Raison Venture Digest

Welcome to the latest edition of the Raison Digest. We continue to track how our portfolio companies are transforming industries, from cybersecurity and AI infrastructure to private aerospace and fintech.

Kraken

A Major Step Toward Stock Tokenization

Following the acquisition of its Fed master account, Kraken has taken the next step in integrating with the traditional financial system. The company announced a partnership with Nasdaq to build a stock tokenization infrastructure. The xStocks platform will allow securities to move between traditional markets and blockchain networks while maintaining full regulatory compliance.

For the market, this signals an accelerating trend: tokenization is transforming the stock market by increasing liquidity, expanding access, and making capital more efficient.

Anthropic

Claude on the Frontlines of Cybersecurity

In collaboration with Mozilla, Anthropic tested its Claude model by searching for vulnerabilities in Firefox. In just two weeks, the AI identified 22 issues, most of which have already been patched. What makes this news unique is that it marks the first known instance where an AI not only found "holes" autonomously but also proposed working exploit scenarios for two of them. This marks a shift for AI from a simple assistant to a fully autonomous security agent.

Launching the AI Impact Institute

Anthropic is opening its own research institute to study the impact of AI on the economy and society. The structure will bring together internal teams and external experts to create a scientific foundation for the safe deployment of technology. For the company, this is more than just a branding move — it’s a systemic approach. Anthropic is developing not just the technology itself, but the ethical environment for its use. It’s a clear signal to the market: in the AI race, the winner will be the one who secures maximum public trust.

SpaceX

Legal Preparations for IPO

SpaceX has selected its advisors for its upcoming public offering. Legal counsel will be provided by Gibson Dunn and Davis Polk & Wardwell, firms that previously handled the listings of Uber and ARM. The formation of this underwriting pool corroborates rumors of the company’s plans to list as early as June 2026.

10,000 Starlink Satellites in Orbit

SpaceX has reached a major milestone, surpassing 10,000 Starlink satellites in orbit. The company achieved this in less than seven years since its first launch in 2019. The pace remains aggressive, with launches occurring every 2–3 days in 2026. This massive infrastructure makes SpaceX a de facto monopolist in the global satellite internet market and lays the groundwork for its orbital data center project

Crusoe and Lambda

Strengthening the NVIDIA Partnership

Crusoe and Lambda announced expanded collaborations with NVIDIA at the GTC 2026 conference. Both companies are gaining access to new solutions based on the Vera Rubin architecture, deepening integration across the hardware and software stack.

Crusoe is focusing on building a full-cycle AI infrastructure, while Lambda is scaling its cloud capacity and deploying clusters with tens of thousands of GPUs.

This sends a clear signal: competition is shifting from models to infrastructure. The winners will be those who can produce AI compute at scale most efficiently.

Crusoe

Modular Data Centers for Localized AI Infrastructure

Crusoe also introduced a new product, Crusoe Edge Zones, and the Spark platform — modular data centers that can be rapidly deployed in any geography. The solution is designed for low-latency tasks and data localization requirements. This continues Crusoe’s strategy of building a vertically integrated model — from manufacturing servers and data centers to providing cloud and inference solutions.

Ramp

European Expansion and Product Reinforcement

Expense management platform Ramp announced two key deals: the acquisition of the European firm Billhop and the acquisition of the US-based startup Juno. The former provides the company with the licenses and infrastructure needed to enter the European market, while the latter bolsters the product with solutions for managing travel and entertainment (T&E) expenses. These moves mark a major step in Ramp’s international expansion and the broadening of its platform's functionality.

Market Signals

1. The SaaS vs. AI Standoff

The public software market (SaaS) is facing pressure from AI on two fronts. Companies are ramping up investments in models and data centers, while investors are becoming increasingly cautious about these expenditures. Simultaneously, the sector's uniqueness is fading as AI takes over more tasks previously handled by software companies. For the private market, this creates opportunities: AI is already delivering practical results, redistributing value toward AI-native companies.

Sources: The Guardian, Morningstar, Datacenterknowledge.

2. The February Anomaly

According to Crunchbase, February 2026 was the largest month in US venture capital history, with $189 billion raised. The current Q1 is on track to become the highest-volume quarter ever recorded.

However, the data hides a crucial detail: over 80% of these investments went to just three giants — OpenAI, Anthropic, and Waymo. The rounds for OpenAI and Anthropic were the 1st and 3rd largest in history by total investment volume.

This confirms a trend of extreme capital concentration among technology leaders, while the rest of the market remains under pressure.