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Databento's $97M, Norm AI Unicorn & SK Hynix's $26.5B ADR Debut
Audio is available on Spreaker — see link below.
Market data infrastructure, legal AI, and a landmark ADR listing headline today's briefing — plus India's IPO wave, OpenAI's safety exodus, and the collapse of the SPAC market. Six stories that show where institutional capital is sharpening its focus right now.
Audio is available on Spreaker — see link below.
Databento just closed a ninety-seven million dollar Series B led by NEA, and the signal here isn't the size of the round. It's what the round is for.
Norm AI raised one hundred and twenty million dollars in a Series C led by Khosla Ventures, valuing the company at one point two billion. Legal AI is now the third major AI vertical, after enterprise automation and financial services, to produce a clear unicorn.
SK Hynix priced its US ADRs at one hundred and forty-nine dollars and opened at one hundred and seventy. That's a fourteen percent premium on day one.
India crossed sixty listed new-age tech companies in twenty twenty-five, added eighteen IPOs that year, and has already priced six more in the first half of twenty twenty-six. The cumulative market cap across those listings is one hundred and sixty-three billion dollars.
Johannes Heidecke, head of safety systems at OpenAI, is departing by July twenty-fourth. He's the sixth senior safety leader to exit in twenty-four months.
The SPAC market continues to deteriorate. Five blank-check IPOs have priced this month for one point three three billion dollars.
Across all of this, the through-line is the same. Capital is getting more selective, and the selectivity is sharpening around proof.
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