OpenAI this morning announced the launch of Stargate UAE, the first international deployment of its infrastructure platform, in an arrangement that could include up to $20 billion in investments from Abu Dhabi-based G42.

• This comes less than a day after it agreed to acquire io,, a hardware startup founded by ex-Apple chief design officer Jony Ive, for $6.5 billion.

The big picture: The AI market is far too vast for any one company to corner, but OpenAI is trying to play all the angles.

Zoom in: StarGate UAE is expected to be a 1-GW cluster in Abu Dhabi, going live sometime next year and promising to make UAE "the first country in the world to deploy ChatGPT nationwide."

• A source familiar with the situation says that G42 will fund the entire project and also is committing a dollar-for-dollar commitment to OpenAI's U.S. Stargate infrastructure. G42's expected outlay in each country is pegged at between $8 billion and $10 billion.
• It's also possible that G42 could join the recent $40 billion investment in OpenAI by Stargate partner SoftBank, of which $10 billion is being syndicated. The second tranche, worth $30 billion, is expected to close by year-end.
• Other Stargate partners include Oracle, Cisco, and Nvidia.

Deal details: OpenAI last year acquired a 23% stake in Ive's io, and now will pay an additional $5 billion in stock.

• It's essentially an acqui-hire of a 55-person team, and likely the most expensive one ever.

Zoom out: The Stargate agreement with UAE is an example of commercial diplomacy, and the Trump administration's efforts to maintain America's lead in AI.

• There are obvious concerns that AI tech and chips exported to the Middle East could get partially rerouted to China, but the greater fear appears to be that U.S. nonparticipation would create a vacuum for China to fill.
• An industry official involved in the deal tells Axios' Mike Allen that over 30 countries already have reached out to OpenAI for meetings about Stargate, and that they understand there is a "time imperative."
• As for the io acquisition, OpenAI's goal is to make AI accessible for everyday people — with Ive expected to design devices that are as sleek and intuitive as are iPhones.

The bottom line: It's OpenAI's world and we're just living in it.

AT&T (NYSE: T) has agreed to acquire Lumen's (NYSE: LUMN) consumer fiber business for $5.75 billion in cash.

Why it's the BFD: This is the third major U.S. telecom consolidation development in less than a week, following the Charter-Cox tie-up and the FCC's approval of Verizon's $20 billion deal for Frontier Communications.

Zoom in: AT&T said that the acquired business will be part of a new subsidiary in which it plans to eventually sell a minority stake.

Synergy: I'll be interviewing Lumen CEO Kate Johnson at the Axios AI+ Summit in New York on June 4.

The bottom line: For AT&T, this deal is about the ongoing convergence of consumer wireless and fiber. For Lumen, it's about refocusing on the growing AI needs of enterprise customers.

• LMArena, an SF-based AI model reliability platform, raised $100m in seed funding co-led by a16z and UC Investments co-led, joined by Lightspeed, Laude Ventures, Felicis, Kleiner Perkins, and The House Fund. axios.link/43oTJ6B

• Siro, a New York-based sales rep coaching platform, raised $50m in Series B funding. SignalFire led, joined by 01 Advisors. axios.link/3H5urDi

• Slash, an SF-based "vertical banking" startup, raised $41m in Series B funding at a $370m valuation. Goodwater Capital led, joined by YC, NEA, Stanford University, and Menlo Ventures. axios.link/4miTsea

• OpenFx, a cross-border payments infrastructure startup, raised $23m led by Accel. axios.link/3SN1AGd

• Filed, a New York-based tax prep platform, raised $17.3m in pre-seed and seed funding from Northzone, Day One Ventures, J Ventures, Neo, Raine, and Greens Ventures. filed.com

• Pixee, a Baltimore-based application security startup, raised $15m in seed funding. Decibel and Wing VC co-led, joined by TEDCO and PrimeSet. axios.link/3Sc37We

• Kota, an Irish employee benefits startup, raised $14.5m in Series A funding. Eurazeo led, joined by EQT Ventures, Northzone, Frontline Venture, 9Yards, and Plug and Play. axios.link/3ZsBlZm

🌍 Alt Carbon, an Indian carbon removal startup, raised $12m in seed funding led by Lachy Groom. axios.link/3H6twlP

🌍 Rhizome, a Washington, D.C.-based climate resilience planning platform for power grids, raised $6.5m in seed funding led by Base10 Partners. rhizomedata.com

• Button Finance, a New York-based home equity lending fintech, raised $5m in Series A funding led by Hildene Capital Management. axios.link/45i39U3

• EDEN, a Seattle-based digital sales enablement platform for home services, raised $3.7m led by Climactic, alongside Better Ventures and C2 Ventures. e-denhomes.com

🌍 Sublime Systems, a Somerville, Mass.-based concrete decarbonization startup, raised $3m from the VC arm of construction firm Suffolk. axios.link/43ct3aE

🚀 Astrolight, a Lithuanian space communications startup, raised €2.8m in seed funding. Balnord led, joined by EIFO, Coinvest Capital, and 3NGLS. axios.link/436KyZQ

⚡ Ardian agreed to acquire a majority stake in MasterGrid, a French maker of high-voltage electrical equipment, from Andera Partners. axios.link/3Sgk9lZ

• Boyne Capital invested in McNish, a provider of engineered products for the municipal water and wastewater treatment industries. mcnishcorp.com

• Golden Opportunities Fund and Farm Credit Canada Capital invested in Canada's Drake Meat Processors. axios.link/4jcqfPi

• McNally Capital acquired Quiet Professionals, a Tampa, Fla.-based defense contractor. quietprofessionalsllc.com

• MGT, a Vistria Group portfolio company, acquired Ednetics, an Idaho-based education and government tech provider. mgt.us

• Transom Capital Group agreed to acquire SigmaTron International (Nasdaq: SGMA), an Illinois-based electronic manufacturing services company, for $83m. axios.link/3SSqqEB

🚑 Hinge Health, an SF-based digital physical therapy startup, raised $437m in its IPO. It priced at the top of its $28-$32 range, for a $2.6b market value, and will list on the NYSE (HNGE). In 2021 it was valued at $6.2b by VCs. Backers include Insight, Atomico, Coatue, Tiger Global, TCV, Industry Ventures, Atomico, Bessemer Venture Partners, and Insight Partners. axios.link/4mtiEyO

• INFINT Acquisition 2, a fintech SPAC led by Alexander Edgarov (Sapta Group), filed for a $100m IPO. axios.link/3Sf3Tlm

• Jefferson Capital, a Minneapolis-based consumer debt collector owned by J.C. Flowers, filed for a $100m IPO. It plans to list on the Nasdaq (JCAP) and reports $129m of profit on $323m in revenue for calendar 2024. axios.link/44QmrzM

• MNTN, an Austin, Texas-based provider of TV advertising software, raised $187m in its IPO. It priced at the high end of its $14-$16 range, for a $1.2b market cap, and will list on the NYSE (MNTN). The company had raised over $200m in VC funding from backers like Baroda Ventures, Mercato Partners, Greycroft, Qualcomm, Bonfire Ventures, Fidelity, Staley Capital, and Ryan Reynolds. axios.link/3Z8jjeQ

• Publicis (Paris: PUB) acquired Captiv8, a San Mateo, Calif.-based influencer marketing platform whose backers included UTA Ventures, Lone Wolf Partners, Launch Fund, and Joyance Partners. axios.link/4k6rbWX

• Honeywell (Nasdaq: HON) agreed to buy the catalyst technologies unit of Johnson Matthey (LSE: JMAT) for £1.8b. axios.link/3Sgbpwb

🚑 Sanofi (Nasdaq: SNY) agreed to buy Vigil Neuroscience (Nasdaq: VIGIL), a Watertown, Mass.-based biotech focused on Alzheimer's and other neurodegenerative diseases, for up to $600m ($470m upfront). axios.link/3SLqi9V

• Smith Anglin, a Dallas-based financial planning and wealth management firm, secured a strategic investment from registered investment adviser Hightower. axios.link/4kgYztO

• Telefónica (Madrid: TEF) agreed to sell its Uruguayan business for $440m to Millicom International (Nasdaq: TIGO). axios.link/43t6D3N

• Arena Investors raised nearly $1.1b for its third flagship special situations fund. arenaco.com

• Crestline Investors raised $1.7b for its third dedicated NAV financing fund. crestlineinvestors.com

• Emil Capital Partners raised $100m for its fourth fund, and rebranded as ECP Growth. ecpgrowth.com

• H.I.G. Capital is raising its fourth small-cap and growth buyout fund, per an SEC filing. Its third one closed on $970m in 2018. hig.com

• Schroders Capital raised €1.6b for its second European sub-investment grade infrastructure debt fund, plus €400m for co-investments. axios.link/3GZcmH0

• Scribble Ventures raised $80m for its third fund. axios.link/44N1VjF

• Warren Equity Partners of Jacksonville, Fla., is raising its fifth flagship fund, per an SEC filing. Its fourth flagship fund closed on $1.4b in 2022. warrenequity.com

• Great Hill Partners promoted Mike Thompson to managing director and head of growth. axios.link/3SiRMDM

• Phuong Ninh joined Lateral Investment Management as a principal. He previously was a VP with K1 Investment Management. axios.link/3FsL6js