From a six-week-old AI startup chasing a $4 billion valuation to Cerebras’ blockbuster IPO and cloud companies resisting Google’s TPU push, the startup market is revealing where money, leverage and competition are moving next.

At The Information, we break the stories that matter before they become mainstream. Our reporting on Modal’s talks to raise at a $4.5 billion valuation was cited by the New York Times DealBook. Subscribe for $299 and save 25% on the first year.

Key highlights:

• A six-week-old startup from an ex-OpenAI researcher shows just how far investors will go for elite AI talent.
• Cerebras’ blockbuster IPO delivers huge returns for investors—and a $6 billion stake for OpenAI.
• Nebius, Lambda and CoreWeave push back on Google’s bid to make TPUs a bigger force in AI infrastructure.

Startup Shakeups

Exclusive Polymarket’s Homecoming Is Shaky and its U.S. CEO Is AWOL By Michael Roddan and Yueqi Yang

Exclusive Behind Cursor’s Deal With SpaceX, Anthropic and Compute Costs Loomed Large By Cory Weinberg, Julia Hornstein, Erin Woo and Katie Roof

Exclusive Anthropic in Talks to Buy AI Chips From U.K. Startup By Stephanie Palazzolo and Anissa Gardizy

AI Infrastructure Nebius, Lambda and CoreWeave Say ‘No’ to TPUs Amid Google’s Push By Anissa Gardizy

AI Startups, Bigger Bets

Exclusive Cursor Staff Meet With xAI Employees as Layoffs, Exits Mount By Theo Wayt, Laura Bratton and Erin Woo

Exclusive Startup Modal in Talks to Raise at $4.5 Billion Valuation After Revenue Surges By Stephanie Palazzolo and Anissa Gardizy

Exclusive Ex-OpenAI Researcher’s Six-Week-Old Startup Targets Funding at $4 Billion Valuation By Stephanie Palazzolo and Julia Hornstein

Exclusive Anti-Drone AI Startup in Talks for $2 Billion Valuation By Julia Hornstein

Deals and Breakouts

Exclusive Police Tech Startup Flock Safety Valued at $8.4 Billion Amid Civic Protests By Cory Weinberg and Julia Hornstein

AI Agenda Startup Founded by Ex-Nvidia Researcher Among New World Models Endeavors By Stephanie Palazzolo and Julia Hornstein

Exclusive Anthropic in Talks to Buy Developer Tools Startup Used by OpenAI, Google By Stephanie Palazzolo and Katie Roof

Exclusive Cerebras IPO Winners Include Foundation, Benchmark—and OpenAI By Julia Hornstein, Katie Roof and Cory Weinberg

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