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Scoop: PE-backed PS Logistics plans sale

Snorkel AI dives for deals

A man with short dark hair and round brown glasses stands by a window in an indoor concrete-walled space, wearing a light gray long-sleeve shirt and dark pants, smiling softly at the camera.

Fervo's first spark

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Driving the day

🚨 Deals Deals Deals!

Final numbers

Gamut Capital Management and British Columbia Investment Management are prepping a sale of PS Logistics, Axios Pro has learned.

State of play: Specialized capabilities — like the flatbed, stretch trailers, temp-controlled and bulk hauling PS Logistics offers — tend to attract more buyer interest than general dry van trucking. 

Inside the room: A formal process has not yet launched. Evercore, Jefferies and RBC have been in the running to advise, sources say. 

It could not be learned whether a bank has been picked.

Zoom in: Birmingham, Ala.-based PS Logistics is the largest privately held flatbed trucking carrier in the U.S., per the American Trucking Associations.

The parent of P&S Transportation, PS Logistics offers asset-based hauling, non-asset-based brokerage and logistics, and warehousing with 59 locations in 18 states.

Catch up quick: Gamut acquired PS Logistics in 2021, with BCI joining as a minority investor.

One Equity Partners, EVE Partners and WayPoint Capital Partners were prior investors, per PitchBook.

Flashback: PS Logistics has inked more than 30 deals in the last decade. 

They've included major operations such as Buddy Moore Trucking (2024), Celadon Logistics (2019), Southeast Logistics (2020), Purdy Bros., Shelton Trucking (2018) and Loudon County Trucking (2014).

BCI declined to comment. Gamut, PS Logistics, Evercore, Jefferies and RBC did not respond to a request for comment. 

1. Scoop: PE-backed PS Logistics plans sale

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Illustration: Sarah Grillo/Axios. Stock: Getty Images

Snorkel AI plans to play offense as the data market consolidates, with fresh capital earmarked for acquisitions, CEO Alex Ratner tells Axios Pro.

The data-as-a-service business this week raised $350 million at a $3.5 billion post-money mark — nearly tripling its valuation from May 2025. 

Zoom in: Snorkel sells complex datasets and reinforcement-learning environments to help enterprises and frontier labs develop custom and agentic AI systems.

Its ARR grew about 18x in the last year to nearly $375 million.

Zoom out: Robust data demand has translated into hefty valuations for peers, including Mercor and Scale AI .

This interview has been edited for brevity and clarity.

Axios Pro: Why raise a massive round now?

Ratner: "We just saw this incredible growth. Candidly, the revenue run rate that we raised at was significantly less than the one that we're at today. Maybe we should have waited even longer, but again, it's good to leave some for the next round when you're trying to recruit as many people as we're trying to recruit.

The second thing was that we saw a real appetite in the space from investors, and it was kind of a preemptive round."

Was it difficult to differentiate yourself from your competitors while talking to investors?

"I've heard rumors that a lot of them are struggling to raise or have been for a while."

"I think there's going to be a bunch of consolidation coming up in the space, and I want Snorkel to benefit from it.

There are great teams that are really good at one niche area of data, and would probably love to pair up with a research and technology-based team that has deep expert AI expertise like us."

"Companies and teams that have the kind of researchers and specialists who are really good at building data and simulation environments in specific domains."

2. Snorkel AI dives for deals

Fervo Energy's Cape Station, an advanced geothermal project in Utah, has begun delivering power — kicking off a years-long push to drive down the cost of advanced geothermal energy.

Why it matters: Cape Station will eventually test whether advanced geothermal can be a mainstream commercial option when it's significantly cheaper.

Follow the money: Fervo's stock price jumped over 13% on the news before falling back below its opening price.

The volatility could reflect traders cashing out after a long-anticipated milestone, but it also underscores that first power hasn't eliminated Cape Station's commercialization risk.

By the numbers: The entire Cape Station project is meant to deliver 900 MW. The first phase represents 100 MW — broken up into three blocks of 33 MW.

The first 33 MW of Cape Station has synchronized with the grid and is expected to deliver its contracted power by Oct. 1.

The remaining two blocks of Phase One are supposed to deliver power by year-end.

The second phase of Cape Station will deliver eight 50 MW blocks, for 400 MW, by 2028.

Zoom in: Phase One of Cape Station is supposed to have an installed project cost per kilowatt-hour of $7,000. 

Phase Two is supposed to have an installed cost of $5,500 per kilowatt-hour. 

Future deployments are meant to get down to $3,000 per kilowatt-hour. 

Friction point: Cape Station experienced a blowout in May, as Axios Pro reported, demonstrating the risks of scaling a still-nascent technology. 

3. Fervo's first spark

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4. Driving the day

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👉 GO HERE TO CATCH UP on deals since this morning's Pro Rata, including:

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Bird, a Netherlands-based communications company, raised $450m in debt backed by JPMorgan in a dividend recapitalization to provide liquidity for shareholders and employees. Go deeper

5. 🚨 Deals Deals Deals!

Data: Financial Modeling Prep; Chart: George Moriarty/Axios

Blue Owl shares slid 3.6% today after Oracle invoked a force majeure provision tied to Project Jupiter.

Oracle is seeking to delay payments if the $165 billion New Mexico data center being developed by Blue Owl portfolio company Stack Infrastructure doesn't come online in 2028 as planned.

September 24, 2026

1. Scoop: PE-backed PS Logistics plans sale