link/487ONq1

• Midland Industries, a Gemspring Capital portfolio company, acquired Industrial Specialties Manufacturing, an Englewood, Colo.-based distributor and assembler of pneumatic, vacuum, and fluid circuitry parts. axios.link/4mx46i5

• One Call, a workers' comp services firm backed by KKR, acquired Data Dimensions, a Janesville, Wis.-based EDI clearinghouse, from Thompson Street Capital Partners. axios.link/41Cll84

• Registrar, a Paine Schwartz portfolio company, acquired Dell Tech, a Canadian regulatory consulting firm. axios.link/429P9sH

⚡ Service Compression, a Warburg Pincus portfolio company, acquired Axip Energy Services, a Houston-based provider of natural gas compression services to upstream and midstream customers. axios.link/4cfmuZf

• Sumeru Equity Partners acquired a majority stake in K1x, a Morristown, N.J.-based private markets tax data platform, for $175m with insider Edison Partners participating. axios.link/4dLH8RY

• AI Strategy, a SPAC led by Guo Fan (Blue Hat Interactive Entertainment Technology), filed for a $100m IPO. axios.link/41FMEye

• Arxis, a Connecticut-based defense electronics maker owned by Arcline, raised $1.1b in its IPO. It priced 40.5m shares at $28, versus plans to offer 37.7m at $25-$28, for an $11.2b market cap. Arxis will list on the Nasdaq (ARXS). axios.link/4dwdpfL

• Madison Air Solutions, a Chicago-based maker of HVAC products, raised $2.2b in its IPO after pricing at the high end of its $25-$27 range. It will have a $13.2b initial market cap and list on the NYSE (MAIR). axios.link/4vkQt9N

⚡ X-Energy, a Rockville, Md.-based developer of small modular reactors, set IPO terms to 42.9m shares at $16-$19. It would have a $6.9b market cap, were it to price in the middle, and reports a $390m net loss on $109m in revenue for 2025. X-Energy plans list on the Nasdaq (XE) and raised $1.8b in VC funding, including a $700m round last fall led by Jane Street. axios.link/4rRjWFk

• American Express (NYSE: AXP) agreed to acquire Hypercard, an NYC-based expense management startup seeded by backers like Sam Altman, Good Friends, and Soma Capital. axios.link/4sENM07

• Viant (Nasdaq: DSP) agreed to acquire Tvision, an NYC-based ad measurement company that had raised over $60m from firms like Susquehanna Asia Investments, DBJ Capital, Golden Ventures, and Accomplice VC. axios.link/4cfKcES

The EU is planning to relax its corporate merger rules, in order to enable more European champions," per the FT.

• Choice Properties (TSX: CHP) and KingSett Capital agreed to acquire First Capital REIT (TSX: FCR), which owns strip malls anchored by grocery stores, for around C$9.4b in cash and stock. axios.link/3O4vjfm

🎬 Cineplex (TSX: CGX), Canada's largest movie theater operator, is seeking a buyer, per Bloomberg. axios.link/4vxPJy5

• Elliott Investment Management ​took around a 3% stake in Japanese air conditioner maker Daikin (Tokyo: 6367). axios.link/4tivrHp

• Esco Technologies (NYSE: ESE) agreed to acquire Megger Group, a U.K. ulitities testing and monitoring firm, for $2.35b in cash and stock. axios.link/4mvet5U

🥃 Sazerac, the maker of Buffalo Trace bourbon and cinnamon-flavored Fireball, offered $15b for Brown-Forman (NYSE: BF), the Jack Daniel's Tennessee Whiskey maker that's been in talks to be acquired by Pernod Ricard (Paris: RI), per the WSJ. axios.link/4erhqlX

• Accel raised $4b for its fifth late-stage fund, plus $650m for a sidecar fund. axios.link/3OKHKNv

• John Lilly joined Gigascale Capital as an advising partner. He's the former Mozilla CEO who subsequently joined Greylock as a general partner. axios.link/4tOrg5I

The "private credit crisis" story has focused almost exclusively on software, but it's also taking a bite out of so-so seafood.

• TCW Group holds $56 million of loans in Red Lobster, which it's holding at par in a BDC.
• But it's also marked down the value of its equity stake in Red Lobster by 98%, raising questions about those loan values, per Bloomberg.