Jarsy Research #26: Crusoe $30.9B valuation. $140B+ in contracted value. 6 GW+ of contracted capacity. From flared gas at oil fields to AI data centers, here’s how Crusoe built its energy-first model, and what will decide whether it lasts.

⚡Funding Brief⚡ Daytona, which builds cloud infrastructure for AI agents, has raised a $60M Series B at a $1B valuation led by FirstMark, with individual investors including Stripe's Patrick Collison and Shopify's Tobi Lütke. Daytona provides cloud sandboxes where agents can run code and browse the web. Customers include Anthropic, OpenAI and Nvidia. The company says its revenue run rate grew about 25x from January to September. Source: Fortune

⚡Funding Brief⚡ Robotics startup Eka Robotics has raised a $150M Series A co-led by a16z and F-Prime, at a $1.45B valuation according to TechCrunch. Founded by MIT professor Pulkit Agrawal and former Google DeepMind researcher Tuomas Haarnoja, Eka builds a robot model that combines vision with force feedback. Early use cases include packing delicate produce and assembling GPU server racks. Source: TechCrunch

⚡Funding Brief⚡ Arda, the AI manufacturing startup founded by former OpenAI Chief Research Officer Bob McGrew, has emerged from stealth with a $160M Series A at a $1.5B valuation, co-led by Altimeter, Accel and Khosla Ventures. Arda's software turns a product's design files into a working assembly line and updates it as the design changes. Anduril was its first design partner and customer. Including a $72M seed, Arda has raised $232M in total. Source: Arda

⚡IPO Brief⚡ Anthropic generated $16.3B in revenue in the first half of 2026, up from $1.1B a year earlier, according to a draft IPO prospectus (S-1) viewed by The Wall Street Journal. Net loss for the period was $80.7B, of which about $72B was non-cash accounting adjustments tied to convertible notes and other financing instruments. The draft also shows nearly $9B spent on compute and infrastructure in H1, with about 20% of revenue coming from two customers. The draft has not been made public. Anthropic declined to comment. Source: WSJ

⚡M&A Brief⚡ OpenAI has acquired Orchestra Bio, a platform where biopharma teams and AI agents work together to advance drug programs. When an issue comes up in one part of a program, its agents help teams see which activities and timelines are affected. Orchestra's team and technology will join Rosalind, OpenAI's life sciences offering. Terms were not disclosed. Source: OpenAI, Axios

⚡Funding Brief⚡ OpenAI is seeking to raise about $30B at a valuation of more than $1.4T, according to Reuters, aiming to lock in commitments ahead of Anthropic's expected IPO in mid-November. Existing investors including SoftBank and MGX are in talks to participate. The round has not been finalized. OpenAI was valued at $852B in March. Source: Reuters

⚡Funding Brief⚡ AI chip company Tenstorrent, led by Jim Keller, has raised a $1.5B Series E co-led by Trace Capital and Innovation X, with participation from Morgan Stanley, Fidelity, ARK Invest and T. Rowe Price. The round values the company at $6.2B, more than double its $2.6B valuation from the December 2024 Series D. Source: SiliconANGLE

⚡Funding Brief⚡ AI code review company Greptile has raised a $50M Series B led by Menlo Ventures, at a $750M valuation. The company says it reviews and tests more than 1% of new pull requests on GitHub each day. Customers include Nvidia, Coinbase and Vanta. Source: Greptile

⚡Funding Brief⚡ AI team assistant startup Town has raised a $108M Series B co-led by Forerunner and Menlo Ventures, with participation from a16z, Serena Ventures and First Round. The round values the company at $1B, about four months after its public launch. Town was founded by former Plaid CTO Jean-Denis Greze. Source: TechCrunch

⚡Funding Brief⚡ Robotics foundation model startup Dream Labs has emerged from stealth with a $90M seed round led by B Capital, with participation from Kindred, Unusual, SV Angel and Wing. Founded by former Nvidia robotics researchers, the company also launched Dream-1, a model it says can control robots it has never seen before, along with the Dream API. Source: Dream Labs

⚡IPO Brief⚡ Anthropic has created the Anthropic Public Benefit Fund ahead of its IPO, starting with 5% of the company's shares. Based on its $965B valuation from May, the stake is worth about $48B. For every 50% increase in value above a set baseline, the board may contribute up to an additional 2%. Together with co-founders' pledges to donate 80% of their equity and a donation matching program in which about half of employees participate, Anthropic says roughly 20% of its shares are now committed to the public good. According to CNBC and Bloomberg, the fund is a wholly owned LLC that will not fund lobbying or political donations, and the plan requires stockholder approval before the IPO, expected in November. Source: Anthropic, CNBC, Bloomberg

⚡Funding Brief⚡ AI infrastructure company Modal has raised a $750M Series D at a $15.75B valuation, led by Accel. Kleiner Perkins joined the round, alongside existing investors including Menlo Ventures, General Catalyst, Redpoint and Lux Capital. The valuation is roughly 3.4x the $4.65B set in its Series C about five months ago. The company says its annualized run rate has passed $1B. Modal provides cloud infrastructure for AI applications, including Sandboxes, model serving and training. Customers include DoorDash, Ramp, Linear, Cognition, Runway and Suno. Source: Modal, Dealroom

⚡Funding Brief⚡ Anduril has launched an employee tender offer at $94.80 per share, implying a valuation of roughly $90B, up from $61B in May, when it raised $5B in a round led by Thrive Capital and a16z. The tender is capped at about $1.3B and is open to current and former employees across 16 countries. It closes November 9. Founded in 2017 and headquartered in Costa Mesa, California, Anduril was co-founded by Oculus founder Palmer Luckey. Its products, built around its AI software platform Lattice, include drones, counter-drone systems, autonomous underwater vehicles and surveillance towers, serving the US Department of Defense and allied governments. CEO Brian Schimpf has said revenue has passed $1B and continues to roughly double each year. Headcount reached about 8,200 by the end of 2025. Source: Bloomberg, CNBC

⚡M&A Brief⚡ Nvidia is in early talks to acquire or deepen its investment in Reflection AI, the open-weight model startup it already backs, according to the Financial Times. Options reportedly include a full acquisition, a larger stake, or an acqui-hire with a technology license. A deal could come within weeks, though talks may still fall apart. Founded in 2024 by former Google DeepMind researchers Misha Laskin and Ioannis Antonoglou, Reflection builds open-weight models focused on coding agents and released its first model, Beam, this month. CEO Laskin said in April its latest round was priced at a $25B pre-money valuation. Nvidia has invested about $800M to date. Neither company has commented. Source: Financial Times

⚡Funding Brief⚡ Ramp has raised about $1.85 billion at a roughly $60 billion pre-money valuation, Bloomberg reports, citing people familiar with the matter. Thrive Capital and Dragoneer led the round, with Founders Fund also writing a large check. Ramp provides corporate cards, expense management and bill payment tools that help finance teams track and control spending. The company said in June it serves more than 70,000 businesses, and Bloomberg reported its annualized revenue passed $1.5 billion by early June. Ramp has also launched AI tools and begun expanding into Europe. The company raised $750 million at a $44 billion valuation in June, and its latest valuation is about $16 billion higher. Source: Bloomberg, 2026-10-09

⚡Tech Brief⚡ Reflection unveiled Beam, its first open-weight model, on October 5, and updated its benchmark results on October 8. Beam has 501 billion total parameters, with about 23 billion active per task, and is built for coding, reasoning, and AI agent workloads. Beam uses a Mixture-of-Experts (MoE) architecture: the model contains many groups of “expert” parameters but activates only a subset for each task, improving compute efficiency. Announcing a model is not the same as releasing its weights. The company says Beam is still undergoing final red-teaming and evaluations, with early access available via sign-up. Weights and a technical report are expected later in October. Current performance and efficiency figures come from the company and have not been independently verified. Source: Reflection, 2026-10-05

⚡Funding Brief⚡ TypeSafe AI announced it has raised an $870 million Series A at a $7.5 billion valuation. The round was led by Andreessen Horowitz, with participation from Sequoia Capital, existing investor DCVC, and angel investors. a16z general partner Martin Casado will join TypeSafe’s board. The company said it will use the funding to build more machine-native models and infrastructure, and to add enterprise features. TypeSafe also claims that roughly one-third of Fortune 500 companies are using its Jev model, though it has not named any customers. Source: TypeSafe AI / Andreessen Horowitz, 2026-10-09

⚡️Funding Brief⚡️ Nvidia-backed AI cloud provider Lambda is raising up to $4B at a $14.5B pre-money valuation, led by Coatue and Blackstone, WSJ reports. The round is expected to be its last before a planned 2027 IPO. Lambda was valued at $5.9B post-money in November 2025. Its backlog has since jumped from $15B in June to $50B in September, largely thanks to a $35B commitment from Anthropic in late August. Source: WSJ, 2026-10-06