Sports is no longer a diversion for billionaires and private equity. It's a defensive strategy.

The big picture: Investors have come to view sports as the last bulwark against AI disruption.

• AI certainly will change pro and college team operations — including more dynamic pricing — but the core product will continue to be athletic competition. Flesh-and-blood humans performing for other humans.

Behind the scenes: Most conversations I had this week at Milken eventually became a conversation about AI, and its eventual potential to upend even blue-collar industries like plumbing and hair-cutting.

• "Sports" was always cited as the exception to the rule, suggesting that rising team prices won't plateau any time soon.
• I also heard variations on that theme while in Miami for the F1 race. Sure, some folks were talking their books — but crowds at off-track "activations" spoke to both growing U.S. interest in luxe motorsports and the deepening desire for communal activity.

Yes but: Not all sports investments will succeed.

• First, a lot of new leagues have launched in recent years. They're startups, with the commensurate risk of failure. Particularly if the audience fragments so much that profit becomes impossible.
• Second, the NFL is about to renegotiate its media rights deal, which could pull revenue from other leagues. It's something that Peter Chernin discussed during our "BFD Talks" event.
• That's one reason that some PE investors are favoring youth sports — where the consumer is the athlete (or their parents), rather than a spectator.

Driving the news: The next big landmark sports deal may be for the NFL's Seattle Seahawks, who are on the block despite having just won the Super Bowl.

• I've confirmed that ArcelorMittal CEO and Boston Celtics alt governor Aditya Mittal is teaming with former Boston Celtics governor Wyc Grousbeck on a bid, as first reported by The Boston Globe.
• No word yet on who else is involved, although so far they're resisting PE fund participation (don't be surprised to see that eventually change, given that PE was involved in the recent Celtics sale).
• Also worth noting that Mittal lives in London and, if successful, would become the first NFL control owner to reside outside the U.S.

The bottom line: Sports doesn't scale like other industries, but it also doesn't risk obsolescence.

Lime, the micro-mobility company partially owned by Uber, has filed for an IPO.

Why it's the BFD: This is a blast from the past, reminding us of simpler days when e-scooters were the most polarizing tech disruption.

By the numbers: Lime reports a $59 million net loss on $887 million of revenue for 2025, compared to a $34 million net loss on $687 million in revenue for 2024.

• It had raised over $900 million in VC funding, from backers like Andreessen Horowitz, Bain Capital Ventures, and GV. Its peak valuation was $2.4 billion in 2019.
• Renaissance Capital estimates that the IPO could raise $250 million.

Catch up quick: Lime's top rival is Bird, which also owns Spin and went public via SPAC in 2021 at a $2.3 billion valuation.

• Bird later went bankrupt and now is owned by its lenders.

The bottom line: "Lime has expanded aggressively in recent years, launching in more than 20 cities including Tokyo and Athens. The company's distinctive green bikes are ubiquitous in London, where it saw usage spike during a Tube strike last year." — Jordan Fitzgerald, Bloomberg

• Moonshot AI, the Beijing-based AI lab, raised around $2b at a $20b valuation. Meituan led, joined by Tsinghua Capital, China Mobile, and CPE Yuanfeng. axios.link/4nclXLq

• Ramp, a corporate card and expense management firm, is raising $750m led by insiders Iconiq and GIC at a $40b pre-money valuation, per the WSJ. axios.link/48OB4VD

🚀 Lunar Outpost, a Denver, Colo.-based developer of a moon rover, raised $30m in Series B funding. Industrious Ventures led, joined by Type One Ventures, Eniac Ventures, and Promus Ventures. axios.link/4tZ7B3O

• Fazeshift, an SF-based agent to automate accounts receivable, raised $17m in Series A funding. F-Prime led, joined by Gradient, YC, Wayfinder, Pioneer Fund, and Ritual Capital. axios.link/4u0F9P1

🚑 Develo, a pediatrics-focused EMR company, raised $14m Series A funding led by Blueprint Equity, per Axios Pro. axios.link/4nn2ZC8

• Meatly, a U.K. cultivated meat producer, raised £10.4m in Series A funding from Oyster Bay Venture Capital, Clean Growth Fund, and JamJar Investments. axios.link/4uyaM25

🍟 Jesse & Ben's, a seed-oil-free french fry brand, raised a $10m Series A round led by Greycroft. axios.link/4tYUIXe

• Allied Industrial Partners acquired Trinity Industrial, a Broussard, La.-based industrial and energy equipment rental and specialty services company. axios.link/4u86heT

• Apax Partners agreed to acquire a controlling stake in Sedex, a U.K. provider of supply chain risk management solutions. axios.link/4wimIXw

🚑 BioPhorum, backed by Five Arrows Principal Investments, acquired PharmaX Solutions, a German pharma and life sciences consultancy. axios.link/4tlr3Xe

• Blackstone and I Squared are nearing a bid for German media group Stroeer, which could fetch around €2.5b, per Bloomberg. axios.link/42pUdth

• Blue Ridge Associates, a portfolio company of Levine Leichtman Capital Partners, acquired Economic Group Pension Services, an NYC-based retirement plan services firm. axios.link/3PtbVZZ

🚑 Brightstar Capital Partners invested in Simon Eye, a vision care provider in the Mid-Atlantic region. axios.link/4wcwKJD

• Entwistle, a Hudson, Mass.-based portfolio company of NTC Group, acquired Hales, a Clayton, N.C.-based maker of components and machinery systems for the U.S. military. axios.link/4tSHuvf

🚑 GI Partners acquired a CDMO and cell solutions business of Charles River Labs (NYSE: CRL), renaming the new business Rose BioSolutions. axios.link/4d5XS4o

• Hillhouse Investment agreed to buy Mercer's private client services unit. axios.link/4wii9wg

• Intertek (LSE: ITRK), a British product testing ​and certifications group, rejected a sweetened £8.93b buyout bid from EQT. axios.link/3RdMOe9

• Pye-Barker Fire & Safety, backed by Altas Partners and Leonard Green, acquired AAA Fire Extinguisher Co., a Lubbock, Texas-based provider of inspections for portable fire extinguishers and fire suppression systems. axios.link/3Pf2XiK

⚡ Siris completed its deal for a majority stake in Takkion, an Evansville, Wyo.-based services provider to the renewable energy industry, from Apollo. axios.link/40ToFep

⚡ Strategic Value Partners acquired a majority stake in New Frontera Holdings, a 530-megawatt natural gas-fired combined-cycle generation facility in Mission, Texas. axios.link/42RpIMX

HawkEye 360 shares closed up 31% from their IPO price in their first day of trading, while Suja Life shares fell 15%.

• Airtel Africa is delaying an IPO of its mobile money business until the second half of 2026. It's expected to raise up to $2b in London. axios.link/3QWPjS2

• Barnes & Noble, the bookseller controlled by Elliott Investment Management, picked London IPO banks, per Bloomberg. axios.link/3PbsCJ9

🚑 Mobia Medical, an Austin, Texas-based maker of nerve stimulation implants for chronic ischemic stroke, raised $150m in its IPO. It priced in the middle of its $14-$16 range, for a $549m fully diluted value, and will list on the Nasdaq (MOBI). Mobia had raised over $200m from USVP, Green Park & Golf Ventures, Osage University Partners, Gilde Healthcare, and Longitude Venture Partners. axios.link/4ts2Uy5

🚑 Odyssey Therapeutics, a Boston-based biotech focused on autoimmune disorders and inflammation, raised $304m in its IPO. It priced 15.5m shares at $18, versus plans to offer 13.2m at $16-$18. It had an $810m initial market cap and will list on the Nasdaq (ODTX). Odyssey had raised over $700m from firms like SR One, OrbiMed, Fidelity, Jeito Capital, TPG, Lightspeed, and Dimension Capital. axios.link/3QVCU0K

• J.M. Smucker (NYSE: SJM) hired Goldman Sachs for a strategic review of its portfolio, per Axios Pro. axios.link/4us3LQg

• Southeastern Asset Management is pushing for a sale of toymaker Mattel (Nasdaq: MAT), in which it holds a 4% stake. axios.link/4uG2FAS

• 5th Century Partners, a Chicago-based PE firm focused on founder-owned health care and business services companies, raised $276m for its second fund. axios.link/3QUDyvn

• Restive Ventures raised $45m for its third fund, focused on AI-native financial services. axios.link/4tm2Xf0

• John Atkinson joined Vistria as an operating partner focused on financial services. He previously was with Marsh. axios.link/4nfXqFa

• Vlad Ivanov is leaving JPMorgan for Citi, where he'll co-head EMEA infrastructure banking, per Bloomberg. axios.link/4u6CJhW

• MiddleGround Capital promoted Alexander van der Have to managing director and head of Europe. axios.link/4tYHdH2

The U.S. economy added 115k jobs in April, much better than expected, while the unemployment rate held steady at 4.3%. Go deeper.