OpenAI & Amazon Sign $38B Cloud Deal, Anthropic Fuels $11B AI Buildout, SpaceX Wins $2B Defense Contract

Here’s what stood out this week across our portfolio holdings: a leading AI company cements its role at the center of the cloud economy, another pushes deeper into Amazon’s massive infrastructure buildout, and a space pioneer takes on one of the most ambitious defense projects in history. Let’s dive in…

THIS WEEK’S BREAKING NEWS

OpenAI signs landmark $38B cloud deal with Amazon

OpenAI has signed a $38B, multi-year deal with Amazon to run its AI workloads on AWS, marking one of the largest infrastructure partnerships in tech. The deal grants OpenAI access to Nvidia’s GB200 and GB300 chips to power ChatGPT and next-generation models, while signaling Amazon’s aggressive re-entry into the AI race after restructuring. OpenAI will rapidly expand compute capacity while benefitting from the price, performance, scale, and security of AWS. (1)

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PORTFOLIO NEWS

Anthropic powers Amazon’s $11B AI infrastructure push

Anthropic is deepening its infrastructure edge through Amazon’s $11B Project Rainier, a 1,200-acre AI data center in Indiana built exclusively for training Claude on Amazon’s Trainium 2 chips. Now running 500,000 chips and expanding to 1M, the site marks the world’s largest non-Nvidia deployment. With enterprise revenue nearing $7B, Anthropic’s partnership with Amazon underscores its rapid acceleration in the global AI infrastructure race. (2)

Anthropic expands into Japan to shape AI standards

Anthropic has opened its first Asia-Pacific office in Tokyo, strengthening its partnership with Japan through a Memorandum of Cooperation with the Japan AI Safety Institute. The collaboration aims to advance shared AI evaluation standards alongside U.S. and U.K. institutes. Japan’s top enterprises, including Rakuten, Nomura, Panasonic, and Classmethod, are already deploying Claude across business and creative functions, driving over 10x revenue growth for Anthropic in the region. (3)

Anthropic scales enterprise reach with Cognizant partnership

Anthropic has signed Cognizant as one of its three largest enterprise customers, marking a major step in its corporate-focused strategy. Cognizant will deploy Claude to 350,000 employees and co-sell Anthropic’s AI solutions to its clients. The partnership expands Anthropic’s reach across sectors like financial services and healthcare, reinforcing its position as an enterprise-first alternative to OpenAI. (4)

Canva unveils design model to rival Adobe’s AI edge

Canva has launched its own foundational “design model” capable of generating editable, multi-layered designs across formats such as presentations, websites, and social posts. The update introduces advanced AI features including 3D object generation, art-style replication, and integrated spreadsheet-to-app visualization tools. Alongside launching Canva Grow, an AI-powered marketing suite, the company made its Affinity suite permanently free to strengthen its challenge against Adobe. (5)

Celonis and Cavalis debuts manufacturing app for portfolio optimization

Celonis and Cavalis have launched a new Product Portfolio Optimization for Manufacturing app designed to give manufacturers real-time visibility into product performance, cost drivers, and supply chain efficiency. Built on Celonis’ Process Intelligence platform, the app uses digital twins and AI-driven Bill of Materials analysis to streamline portfolio decisions, reduce operational complexity, and boost profitability. (6)

Databricks launches new tools for agentic AI success

Databricks has expanded its Agent Bricks suite with new tools designed to help enterprises move AI agents from pilot to production. The update introduces MLflow for monitoring agent accuracy, a Model Context Protocol catalog for governance, and functions for accessing unstructured data. These features aim to address the high failure rate of AI projects by improving quality, transparency, and control across the agent development lifecycle. (7)

OneTrust joins Databricks to advance responsible AI governance

OneTrust has become a validated Databricks Technology Partner, integrating its AI-ready governance platform with the Databricks Data Intelligence Platform to help enterprises operationalize responsible AI at scale. The partnership connects OneTrust’s consent, compliance, and risk monitoring tools with Databricks’ Unity Catalog, enabling real-time enforcement of data governance. This integration addresses rising AI compliance demands amid tightening global regulations such as the EU AI Act. (8)

Deel hires ex-Intuit exec to prep for IPO

Payroll startup Deel has appointed former Intuit and Credit Karma executive Joe Kauffman as CFO to steer its planned IPO, potentially as early as next year. Kauffman replaces founding CFO Philippe Bouaziz, who becomes executive chairman and chief strategy officer. The $17.3B-valued firm is expanding its leadership bench as it scales global operations, following 13 acquisitions and surpassing $100M in monthly revenue. (9)

Kraken joins Eightco pilot for AI-proof authentication

Kraken has joined Eightco Holdings’ INFINITY authentication platform pilot, a program focused on developing AI-resistant identity verification for financial services and digital assets. INFINITY uses single sign-on authentication to validate human users across distributed systems, addressing risks like deepfakes and Sybil attacks. The partnership underscores growing industry interest in securing financial workflows amid accelerating AI adoption. (10)

OpenAI readies for potential $1T blockbuster IPO

OpenAI is preparing for a potential IPO that could value the company at up to $1T, making it one of the largest listings in history. The ChatGPT maker may file as early as late 2026 or 2027, following its corporate restructuring that reduced reliance on Microsoft. With annualized revenue projected at $20B and rising infrastructure costs, OpenAI aims to leverage public markets to fund its trillion-dollar AI buildout. (11)

OpenAI’s restructuring pushes Microsoft past $4T mark

OpenAI has finalized a restructuring that grants Microsoft a 27% stake worth $135B, propelling the software giant past a $4T market valuation. The deal forms the OpenAI Group, a for-profit entity enabling broader investment and paving the way for a potential IPO. Microsoft gains access to OpenAI’s technology through 2032, while the nonprofit OpenAI Foundation retains governance control. (12)

SpaceX expands defense role with $2B Golden Dome deal

SpaceX is set to secure a $2B Pentagon contract to develop satellites for President Trump’s Golden Dome missile defense project. The system aims to deploy up to 600 satellites capable of tracking missiles and aircraft in real time. The deal strengthens SpaceX’s role in U.S. defense infrastructure as it leads multiple satellite networks, including Milnet and other classified intelligence constellations. (13)

SpaceX proposes simplified Starship plan to NASA

SpaceX has proposed a simplified mission plan to NASA for its Starship moon lander as development delays raise concerns over meeting U.S. lunar goals. The new approach aims to accelerate a crewed return to the Moon while enhancing safety. SpaceX expects major milestones in 2026, including a first in-space refueling test required for lunar missions, after multiple Starship test flights. (14)

SpaceX moves $31M in bitcoin amid wallet overhaul

SpaceX moved another 281 BTC ($31.3M) on October 29, marking its fifth transfer this month as part of what analysts describe as custody consolidation via Coinbase Prime. In total, SpaceX has transferred 4,337 BTC ($471.7M) in October, reducing its known holdings to 7,258 BTC ($799M). Arkham data suggests the company continues shifting older Bitcoin addresses to newer, more secure formats. (15)

OTHER NEWS

Perplexity partners with Getty to boost AI search credibility

Perplexity has signed a multi-year licensing deal with Getty Images, allowing it to display Getty’s visuals within its AI-powered search platform. The agreement follows plagiarism and copyright controversies surrounding Perplexity’s use of media content and marks a shift toward formal content partnerships. Both companies emphasize attribution and consent, aligning with Perplexity’s strategy to defend its AI practices amid increasing legal scrutiny. (16)

Perplexity launches AI tool to simplify patent search

Perplexity has launched an AI-powered patent research tool that allows users to find patents using natural language instead of technical keywords. The tool surfaces related terms and includes AI-generated summaries, expanding searches beyond exact matches. It can also scan academic papers and code repositories for prior art. Currently in free beta, it offers expanded access for Pro and Max subscribers. (17)

IBM and Groq join forces for real-time enterprise AI

IBM and Groq have partnered to bring real-time AI processing to enterprises by integrating Groq’s deterministic LPUs with IBM’s watsonx Orchestrate platform. The alliance enables large-scale AI workloads to run faster, more predictably, and securely within IBM’s hybrid-cloud ecosystem. The collaboration supports IBM’s open AI strategy while expanding Groq’s enterprise reach through high-speed inference designed for mission-critical performance. (18)

Anduril opens Sydney factory to build Ghost Sharks

Anduril opened a Sydney factory to build undersea “Ghost Shark” drones under a A$1.7B ($1.1B) supply contract with Australia’s navy. Dozens of vehicles will be manufactured locally with the first completed ahead of schedule and in-water testing planned before January. The plant will scale to full production in 2026, create about 150 jobs, and source parts from 40+ Australian suppliers. (19)

Anduril prepares Ohio production after prototype flight

Anduril’s jet-powered YFQ-44A drone completed its first semi-autonomous flight at a California test site, advancing the Air Force’s loyal wingman programme. The prototype handled flight controls and automated landings without a manual stick, and follows an Air Force contract to build competing CCA prototypes. Anduril plans to begin prototype production in Ohio next year as the Pentagon evaluates vendors for wider unmanned jet deployments in the Pacific. (20)

CHART OF THE WEEK

The recent rise in ROFR (Right of First Refusal) executions shows that private companies are becoming more active in managing their cap tables. After a period of relative stability, 2025 has seen a noticeable uptick, signaling that issuers are stepping in to shape liquidity events rather than leaving them entirely to the market. This shift suggests that high-quality companies want to control who holds their shares, especially as secondary activity grows and valuations reset. For investors, navigating this environment requires relationships and structures that provide access even when issuers tighten the gate. The Stableton Morningstar PitchBook Unicorn 20 is built to operate within these dynamics, ensuring exposure to the most valuable late-stage tech leaders while aligning with the rules and preferences of the companies themselves.

THE UNTOLD UNICORN STORY

Plaid: Connecting the world to your wallet

Plaid co-founders William Hockey and Zach Perret. Source: Plaid

Imagine a world where every app on your phone could talk directly to your bank, knowing exactly what’s in your account – no password typing, no secret handshakes. That’s the magic of Plaid, the quiet powerhouse behind apps like Venmo, Coinbase, and Robinhood. Founded in 2013 by two former consultants, Zach Perret and William Hockey, Plaid set out to transform the way we manage money, turning the intimidating realm of bank APIs into something undeniably easier.

Starting as a simple tool to help developers integrate with bank systems, Plaid now connects to over 12,000 financial institutions across North America and Europe. Its technology is the backstage pass that lets your favorite apps peek into your financial life securely.

Fun Fact: In 2020, Visa announced plans to acquire Plaid for $5.3 billion. However, the deal was terminated in 2021 after the U.S. Department of Justice filed an antitrust lawsuit to block the acquisition. (21)

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SOURCES

1 - Amazon, 2 - CNBC, 3 - Anthropic, 4 - The Wall Street Journal, 5 - TechCrunch, 6 - Celonis, 7 - TechTarget, 8 - PR Newswire, 9 - Reuters, 10 - Investing.com, 11 - Reuters, 12 - Financial Times, 13 - The Wall Street Journal, 14 - Reuters, 15 - The Block, 16 - TechCrunch, 17 - The Verge, 18 - BusinessMirror, 19 - Reuters, 20 - Reuters, 21 - Justice Gov