Topics / Capital & Markets
Capital & Markets
The money tells its own story. Record raises, a wave of chip and robot IPOs, and state funds taking the only voting seats. We track where the capital is flowing and what it locks in.
Best issues on this topic
- The Transplant
A product-less humanoid startup hit a billion-dollar valuation, built by Huawei’s former self-driving lead. China’s autonomous-driving talent is transplanting into robots.
- The Private Round
DeepSeek closed its first outside round, roughly 7.4 billion dollars at a 50-billion-plus valuation. The founder wrote the biggest check; the only investor with a vote is a state fund.
- The Toll Booth
CXMT signed a 2.94 billion dollar long-term DRAM deal with Tencent, one of the largest domestic chip-procurement commitments in years, ahead of its Shanghai listing.
- The Harder Half
Cambricon became China’s first pure-play AI chip designer worth over a trillion yuan. The same report shows the distance left: a 2.9% share of the cards China bought in 2025, against Nvidia’s 55%.
These link to the full issues on the newsletter. New pieces on this topic go out in the daily first.