Top stories today:

1. SpaceX’s Starship destroyed in 3rd straight fiery test failure
2. Circle targets $624M raise in IPO, valuing up to $6.7B
3. Elon’s Neuralink said to have raised $600M at $9B valuation
4. Trump Media raising $2.5B in capital to buy Bitcoin
5. Apple acquires RAC7, said to release video game launcher app

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. SpaceX’s Starship destroyed in 3rd straight fiery test failure

• Starship suffered a leak, tumbled out of control in space, and disintegrated as it hurtled back to Earth.

• 7:36 PM: The rocket lifted off from SpaceX’s launchpad in South Texas.

• “Lot of good data to review (sic),” Elon Musk posted on X.

• Jan. and Mar.: Starship exploded over the Gulf of Mexico after takeoffs.

• Launch cadence for the next 3 flights will occur every 3-4 weeks, Musk said.

3. Circle targets $624M raise in IPO, valuing up to $6.7B

• 24M shares for $24 to $26 each will be offered.

  • 60% of the 24M shares will come from existing shareholders, per Circle’s S-1 filing.

• +16% YoY in Circle’s 2024 revenue to $1.68B, with net income -42% to $156M.

• Circle has been chasing an IPO since at least 2021.

5. Elon’s Neuralink said to have raised $600M at $9B valuation

• Since late 2023, Neuralink has 3 implanted chips in paralyzed or nonverbal patients.

Elon Musk’s companies have soared in value over 4 years, but Neuralink remains a small part of the pie

6. Update: Trump Media raising $2.5B in capital to buy Bitcoin

The new purchase plan has dwarfed TMTG’s $759M in cash and investments:

• The company has agreed to sell $1.5B in stock and $1B in convertible bonds.

• Crypto.com and Anchorage Digital will provide custody for the Bitcoin treasury.

• The convertible bonds are being offered with 0 coupon and a 35% conversion premium.

• Tue.: Trump Jr.-tied PSQ Holdings also announced plans to explore digital assets.

Trump Media shares are +2% pre-market Wed., rebounding from a -10% drop Tue. after the announcement

7. Apple acquires gaming studio RAC7, said to release video game launcher app

• The 2-person studio is behind Apple Arcade hit Sneaky Sasquatch, released in 2019.

• Separately, iPhone, iPad, Mac, and Apple TV will reportedly get Apple’s dedicated video games app.

• The app would debut later this year to launch new titles and centeralize in-game achievements.

  • Will replace Game Center, debuted in 2010.

  • A Mac version could tap into games downloaded outside of the App Store.

8. U.S. megafundraising +59% YoY to $51.2B in 2024

• 2025 appears flat versus year-ago levels.

Insight Partners has been the largest U.S. VC fund 4 times since 2015 with a venture-growth mix

9. iPhone 16 leads global smartphone sales in Q1

10. Interesting videos, posts, and memes

11. Other headlines

AI

• Meta shuffles AI team to compete with OpenAI, Google: report.

• Mistral’s Agents API offers developers toolkit for advanced AI agent creation.

Tech

• Giving Pledge adds 11 new billionaires, including Dropbox’s Drew Houston.

• Apple’s App Store blocked $2B in fraud transactions in 2024.

• PDD misses estimates with Q1 revenue of CNY 95.7B.

• Xiaomi Q1 revenue +47% YoY to CNY 111.3B, net profit +65% to CNY 10.7B.

• Salesforce agrees to buy Informatica for about $8B.

• Apple’s satellite plans face pushback from carriers, Elon Musk.

• Shein working towards Hong Kong listing after London IPO stalls: sources.

• WhatsApp debuts on iPad after 15+ years of anticipation.

Tech & Law

• Online child-safety bill adopted by Texas.

• Apple still in violation of DMA, 30 days to comply: European Commission.

• Meta’s FTC antitrust trial ends as judge vows swift ruling.

Biotech

• Syndeio launches to advance “synapse-targeted neurotherapeutics”.

• Estrogen-related receptors emerge as key to muscle energy.

Business

• Nippon Steel to offer Washington golden share to seal U.S. Steel deal: report.

• Nissan plans $7B funding with UK government backing.

Crypto

• Block to enable Bitcoin payments via Square in H2 using Lightning Network.

• David Sacks, crypto czar, says U.S. could possibly “acquire more Bitcoin”.

• Sui Network to fully cover Cetus losses after $223M exploit.

• El Salvador to curb Bitcoin buys under $120M deal: IMF.

• Metaplanet issues $50M in new debt to buy more Bitcoin.

U.S. politics

• Student visa interviews halted as Rubio orders review of social media vetting.

• Paul Walczak pardoned by Trump after mother attended $1M dinner.

• Universities rethink investment strategies as GOP targets endowment income.

• Harvard to lose federal contracts under Trump plan.

• U.S. military doubles down in Northern Europe amid NATO, Russia concerns.

World

• Putin “playing with fire,” Trump says.

• Germany threatens “steps” against Israel over Gaza.

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