E251: Cursor $50B round, lower vs secondary market; Wiz $32B acquisition closes w/ Google; Moonshot $18B valuation; Nscale $14.6B valuation; + more

0:00Aaron Dillon here, Managing Director of AG Dillon & Co. AG Dillon is closing five pre-IPo stock funds on April 21st, 2026. Andrel, Together AI, Harvey, Glean, and 1x Technologies. Use these single stock funds to build bespoke pre-IPO stock portfolios. Use select the pre-IPO stock company exposures and weight allocations to each pre-IPO stock to express your unique investment thesis. Available for purchase at Charles Schwab, Fidelity, and directly at AG Dillon Funds. $2 ,500 minimum investment, financial advisors only. Email Aaron.Dillon at agdillon.com to invest. Again, that's A-A-R-O-N dot D-I-L-L-O-N at A-G-D-I-L-L-O-N dot com to invest.

0:42Here is the pre-IPO stock update for March 13, 2026. Cursor, the AI-powered code editor for software developers, is in early talks for a new funding round that would value the AI coding startup at about$50 billion. That's upset roughly 71 % from its$29.3 billion valuation in November when it raised$2.3 billion. The company's annualized revenue topped$2 billion in February, reinforcing its position as one of the fastest growing software startups in the market. Cursor launched its coding assistant in 2023 and has become a central player in the Vibe coding category as developers increasingly adopt AI tools to write and debug software.

1:20The company's backers include KOTU, Thrive Capital, Andreessen Horowitz, Google, and NVIDIA, while competitive pressure is anticipating from Anthropic, OpenAI, Replit, Lovable, and Cognition as capital floods into AI coding platforms. Cursor has a$55.2 billion secondary market valuation. That's up 10.4 % versus this current round already in progress. Google has completed its$32 billion all-cash acquisition of Wiz, the cloud cybersecurity company, marking the largest acquisition in Google's history and a 39 % increase from the company's initial$23 billion offer in 2024. The deal closed after the U.S.

1:58and EU regulatory approvals in November of 25 and February of 26, respectively. WIZ crossed$1 billion in ARR in 2025, underscoring where Google was willing to pay a premium for a multi-cloud security platform that supports Google Cloud, AWS, Azure, and Oracle Cloud. WIZ will join Google Cloud but retain its brand and cross-cloud positioning. Strategically, the transaction strengthens Google's enterprise security stack at a time when AI-driven software development is expanding the attack surface through new vulnerabilities and prompt-based exploits. Moonshot AI, the open-source AI large language model company, is seeking to raise a billion dollars in an expanded round at an$18 billion valuation.

2:40It's up 80 percent from the$10 billion valuation. It attached to a$700 million plus financing earlier this year and up more than 4.2x from the$4.3 billion valuation tied to a$500 million tranche late last year. The speed that repricing highlights the intensity of the investor appetite for leading Chinese AI developers. Moonshot's Kimi chatbot and its newer Kimi Claw product appear to be driving the momentum, with the company saying that monthly sales after launch exceeded its total revenue for all of last year. Existing investors include Alibaba, Tencent and 5Y Capital, increased exposure at the$10 billion level.

3:20The company remains behind Zifu and Minimax in commercialization, but it is clearly benefiting from a broader re-rating in Chinese AI, where some rivals have recently traded between$30 billion and$40 billion. In scale, the AI-focused data center and cloud company raised$2 billion in a Series C that values the UK-based AI infrastructure company of$14.6 billion, placing among Europe's most valuable startups in the latest Decacorns. The round was led by Acre ASA and 8090 Industries and included investors such as NVIDIA, Dell, Lenovo, and Nokia. The financing follows a rapid capital buildup in 2025 that included$1.5 billion raised earlier this year and a$1.4 billion delayed draw term note backed by GPUs and a previously disclosed$433 million Series C safe.

4:14Inscales expansion plans are ambitious. The company has outlined 100 ,000 NVIDIA GPUs for Stargate Norway by the end of 2026 and expanded Microsoft deal covering about 200 ,000 NVIDIA GPUs across four data centers and revenue projections of roughly$1.5 billion in 2026 and$9 billion in 2027, rising to$30 billion in 2027 if it acquires the Monarch Compute Campus in West Virginia. That site targets 2 gigawatts in 2027 and at least 8 gigawatts by 2030 across 2 ,000 acres, which would make it one of the largest AI infrastructure projects in the U.S. if completed. The company is also adding board firepower with Sheryl Sandberg, Nick Clegg, and Susan Decker, while Acre CEO Oven Erickson said that the company is being simplified ahead of a likely U.S.

5:04listing. Lagora, the legal AI application company, has reached a$5.55 billion valuation after raising a$550 million Series D, a sharp step up from the$1.8 billion valuation attached to its$150 million Series C in October of 2025. That implies evaluation growth of roughly 3.1x in a matter of months. The AI legal platform now serves 800 law firms and legal teams and has expanded headcount from 40 to 400 over the past year. The company is pressing hard into the U.S. where management says legal spending is roughly 9 to 1 versus Europe and plans to grow to more than 300 employees across U.S. offices by the end of 2026.

5:46Investors in the new round include Excel, Benchmark, Bessemer, General Catalyst, Iconic, Redpoint, Y Combinator, Aclean, Bain Capital, Firstmark, Menlo, Ventures, and others. The company remains smaller than Harvey, which is valued at$11 billion. And LaGora's growth trajectory and U.S. expansion are clearly being rewarded. Alan, the digital health insurance company raised 100 million euros or about 116 million at a 5 billion euro valuation. That's up from 4.5 billion in 2024. That represents an increase of about 30 percent year over year. The company says ARR reached 700 or excuse me, 915 million dollars in 2025.

6:30That's up 53 percent from the end of 2024 and is targeting 1.6 billion dollars in ARR in 2026. Allen now serves a million employees, freelancers and retirees with a team of 740 people. The business has improved its operating profile as well after net losses of 61 million and 23 and 56 million and 24. Allen says it's halved losses as a percentage of revenue over the past 12 months and reached operational profitability in France. Growth is being supported by both public and private sector wins, including a contract covering up to 135 ,000 civilian servants and their relatives while international expansion continues across Belgium, Spain and Canada.

7:12Replit, the app Vibe Coding Company, raised$400 million Series D at a$9 billion valuation, tripling from the$3 billion valuation it reached in September after a$250 million round. That implies a 200 % valuation increase in less than a year at a time of the September financing. The company said that it was on track for$150 million in annualized revenue. Replit did not disclose a new ARR figure, but management has stated that it hopes to reach a billion in ARR by year end. The latest round was led by Gregorian Partners and included G-Squared, Prism Capital, KOTU, Andreessen Horowitz, Kraft, Y Combinator, Accenture, and others.

7:50Replit's rapid repricing reflects investor enthusiasm for Vibe coding platforms that are moving from developer tooling into broader software creation workflows. NVIDIA is investing$2 billion in Nebius Group, the AI-focused data center and cloud company, as part of a strategic partnership focused on large-scale AI cloud infrastructure. And the agreement includes collaboration on AI data center design and deployment plus early access for Nebius to NVIDIA's newest compute technology. Nebius recently received approval to build a 1.2 gigawatt data center campus in Independence, Missouri, a project expected to create about 1 ,200 construction jobs and roughly 130 permanent jobs, while generating more than$650 million in payments in lieu of taxes over 20 years.

8:37The transaction also fits NVIDIA's broader AI infrastructure strategy. Last week, the company agreed to invest$2 billion, each in Luminum and Coherent, both showing a pattern of large balance sheet commitments across the AI stack. Gumloop, the no-code tool for AI workflow automation, raised a$50 million Series B led by Benchmark and a sign that investor conviction remains strong around AI agent platforms for enterprise automation. Founded in mid-2023, the company is positioning itself as a no-code tool that lets non-technical employees build AI agents for complex multi-step workflows. Benchmark's Everett Randall said one customer gave employees access to Gumloop and two competitors, and after six months, workers were using Gumloop daily and weekly while rival products went unused.

9:27The startup was not actively fundraising but chose to accelerate after seeing enterprise demand. Gumloop's customers list includes Shopify, Ramp, Gusto, Samcera, Instacart, and Opendoor, and its pitch rests on easy use, model agnostic deployment, and the claim that enterprise automation is one of the largest categories in enterprise AI. Wonderful. The customer support AI agent and workflow automation company raised a$150 million Series B at a$2 billion valuation just four months after raising$100 million Series A. The company has now raised$286 million in total, implying that the largest round continues a very aggressive capital formation cycle.

10:12The Israeli startup says it operates across 30 countries in Europe, Latin America, and Asia Pacific, and focuses on customer service AI agents tailored for non-English speaking markets. It plans to use the capital to expand into more countries and scale headcount to 900 from 300, a 3x increase. Management attributes demand to its deployment-heavy operating model where engineering teams work with customers on-site or directly inside workflows to customize integrations and ensure faster operational ramp. ROX, the sales team AI agent company, has raised a new round at a$1.2 billion valuation with returning investor General Catalyst leading the financing.

10:54At the time of the raise, the company was projected to finish 2025 with$8 million in ARR. Rox has previously announced in November 2024 that it had raised$50 million across its seed in Serie A rounds, backed by Sequoia, General Catalyst, and GV, its Google Ventures. Founded in 2024 by former New Relic executive Ishan Mukheri, the company is building an AI-powered revenue operating system that plugs into software like Salesforce and Zendesk and deploys hundreds of agents to handle account monitoring, prospect search, research, and CRM updates. ROX is competing across a crowded market that includes Gong, Clary, 11X, Artisan, and Monaco.

11:35Sunday, the Humanoid Robotics Company raised$165 million at a$1.15 billion valuation in Series B, led by KOTU Management with participation from Tiger Global, Benchmark, and Bain Capital Ventures. That financing gives the robotics company unicorn status shortly after it emerged from stealth late last year. Sunday says it already has a thousand people on the wait list for memo. It's a proposed household humanoid robot design to help with chores such as laundry and clearing tables. The company is targeting one of the hardest areas in robotics, namely dexteritous household work involving objects with different weights, textures, and fragility.

12:13The fundraise reflects continued investor willingness to back embodied AI platforms even before large-scale commercial development. Thinking Machine Labs, the AI Research Lab has signed a multi-year strategic partnership with NVIDIA that includes deployment of at least one gigawatt of NVIDIA bare of rudiment systems starting in 2027. NVIDIA is also making a strategic investment in the company, though terms were not disclosed. The startup founded in February 2025 by former OpenAI CTO Mira Mirati and former colleagues has already raised more than$2 billion. It released its first product, Tinker, in October and has expanded to about 120 employees up from about 30 a year ago.

12:54The partnership underscores the value of the scarce frontier compute. It also aligns with NVIDIA CEO Jensen Wang's view that companies may spend$3 trillion to$4 trillion on AI infrastructure by the end of the decade. For context, rival OpenAI allegedly signed a$300 billion compute deal with Oracle in 2025. Thinking Machines has a$50 billion valuation per market reports, and the company does not trade on the secondary market. Advanced Machine Intelligence, or AMI Labs, the AI research lab, has raised$1 billion in seed funding at a$3.5 billion pre-money valuation, making it one of the largest seed rounds on record and likely the largest for a European company, according to co-founder Jan Leclun.

13:41The startup is developing AI systems focused on physical world understanding and persistent memory, reasoning and planning. Backers include Bezos Expeditions, Cathay Innovation, Greycoft, Hero Capital and HB Capital and NVIDIA, among others. AMI Labs is headquartered in Paris with offices in New York, Montreal and Singapore. The raise is notable both for its size and for how it still sits far below the U.S. frontier AI valuations. Zendex is acquiring Forethought, the AI customer service automation company, for years before ChatGPT launched in late 2022. Terms were not disclosed. Forethought says it was supporting more than 1 billion monthly customer interactions by 2025 and has landed customers including Upwork, Grammarly, Airtable, and Datadog.

14:33The company has raised$150 million in total, including a$25 million round last year. Zendesk said that the acquisition will accelerate its product roadmap by more than one year while helping it add specialized agents, self-improving AI, voice automation, and more autonomous capabilities. The Zendesk itself has been privately held since its$10.2 billion buyout in November of 2022 by a consortium led by Hellman and Friedman and Permira. Meta plans to acquire Moldbook. It's the AI agent social network launched in January and fold the team into Meta and superintelligence labs. The terms were not disclosed.

15:15Motebook allows AI agents to post, comment, and upvote, while human users could only observe, creating a viral social experiment around agent-to-agent interaction. The acquisition adds to Meta's recent AI hiring and deal activity. Meta recently acquired Singapore-based AI startup Manus for more than$2 billion, and in January projected a major increase in spending on data centers and AI models. Motebook's virality also exposes security flaws. Researchers found users could impersonate agents because their credentials in the platform's back end were exposed, which turned the product both into a cultural flashpoint and a cautionary tale around agentic system security.

15:57Iridu, the company that builds networking hardware for AI data centers, emerged from stealth with an oversubscribed$200 million Series A, bringing total funding to$230 million. The round was led by Ceratic Partners, John Doerr, and Matter Venture Partners and others. The startup is building networking chips and systems designed specifically for AI data centers with the goal of replacing traditional multi-hop optical infrastructure and more integrated on-chip communications. The founder, Drew Perkins, brings deep networking experience. His prior company, Lytera, sold for more than$500 million in 1999, while Infraera later went public and was sold to Nokia for$2.3 billion in 2025.

16:40Eridu's thesis is that AI compute and memory bandwidth are improving roughly 10x per year, while legacy data center switches improve only 2x to 3x every two to three years. The company now has about 100 employees and believes networking will become a core bottleneck as AI clusters scale from 4 ,000 GPUs to millions. Mind Robotics, the AI-powered robotics company, raised$500 million at a$2 billion valuation, including the investment in a round led by Accelerator and Horowitz. Founded by Rivian CEO R.J. Skirinj, the company is building AI-powered robots for physical work in Rivian plants and other factories with use cases, including parts handling, component assembly, and manipulation of wiring harnesses.

17:26Skaren said that the startup expects to have a large number of robots developed by end of year. The raise comes during a surge in physical AI funding. Global venture investment in physical AI reached$26.7 billion in the first two months of the year, including Waymo's$16 billion raise in February alone. At that pace,$226 investment could roughly double 2025 to$33.5 billion in total. Mind Robotics is betting that the factory automation will improve, will prove more commercially durable than the consumer focused robot robotic demos dominating the market. OpenAI is acquiring PromptFu, an AI security startup company in 2020, founded in 2024, and it plans to integrate its technology into OpenAI Frontier, the company's platform for enterprise AI agents.

18:17Terms were not disclosed. PromptFu raised a$18.4 million Series A in July of 2025, led by Insight Partners with participation from Andreessen Horowitz and has raised roughly$22.68 million to$23 million in total. The company was valued at about$85.5 million to$86 million after its most recent round and has 11 employees. PromptFu says its tools are used by more than 25 % of the Fortune 500 companies and include open source testing, automated red teaming, vulnerability discovery for large language models and AI agents. The acquisition continues OpenAI's recent M &A push. OpenAI acquired Torch for about$60 million in January and bought software applications in October as it races to broaden enterprise adoption and improve security profile of agentic systems.

19:08OpenAI has$860 billion secondary market valuation. It's up 2.4 % versus the February 2026 round. NASDAQ said it's working with Kraken, the crypto exchange, and issuing companies to develop a framework for tokenized stocks and exchange traded products with launch targets targeted for early 2027. The framework is designed so token holders would receive the same governance rights as holders of the underlying securities, addressing a major weakness of earlier tokenized products that often lack economic and voting equivalents. Kraken will act as a distribution partner, offering one-to-one tokenized versions of public equities to customers in Europe and other global markets.

19:54NASDAQ has already sought SEC approval in September to let investors trade tokenized versions of listed stocks and ETPs alongside traditional equities using the same QSIP and standard settlement rails. The move comes as tokenization accelerates across Wall Street with the NYSE, BlockRock, JPMorgan, Goldman Sachs and Bank of New York Mellon all advancing related initiatives. Anthropic, the AI large language model company, launched code review inside CloudCode, targeting enterprise developers struggling with surge in poll requests created by AI-assisted coding. The feature is launching in research preview for Cloud for Teams and Cloud for Enterprise customers and is aimed at companies such as Uber, Salesforce, and Accenture.

20:39Anthropic said subscriptions to its enterprise products have quadrupled since the start of the year, while Cloud Code's run rate revenue has surpassed$2.5 billion since launch. The new review product uses multiple agents running in parallel with the final agent aggregating and ranking issues. Anthropic says that the system focuses on logical errors rather than code style and estimates pricing at$15 to$25 per review on average, depending on complexity. The launch is meant to reduce growing code review bottleneck as AI tools sharply increase software output inside large organizations. Anthropic has a$449.8 billion secondary market valuation that's up 18.4 % versus February 2026 round.

21:24Yeah. Anthropic is in discussions with a consortium of private equity firms, including Blackstone and Hellman and Friedman, about creating an AI-focused joint venture that would help PE-backed companies deploy Anthropics technology. The concept is described as a Palantir-like consulting and integration model for portfolio companies. Anthropics' annualized revenue has reached$19 billion, up from$9 billion at the end of last year, more than doubling in a matter of months. Blackstone has more than 250 portfolio companies, which creates a large potential customer base if the venture is formed. Blackstone also owns an Anthropix stake worth about$1 billion, while Anthropix overall valuation is about$830 billion.

22:05The talks were temporarily affected by Anthropix dispute with the Department of Defense or Department of War, but discussions are said to be ongoing. Lovable, the AI-powered custom software developer platform crossed$400 million in ARR in February, up from$300 million in January,$200 million in November, and$100 million last July. That progression implies ARR quadrupled in roughly seven months and rose another 33 % squishedly from January to February. The company is valued at$6.6 billion and says it attracted more than 8 million users. More than half of the Fortune 500 are using the platform as Lovable pushes from individual users towards enterprise adoption.

22:42On International Women's Day, the company made the product free for one day and saw more than 500 projects built or updated versus a typical daily average of around 200 ,000. It's 500 ,000, excuse me, a 2.5x spike. Lovable has 400 million in AR and only 146 full-time employees. Exo Analytics acquisition, or excuse me, Andrel, the AI-powered defense prime, is acquired Exo Analytics Solutions. It's a move that material expands its space defense capabilities as the company positions for missile defense and orbital awareness programs. Terms are not disclosed. ExoAnalytic operates a network of 400 telescopes globally and develops software to covert operations, convert, excuse me, observations into space situational awareness tools used by U.S.

23:33national security agencies. The target adds 130 employees to Andrel's current 120-person space defense team, more than doubling its headcount in that segment. ExoAnalytics has also received$26 million in SBIR grants since 2010. The acquisition comes as Andrel is raising a$4 billion round from Thrive Capital and Dresden Hurwitz at a$61 billion post-money valuation. Management said that technology will support multiple missions expected to launch this year, including an infrared tracking satellite with APEX space and high orbit missions with Impulse space and Argo space, while also strengthening its position for government's Golden Dome missile defense effort.

24:15Andrel has$99.2 billion secondary market valuation. That's up 62.7 percent versus the current$61 billion valuation round in progress. The U.S. Army awarded Andrel a 10-year enterprise contract that could be worth up to$20 billion, making it one of the largest software-centric defense rewards to a venture-backed startup. The agreement begins with a five-year base period and includes hardware, software, infrastructure, and services. The Army said that the contract also consolidates more than 120 separate procurement actions for Andrel's commercial offerings into a single vehicle, which should improve deployment speed and simplify acquisition.

24:53Andrew generated around$2 billion in 2025 revenue and is forecasting$4 billion in 2026. The award reinforces the company's growing role as a software-defined defense prime as the Pentagon shifts towards autonomous systems, rapid procurement, and commercial technology integration. Okay, that's it for me this week. Thanks, and see you guys next week.