It's been just over a year since Japan's Nippon Steel acquired U.S. Steel, after agreeing to invest $11 billion into the Pittsburgh-based icon by the end of 2028.

• Thus far, almost all of that money remains a promise.

By the numbers: Nippon had invested less than $200 million through the end of March, according to recent disclosures.

• It expects to have invested a total of $580 million through the end of August, as part of $3.2 billion in approved projects (the largest of which isn't slated to end until early 2029).
• Nippon reaffirmed its $11 billion investment pledge, but didn't provide allocation info on the remaining $7.8 billion.

Catch up quick: The Biden administration had blocked Nippon's acquisition on national security grounds that felt more like political pandering.

• President Trump also opposed the deal, but flipped after Nippon increased its investment commitment and included a non-financial "golden share" that gives the White House certain governance and veto rights.

The big picture: Nippon appears to have stabilized U.S. Steel and retained its union workers. It's also projecting over $600 million in 2026 profits, which would be the company's best mark since 2023.

• Trump's steel tariffs have benefited both U.S. Steel and its domestic rivals, although a bit offset by relatively static steel spend in construction (despite the data center boom).
• The national security chatter has disappeared and Nippon says the U.S. government hasn't yet leveraged its golden share to impact management decisions.
• Nippon Steel shares in Tokyo have been mostly flat since the merger, while the value of its U.S.-listed ADRs — which are more thinly traded — have plunged.

Yes, but: Nippon is under financial pressure from the acquisition, sparking some skepticism over its ability to make good on its full investment pledge.

• The company's leverage is nearly triple what it was before the merger, which contributed to a downgrade by S&P that was recently reaffirmed with a negative outlook.
• One union official recently told the Pittsburgh Tribune: "We have the exact same people and the exact same situation telling the exact same story ... I won't believe a word these people say until I see steel rolling."

The bottom line: U.S. Steel spent nearly two years waiting to learn its fate. Now it's waiting for Nippon to put all of its money where its mouth was.

FlexWork Sports, a youth sports camp operator owned by Otro Capital, has acquired ProCamps and its G3 Marketing brand activation agency.

Why it's the BFD: This comes amid growing political pressure to regulate private equity investment in youth sports, including a bipartisan House subcommittee hearing scheduled for later this morning.

By the numbers: FlexWork has held over 2,000 events since its 2017 founding, featuring nearly 700 pro athletes, while ProCamps conducts over 175 events annually.

The bottom line: "The deal brings together two of the longest-running operators in a category that barely existed a generation ago." — Cameron Korab, YSBR

• LeapXpert, an NYC-based startup that helps companies to monitor external messaging apps, raised $180m led by Riverwood Capital, per Axios Pro. axios.link/3QSxwMb

• Stathera, a Montreal-based developer of silicon timing solutions, raised US$55m in Series B funding, per Axios Pro. Maverick Silicon led, joined by Celesta Capital, BDC Capital, MediaTek Innovation Fund, TXC, and Ultratech Capital Partners. axios.link/4bkOQAj

• Omen AI, an SF-based continuous fluid analysis company, raised $31m in Series A funding. Nava Ventures led, joined by CRV, Sheryl Sandberg, Mike Mattacola, Vanderbilt University, Mann+Hummel, Starhill Holdings, and Hard Launch Capital. axios.link/4y0wZbO

• 1001, a developer of sovereign AI for critical infrastructure, raised $30m in Series A funding. Lux Capital led, joined by Sanabil Investments, 9Yards, Hanabi, General Catalyst, CIV, and Chris Ré. axios.link/3QrKVuA

• Jota, a WhatsApp-based financial and personal assistant, raised around $30m in Series A funding. Haun Ventures led, joined by HOF Capital, Greyhound Capital, and Alter Global. axios.link/4vCxG9s

• Nebex, an NYC-based fintech connecting space startups to sovereign buyers, raised a $30m seed round led by GV. axios.link/3R78OaY

• Taxwire, an NYC-based sales tax automation platform, raised $25m in seed and Series A funding from Headline Ventures, XYZ VC, Vinyl, Recall Capital, and Nomo Ventures. taxwire.com

🚑 Ognomy Sleep, a Buffalo, N.Y.-based virtual sleep apnea care company, raised $20m in Series A funding, per Axios Pro. Catalyst Investors led, joined by Blue Heron Capital. axios.link/4oUVanV

• Pie, a growth platform for small businesses, raised $19.5m in Series A funding. Lightspeed led, joined by Capital One Ventures, SciFi VC, F-Prime, Commerce Ventures, and WEX Venture Capital. axios.link/4v7tsWr

🌎 The Protein Brewery, a Dutch producer of fungi-based ingredients, raised €18m in Series B extension funding. ABN AMRO Sustainable Impact Fund led, joined by insiders Invest-NL, Novo Holdings, Madeli, and the Brabant Development Agency. axios.link/4eRD8ye

🚑 Queue, a prescription kiosk company, raised $12.6m in seed funding, per Axios Pro. AlleyCorp led, joined by Riot Ventures, House Capital, Ubiquity Ventures, Grep Ventures, and Banter Capital. axios.link/4oRDRUw

🌎 Omni, a British maker of plant-based pet foods, raised £11m in Series A funding. IW Capital and Redrice Ventures led, joined by RootBridge Capital, Digitalis Ventures, and Lever VC. axios.link/4v6JKiq

• Pocket, maker of an AI note-taking device, raised $11m from Accel, YC, and Mati Staniszewski. axios.link/4p4oCI3

• Proception, a maker of robot hands, raised $11m in seed funding. First Round Capital led, joined by YC and BoxGroup. axios.link/4wmpiet

• Arato, an Israeli AI systems evaluation startup, raised $10m in seed funding. TLV Partners led, joined by Jibe Ventures. axios.link/447yMOu

• BR-DGE, a Scottish payments startup, raised £10m led by Bettor Capital. axios.link/444lDWw

• Baz Technologies, a Boston-based agentic coding startup, raised a $9m seed extension. Battery Ventures and Boldstart Ventures led, joined by AFG Partners and Disruptive VC. axios.link/3Qupd9j

• GenerativeX, an SF-based provider of forward-deployed engineer teams, raised $4m in Series A funding. Nissay Capital led, joined by Salesforce Ventures, Angel Bridge, DeepCore, and SMBC Venture Capital. axios.link/4xUcKML

🌎 Coast 4C, a sustainable seaweed startup, raised $2.5m in seed funding. Hatch Blue led, joined by Conservation International Ventures, Elea, RS Group, Potato Impact Partners, Minderoo Foundation, Kibo Invest, and Azulito Fund. axios.link/3SCROd1

• Nomerra, a German AI platform for private markets operations, raised $2m led by 14Peaks Capital, with participation from Redstone Fintech. axios.link/4aNESrd

⚡️Archimede, an Italian developer of monitoring systems for off-grid critical infrastructure, raised €1.5m in seed funding. Primo Capital SGR led, joined by CDP Venture Capital, Plug and Play, and ELIS through CrossConnect. axios.link/4aqRRia

🚑 Saltroad, a U.K.-based speech and language therapy startup, raised £1.5m led by Techstart Ventures and acquired AI documentation platform Ogma. axios.link/4xXTSMY

⚡ Albireo Energy, a Huron Capital portfolio company, acquired PASCO, a Liverpool, N.Y.-based building automation and energy services provider. axios.link/3SVgRIp

🚑 AMR Clinical, backed by Curewell Capital and CFT Capital Partners, acquired ClinOhio Research Services, a Columbus, Ohio-based clinical research site. axios.link/4eDq54I

• Axel Springer, backed by KKR, completed its £575m acquisition of Telegraph Media Group. axios.link/4astLUn

• FTV Capital invested in London-based insurance underwriter Carbon Underwriting. axios.link/4v2PqK4

• H.I.G. Capital acquired Premier Forge Group, a Portland, Ind.-based maker of forgings for aerospace, defense, and industrial applications, from Wynnchurch Capital Partners. axios.link/3Qx1xRE

• CVC Capital Partners agreed to acquire Irca, an Italian B2B manufacturer of ingredient solutions, from Advent International. axios.link/4v44Eyq

• CVC also agreed to buy Italian packaging firm Clevertech for over €800m, per Bloomberg. axios.link/4xZXI8s

🚑 Martis Capital acquired a majority equity stake in Deerfield Group, a health care and life sciences marketing and comms firm. axios.link/446PbCR

⚡ San Mateo Midstream, backed by Five Point Infrastructure, agreed to acquire Cardinal Midstream Partners from EnCap Flatrock Midstream for $752m. axios.link/4oRkkUa

• ServiceTrade, a JMI Equity portfolio company, acquired Mura, a startup that automates field service billing and collections. Mura raised around $6m in seed funding led by Level One Fund and Lerer Hippeau. axios.link/4wiNaj1

⚽ Shamrock Capital invested in Swansea City, a Welsh soccer club. axios.link/442tAeU

• Smart Safety Gulf Coast, a safety and compliance services provider backed by Carr's Hill, acquired AMC Safety (Nashville, Tenn.) and Safe Construction Consulting (Eddy, Texas). axios.link/4xWygk3

Bending Spoons and Lime both are expected to price their IPOs tonight and begin trading tomorrow.

• Ares Acquisition III, a SPAC formed by Ares Management, raised $345m in an upsized IPO. axios.link/4owFsPB

• Luxshare, a Chinese maker of Apple AirPods, is seeking to raise up to $3.1b in a Hong Kong float. axios.link/4xVtOSH

• Aikido Security, a Belgian startup valued by VCs at $1.2b, acquired Root, a Boston-based startup that automates vulnerability fixes for containers. Root had raised around $40m from Insight Partners, Global Venture Capital and StepStone Group, Boldstart Ventures, Decibel Partners, Lama Partners, Knollwood Investment Advisory, and TechAviv Founder Partners. aikido.dev

• Altamont Capital sold Texas-based comfort food chain Cotton Patch Cafe to Local Favorite Restaurants. axios.link/4vGimcb

• Blackstone agreed to sell its stakes in three Virginia data centers to Digital Realty (NYSE: DLR) for $3.5b in cash and stock. axios.link/4eLOgfT

• Carlisle (NYSE: CSL) has made multiple unsolicited offers to buy roofing and insulation products maker Owens Corning (NYSE: OC), per the WSJ. axios.link/4aqIn6y

• Horizon, a provider of investment and tech solutions for financial advisors, acquired Irvine, Calif.-based Anfield Capital Management. axios.link/4oVMBt0

🏀 Bob Iger and Joshua Kushner have spoken with bankers about bidding on an NBA expansion franchise in Las Vegas, per Bloomberg. axios.link/4oREQnG

🚑 Ipsen (Paris: IPN) agreed to acquire Kartos Therapeutics, a Redwood City, Calif.-based biotech focused on a rare blood cancer called myelofibrosis, for up to $1.75b. Kartos had raised $265m from firms like SR One, OrbiMed, Amgen, and Quogue Capital. axios.link/4oYIk87

⚡ Shell (NYSE: SHEL) is in talks to sell its South Africa fuel stations to an Adnoc unit for around $1b, per Bloomberg. axios.link/4vGz5Mr

• JB de Boissieu joined Strategic Value Partners as a managing director of European investments. He previously was with Davidson Kempner. axios.link/4v7D1V7

• Welela Dawit joined GenNx360 as an operating partner. She previously was CFO of Microsoft South Africa. axios.link/4vGzPBa

• Ralph Guenther is retiring from Pantheon Ventures, where he's been a partner and head of IR for continental Europe. axios.link/4oYO9lY

• Andrea Hwang joined Debevoise & Plimpton as a partner in the law firm's leveraged and corporate finance practice. She previously was with Ropes & Gray. axios.link/4v0SVAI

🚑 Stephen Krupa, former CEO of HealthEdge, joined Frazier Healthcare Partners as an executive-in-residence. axios.link/4gdVoEn

• Jonathan Shriftman joined Quiet Capital as a partner. He previously was a partner with Expanding Capital. axios.link/4gO8AQk

• Ken Wasik joined Bridgepoint Investment Banking as a managing director of consumer banking. He previously was co-head of investment and consumer investment banking at Capstone Partners. axios.link/4auIrCh