Ramp Targets $40B Valuation, SpaceX Adds AI Capacity for Anthropic, Revolut Injects $64M Into Mexico

Private capital is scaling fast. Ramp targets a $40B valuation around AI-driven finance automation, SpaceX expands AI infrastructure capacity through Anthropic, and Revolut deepens its Latin American push with fresh capital in Mexico. Let’s dive in…

THIS WEEK’S BREAKING NEWS

Ramp seeks $750M at $40B valuation for finance automation after revenue surge

Ramp is reportedly raising $750M at a valuation exceeding $40B, up from $32B just six months ago, as annualized revenue surpasses $1B. The company continues expanding its AI-driven finance automation stack across expense management, procurement, treasury, and bookkeeping, underscoring growing investor appetite for enterprise fintech platforms embedding AI directly into operational workflows ahead of potential public market activity. (1)

MARKET UPDATE

Hong Kong AI IPO boom leaves U.S. markets behind

Chinese AI firms, including Z.ai, MiniMax, and Biren Technology, generated more than $22B in AI-related IPO exit value in Hong Kong during Q1 2026, sharply outperforming struggling U.S. tech listings. PitchBook data showed the median U.S. IPO underperformed benchmarks by 42 percentage points within 120 days, as investors increasingly favor Chinese AI firms with stronger revenue profiles, lower entry valuations, and semiconductor exposure. (2)

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STABLETON NEWS

Read the Q1 2026 report on private tech

Q1 2026 was a historic quarter for private markets. SpaceX filed for what could be the largest IPO in history (3), AI investment as a share of GDP surpassed every prior technology cycle (4), and the global secondary market continued to grow with volumes on pace to exceed $250 billion (5).

The latest Stableton Private Blue-Chip Tech Navigator breaks down the developments that defined the first quarter of 2026. It covers market conditions, major funding rounds, valuation shifts, and liquidity trends, alongside data on the Stableton Morningstar PitchBook Unicorn 20 strategy.

As private tech matures into an institutional asset class, we prioritize keeping you updated on the data behind all the major shifts. We put this report together so you can see exactly where the market stands and where it’s heading.

View the full Q1 2026 report below.

PORTFOLIO NEWS

Europe accelerates software-defined air defense adoption with Anduril

Anduril secured a Dutch Ministry of Defense contract to deploy integrated counter-UAS systems as Europe accelerates defenses against low-cost drone threats. The deployment moved from contract signing to initial operating capability in under one month, highlighting demand for rapidly scalable, software-defined defense infrastructure. The contract centers on Anduril’s Lattice platform, which links sensors and effectors into an autonomous, interoperable air defense network adaptable to evolving NATO operational requirements. (6)

Anduril deepens maritime autonomy partnership with shipbuilding leaders

ABS, HD Hyundai, and Anduril signed an MoU to develop end-to-end autonomous surface vessel solutions spanning ship design, production, autonomy, certification, and classification. The partnership combines HD Hyundai’s naval shipbuilding scale, ABS’ maritime certification expertise, and Anduril’s AI-driven autonomy systems, underscoring growing institutional focus on unmanned maritime infrastructure as naval modernization priorities accelerate globally. (7)

Anduril pushes deployable battlefield 5G infrastructure with Nokia

Anduril introduced its 5G Comms Sentry Tower (CST), a deployable private 5G system designed for austere environments lacking infrastructure. Developed with Nokia Federal Solutions, CST delivers high-throughput connectivity within hours, supports multi-kilometer coverage, and operates independently of external power, extending Anduril’s Sentry platform, which already exceeds 400 deployed towers globally. (8)

Anthropic nears $1T ambitions on $45B revenue

Anthropic is exploring a funding round of up to $50B at a potential $900B pre-money valuation as annualized revenue approaches $45B, up 5x from $9B at the end of last year. The company is accelerating compute expansion ahead of a potential IPO, securing long-term infrastructure agreements with Google, Amazon Web Services, Broadcom, and SpaceXAI to support broader deployment of its Mythos model. (9)

Google and Anthropic formalize massive $200B AI infrastructure deal

Anthropic has committed to spend roughly $200B with Google over five years as part of a five-gigawatt compute infrastructure agreement beginning in 2026. The deal represents more than 40% of Google Cloud’s disclosed revenue backlog and highlights how long-term hyperscale cloud economics are increasingly tied to a small group of frontier AI companies led by Anthropic and OpenAI. (10)

Cursor pushes enterprise AI coding deeper into production with Opsera

Cursor partnered with Opsera to embed autonomous DevSecOps agents directly into Cursor’s IDE, enabling security, compliance, and architectural controls during code generation rather than post-production review. The integration targets enterprise AI software delivery workflows, combining Cursor’s Fortune 500 penetration with Opsera’s enterprise DevOps footprint to reduce deployment friction and operational risk across AI-driven software development lifecycles. (11)

Databricks launches Genie, advancing multi-LLM enterprise data reasoning

Databricks introduced new architectural advances behind its Genie enterprise data agent, combining specialized knowledge search, parallel reasoning, and Multi-LLM orchestration to improve accuracy on internal enterprise data-analysis benchmarks from 32% to above 90%. Genie is designed to navigate complex enterprise environments spanning structured and unstructured data sources, positioning data agents as the next operational layer for enterprise analytics, governance, and AI-driven decision-making workflows. (12)

Apple loses latest Epic challenge, faces legal pressure on payment rules

The U.S. Supreme Court declined Apple’s request to pause a contempt ruling tied to its App Store practices in the long-running antitrust dispute with Epic Games. The case centers on Apple’s 27% commission for purchases made outside the App Store after court-ordered payment rule changes, with regulators globally monitoring the outcome as a potential precedent for platform economics and digital marketplace control. (13)

Figure AI pushes humanoids toward household autonomy

Figure AI demonstrated two autonomous humanoid robots coordinating visually to complete household tasks, including making a bed in under two minutes without teleoperation or direct robot-to-robot messaging. Powered by its upgraded Helix 02 model, the system highlights advances in multi-agent robotics coordination and autonomous task execution as Figure AI, now valued at $39B, intensifies competition with Tesla’s Optimus program. (14)

Kraken and MoneyGram connect crypto with global cash rails

Kraken partnered with MoneyGram to enable crypto-to-cash withdrawals across MoneyGram’s network spanning more than 100 countries and nearly 500,000 retail locations. The partnership initially focuses on off-ramp infrastructure before expanding into local bank deposits and cross-border remittance flows, highlighting growing convergence between crypto liquidity platforms and regulated global payment rails. (15)

$600M Reap acquisition expands Kraken’s business payment capacity

Kraken parent agreed to acquire Hong Kong-based Reap Technologies for $600M in cash and stock, valuing Payward at $20B. The deal expands Kraken’s stablecoin and cross-border payments infrastructure across Asia, adding business-to-business capabilities, including card issuance and digital asset payments, as the company accelerates its global expansion ahead of a potential IPO. (16)

Kraken launches CFTC-regulated leverage trading for U.S. users

Kraken launched CFTC-regulated crypto spot margin trading for U.S. retail users, allowing leverage of up to 10x using crypto collateral. The rollout follows parent company Payward’s acquisition of derivatives platform Bitnomial and expands Kraken’s regulated derivatives infrastructure ahead of a potential IPO, as the exchange pushes deeper into institutional and compliant U.S. crypto market services. (17)

OpenAI launches $4B enterprise AI deployment company

OpenAI launched the OpenAI Deployment Company, a majority-owned enterprise deployment unit backed by more than $4B in initial funding and partnerships with firms including TPG, Goldman Sachs, McKinsey & Company, and Bain & Company. The initiative includes the acquisition of Tomoro and adds roughly 150 Forward Deployed Engineers to help enterprises redesign workflows and operational infrastructure around frontier AI systems. (18)

AMD, OpenAI advance production-ready AI networking infrastructure via MRC protocol

Advanced Micro Devices, alongside OpenAI, Microsoft, Broadcom, and Intel, contributed the Multipath Reliable Connection (MRC) networking protocol to the Open Compute Project to improve large-scale AI cluster performance. AMD said MRC enables multi-path traffic routing, faster recovery from failures, and more resilient GPU synchronization. (19)

Perplexity opens Personal Computer AI agent to Mac users

Perplexity AI expanded its Personal Computer AI agent to all Mac users through a new desktop application, allowing agents to access local files, applications, web tools, and more than 400 connectors to automate multi-step workflows directly on-device. The rollout reflects intensifying competition in local AI agents and AI-native operating environments as platforms move beyond cloud-only assistants toward persistent, workflow-integrated personal computing infrastructure. (20)

Revolut injects $64M to accelerate Mexico expansion

Revolut injected an additional $64M into its Mexican operations, bringing total investment in the country to $167M just months after launching locally in January. The company reported 275% asset growth in Q1 and more than 290,000 registered Mexican users by the end of March, highlighting accelerating adoption as Revolut expands its footprint across Latin America’s second-largest economy. (21)

Ripple secures $200M to expand institutional crypto brokerage

Ripple secured a $200M debt facility from Neuberger Specialty Finance to expand Ripple Prime, its institutional prime brokerage platform built through the 2025 acquisition of Hidden Road. Ripple said the business has tripled revenue year over year, with the financing aimed at increasing lending capacity and margin services for institutional clients across traditional and digital asset markets. (22)

SpaceX enters hyperscale AI infrastructure race through Anthropic

Anthropic signed a compute agreement with SpaceX for 300 megawatts of AI infrastructure capacity at the Colossus 1 data center, which houses more than 220,000 Nvidia processors. The deal adds to Anthropic’s expanding hyperscale compute commitments across Amazon, Google, Microsoft, and Nvidia, while also including discussions around developing multi-gigawatt orbital AI compute infrastructure with SpaceX. (23)

Stripe and AWS bring stablecoin payments to AI agents

Amazon Web Services partnered with Coinbase and Stripe to launch Bedrock AgentCore Payments, enabling AI agents to autonomously transact using USDC stablecoins for APIs, data feeds, and online services. Built on Coinbase’s x402 protocol, the system processes machine-native payments in roughly 200 milliseconds and positions stablecoins as emerging infrastructure for autonomous AI commerce and enterprise agent ecosystems. (24)

xAI joins OpenAI and Anthropic to face U.S. government security evaluations

The U.S. government expanded its frontier AI oversight efforts through new agreements between CAISI and xAI, Google DeepMind, and Microsoft to evaluate advanced AI models before public release. The move signals growing federal involvement in pre-deployment testing and AI security as regulators increase scrutiny of rapidly advancing frontier models and autonomous AI capabilities. (25)

OTHER NEWS

ByteDance raises AI infrastructure spending target to $29B

ByteDance reportedly increased its 2026 AI infrastructure spending target by 25% to 200B yuan ($29.4B) as it accelerates investment in domestic AI chips and expands its AI ecosystem around the Doubao chatbot. The spending increase highlights intensifying Chinese AI infrastructure competition as Beijing pushes local technology adoption amid escalating U.S.-China semiconductor and AI restrictions. (26)

Celonis named Gartner leader in enterprise AI process intelligence

Celonis was named a Leader in the 2026 Gartner Magic Quadrant for Process Intelligence, ranking highest for Ability to Execute and furthest for Completeness of Vision. The company positioned its Process Intelligence Platform as a foundational operational layer for enterprise AI, using object-centric process mining and orchestration tools to provide AI systems with structured operational context across complex enterprise workflows. (27)

Cerebras boosts pricing amid AI inference demand, targets $4.8B IPO

Cerebras Systems increased its IPO range to $150–$160 per share from $115–$125, with the offering now targeting up to $4.8B. The AI chipmaker, which develops processors optimized for inference workloads, is benefiting from accelerating demand as frontier AI labs shift spending from model training toward large-scale inference infrastructure and deployment capacity. (28)

Lambda secures $1B to scale AI compute infrastructure

Lambda secured a $1B syndicated senior secured credit facility, expanding a prior $275M facility established in 2025. The funding will support the deployment of Nvidia AI hardware and the expansion of Lambda’s data center footprint as the company targets 3GW of compute capacity by 2030. The JP Morgan-led financing follows Lambda’s $1.5B Series E round and broader leadership restructuring to support hyperscale AI infrastructure growth. (29)

Whoop expands wearable platform with digital health services

Whoop will introduce on-demand clinician video consultations for U.S. users alongside AI-powered health guidance and integrated electronic health records through a partnership with HealthEx. The expansion connects continuous biometric monitoring with personalized medical insights as Whoop, recently valued at $10.1B following a $575M funding round, pushes deeper into AI-enabled preventative health and digital care infrastructure. (30)

CHART OF THE WEEK

Concentration returns to the top tier

Value in private markets is consolidating again at the very top. After several years of dispersion, where capital spread more broadly across the unicorn ecosystem, the largest companies are once again capturing an increasing share of total value. This re-concentration reflects a more selective environment where scale, execution, and market leadership matter more than narrative alone.

This has important implications for portfolio strategy. Broad exposure to the long tail is becoming less relevant when a small group of companies drives a disproportionate share of outcomes. The focus moves toward identifying and maintaining exposure to those leaders as they continue to compound value. The Stableton Morningstar PitchBook Unicorn 20 strategy is positioned in line with where value is concentrating, emphasizing the most valuable private technology companies shaping the current market cycle.

THE UNTOLD UNICORN STORY

Ripple: The blockchain backbone of global finance

Ripple CEO, Brad Garlinghouse. Source: Bloomberg (31)

Imagine being able to send money anywhere in the world as quickly as a message. That’s the promise of Ripple Labs, the San Francisco-based company using blockchain to modernize global payments. Founded in 2012, Ripple developed the XRP Ledger, a decentralized network that enables financial institutions to settle cross-border transactions in seconds and at a fraction of traditional costs. Its enterprise-grade solutions focus on transparency, speed, and regulatory alignment, bridging the gap between banks and the digital-asset economy.

In 2025, Ripple turned a page in its history. The company settled its long-running SEC case, agreeing to a $125M civil penalty, and announced a $700M share buyback at USD 175 per share, which is widely viewed as reaffirming confidence in its long-term strategy. With an expanding network of banking and fintech partners worldwide, Ripple continues to refine the plumbing of global finance through institutional-grade blockchain infrastructure. (32)

Interesting Fact: Arthur Britto, one of Ripple's three co-founders, is so intensely private that there are no verified photographs of him, he has never given an interview or public statement, and has sparked conspiracy theories that he doesn't even exist. In June 2025, after 14 years of total silence, Britto broke his silence by posting a single emoji on social media, which sent XRP's price up 8%.

Did you know? Ripple is one of the 20 companies in our Stableton Morningstar PitchBook Unicorn 20 strategy, a systematic, index approach that aims to outperform public benchmarks with low-cost fees, and without a performance fee. Click below for more information.

SOURCES

1 - TechCrunch, 2 - Global Finance, 3 - Financial Times, 4 - NBC, 5 - William Blair, 6 - Anduril, 7 - Marine Link, 8 - Space News, 9 - Financial Times, 10 - The Information, 11 - PR Newswire, 12 - Databricks, 13 - CNBC, 14 - Business Insider, 15 - PR Newswire, 16 - Bloomberg, 17 - The Block, 18 - OpenAI, 19 - AMD, 20 - TechCrunch, 21 - Reuters, 22 - Decrypt, 23 - Financial Times, 24 - Decrypt, 25 - CNBC, 26 - Bloomberg, 27 - Business Wire, 28 - The Wall Street Journal, 29 - Data Center Dynamics, 30 - CNBC, 31 - Bloomberg, 32 - Bloomberg