Coatue vs General Atlantic

Revolut valuation jumps 53% to $115B in share sale

Revolut has closed a secondary share sale valuing the fintech at $115 billion (€103 billion), a significant leap from $75 billion last year and $45 billion in 2024. Led by Glade Brook, Coatue, Durable Capital, T. Rowe Price, and Baillie Gifford, the deal allowed employees to sell shares at around $2,017 each without raising new capital. CEO Nik Storonsky emphasized employee ownership. The company serves over 80 million retail customers globally and plans to exceed 100 million. It has expanded internationally, launching local banks in Britain, Mexico, Australia, and New Zealand, and obtaining licenses in France, Colombia, Argentina, and preliminary U.S. approval. In Austria, IBANs will be issued from 2027. Revolut reported 2025 revenue of €5.3 billion (up 46%) and pretax profit of €2.0 billion (up 57%). An IPO, potentially at $200 billion, is delayed until after 2028.

• Revolut completed a secondary share sale at a $115 billion valuation (€103 billion), up from $75 billion in 2025 and $45 billion in 2024.
• Lead investors included Glade Brook, Coatue, Durable Capital, T. Rowe Price, and Baillie Gifford, with no new capital raised.
• Revolut has expanded globally, launching banks in Britain, Mexico, Australia, and New Zealand, and obtaining licenses in France, Colombia, Argentina, and preliminary U.S. approval.

OpenAI nears up to $30B round at $1.25T valuation

OpenAI is in advanced talks to raise up to $30 billion at a $1.25 trillion pre-money valuation, led by UAE investors and Coatue, positioning it as the most valuable private company ever and a bridge to a potential IPO. OpenAI has confidentially filed its IPO prospectus with the SEC and targets going public by 2027, with the UAE investment possibly coupled with a commercial deal for additional compute capacity. This mega-round pressures rival Anthropic, which is expected to file its S-1 soon, with a cap table dominated by corporate investors and megafunds, and is reportedly seeking a $1.5-2 trillion valuation for its own IPO. The newsletter also discusses VC concentration, data center capacity forecasts, and notable deals, alongside other tech news.

• OpenAI is raising up to $30 billion at a $1.25 trillion pre-money valuation, led by UAE investors and Coatue.
• OpenAI confidentially filed for IPO and targets public debut by 2027; UAE investment may include compute capacity deal.
• Anthropic is expected to file its S-1 soon, with a cap table dominated by corporate investors and megafunds, and is seeking a $1.5-2 trillion valuation.

Lambda Raises $4B Before Planned IPO

AI cloud provider Lambda is raising up to $4 billion at a $14.5 billion pre-money valuation, according to The Wall Street Journal. Coatue Management and Blackstone are leading the round, which could be Lambda's last private funding before a planned 2027 IPO. The company's backlog grew from $15 billion in June to $50 billion in September, driven largely by a $35 billion commitment from Anthropic. Lambda recently secured an additional $1 billion in debt to fund data center buildouts. The company had reportedly considered an IPO this year but delayed amid market uncertainty. If it goes public, it will join other Nvidia-backed neoclouds like CoreWeave and Nebius.

• Lambda is raising up to $4 billion at a $14.5 billion pre-money valuation.
• Coatue Management and Blackstone are leading the funding round.
• Lambda's backlog grew from $15 billion in June to $50 billion in September.

Blackstone calls for more equity in AI infrastructure financing

At the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit, Blackstone President Jon Gray said the AI infrastructure buildout would require more equity financing as debt investors face concentration risks. Pimco CEO Emmanuel Roman warned that the scale of AI financing could be 'too much' for markets, citing about $10 trillion in AI-related capital expenditure over five years and $550 billion in AI debt issued this year. Goldman Sachs estimated $8.5 trillion in global data center spending over five years. Gray remained bullish on AI infrastructure, noting demand for computing power outpaced supply, and that spending on AI models across Blackstone's portfolio companies rose 20-fold in the past year.

• Blackstone President Jon Gray said AI infrastructure requires more equity financing due to debt concentration risks.
• Pimco CEO Emmanuel Roman warned AI financing could strain markets, citing ~$10 trillion in AI capex over five years.
• About $550 billion in AI debt has been issued this year.

General Atlantic Named to Inc.'s 2026 Founder-Friendly Investors List

General Atlantic has been named to Inc.'s 2026 Founder-Friendly Investors List, a recognition of its support for founders.

General Atlantic Named to Inc.’s 2026 Founder-Friendly Investors List

General Atlantic has been named to Inc.'s 2026 Founder-Friendly Investors List, marking a notable recognition for the firm.