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Decart, a two-year-old San Francisco startup whose technology is designed to enable faster and more reliable training of large generative models, raised a $32 million Series A round at a $500+ million valuation, a 5X increase over its seed round valuation. The deal was led by Benchmark, with additional participation from previous investors Sequoia Capital and Zeev Ventures.

SandboxAQ, a nine-year-old Palo Alto startup that combines AI and quantum technology to tackle complex challenges in various sectors such as life sciences, financial services, and telecommunications, raised a $300+ million round at a $5.3 billion pre-money valuation. Investors included Fred Alger Management, T. Rowe Price Mumtalakat, Parkway Venture Capital, Breyer Capital, Rizvi Traverse, S32, US Innovative Technology Fund, Ava Investments, IQT, Eric Schmidt, Marc Benioff, and Yann LeCun. 

Anysphere, a three-year-old San Francisco startup whose AI-powered coding assistant is designed to help developers by providing code suggestions, autocompletions, and help with debugging and understanding complex code, raised a $100 million Series B at a post-money valuation of $2.6 billion. Previous investor Thrive Capital took the lead in the financing, while Neo, Stripe co-founder Patrick Collison, former GitHub CEO Nat Friedman, and Dropbox co-founder Arash Ferdowsi also invested.

Exabits, a four-year-old startup based in San Mateo, CA, whose platform transforms high-end GPU clusters into accessible investment assets by tokenizing enterprise-grade GPUs, raised a $15 million seed round at a $150 million post-money valuation. The deal was led by Hack VC, with previous investor Portal Ventures also investing. The company has raised a total of $20 million.

Crusoe Energy, a seven-year-old Denver and San Francisco startup that builds and operates data centers powered by clean energy to support AI workloads, raised a $600 million Series D round at a $2.8 billion post-money valuation. The deal was led by Founders Fund, with additional participation from Nvidia, Fidelity, Long Journey Ventures, Mubadala, Ribbit Capital, and Valor Equity Partners.

Speak, an eight-year-old San Francisco startup whose app uses AI to help users practice speaking new languages aloud, providing instant feedback to improve pronunciation and conversational skills, raised a $78 million Series C at a $1 billion post-money valuation. Accel was the deal lead, with previous investors OpenAI Startup Fund, Khosla Ventures, and Y Combinator participating.

xAI, Elon Musk’s AI company, has raised $6 billion, according to a filing with the U.S. Securities and Exchange Commission on Thursday. The new cash brings xAI’s total raised to $12 billion, adding to the $6 billion tranche xAI raised this spring. CNBC reported in November that xAI was aiming for a $50 billion valuation — double its valuation as of six months ago.

Family offices are increasingly turning to the secondary market, which is expected to exceed $140 billion in transaction volume this year. This growth is fueled by buyout firms and other investors seeking liquidity in the face of rising borrowing costs. According to a UBS survey of 230 family offices—each managing nearly $1 billion on average—many are planning to significantly increase their allocations to secondaries in 2024. Platforms like EquityZen have reported a 100%+ rise in family office investments in secondaries compared to the past three years. The trend highlights the growing importance of secondary markets for family offices navigating today's investment landscape.

Eon, a New York startup founded this year whose cloud backup platform is designed to automate the process of scanning, mapping, and classifying cloud resources, raised a $70 million Series C round at a $1.4 billion valuation. The deal was led by Bond, with previous investors Sequoia Capital, Greenoaks, and Lightspeed Venture Partners  participating. 

Databricks, a twelve-year-old San Francisco company that offers a cloud-based platform that helps businesses store, manage, and analyze large amounts of data, is reportedly negotiating a $1 billion tender offer led by round Thrive Capital at a $55 billion valuation.