Marvell agrees to buy Lumentum for $115B

Marvell agreed to acquire Lumentum in an all-stock deal at a 23.9% premium, pairing its chips with Lumentum’s lasers and optical transceivers as AI data centers shift from copper to optical connections. OpenAI closed $11B of a funding round at a $1.25T valuation, with the round potentially reaching $20B in total. Thinking Machines Lab reportedly neared a $5B raise at a $40B valuation.

Shield AI raised $2.5B at a $28.8B valuation and agreed to acquire radar maker Echodyne for $5.3B. Drone delivery company Zipline raised $1.5B at a $21.5B valuation, while generative media platform fal secured a $1.3B Series F at a $16B valuation. Space-communications company CesiumAstro raised a $730M Series D at a $4.5B valuation.

Acquisitions also targeted developer tools and security. Meta bought Conductor, which runs multiple coding agents simultaneously, and OpenAI acquired Pierre Computer to integrate its Code Storage tool into Codex. Palo Alto Networks is reportedly discussing a purchase of Clutch Security for about $500M in cash. Dropbox agreed to acquire Tigris Data for $350M to offer S3-compatible storage to AI developers.

In European venture capital, Sequoia announced it would close its London office. Creandum closed its largest fund to date, €668M (about $750M), to back AI-driven founders from pre-seed to Series A.