Private Markets: Musk tightens grip at SpaceX, Sierra hits $15B valuation

Bret Taylor’s AI startup Sierra raised $950M at a valuation above $15B to accelerate its enterprise AI push, while SpaceX’s IPO filing revealed governance provisions that would give Elon Musk sweeping control over the company.

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This week’s private company news:

• SpaceX’s IPO filing indicates governance provisions that would give Elon Musk near-total control through supervoting shares and other restrictive measures, significantly limiting typical shareholder rights and avenues for investor oversight, Reuters’ Anirban Sen, Ross Kerber and Suzanne McGee report.
• OpenAI CEO Sam Altman has discussed spinning out the company’s robotics and consumer-hardware divisions late last year, with the intention of giving the company more room to grow without weighing on the core business, Berber Jin of The Wall Street Journal reports. The two companies would have been able to raise external funding and operate independently, but the plan was rejected, partly because OpenAI concluded both companies might have to remain consolidated on its balance sheet, people familiar with the plan told the Journal.
• Anthropic is nearing a deal with Blackstone (BX), Goldman Sachs (GS), and other Wall Street firms to form a $1.5B joint venture that would market AI tools to private equity-backed companies, with an announcement expected as soon as Monday, The Wall Street Journal’s Lauren Thomas and Berber Jin report. According to people familiar with the matter, Anthropic, Blackstone and Hellman & Friedman are anchoring the deal and are each expected to invest roughly $300M, while Goldman is expected to be a founding investor and put in around $150M. OpenAI is also in talks to form a rival joint venture with private-equity firms, as both AI companies target businesses.
• Anthropic is in early talks to buy AI inference chips from U.K.-based Fractile when they become available in 2027, The Information’s Stephanie Palazzolo and Anissa Gardizy report.

Some of the biggest capital raises by private companies this week include:

• Sierra – Bret Taylor’s AI startup Sierra said it is raising $950M from new and existing investors, led by Tiger Global and GV, at a valuation of over $15B. Sierra now has more than $1B to invest in becoming the global standard for companies wanting to transform their customer experiences with AI, the company said. Publicly-traded companies operating in the same space include Salesforce (CRM), ServiceNow (NOW), and Nvidia (NVDA).
• Astranis – The builder of advanced satellites announced it has raised $300M in Series E funding round. Publicly-traded companies operating in the same space include Viasat (VSAT), Iridium (IRDM), and Lockheed Martin (LMT).
• Blitzy – The autonomous software development platform announced a $200M funding round at a $1.4B valuation. Publicly-traded companies operating in the same space include GitLab (GTLB), Microsoft (MSFT), and Atlassian (TEAM).
• Corgi – The company said it has raised $160M in Series B funding at a $1.3B valuation. Publicly-traded companies operating in the same space include Lemonade (LMND), Root Insurance (ROOT), and Progressive (PGR).
• Panthalassa – The renewable energy and ocean technology company announced $140M in Series B financing led by Peter Thiel. Publicly-traded companies operating in the same space include NextEra Energy (NEE), Ormat Technologies (ORA), and Plug Power (PLUG).

Unicorns to watch this week:

• Apptronik – The company, which has an estimated valuation of $5.3B, builds next generation humanoid robots designed for industrial, logistics, and manufacturing environments. Publicly-traded companies operating in the same space include Tesla (TSLA), Rockwell Automation (ROK), and iRobot (IRBT).
• Varda Space Industries – With a valuation of $1.6B, Varda builds orbital manufacturing platforms that produce high value materials in microgravity, then return them to Earth via re entry capsules. Publicly-traded companies operating in the same space include Rocket Lab (RKLB), Astra (ASTR), and Boeing (BA).
• Erebor Bank – Founded by Palmer Luckey, Erebor Bank provides regulated banking infrastructure tailored to crypto companies and has an estimated valuation of $4B. Publicly-traded companies operating in the same space include Coinbase (COIN), Silvergate (SI), and Signature Bank (SBNY).
• Pomelo Care – With an estimated $1.7B valuation, the company delivers telemedicine based maternity, prenatal, and postpartum care, targeting improved outcomes and reduced complications through continuous monitoring and virtual visits. Publicly-traded companies operating in the same space include Teladoc (TDOC), Hims & Hers (HIMS), and CVS Health (CVS).
• Bedrock Robotics – The company builds AI powered systems that allow construction equipment to operate with minimal human control and is valued at $1.8B. Publicly-traded companies operating in the same space include Caterpillar (CAT), Deere (DE), and Trimble (TRMB).

IPOs to watch:

• Csquare – The data center company filed confidentially for a U.S. initial public offering, a signal that more data center companies are lining up to sell shares for the first time over the coming year, Bloomberg’s Bailey Lipschultz reported. The provider of colocation and data center services announced on Friday that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The Brookfield Infrastructure Partners (BIP)-backed company joins a rush of new listings as the companies building out the backbone to support AI’s energy needs seek to raise funds, the author notes.
• Tarsier Pharma Ltd. – The company filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol “TARX”. The prospectus stated, “Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial… Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company.”
• Cerebras Systems – The company announced that it has filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of its Class A common stock. The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined. Cerebras intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “CBRS.”
• Quantinuum – Honeywell (HON) announced that Quantinuum, which is majority owned by Honeywell, confidentially submitted a draft registration statement on Form S-1 to the U.S. SEC on February 17, relating to the proposed initial public offering of Quantinuum’s common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC’s review process.
• Boundless Group – The company is offering 4M Class A ordinary shares on a firm commitment basis in an initial public offering. The company expects the initial public offering price of its Class A ordinary shares to be in the range of $4.00 to $5.00 per share.
• Liftoff Mobile – The company announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The total number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC’s review process.

“Private Markets” is The Fly’s recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.