Elroy Air, the California startup behind the Chaparral hybrid-electric autonomous cargo drone, is in advanced talks to go public via a SPAC merger with Columbus Circle Capital Corp. II, valuing the combined company at roughly $1bn with an $800m raise. The Chaparral is designed for middle-mile delivery, carrying 300 pounds over 300 miles with vertical take-off and landing. The company holds about 1,500 preorders from customers including FedEx and Bristow Group, a $200m manufacturing joint venture in Abu Dhabi, and growing interest from US and allied militaries. The deal remains unsigned and terms could still shift.
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Investor Chamath Palihapitiya appeared on The Axios Show and criticized Meta for squandering its early AI advantage, arguing the company had the data, distribution, and reach to dominate open-weight AI but failed to seize the moment — leaving that lane to Nvidia and others. He framed the AI market as three pillars: closed US labs (OpenAI, Anthropic), Chinese open-weight challengers (DeepSeek), and an open-source American lab that Meta could have owned. He also dismissed fears of an AI-driven jobs apocalypse, citing historical patterns of technology expanding human activity rather than eliminating it. In a rare personal admission, he acknowledged his SPAC incentives were 'grossly misaligned,' conceding that his earlier defenses were driven by insecurity. He described a redesigned SPAC vehicle with vesting tied to investor returns, and noted he now runs his own AI startup called 8090.
WISeKey and SEALSQ have established Quantisimo Corp., a joint venture special purpose vehicle, and signed a non-binding letter of intent with GigCapital8 (a SPAC) to pursue a Nasdaq listing. The proposed business combination values Quantisimo at approximately $575 million pre-money, with ambitions to grow to $2 billion through acquisitions of up to five additional quantum companies. Quantisimo aims to become a publicly traded platform focused on trusted quantum technologies, drawing on WISeKey's cybersecurity expertise and SEALSQ's semiconductor and post-quantum security portfolio. The transaction is expected to close in Q1 2027, pending regulatory and shareholder approvals.
Cerebras posted strong Q1 results — revenue up 92% to $193.4m and a narrowed net loss — yet its stock fell ~10% after the company warned gross margins would drop sharply from 46.5% to 36–38% in Q2. The culprit is not chip supply but a shortage of data-centre space and power. Cerebras is renting back its own systems and building capacity at speed, costs that will shave 10–15 margin points this year. CEO Andrew Feldman called it a 'grand irony' that buildings, not chips, are now the limiting factor. The company guided full-year revenue of $855–865m, above analyst estimates, and highlighted a $20bn+ OpenAI inference deal and a 178% jump in cloud/services revenue. Still, the stock has fallen ~28% from its post-IPO peak, weighed down by high expectations, a broader chip-sector sell-off, and concentration risk around a few large customers.
Agility Robotics, maker of the Digit bipedal humanoid robot, is reportedly in talks to go public via a SPAC merger valuing the company at around $2.5 billion. The deal is unconfirmed and the SPAC partner unnamed. Agility last raised a $400M Series C in March 2025 at a $2.12B valuation. Unlike most well-funded humanoid competitors that remain private, Agility is pursuing the faster SPAC route. Its commercial pitch centers on actual warehouse deployments — over 100,000 totes moved for GXO Logistics — and a robots-as-a-service subscription model backed by Amazon's Industrial Innovation Fund. The move comes amid a broader robotics investment boom, with $27.6B flowing into the sector in 2025, though commercialization remains a challenge across the industry.
Agility Robotics, maker of the Digit bipedal humanoid robot, is going public via a SPAC merger with Churchill Capital Corp XI in a deal valuing the company at approximately $2.5 billion. The transaction is expected to generate over $620 million in proceeds, including $200 million from institutional investors. Backed by Amazon, Nvidia, and SoftBank Vision Fund 2, Agility currently operates Digit robots across nine customer sites including Toyota and GXO. The company plans to use the capital to scale production of its next-generation Digit v5, fulfill over $300 million in multi-year orders, and expand its customer base of 30+ potential large-scale deployment prospects.
Berlin-based drone startup Stark Defence has raised €500M in a round led by Sequoia Capital and Founders Fund, pushing its valuation past €3.5 billion just two years after founding. The company builds loitering munitions (kamikaze drones), with its flagship Virtus drone already deployed in Ukraine. Over 80% of the new capital will go toward manufacturing and R&D expansion. The raise comes amid a broader European defence tech funding surge, with rivals Helsing and Quantum Systems also raising large rounds. Germany awarded Stark and Helsing initial contracts worth ~€269M each for drones to equip the Bundeswehr. Global defence tech VC reached $49B in 2025, nearly double the prior year, driven by EU rearmament plans and the war in Ukraine.