Twelve deals on the displayed tape, $143B disclosed. The skew is extreme: OpenAI's $142B late-stage primary led by Nvidia and SoftBank is ~99% of disclosed dollars. Strip it out and the remaining 11 rounds total about $1.77B, led by Armadin's $256M Series B (a16z/Accel co-leads), Jeeves' $110M Series C-1 (CoinFund) and Volantis' $88M Series A (Lachy Groom/Abstract). Weekly round count actually fell: 18 rounds vs 37 last week, while disclosed capital rose 1,333% on one deal. Coverage gaps persist: 2 rounds missing amounts, 17 missing valuations, 2,499 of 2,624 companies unscored.
Last 24h: Agnikul fired the 3D-printed engine for its space rocket — a test milestone, not a launch. India's Startup Policy Forum launched DeepVerse, a deeptech center listing quantum as a priority. Funding items with amounts: robotics drug-manufacturing startup raised $75M (pitch deck via Business Insider; company not named in headline), Reclinker raised $13M for low-carbon cement, WhiteLab Genomics raised €23.2M, Procuros raised a €20M Series A, an Arlington maritime startup raised a $140M Series B. The $140M maritime and $75M robotics deals are not on the tracked tape above — treat as unverified against our book.
Tracked-book weekly figures cover disclosed rounds among 2,624 tracked companies, not the whole market. AI: 6 rounds, $142.1B (vs 11 rounds, $8.5B prior week) — the jump is OpenAI. Cybersecurity: 3 rounds, $293.5M, up from 1 round/$4M; Armadin's $256M is most of it. Fintech slowed to 1 round/$110M from 3/$59.8M. Semiconductors reappeared (Volantis, $88M) after zero prior-week rounds. Count declines alongside dollar surges mean the headline capital number overstates breadth. European biotech commentary warns the funding window is narrowing — a counterpoint to Forbion's $2.6B close.
| Window | Rounds | Disclosed Amounts | Disclosed Capital |
|---|---|---|---|
| Last 24 hours | 0 | 0 | — |
| Last 7 days | 18 | 16 | $144B |
| Previous 7 days | 37 | 37 | $10B |
Week-over-week disclosed capital: +1333.4%. All eligible tracked rounds are included, independently of the 12-company display limit below. Missing amounts are excluded from capital totals, not estimated. Date-only records use midnight UTC; these are rolling windows, not calendar-day totals.
| Sector | 7d Rounds | Prior 7d Rounds | 7d Disclosed Capital | Capital Change |
|---|---|---|---|---|
| AI | 6 | 11 | $142B | +1564.5% |
| Automotive | 1 | 1 | $1.1B | +1135.3% |
| Cybersecurity | 3 | 1 | $294M | +7237.5% |
| Fintech | 1 | 3 | $110M | +83.8% |
| Semiconductors | 1 | 0 | $88M | Not comparable |
| Business/Productivity Software | 1 | 1 | $50M | +150.0% |
| Software Development Applications | 1 | 1 | $20M | +1900.0% |
| Enterprise Software | 1 | 0 | $15M | Not comparable |
Vinci, a chip-simulation startup, raised $250M at a $1.5B valuation (reported, last 24h). Flow Engineering's Series B: $50M at a reported $750M post-money, co-led by Valor Equity and Atreides — post-money, not pre-money. Moonshot AI hit a reported $50B valuation ahead of a planned Hong Kong IPO — reported figure, IPO not yet listed. DeepSeek's round is reportedly ballooning with CATL and Tencent involvement, eyeing 2027 IPO; the CNBC doubling report suggests the number is still moving. Markdown watch: Linktree and Replit at 86/100 (High), Kajabi 84 — flagged against public comps, not marks taken.
| Company / Round Date | Reported Post-Money | Prior Post-Money / Date | Mark Change | Evidence |
|---|---|---|---|---|
| Flow Engineering 2026-09-30 | $750M | Unavailable | Not comparable | Tracked roster; source link unavailable |
Historical round marks are not replaced with today's company valuation. Mark changes compare disclosed post-money levels, not investor returns; dilution and financing terms may differ. Secondary indications, fund marks and enterprise values in linked reporting are separate evidence, not interchangeable round valuations.
Disclosed round capital in the window. Undisclosed amounts count as zero.
Disclosed rounds in the window · every bar opens the company's live page.
Twelve deals on the displayed tape, $143B disclosed. The skew is extreme: OpenAI's $142B late-stage primary led by Nvidia and SoftBank is ~99% of disclosed dollars. Strip it out and the remaining 11 rounds total about $1.77B, led by Armadin's $256M Series B (a16z/Accel co-leads), Jeeves' $110M Series C-1 (CoinFund) and Volantis' $88M Series A (Lachy Groom/Abstract). Weekly round count actually fell: 18 rounds vs 37 last week, while disclosed capital rose 1,333% on one deal. Coverage gaps persist: 2 rounds missing amounts, 17 missing valuations, 2,499 of 2,624 companies unscored.
| Date | Company | Round | Amount | Reported Post-Money | Lead | Sector |
|---|---|---|---|---|---|---|
| 2026-10-01 | Armada | Series B | — | — | — | Defense |
| 2026-10-01 | Armadin | Series B | $256M | — | Andreessen Horowitz and Accel (co-leads) | Cybersecurity |
| 2026-10-01 | Doxx.net | Series A | $38M | — | Andreessen Horowitz | Cybersecurity |
| 2026-10-01 | enso | Series A | $15M | — | MoreTech Ventures | Enterprise Software |
| 2026-10-01 | Halluminate | Series A | $30M | — | Oak HC/FT | AI |
| 2026-10-01 | Jeeves | Series C-1 | $110M | — | CoinFund | Fintech |
| 2026-10-01 | OpenAI | Late-stage primary | $142B | — | Nvidia, SoftBank | AI |
| 2026-10-01 | Osavul | Series A | — | — | 33N Ventures | Cybersecurity |
| 2026-10-01 | Photon | Seed | $5M | — | Gradient and A* (co-leads) | AI |
| 2026-10-01 | Prime Intellect | Series A | $50M | — | Founders Fund | AI |
| 2026-10-01 | Satlyt | Seed | $8M | — | Non Sibi Ventures | Space |
| 2026-10-01 | Volantis | Series A | $88M | — | Lachy Groom / Abstract Ventures (co-led) | Semiconductors |
Where the window's activity sits on the funding ladder: deal count (solid) against disclosed capital (faded) per stage, with the companies behind each cluster. Stages come from the reported round labels; undisclosed amounts count as zero capital.
Fund formation was busy in the last 24h. Forbion raised $2.6B across two biotech funds; Zero Infinity Partners closed $156M for 'infratech' per WSJ; Nevermind VC launched with a €23.6M first close for dual-use deeptech. Jake Paul's Anti Fund is seeking $400M — a raise in progress, not closed. Watch item: CNBC reports DeepSeek is considering doubling its latest round to up to $15B; that is a sourced report of a consideration, not a completed deal. Fund size ≠ deployment into startups.
| Lead Investor | Displayed Deals | Associated Round Sizes |
|---|---|---|
| Nvidia, SoftBank | 1 | $142B |
| Andreessen Horowitz and Accel (co-leads) | 1 | $256M |
| CoinFund | 1 | $110M |
| Lachy Groom / Abstract Ventures (co-led) | 1 | $88M |
| Founders Fund | 1 | $50M |
| Andreessen Horowitz | 1 | $38M |
| Oak HC/FT | 1 | $30M |
| MoreTech Ventures | 1 | $15M |
Total sizes of associated rounds, not the lead investor's check sizes. Investor types are not inferred from their names.
KKR's $5.1B acquisition of fund administrator Gen II is the week's largest PE-adjacent deal — services consolidation around private capital itself. Illinois TRS is seeking secondaries-market advisory services, another liquidity-infrastructure signal. Infinite Partners reached final close (amount not in evidence). Louisiana pension committed $125M to a PE fund. NYC Comptroller Levine proposed a $5B pension climate-investment expansion — a proposal, not an allocation. A 'silent M&A wave' thesis (The Recursive) argues sales are beating new rounds for some founders; consistent with our markdown watch, not yet proven in tape.
LP flow in the last 24h: Forbion $2.6B across two biotech funds (closed); Janus Henderson MENA Private Credit Fund IV at $191M at second close; Louisiana pension $125M PE commitment; British Business Bank committed £10M to Fuel Ventures; NVM Ventures launched a new multi-fund vehicle; Zero Infinity Partners raised $156M (WSJ exclusive). Malaysia's Khazanah Dana Impak has deployed RM2.6B into 130 local companies — cumulative, not new. Anti Fund's $400M target is aspirational. New fund closes support biotech and infra/deeptech theses; the liquidity gap noted in prior commentary remains unresolved.
SAP agreed to acquire TechWolf, the Belgian AI workforce-intelligence startup — an agreement, terms undisclosed, closing not confirmed. KKR struck a $5.1B deal to buy fund administrator Gen II (WSJ, qz). Dubai's NEOPAY agreed to buy 65% of Noon's payments arm, expanding into Egypt. SAIC closed its acquisition of Information Security Corp; Init acquired Applied Autonomy (driverless-bus software). Birmingham study startup StudyStash sold to Kortext. A Crunchbase piece flags AI's most active startups becoming serial acquirers — consolidation pressure on smaller AI vendors.
Funding headlines from outside the tracked book — sourced links, not QL data.
The largest recent private rounds ($100M+) across the tracked book — 2282 ranked. Full board: quantlogix.ai/mega-rounds.
Biggest overnight changes in the graded company score — scores only move when disclosed data moves, and every repricing grades the score that was standing.
| Company | Score | Δ |
|---|---|---|
| Labs | 47 → 65 | +18 |
| Tekever | 50 → 57 | +7 |
| Flow Engineering | 49 → 54 | +5 |
| Glydways | 46 → 50 | +4 |
Display-only private-markets tape from the tracked roster — formations, priced fundraises, valuation marks, and U.S. VC lead activity. No inferred amounts; empty sections stay empty.
Window: 2026-10-06 · sources: private-companies.json, investors.json
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No in-tree private-market events matched the report window; amounts and valuations were not inferred.
The Silicon Valley Private Market Daily — the 8pm PT desk close: qualified raises, roster re-rates and sector velocity from the QL private-market pipeline.
The private market landscape remains hyper-focused on AI infrastructure and specialized enterprise software. While enterprise adoption of AI is the primary funding narrative, significant capital is concentrating around hardware and compliance tooling. Increased developer talent demand and office leasing activity in San Francisco suggest a cooling of earlier caution, though market uncertainty persists regarding chip supply and the sustainability of high valuation premiums for early-stage AI firms.
🗂️ Dataset updated: added 2 companies to the QuantLogix private-companies list — OneByZero, Ghost — 2,624 → 2,626. Append-only.
100 tracked names flagged for markdown risk — 125 scored nightly, 2499 left unscored (no comp bridge). Down rounds are recorded in the open ledger — receipts only work in public. Live boards: markdown-watch · down-round-ledger.
| # | Company | Sector | Risk Score | Band | Vs Comps | Last Mark | Last Round |
|---|---|---|---|---|---|---|---|
| 1 | Linktree | SaaS | 86 | High | +754% | $1.3B | 55 mo ago |
| 2 | Replit | Data / Infra | 86 | High | +248% | $9.0B | 41 mo ago |
| 3 | Kajabi | SaaS | 84 | High | +146% | $2.0B | 65 mo ago |
| 4 | Xendit | Financial Services | 80 | High | +1777% | $2.7B | 53 mo ago |
| 5 | Forter | Fintech | 80 | High | +914% | $3.0B | 65 mo ago |
| 6 | Greenlight | Fintech | 80 | High | +579% | $2.3B | 66 mo ago |
| 7 | Betterment | Fintech | 80 | High | +408% | $1.1B | 42 mo ago |
| 8 | Varo | Fintech | 80 | High | +288% | $2.5B | 61 mo ago |
Nightly score: comp-bridge premium (45%) · round staleness (30%) · IPO-readiness drag (15%) · funding deceleration (10%). Companies without a computable public-comp bridge stay unscored — never guessed.
75 markdowns detected all-time · 16 flagged beforehand · 59 missed · hit rate 21.3%
| Company | Detected | Event | Mark | Called? |
|---|---|---|---|---|
| Unacademy | 2026-10-05 | Mark cut −5.5% | $218M → $206M | ✗ Missed |
| Abridge | 2026-10-05 | Mark cut −6.8% | $5.7B → $5.3B | ✓ Flagged #38 · Elevated |
| Kling AI | 2026-10-05 | Mark cut −10.0% | $20B → $18B | ✓ Flagged #16 · Elevated |
| Guild Education | 2026-10-05 | Mark cut −14.8% | $4.4B → $3.8B | ✗ Missed |
| Harness | 2026-10-05 | Mark cut −14.8% | $5.5B → $4.7B | ✓ Flagged #60 · Elevated |
| OfBusiness | 2026-10-05 | Mark cut −20.0% | $5.0B → $4.0B | ✗ Missed |
| o9 Solutions | 2026-10-05 | Mark cut −27.0% | $3.7B → $2.7B | ✗ Missed |
| Houzz | 2026-10-05 | Mark cut −54.3% | $4.0B → $1.8B | ✗ Missed |
Down-round & valuation headlines scraped at publication from Google News, Hacker News, CNBC, Yahoo Finance and the wider tech press.
Headline weekly capital of $143B collapses to ~$1.8B without OpenAI. If you're benchmarking your round against 'the tape,' use the ex-mega-deal number — that's the environment mid-stage founders actually face, and round counts fell week over week.
Linktree, Replit and Kajabi top the markdown watch at 84–86/100, flagged at 146–754% above public comps, while Unacademy, Abridge and Kling AI took recent cuts of 5.5–10%. If your next raise prices off 2021-era multiples, expect pushback; secondary-sale or trade exits are getting renewed attention.
Three cybersecurity rounds this week ($293.5M disclosed, Osavul undisclosed) plus Armada's undisclosed defense Series B. Strategic and dual-use capital is available, but concentration in co-led rounds means a single lead's appetite moves the sector — diversify your investor list early.
Expect the ex-OpenAI tape (~$1.8B/week) to be the real read on mid-market conditions. Watch whether DeepSeek's reported $15B round materializes, whether SAP–TechWolf closes, and KKR–Gen II as a liquidity-infrastructure bellwether. Markdown watch depth (2,499 unscored) limits downside visibility.