E235: Kalshi fields $10B+ valuation offers post-$5B raise; Crusoe $1.38B raise at $10B+ valuation fuels AI infra expansion; Redwood Materials $350M Series E at $6B valuation boosts battery recycling; OpenEvidence $200M Series C at $6B valuation drives med

0:00Aaron Dillon here, Managing Director of AG Dillon & Co. Here is the pre-IPO stock secondary market update for October 24, 2025. Calci, the prediction market platform that gained prominence with presidential election markets after successfully suing the CFTC last year to enable U.S. operations, announced a$300 million funding round at a$5 billion valuation just weeks ago, co-led by Sequoia Capital and Andreessen Horowitz with participation from Paradigm Ventures, Capital G, and Coinbase Ventures as it approaches$50 billion in annualized trading volume, up from$300 million last year while handling 200 ,000 weekly active wallets and 2 million monthly contracts traded across 140 countries.

0:46Following this raise, CalShare is now fielding investor offers that would value the company at more than$10 billion, with discussion around$10 billion to$12 billion or higher, reflecting surging demand for regulated event-based trading amid rival PolyMarket's$8 billion pre-money valuation from a$2 billion investment by Interconal Exchange that owns the New York Stock Exchange. That's$10 billion post-money for those that are counting. Crusoe, the AI data center operator building the massive Stargate complex in Texas in partnership with OpenAI and Oracle, raised$1.38 billion in an equity funding round, valuing the firm at more than$10 billion, led by Valor Equity Partners, Mutabala Capital, with participation from NVIDIA, Altimer, BAM Elevate, Founders Fund, Fidelity, Salesforce Ventures, and Supermicro Computer.

1:34That's quite a list of investors. Marking a significant escalation to fuel expansion and its energy-efficient compute infrastructure amid the AI boom that has seen data center power consumption surge 20 % year over year in 2024. The capital will support scaling operations in its Texas facility, which integrates advanced cooling and renewable energy sources to deliver up to a gigawatt scale AI-optimized capacity, positioning Crusoe to capture a slice of the$200 billion AI infrastructure market growing at 35 % CAGR through 2030. While adjusting global chip shortage is exasperated by hyperscaler demand.

2:14Crusoe's proprietary liquid-cooled racks achieve 30 % lower PUE than air-cooled piers, and its 500-megawatt phase one deployment is fully pre-leased at 1.5 watts per month premiums. Redwood Materials, the battery recycling and cathode production company founded in 2017 by former Tesla CTO GB Straubel, raised$350 million in a Series E funding round at an approximately$6 billion valuation, up$1 billion from its prior mark, led by Eclipse with a strategic investment from NVIDIA's N Ventures. Redwood raised$1 billion in 2023 to expand the U.S. battery supply chain as it stockpiles more than one gigawatt per hour of batteries suitable for energy storage since launching its Redwood Energy business in June of 2025, targeting AI data centers and industrial sites.

3:11The company recovers over 70 percent of used or discarded battery packs in North America by processing scrap from cell production and consumer electronics to extract cobalt, nickel, and lithium for customers like Panasonic, GM, and Toyota. Redwood plans to deploy 20 gigawatt hours of grid-scale storage by 2028, while tying retired EV batteries with 25 % remaining light to renewables like wind and solar for off-grid systems that deliver peak load shaving and 25 % annual energy savings per household in a$45 billion U.S. residential market, storage market. The company's Nevada refinery processes 40 ,000 tons of scrap annually at 95 % material recovery rates, and its cathode output is certified carbon neutral under Scope 3 standards.

4:04Open Evidence, the AI medical assistant large language model, raised$200 million in a Series C funding round at a$6 billion valuation led by Google Ventures with participation from Sequoia Capital, Kleiner Perkins, Blackstone, Thrive Capital, KOTU, Bond, and Kraft. The new round comes just three months after a$210 billion Series B and a$3.5 billion valuation. The company, founded in 2022 and dubbed the ChatGPT for Doctors, trains on journals like JAMA and the New England Journal of Medicine to provide verified answers for patient treatment via a free as a free ad support platform from clinicians.

4:45Open Evidence supports 15 million clinical consultations per month, nearly double the 8.5 million in July amid explosive adoption by verified medical professionals. The capital will accelerate product enhancements and global rollout, tapping into the$100 trillion healthcare AI market projected to grow a 40 % CAGR through 2030. While early investors like Jim Breyer from 2022 highlight its disruptive potential across clinical age groups in a sector where AI tools cut decision times by up to 50 percent. Open evidence engine cites over 10 ,000 peer reviewed sources with 98 percent factual accuracy in blinded test trials.

5:26And its HIPAA compliant API serves 2000 plus hospital systems covering 40 million patient records. cohere the ai large language model business is conducting a tender offer to allow current employees to sell stakes to outside investors following a recent funding round at a seven billion dollar valuation the company specializing in enterprise grade large language models and counts nvidia as an investor cohere is hit 150 million in annualized revenue up 50 from 100 million in may driven by integration integrations into tools like microsoft copilot and surging demand for customizable LLNs in sectors like finance and healthcare.

6:07The company has over 300 enterprise clients, including Fortune 500 firms and focuses on secure, low latency inference that reduces deployment costs by 30 % versus rivals. Cohere's secondary sale underscores maturing talent retention strategies in AI. Cohere has a$5.5 billion secondary market valuation. It's up 0.3 % versus July 2024 round. The$7 billion tender will be at a 20 % premium versus a secondary market valuation. uh synthesia the london-based ai video generation startup that creates realistic avatar-led content for marketer marketing and training while cutting production costs by up to 70 compared to traditional filming is in discussions for a gb led funding round at a four billion dollar valuation doubling its two billion dollar mark from an august 2024 raise the company serves over 50 ,000 enterprise customers across 160 countries with 120 plus ai avatars and 140 languages they generated 50 million in annual recurring revenue up 300 year-over-year amid partnerships with the bbc and ascensure the talks followed advanced acquisition discussions with adobe for three billion dollars earlier this year which fell in synthesis at its 60 60x revenue multiple reflecting its edge in ethical ai video that complies with euai axe standards while the new round would fund expansion into real-time video editing and e-commerce personalization in a 50 billion dollar generative media market growing at a 45 percent cager through 2030 positioning its rivals like runway and hagen synthesia's x1 model renders a 1080p video in 40 seconds with 99.9 percent lip sync accuracy and its enterprise sock 2 type 2 compliance support feature supports 85 % of Fortune 100 clients.

8:05Sunio, the AI music generator platform, is in advanced talks to raise more than$100 million at a valuation exceeding$2 billion. This would quadruple its$500 million post-money valuation in May 2024 round led by Lightspeed Venture Partners. The Boston-based AI music platform has attracted 10 million monthly active users and generates over 50 million songs since its December 2023 launch. It is negotiating license agreements with Sony and Universal that could provide access to more than 100 ,000 tracks for model training. Sunio reports$20 million in annualized recurring revenue from$10 per month premium subscription.

8:42Its version 4 model produces 4-minute stems at 32 kHz with 97 % genre accuracy across 200 styles. Pro-tier users retain full commercial rights under the CCO licensing, and a Spotify distribution partnership reaches 600 million potential listeners. Andrel Industries has acquired American infrared solutions to enhance cooled mid-wave infrared sensing across air, space, ground, and maritime domains. The transaction strengthens real-time video analytics and threat detection within Andrel's Lattice operating system. The defense contractor secured a$159 million U.S. Army prototyping award in September 2025, the largest ever for the soldier-born mission command system, and assumed Microsoft's$22 billion IVAS program in February.

9:39That's the headgear that they have from Microsoft for the soldiers. A May 2025 partnership with Meta advances extended reality military applications. Andrel has a$58.1 billion secondary market valuation that's up 90 % from its February 2025 primary round. The Roadrunner M interceptors recorded a 100 % kill rate in a live fire testing, and its Lattice OS processes 10 terabytes of sensor data per hour across more than 1 ,000 deployed nodes. Revolut, the online bank, has secured regulatory approval to launch full banking services in mexico the london-based fintech serves 65 million customers including 12 million in the uk and reported a 4 billion 4 billion dollars in 2024 revenue of 72 percent year-over-year with 1 billion in net profit uh its wealth management division grew 298 to 647 million revolute now operates in over 30 markets while its banking while banking license in the EU, Australia, and Japan.

10:43It entered India in October of 2025 and plans a Columbia launch in 2026. UK deposit caps remain at 50 ,000 pounds during a 12-month Bank of England mobilization phase and its AI-driven fraud system blocked 500 million pounds in suspicious transactions last year. 40 % of UK customers use Revolut as their primary bank account. revolute is a 70.4 billion dollar secondary market valuation it's down 6.1 percent from its august 2024 primary round x the social media company owned by xai is rolling out a marketplace for premium subscribers to acquire inactive usernames premium plus members will receive free priority handles and rare handles like at pizza started at 2 500 and can exceed seven figures based on length, popularity, and cultural value.

11:37The requests are reviewed within three business days with a 30-day cancellation period. The platform has 600 million monthly active users and generates$5 billion in a 2024 revenue, down 10 % year-over-year. Video content now accounts for 45 % of total engagement. The initiative targets$100 million in incremental annual revenue by monetizing 1.5 million dormant accounts. XAI has a$147.3 billion secondary VARCA valuation. It's up 30.4 % from its March 2025 primary round. Anthropic, the AI large language model business, has extended its Google Cloud partnership through a multi-year agreement valued at tens of billions of dollars.

12:19The deal provides access to up to 1 million TPUs, its tensor processing units, including seventh generation Ironwood accelerators, delivering over one gigawatt of compute capacity by 2026. Google has committed$3 billion in total, including a 10 % equity stake. Amazon's$8 billion investment supports Tranium 2-based project Rainier. Cloud now stores over 300 ,000 business customers. It's up 300X in two years, with large accounts exceeding$100 ,000 in annual run rate revenue. Cloud Code reached$500 million in annualized revenue within two months of its launch. Anthropic has a$214.6 billion secondary market valuation.

13:03It's up 17.3 % from its August 2025 round. OpenAI, Oracle, and Vantage data centers are developing a$15 billion AI data center campus in Port Washington, Wisconsin. The Midwest Stargate facility will deliver up to 4.5 gigawatts of capacity starting in 2026, creating over 4 ,000 construction jobs and 1 ,000 permanent positions. OpenAI reports 800 million weekly users and a$12 billion annualized revenue run rate. The project contributes to 33 gigawatts of secured compute, including NVIDIA's 10 gigawatt and$100 billion commitment. The total infrastructure spent across partners may reach$350 to$500 billion.

13:49The site operates on 100 % renewable energy via 1.2 gigawatts of solar and wind power purchase agreements. Rack density of 1.21 megawatts exceeds industry averages by 50%. OpenAI has a$570.5 billion secondary market valuation. is up 14.1 % from its August 2025 primary round. OpenAI has acquired Software Applications, Inc., the 12-person team behind the unreleased Sky AI desktop interface for Mac OS. Sky enables natural language control of writing, coding, and planning by observing screen activity and executing cross-application tasks. Founders Ari Weinstein and Conrad Kramer previously sold Workflow to Apple in 2017.

14:39The deal follows OpenAI's$1.1 billion all-stock acquisition of Statsig in September 2025 and a$6.4 billion purchase of Johnny Ives' IO AI device startup in May. Software applications had raised$6.5 million in seed funding. Okay, that's it for me this week. Thanks, and see you guys next week.