Raison Venture Digest

You are reading our regular digest of key developments across Raison’s portfolio companies. Our analytical team tracks corporate news, financial performance, strategic moves, and regulatory shifts — bringing them together into a coherent view of what is happening.

In this edition, we highlight the most important updates and insights: from SpaceX’s IPO preparations and major AI funding rounds to the broader signals shaping the next technological cycle.

SpaceX

Starlink Expands Into Vietnam

On February 14, SpaceX received approval to provide satellite internet services in Vietnam. Expanding licenses across Asia strengthens Starlink’s global coverage and adds new B2B and B2G clients to its portfolio. For the company, this is not only subscriber growth but also a stronger negotiating position ahead of a potential IPO.

IPO Preparation: Dual-Class Structure

SpaceX is considering a multi-class share structure. This format would allow the company to place a significant stake on the public market while preserving operational and financial control for existing shareholders, primarily Elon Musk. The news reinforces expectations of a listing in the second half of 2026.

SpaceX–xAI Merger: A $1.25 Trillion Benchmark

Following the announced share-swap merger between SpaceX and xAI, the combined valuation could reach a record $1.25 trillion. The integration of xAI’s technological base with SpaceX’s launch capabilities aims to accelerate the development of orbital IT infrastructure. The formation of a unified holding structure with clear capital alignment sends a strong signal to investors ahead of the planned IPO.

Space as IT Infrastructure

SpaceX successfully completed its 12th ISS mission, reaffirming its position as NASA’s primary partner. At the same time, the company has begun licensing its orbital data center project. Amid shortages of terrestrial AI computing capacity, this concept is moving from theory to business reality, with SpaceX already seeking regulatory approvals. For the company, this could open a new, large-scale market for launch services and Starlink technologies.

Anthropic

Super Bowl Marketing Breakthrough

Anthropic made a high-profile Super Bowl debut with a humorous campaign subtly mocking competitors — particularly OpenAI — for embedding ads into AI responses. Promoting the idea of a “clean product without spam”, the campaign delivered immediate results: the Claude app surged into the App Store top 10. The success underscores growing demand for high-quality alternatives and reinforces Anthropic’s industry leadership.

Government Affairs Boost: Chris Liddell Joins the Board

Anthropic appointed Chris Liddell, former Microsoft CFO and White House Chief of Staff, to its board. The move is strategic: Liddell brings deep connections within the U.S. administration, strengthening the company’s position in government partnerships and regulatory discussions. His expertise enhances Anthropic’s competitiveness in securing public-sector contracts while reducing political risk.

$30B Round and $14B in Revenue

Anthropic finalized a massive $30 billion funding round, bringing its valuation to $380 billion — more than doubling year over year. Importantly, employees were allowed to sell a portion of shares at the new valuation, confirming both pricing credibility and liquidity.

Financial performance supports the surge: 2025 annual recurring revenue (ARR) reached $14 billion, positioning Anthropic not just as a promising startup but as one of the most efficient AI businesses globally.

Partnership with Goldman Sachs

Anthropic entered a strategic agreement with Goldman Sachs to automate banking workflows. AI agents powered by Claude models are expected to handle routine investment banking and asset management processes. For Anthropic, this marks a significant expansion into fintech; for Goldman Sachs, it represents a step-change in operational efficiency. Collaboration with a global banking leader further strengthens Anthropic’s reputation as a provider of secure enterprise AI solutions.

Cohere: $240M ARR and IPO Positioning

Canadian AI developer Cohere reported $240 million in ARR, exceeding its 2025 forecast by 20%. Unlike competitors, Cohere focuses exclusively on enterprise clients, offering secure and closed AI models tailored for business use. Strong financial discipline and consistent revenue growth position the company as one of the most IPO-ready AI players in the near term.

Apptronik: $5B Valuation and Robotics Momentum

Apptronik raised $520 million in an extended Series A round, bringing its valuation to $5 billion. The round attracted exceptional interest from leading venture funds, confirming robotics as one of the most strategic sectors of the year.

Investors are betting on Apptronik’s readiness to scale commercial deployment of its humanoid robot Apollo. Oversubscription and heavyweight participation signal a shift: humanoid robotics is no longer experimental — it is becoming foundational to the next industrial revolution.

Signals of the Period

AI as National Strategy: The Battle for India

Anthropic and OpenAI have entered open competition for the Indian market. Early signals appeared in January when reports surfaced of Sam Altman’s planned visit to New Delhi. In February, OpenAI confirmed India as its second-largest market globally, with 100 million weekly ChatGPT users. In response, Anthropic announced plans to open its first office in the country to compete for local developers.

The trend aligns with the ongoing India AI Impact Summit 2026, which is being attended by Prime Minister Narendra Modi. AI has officially become a national priority strategy, with the Indian government planning major infrastructure investments to position the technology as a driver of national prosperity.

For investors, this marks a critical signal: the sector is receiving unprecedented state-level backing and opening access to one of the world’s largest growth markets.

Term of the Issue

Technological Revolution — a period in which fundamental scientific breakthroughs and new technologies transform the productive forces and reshape economic and social systems. Unlike evolutionary improvements, revolutions create entirely new industries and redefine the structure of society.

Why it matters today: Just a few years ago, AI, robotics, and the Internet of Things were discussed with cautious skepticism. In 2026, we are witnessing a phase of total adoption. Governments, corporations, and institutions are no longer debating the relevance of technology — they are competing to lead the integration of it. We are at the epicenter of a structural shift, where the speed of technological adaptation defines economic and social competitiveness.