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Dealmaker

By The Information Staff

Reporters Cory Weinberg and Katie Roof tell you what’s coming next, who’s winning—and who’s losing—in the high-stakes world of startup investing.

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Recent Editions

Wonder CEO Marc Lore. Kimberly White/Getty Images.
Dealmaker

Marc Lore’s Wonder Preps a Pre-IPO Round

By Cory Weinberg · Apr 16, 2026 3:17pm PDT
E-commerce veteran Marc Lore hasn’t been shy about his food delivery startup’s IPO aspirations. In recent months, he has written on the whiteboards in Wonder’s Midtown Manhattan office the date when it should be IPO-ready: March 31, 2027, according to a person close to the company.First, however, the company will try to tap private investors... E-commerce veteran Marc Lore hasn’t been shy about his food delivery startup’s IPO aspirations....
Jared Siskin/Getty Images.
Dealmaker

Billion Dollar Grüns Sale Gives Consumer Investors Hope

By Katie Roof · Apr 14, 2026 4:18pm PDT
When Unilever last week announced its $1.2 billion acquisition of Grüns, a three-year-old brand of gummy vitamins, I had a flashback to a decade ago when Unilever bought Dollar Shave Club for almost the same price. That earlier deal marked the heyday of venture-backed consumer exits, which have been few and far between more recently. The... When Unilever last week announced its $1.2 billion acquisition of Grüns, a three-year-old brand...
Dan Klein, Vinod Khosla and Anita Ramaswamy speak onstage during the “Super Reliability vs. Super Intelligence” panel at the HumanX Conference on April 08, 2026 in San Francisco, California.
Dealmaker

At HumanX, Anthropic Stokes AI Optimism

By Katie Roof · Apr 9, 2026 4:51pm PDT
This year’s HumanX—the second AI conference from the team that puts on Money 20/20 and Shoptalk—had a different vibe than the inaugural event did. The fact that it was held at Moscone Center in San Francisco instead of a posh hotel in Las Vegas was a big part of it.While the location made it easier to attract high-profile speakers, it also meant... This year’s HumanX—the second AI conference from the team that puts on Money 20/20 and Shoptalk—...
Anthropic CEO Dario Amodei. Bloomberg/Getty Images.
How Anthropic Could Hit $100 Billion in Annualized Revenue This Year
By Sri Muppidi · Apr 7, 2026 4:33pm PDT · 2 comments
Anthropic CEO Dario Amodei. Bloomberg/Getty Images.
Dealmaker

How Anthropic Could Hit $100 Billion in Annualized Revenue This Year

By Sri Muppidi · Apr 7, 2026 4:33pm PDT · 2 comments
What could stop Anthropic now? The maker of the Claude chatbot said Monday it is generating more than $30 billion in annualized revenue, up from $19 billion about a month ago and more than triple its year-end level. At that pace, the company is on track to surpass its mid-December projection of $32 billion in annualized revenue by the end of... What could stop Anthropic now? The maker of the Claude chatbot said Monday it is generating more...
Blackstone CEO Stephen Schwarzman. Eric Lee/Bloomberg via Getty Images.
Dealmaker

Blackstone Extends the Data Center Buying Spree

By Valida Pau and Anissa Gardizy · Apr 2, 2026 4:42pm PDT
The AI-driven scramble for compute is still powering red-hot data center acquisitions even as overall technology deals slowed in the first quarter this year. In the latest example, Blackstone, the world’s largest alternative asset manager, agreed to acquire a 49% stake in Rowan Digital Infrastructure, a five-year-old data center developer... The AI-driven scramble for compute is still powering red-hot data center acquisitions even as...
Dealmaker Newsletter
Reporters Cory Weinberg and Katie Roof tell you what’s coming next, who’s winning—and who’s losing—in the high-stakes world of startup investing.
By providing your email, you agree to The Information’s Privacy Policy
Cyrus McCrimmon/The Denver Post/Getty Images.
Dealmaker

How an Unusual Fitness Deal Came Together

By Valida Pau · Mar 31, 2026 3:15pm PDT
Three executives were at a health and fitness industry conference last March, but it was in Las Vegas, so they were drinking old-fashioneds when they hatched a cross-border deal to create a fitness company worth $7.5 billion that spanned subscription and scheduling apps, plus equipment.The three whiskey drinkers were Fritz Lanman, CEO of... Three executives were at a health and fitness industry conference last March, but it was in Las...
How the Next General Partners Are Winning Deals
Dealmaker

How the Next General Partners Are Winning Deals

By Julia Hornstein · Mar 26, 2026 4:37pm PDT
This morning we published a list of 15 venture capital partners our sources tell us could be slated to become general partners, or the top decision makers at their firms. One thing that’s clear from the dozens of conversations I had to report on the list: Investors need to be more creative—and move faster—than ever to win deals. Take Yazan... This morning we published a list of 15 venture capital partners our sources tell us could be...
Art by Mike Sullivan
The Math Behind Anthropic’s Mad Revenue Growth
By Sri Muppidi · Mar 24, 2026 5:49pm PDT · 1 comment
Art by Mike Sullivan
Dealmaker

The Math Behind Anthropic’s Mad Revenue Growth

By Sri Muppidi · Mar 24, 2026 5:49pm PDT · 1 comment
OpenAI and Anthropic’s remarkable revenue growth has invited scrutiny of how the AI startups are tallying the headline-making figures they have privately or publicly disclosed.Last month, OpenAI’s annualized revenue jumped to $25 billion, nearly four times higher than a year earlier. Anthropic has grown even faster: At the end of last month,... OpenAI and Anthropic’s remarkable revenue growth has invited scrutiny of how the AI startups are...
Matt McClain/Bloomberg via Getty Images.
Dealmaker

An SEC Idea That Could Jolt the IPO Market

By Katie Roof · Mar 19, 2026 3:33pm PDT
Quarterly earnings could be going away. Will this result in more IPOs?One of the hallmarks of investing in public stocks is receiving quarterly updates from the companies. Those financial results and, even more so, forecasts can sink or lift stocks. Preparing them is such a time-suck for company executives that some startup founders have pointed... Quarterly earnings could be going away. Will this result in more IPOs?One of the hallmarks of...
A photo of the Getty Villa, where the Montgomery Summit held its opening event. Photo courtesy of March Capital.
Dealmaker

The AI Worries Keeping Investors Up at Night

By Julia Hornstein · Mar 17, 2026 3:45pm PDT
It’s no surprise that if you bring hundreds of venture capitalists and limited partners together in 2026, most will have bought into AI—literally. So it was interesting to hear what investors gathered in Santa Monica, Calif., last week for March Capital’s annual The Montgomery Summit thought were the AI boom’s weak links. Take Matt... It’s no surprise that if you bring hundreds of venture capitalists and limited partners together...
Dealmaker Newsletter
Reporters Cory Weinberg and Katie Roof tell you what’s coming next, who’s winning—and who’s losing—in the high-stakes world of startup investing.
By providing your email, you agree to The Information’s Privacy Policy
Assaf Rappaport, co-founder and CEO of Wiz. David Paul Morris/Bloomberg via Getty Images.
Dealmaker

Google-Wiz Completion Could Greenlight More Tech M&A

By Katie Roof · Mar 12, 2026 4:00pm PDT
Google completed its $32 billion purchase of Wiz this week, finalizing a real windfall for those who invested in the cybersecurity startup. But even the tech investors who missed out on backing Wiz stand to benefit.After many years of regulatory challenges from the U.S. and abroad, the ability for a big tech company to complete a mega deal... Google completed its $32 billion purchase of Wiz this week, finalizing a real windfall for those...
Photo by Gabby Jones/ Getty Images
What Quince’s $10 Billion-Valuation Round Says About Consumer Investing
By Katie Roof · Mar 10, 2026 4:24pm PDT
Photo by Gabby Jones/ Getty Images
Dealmaker

What Quince’s $10 Billion-Valuation Round Says About Consumer Investing

By Katie Roof · Mar 10, 2026 4:24pm PDT
Is investing in consumer startups back? Well, it’s back from the dead.When we broke the news of fashion e-tailer Quince’s $10 billion valuation last week, I thought maybe I was back in 2021. It wasn’t long ago that direct-to-consumer brands like Warby Parker and Daily Harvest and more were raking in investment dollars. But following some... Is investing in consumer startups back? Well, it’s back from the dead.When we broke the news of...
Photo by Cosmin Serban
Dealmaker

Anthropic Steals the Limelight at Morgan Stanley’s Tech Conference

By Valida Pau · Mar 5, 2026 5:15pm PST
I’ve spent the last week talking to people who are in town for Morgan Stanley’s annual technology, media and telecom conference at the Palace Hotel this week. Even before the fireworks last week between the Pentagon and Anthropic, the gathering was sure to be buzzy, given the lineup of richly valued private startups—including OpenAI and... I’ve spent the last week talking to people who are in town for Morgan Stanley’s annual...
Josh Wolfe, founder and managing director, Lux Capital. Getty Images.
Dealmaker

Lux Capital’s Big Warning

By Katie Roof · Mar 3, 2026 4:34pm PST · 4 comments
A venture firm just said the quiet part out loud: Things aren’t as copacetic in startup land as those sky-high AI valuations would suggest. Lux Capital on Tuesday published a letter it had sent to founders it has funded, urging them to prepare for a slew of business risks. The venture capital firm, which has backed Anduril and Ramp,... A venture firm just said the quiet part out loud: Things aren’t as copacetic in startup land as...
OpenAI CFO Sarah Friar. Patrick T. Fallon/AFP/Getty Images.
Dealmaker

OpenAI Builds an M&A War Chest

By Katie Roof · Feb 26, 2026 4:34pm PST
Will OpenAI make more acquisitions? The ChatGPT maker is in the process of raising $100 billion in additional cash. I wouldn’t be surprised if it uses some of that money or its richly valued shares to buy startups or lure even more talent. After all, it’s done this before. It used its stock to buy hardware guru Jony Ive’s startup, Io... Will OpenAI make more acquisitions? The ChatGPT maker is in the process of raising $100 billion...
Dealmaker Newsletter
Reporters Cory Weinberg and Katie Roof tell you what’s coming next, who’s winning—and who’s losing—in the high-stakes world of startup investing.
By providing your email, you agree to The Information’s Privacy Policy
Why OpenAI, Anthropic Missed Their Own Gross Margin Forecasts
Why OpenAI, Anthropic Missed Their Own Gross Margin Forecasts
By Sri Muppidi · Feb 24, 2026 3:43pm PST · 6 comments
Why OpenAI, Anthropic Missed Their Own Gross Margin Forecasts
Dealmaker

Why OpenAI, Anthropic Missed Their Own Gross Margin Forecasts

By Sri Muppidi · Feb 24, 2026 3:43pm PST · 6 comments
OpenAI has become increasingly optimistic about the revenue it expects to generate from both consumers and businesses, pushing up its projections for the next five years. Clouding those forecasts, however, are escalating cloud server costs that have outstripped revenue growth.Those pressures were stark last year, when OpenAI’s gross margins fell... OpenAI has become increasingly optimistic about the revenue it expects to generate from both...
Ebay CEO Jamie Iannone. Photo by Getty Images
Dealmaker

EBay’s Secondhand Depop Buy

By Valida Pau and Ann Gehan · Feb 19, 2026 3:00pm PST · 1 comment
EBay struck a bargain this week with its agreement to purchase Depop, the popular secondhand clothing resale app, for $1.2 billion in cash. That’s less than the $1.63 billion Etsy paid for Depop five years ago. There’s a reason eBay got a good deal. Even while Depop increased its total sales last year by roughly 25% to $1 billion, Etsy had... EBay struck a bargain this week with its agreement to purchase Depop, the popular secondhand...
A soldier operates an Anduril Ghost-X reconnaissance drone at the National Training Center in Fort Irwin, Calif. Getty Images.
Dealmaker

Anduril Fundraising Shows Defense Tech Is Still Red-Hot

By Katie Roof · Feb 17, 2026 4:19pm PST
In case you missed it on Friday, we broke the news that Anduril is in talks to double its valuation to around $60 billion in a new funding round.The round is notable for more than just its price. While Anduril technically has both A and I in its name, it’s not the AI-centric type of startup that typically gets all the investor attention in this... In case you missed it on Friday, we broke the news that Anduril is in talks to double its...
Jonathan Ross, CEO of Groq. Photo by Stefani Reynolds/ Getty Images
Dealmaker

Groq Shareholders Get a $7.6 Billion Payout

By Miles Kruppa · Feb 12, 2026 3:22pm PST
It’s been more than a month since Nvidia entered an agreement, made public on Christmas Eve, to license the technology of chip startup Groq and hire its top executives including CEO Jonathan Ross. Now the terms of the deal are coming into focus.  Groq told shareholders last month it expected to receive $17 billion in cash from Nvidia... It’s been more than a month since Nvidia entered an agreement, made public on Christmas Eve, to...
A SpaceX Falcon 9 rocket carrying the company’s Dragon spacecraft. Photo by Getty Images
A SpaceX IPO Would Be a Tailwind for SPVs
By Katie Roof · Feb 10, 2026 4:06pm PST · 2 comments
A SpaceX Falcon 9 rocket carrying the company’s Dragon spacecraft. Photo by Getty Images
Dealmaker

A SpaceX IPO Would Be a Tailwind for SPVs

By Katie Roof · Feb 10, 2026 4:06pm PST · 2 comments
Maybe the “dumb money” isn’t so dumb after all. Over the last two years, Silicon Valley has been flooded with special purpose vehicles that promise individual investors a way to own shares in OpenAI, Anthropic and other buzzy startups. These often seemed like a sure way for individuals to lose money, thanks to exorbitant fees and the funds’... Maybe the “dumb money” isn’t so dumb after all. Over the last two years, Silicon Valley has...