Hyperscalers ~$800B+ capex + record VC + China curbs on AI M&A; Manus unwinding; Tencent talks; Mercor $20B; Paradigm $1.2B fund
Key Questions
What is the scale of hyperscaler AI capex in 2026?
Hyperscalers are on track for over $800B in capex, including CoreWeave debt financing and projects like Chevron-Microsoft's 2.7GW West Texas initiative.
How did China intervene in the Meta-M anus deal?
Chinese regulators forced Meta to unwind its $2B acquisition of Manus. Tencent is now leading a $2B buyback at the original valuation and may become Manus' largest investor.
What valuation is Mercor targeting in its new round?
Mercor is in talks for a $20B valuation, doubled from $10B with $2B ARR. It recently acquired Deeptune for AI agent training simulation.
What new fund did Paradigm raise and for what purpose?
Paradigm raised a $1.2B fund to expand from crypto into AI and robotics investments.
Which companies achieved major funding rounds in AI infrastructure?
Together AI raised $800M at $8.3B valuation with Nvidia participation and $1.15B annual bookings. TensorWave raised $350M at $1.55B for AMD infrastructure.
What record did global startup investment hit in H1 2026?
Global startup investment reached a record $510B in H1 2026, with AI accounting for $242B+. PE coinvestments hit $198B in the same period.
What is SoftBank's plan for AI compute?
SoftBank launched SB Neo, a neocloud venture targeting 10GW scale by 2028 for US AI compute rentals. Crusoe is eyeing $3B funding at $30B valuation with a 40GW pipeline.
What curbs is China considering on AI models?
China is weighing curbs on overseas access to advanced AI models and has already blocked certain foreign acquisitions in the sector.
~$800B+ capex; CoreWeave debt; China orders Meta to unwind Manus $2B acq — Tencent leads buyback at original valuation. Tencent in talks to become Manus' largest investor. Nscale $2B; UK sovereign fund; Q1 record $331B AI dominance; KKR $10B Helix fund; TensorWave $350M at $1.55B for AMD infra; Salesforce acquires Fin $3.6B; DeepSeek closes $7.4B at $50B with founder control (confirmed). Chevron and Microsoft partner on 2.7GW West Texas AI infrastructure project. Ornn raises $33M seed for AI compute marketplace. Together AI raises $800M at $8.3B — neocloud bet, Aramco Ventures lead, Nvidia participation, $1.15B annual bookings, customers include Cursor. H1 2026 global startup investment record $510B (AI $242B+); Q2 exit market resurgence. Microsoft launches Frontier Company with $2.5B for enterprise AI deployment. Joulent raises $1.75B from National Grid Ventures for 35% stake, Project Kilby with Chevron/Microsoft, 2.67GW by 2028. Twelve Labs $100M (video AI), 8090 Solutions $135M (AI agents), Venice $65M (AI privacy) — Venice.ai profitable with $70M ARR, token economy, privacy-first chatbot. Kling AI raises $2B at $15B valuation with $500M ARR — major AI video funding. AI Mega-Rounds concentration: 73% of Q1 US VC to five AI companies, 91% LP capital to seasoned firms — structural risk for emerging managers. SoftBank sets up SB Neo neocloud venture for US AI compute rentals, targeting 10GW scale by 2028 — major new entrant. Crusoe eyes $3bn funding at $30bn valuation — neocloud player with Meta/Oracle customers, 40GW pipeline. PE coinvestments hit $198B in H1 2026, sovereign wealth funds dominate. Q2 2026 corporate venture funding record $146B (AI mega-rounds dominate); SambaNova closes $1B at $11B; Paradigm raises $1.2B fund for AI/robotics; China considers curbs on overseas AI model access. Chinese regulators forced Meta to unwind $2B Manus acquisition; Tencent leads buyback at original valuation. Tencent in talks to become Manus' largest investor. Mercor in talks for $20B valuation (doubled from $10B, $2B ARR) — acquires Deeptune for AI agent training simulation. NYC VC record $4.7B in June driven by Flourish ($500M) and General Intuition ($320M).