Over the three days since the Supreme Court struck down most of President Trump tariffs, there's been plenty of confusion. But here's one certainty amid the noise.

• The hill to Shein's IPO is just as steep as it was a year ago.

Context: One of Trump's first moves on Friday, in addition to new global tariffs, was to again cut the so-called de minimis exemption, which allows goods under $800 to enter sans tariffs and has been key for Shein and Temu.

Zoom in: Trump's replacement tariffs are limited to 150 days and cannot exceed 15% — which is perhaps why e-commerce stocks have held gains that followed Friday's ruling.

Yes, but: Shein's challenges extend beyond that exemption.

• Trade policy has been a key tenet of Trump's administration, and Chinese companies in particular are under the microscope.
• And it's not just in the U.S. — the EU has launched a probe against Shein over the sale of illegal products. The U.K. — one of Shein's largest markets after the U.S. — is also reportedly seeking to scrap it's de minimis exemption in coming years.

The intrigue: Shein, which filed confidentially for an IPO last year in Hong Kong after an attempt in London, still needs regulatory approval from the China Securities Regulatory Commission.

By the numbers: Financially, Shein has weathered the pressure well with net income guidance of $2 billion (nearly double that of 2024) for 2025, per Bloomberg.

Between the lines: Adding to the confusion, the Supreme Court's decision didn't address remuneration for paid tariffs, which in theory, could also apply to the de minimis executive order (meaning Shein could also recoup some tariff losses from before the weekend).

• Before oral arguments, says Amy Pasacreta, who is of counsel at Orrick, investors were buying the right to the reciprocal tariff refunds for cents on the dollar. As of Friday, that was hovering closer to 40 cents to 50 cents.
• "Will the court of international trade say refunds are the remedy, and if they do, will the refunds get repealed? Then, what is the timing?" she says.

The bottom line: Shein's woes are about more than just the tariffs — it's at the center of widespread geopolitical storm.

IQM Quantum Computers has agreed to go public via a SPAC merger with Real Asset Acquisition Corp. that values IQM at $1.7 billion on an enterprise basis.

Why it's the BFD: This will be the first European quantum company to go public.

Between the lines: Quantum computing still faces major questions around when it will achieve real-world application.

• But the technological leaps being made via AI has lead to a boom in funding.

Case in point: Quantinuum hit a $10 billion pre-money valuation last year, and some $3.9 billion in venture dollars went to the category in 2025, compared to $1.3 billion the year before.

• The Trump administration has also been backing quantum as a key technology.

Context: Backed by Ten Eleven Ventures, IQM says it expects some $35 million in revenue for 2025.

• IONQ, a public quantum company, is valued at about $11.5 billion with $68.1 million in revenue for the nine months ending September 2025.

The bottom line: AI giveth to some sectors, even as it's fueling the SaaSpocalypse.

• Ubicquia, a Fort Lauderdale, Fla.-based digital infrastructure company, raised $106m in Series D funding, per Axios Pro. 67 Capital and Marunouchi Innovation Partners led the round, joined by existing investors Hamilton Lane, ClearSky and GMS. axios.link/40qXCXE

• Fluidstack, a New York City-based cloud computing startup, is in talks to raise $100m from Google at a $7.5b, per the WSJ. axios.link/4qO8zgG

• Aalyria, a Livermore, Calif.-based aerospace communications company, raised $100m in Series B funding. Battery Ventures and J2 Ventures led, joined by DYNE. Berenson & Company advised on the raise. axios.link/4rxwJgA

• Pepper, a New York City-based software for independent food distributors, raised $50m in Series C funding led by Lead Edge Capital, per Axios Pro. Iconiq, Index Ventures, Greylock, Harmony Partners, and Interplay joined. axios.link/4qPySTR

• Phoenix Tailings, a Woburn, Mass.-based rare earth metals production company, raised $30.2m in additional Series B funding. Olive Tree Capital led. axios.link/4rA5dPQ

• Emerald AI, a Washington, D.C.-based data-center energy optimization company, is raising $25m in seed extension funding, per Axios Pro. Energy Impact Partners is among the lead investors. axios.link/4asxSQz

🚑 Ten63 Therapeutics, a Durham, N.C.-based AI drug-discovery company, raised $22m from Chugai Venture Fund and the Gates Foundation. axios.link/4c6UxTN

• InScope, an SF-based financial reporting platform, raised $14.5m in Series A funding led by Norwest, with participation from Storm Ventures, Better Tomorrow Ventures and Lightspeed Venture Partners. axios.link/3MAgkZM

• Coral Care, a platform for in-home developmental pediatric therapists, raised a $13m Series A, per Axios Pro. Haymaker Ventures led, joined by FCA Ventures, Peterson Ventures, Alleycorp, Reach Capital, Jefferson River Capital, Greymatter Capital, Mother Ventures, and Charge Ventures. axios.link/4caT9Qc

🚑 Sift Biosciences, an immunotherapy company, raised $3.7m in pre-seed funding led by Lifespan Vision Ventures and Freeflow Ventures. Valuence Ventures, Eisai Innovation, and SBI US Gateway Fund joined. axios.link/4cL4INY

• Climatex, a Swiss textile tech company, raised €3.5m led by the Collateral Good Textile & Fashion Innovation Fund. axios.link/4kJaYYy

• Unicity Labs, a Swiss protocol development company, raised $3m in seed funding. Blockchange Ventures led, joined by Tawasal and Outlier Ventures. axios.link/3OsYokf

• Potpie AI, an SF-based context unification startup, raised $2.2m led by Emergent Ventures. All In Capital, DeVC and Point One Capital joined. potpie.ai

• Ancient Financial agreed to acquire F&G Life Re, a Bermuda-based provider of life and annuity reinsurance, from F&G Annuities & Life. axios.link/46mCaXo

• Angeion Group, backed by Renovus Capital Partners, acquired MedQuest, a personal injury and medical malpractice litigation legal firm. axios.link/4u4VaE7

• CargoSprint, a Lone View Capital portfolio company, acquired Dray Dog, a Dover, N.H.-based port drayage software company. axios.link/4rsJJ7f

• Cube, backed by Hg, acquired 4CRisk.ai, a policy and procedure mapping compliance company. axios.link/46mxFMu

• Kinderhook Industries agreed to acquire Enhabit (NYSE: EHAB), a home health and hospice provider, for $1.1b, at a 24.4% premium to its Friday price. axios.link/3Ov1Ivg

• KKR & Co. agreed to buy a majority stake in XCL Education Holdings, a Southeast Asian K-12 school operator, for about $1.3b from TPG, per Bloomberg. axios.link/3ZVs3oK

• L Catterton Management completed its minority stake acquisition in EX NIHILO, a perfume maker backed by Eurazeo. axios.link/4rPRpkp

🚑 Peak Rock Capital agreed to acquire UL Solutions' employee health and safety software business. axios.link/4l6ak81

• Palmetto Infusion, backed by Carousel Capital, is taking check-in bids from investors including GTCR, per Axios Pro. axios.link/4tXWokr

🚑 RevSpring, backed by Frazier Healthcare Partners, acquired TrustCommerce, a Waud Capital Partners portfolio company that provides health care payments. axios.link/4c2hiZ7

• Carlsberg, the beer maker, is preparing for a potential listing of its India unit that could raise up to $700m, per Bloomberg. axios.link/4b176yZ

• Generate Biomedicines, a Somerville, Mass.-based AI drug discovery company focused on asthma, plans to raise $400m in an offering of 25 million shares priced between $15 to $17. Flagship Pioneering (58.6% pre-IPO stake), Fidelity, T. Rowe Price, Alaska Permanent Fund, ADIA, Arch Venture Partners, Morningside, Modi Ventures, Amgen, NVentures, and Maps Capital back the company. axios.link/4cDYZcU

• Mavis Tire Express Services, an auto repair and tire service provider backed by BayPine and TSG, has selected Bank of America and Goldman Sachs Group for an IPO that could value it at $2b, per Bloomberg. axios.link/4awc2f9

• Dubai-based DAE Capital is nearing a deal to acquire a control stake in Macquarie AirFinance, an aircraft leasing company, per Bloomberg. axios.link/3MrY3xM

• First Citizens (NYSE: FCNCA) is eyeing acquisition targets that would put it over $250b in assets. It's reportedly weighed an acquisition of KeyCorp (NYSE: KEY), which has a $24b market cap. axios.link/3ZRmbNd

• Gilead Sciences (Nasdaq: GILD) agreed to acquire Arcellx (Nasdaq: ACLX), an immunotherapy cancer biotech, for $7.8b. axios.link/4b3vpMB

• Honeywell (Nasdaq: HON) lowered its price for Johnson Matthey's Catalyst Technologies business, per Bloomberg. The deal, valued at $2.4b, is now valued at $1.8b. axios.link/4aNEGr5

• Palm Peak Capital, a private equity firm investing in lower-middle market industrial and services companies, raised $374m for its inaugural funds. axios.link/4tLJwO3

• Peak XV raised $1.3b for its India Seed, India Venture, and APAC funds. peakxv.com

🚑 Vie Ventures named Jeff Bluestone as managing director, joining founders Steven St. Peter and Luke Evnin. axios.link/4qTumUl