The Labor Department received nearly 40,000 comments on a proposed rule that would help 401(k) plans invest in alternative assets, including private equity and private credit.

• Yes, that is a lot.

State of play: Staffers now will sift through the responses, a process that typically takes months, before finalizing the rule.

The big picture: Thousands of the pro-rule comments mentioned "democratization" of alternative assets, while the American Investment Council shared academic studies arguing that alt assets outperform public benchmarks over long-term horizons.

• Many anti-rule commenters highlighted opaque fees, potential conflicts of interest, and different performance data.

Zoom in: One area where commenters may have an impact is around safe harbor provisions.

• 401(k) plans alrready are allowed to include many alternative assets, but don't because of the massive litigation risk.
• The rule seeks to preempt lawsuits by creating a process-based safe harbor, which basically means that plans are protected so long as they consider certain factors.
• Commenters like SIFMA want the final rule to provide more flexibility, by explicitly stating that "fiduciaries should have discretion to determine whether a particular factor is relevant and should have deference in making this determination."
• CFP Board, on the other hand, argues that all listed factors should be required considerations. It also takes issue with the rule's presumption of prudence, writing: "A plan fiduciary who 'considers' these factors should not benefit from a safe harbor when the plan fiduciary's decision falls outside the range of reasonableness."

The bottom line: President Trump has made it clear what he wants, so expect that comments will inform implementation of the rule rather than determine if the rule will be implemented.

DeepSeek is raising around $7.4 billion at around a $52 billion valuation from investors like Tencent and CATL, per Bloomberg.

Why it's the BFD: It's a reminder that America's AI trinity faces viable competition from China, particularly as enterprise customers try to control token costs.

Zoom in: DeepSeek founder Liang Wenfeng would invest around $2.85 billion into the deal, while other participants include a state-backed fund.

• Wenfeng reportedly told investors that his company "will prioritize groundbreaking AI research over short-term commercialization," while continuing to develop open-source models.

The bottom line: DeepSeek is getting deeper pockets.

🚑 NewLimit, a longevity pharma startup co-founded by Coinbase CEO Brian Armstrong and former GV partner Blake Byers, raised $435m at a $3.1b post-money valuation. Founders Fund led, joined by Thrive Capital, Greenoaks, Quiet Capital and insiders Kleiner Perkins and Eli Lilly Ventures. axios.link/4uuGYTT

• AlphaSense, an NYC-based market research platform, raised $350m in Series G funding at a $7.5b valuation from Vitruvian Partners, Accenture, JPMorgan Asset Management, Goldman Sachs Alternatives, and D.E. Shaw Ventures. axios.link/4dVlRUk

• Cyera, an NYC-based data security company, raised $300m at a $12b valuation. Evolution Equity Partners led, joined by Georgian, Greenoaks, Lightspeed, Sequoia Capital, Sapphire Ventures, Redpoint Ventures, Cyberstarts, Coatue, Accel, and Spark Capital. axios.link/4xmFlKD

• Oxford Quantum Circuits, a U.K.-based quantum computing startup, raised £260m in Series C funding. Bullhound Capital led, joined by British Business Bank, Fynveur, Cofides, Alpha Edison, Fulcrum Asset Management, Pentland Ventures, Magdalen College Oxford, Oxford Science Enterprises, SBI, and Chevron Technology Ventures. axios.link/4o64Pax

• Coralogix, an observability startup, raised $200m in Series funding. Advent International and CPPIB led, joined by Greenfield and Brighton Park Capital. axios.link/4fpa1nN

• Factorial, a Barcelona-based provider of workforce management software, raised $150m in Series D funding at a $2.5b valuation. General Catalyst led, joined by Atomico and Four Rivers. axios.link/4aaDNcp

• Quobly, a French quantum computing company, raised €115m in Series A funding. Bpifrance, SEALSQ and STMicroelectronics led, joined by European Innovation Council, Blast, Air Liquide VC and insider Innovacom. axios.link/4o9wQyb

• Wordsmith AI, an Edinburgh, Scotland-based AI platform for in-house legal teams, raised $70m in Series B funding led by Highland Europe and Index Ventures. axios.link/4u8ecrL

• Town, a developer of personalized AI assistants, raised $55m in Series A funding. A16z led, joined by Forerunner Ventures, First Round, Alt Capital, and Conviction. axios.link/4o4L6rT

🚑 Adaptive Innovations, a home health care agency, raised $50m in Series A funding. Felicis led, joined by Bain Capital Ventures, Optum Ventures, Sunflower Capital, BoxGroup, Dorm Room Fund, Constellation, and SV Angel. axios.link/3PZN14v

• Layup Parts, a Huntington Beach, Calif.-based maker of composite parts, raised $42m in Series A funding. Marlinspike led, joined by Cerberus Ventures, Pinegrove Venture Partners, Founders Fund, and Lux Capital. axios.link/4vtbhes

• Forage, an SF-based fintech that helps low-income families save on groceries, raised $40m in Series B funding. Mouro Capital led, joined by Nyca Partners, PayPal Ventures, Long Journey Ventures, Intuit Ventures, NextLadder Ventures, Pivotal Ventures, and FJ Labs. axios.link/3Q4Dwkm

• Centrical, an NYC-based provider of performance management software, raised $39m in Series D funding. Leeds Illuminate and Kingfisher Investment led, joined by JVP. axios.link/4vuZDzP

• Apoha, a London-based AI platform for discovering new materials, raised $36m. Singular led, joined by Draper Associates, Redalpine, Seedcamp, Wilbe, and Nucleus. axios.link/4e2BtW0

• Findigs, an NYC-based tenant screening platform, raised $32m in Series C funding. RPM Ventures led, joined by insiders Nyca Partners, Frontier Venture Capital, and Western Technology Investment. axios.link/4o6V4cm

🚑 Advanced NanoTherapies, a Santa Clara, Calif.-based developer of treatments for coronary and peripheral artery diseases, raised $31m in Series B funding. S3 Ventures and an undisclosed strategic led, joined by the T45 Fund. axios.link/4o4y11F

• Gigaton (fka Carbon Re), a London-based decarbonization startup for heavy industry, raised $26m in Series A funding. Plural led, joined by Planet A Ventures, Cambridge Enterprise Ventures, UCL Technology Fund, and Clean Growth Fund. axios.link/3RZhtME

🚑 Tavo Biotherapeutics, a Laguna Beach, Calif.-based biotech targeting glaucoma and retinal diseases, raised $17m in Series A funding led by Pureos Bioventures, with participation from Polaris Partners and Tau Capital. axios.link/3RIAkvy

• Arpio, a Durham, N.C.-based cloud recovery startup, raised $15m in Series A funding, per Axios Pro. S3 Ventures and Paladin Capital led, joined by Draper Associates, Uncorrelated, Valor Ventures, CreativeCo Capital, and Lookout Ventures. axios.link/4elj5Ji

• Plot, an NYC-based social video marketing platform, raised $10m in seed funding. XYZ Venture Capital and Mischief Ventures led, joined by Seven Seven Six and Acme Capital. axios.link/43IaMRF

• Alitheon, a Bellevue, Wash.-based developer of physical asset ID tech for supply chains, raised $8m led by Emerald Technology Ventures with eBay Ventures participating. axios.link/4wVdctE

• NP Co., a French AI simulation startup, raised €6m in seed funding. Partech led, joined by 1st Kind and the Peugeot family office. axios.link/4dUqFJt

• INXM, the Berlin-based AI process execution engine, raised €5.7m led by Cherry Ventures and Redstone. axios.link/4x8fLst

• StratusGrid, a Chattanooga, Tenn.-based cloud infrastructure optimization startup, raised $3m in seed funding. Dogwood Ventures led, joined by Market Square Ventures, LaunchTN, VentureSouth, and Service Provider Capital. axios.link/4dJpU7n

• Molfar Defence Technologies, a Polish-Ukrainian developer of anti-drone radar systems, raised €2m led by Front Ventures. axios.link/4viNAFA

• 3i invested in Nutergia, a French natural food supplements brand. axios.link/4ubzZic

• Hellman & Friedman agreed to acquire B2B events group Hyve from Searchlight Capital Partners and Providence Equity Partners for around $1.8b. axios.link/4dZqTz9

• Liberty Waste Solutions, an Allied Industrial Partners portfolio company, acquired Asheboro, N.C.-based M&M Garbage Disposal. axios.link/4fYPeaN

• MBK Partners acquired Altemira, a Tokyo-based aluminum packager, from Apollo. axios.link/4uaNkY0

• PAI Partners agreed to buy a majority stake in Arlettie, a French provider of B2B inventory management for luxury brands whose backers included Capza. axios.link/4u8d73b

• RTC Aerospace, backed by Stellex Capital Management, acquired Automatic Products Co., a Sumner, Wash.-based precision milling and turning components company. axios.link/4a401Ne

• Sixth Street invested over $1b for a minority stake in Keplr, a provider of physical trade intelligence data and analytics. Existing backer Insight Partners rolled over some of its equity, while Five Arrows exited. axios.link/4ubQlHC

• Triton is in advanced talks to buy Flender, a German provider of industrial couplings, from Carlyle for around €3b, per Bloomberg. axios.link/49wF2Tc

• Valiant Solutions, backed by Bluestone Investment Partners, acquired Falls Church, Va.-based cybersecurity firm BreakPoint Labs. axios.link/3ShfWBF

• Vobis Ventures acquired the advisory, consulting and transformation unit of Optiv, a KKR portfolio company. axios.link/43FecVo

• VU Custom, backed by Greybull Stewardship, acquired YR ID, an NYC-based provider of product customization software. axios.link/4nZqst6

SpaceX plans to set a fixed price per share of $135 ahead of its IPO roadshow, per Reuters. Expectations still are that the offering will price next Thursday night, with trading to begin Friday.

• Applied Aerospace & Defense, a Huntsville, Ala.-based aerospace equipment maker owned by Greenbriar Equity, raised $650m in its IPO. It priced within its range for a $3.4b fully diluted market value, and will list on the NYSE (AADX). The company was formed last year via the merger of Applied Aerospace and PCX Aerospace. axios.link/4ezkXyM

• CopperTech Metals, a copper miner being spun out of India's Vedanta Resource, filed for an IPO that Renaissance Capital estimates could raise $500m. It plans to list on the NYSE (CUX). axios.link/43dwtsH

• AD Ports agreed to buy a controlling stake in CLI, a Brazilian export terminal operator, from Macquarie Group and IG4 Capital for $835m. axios.link/4dR0kvO

• Blackstone is seeking to sell Japanese payments group SP.LINKS, with SoftBank among the suitors, per Bloomberg. axios.link/4vlvzq4

⚡ Trillium Flow Technologies, a First Reserve portfolio company, sold its French valves operations to French nuclear energy firm Framatome. axios.link/4vgK8v8

🚑 AdhereHealth, a Nashville, Tenn.-based provider of medication adherence software, hired Brown Gibbons Lang for a sale process, per Axios Pro. axios.link/3PDFBDZ

⚡ BP (LSE: BP) has discussed selling U.K. North Sea assets to Ithaca Energy (LSE: ITH) for £2b, per the FT. axios.link/4vrTwvX

🎵 Garth Brooks is seeking to sell his catalog, which could fetch around $2b, per the WSJ. axios.link/3PUrdY2

🚑 Eli Lilly (NYSE: LLY) signed a development deal with Ascidian Therapeutics that could be worth up to $1.9b, focused on treatments for inherited kidney diseases. Boston-based Ascidian is backed by Apple Tree Partners. axios.link/4uhY8Uz

• Genco Shipping & Trading (NYSE: GNK) rejected a sweetened $1.08b takeover bid from Diana Shipping (NYSE: DSX). axios.link/4vs7huL

• Nestlé (Swiss: NESN) agreed to buy the 51% stake it didn't already hold in Germany's yfood ​Labs from its founders. axios.link/4dIsXg4

• Nippon Paint (Tokyo: 4612) and Sherwin-Williams (NYSE: SHW) ended their takeover pursuit of listed Dutch paintmaker AkzoNobel, which rejected a €12.49b offer. axios.link/4fYU3Rr

• Wellington Management agreed to buy Hartford Funds from The Hartford (NYSE: HIG). axios.link/3PDLvF9

• Massive Tech Ventures, an early-stage firm led by Eric Woersching, is raising up to $25m for its second fund, per an SEC filing.

• Trinity Hunt Partners, a Dallas-based PE firm, is raising up to $1b for its eighth fund, per an SEC filing.

• Lorie Beers and Carl Comstock joined Cascadia Capital to launch a restructuring and special situations practice. Beers previously was with Intrepid, while Comstock was with Cowen & Co. cascadiacapital.com

• Casey Berger joined Latham & Watkins as a Houston-based partner in the law firm's securities and M&A litigation practice. He previously was with Winston & Strawn. axios.link/4dIFuAa

• Amy Tam left VC firm Bloomberg Beta to join SpaceX. axios.link/4xbIaht

Not everything is up and to the right.

• Bitcoin is down nearly 24% so far this year, and 47% since hitting an all-time high last October.

Zoom in: Axios' Pete Gannon writes that there are several overlapping pressures on the cryptocurrency, including waning investor risk in wartime risk and an AI-driven stock boom that's led some institutional investors to rebalance portfolios.

• He also notes a major sell signal that recently came from inside the house, when Michael Saylor's Strategy — a bitcoin treasury whose business is based on holding bitcoin — dumped some bitcoin to fund a dividend on its preferred stock..