Daily Funding Roundup:
June 4, 2026
Heaviest tape of the week. Ramp cleared $44B on a $750M Series F. Supabase doubled to $10.5B on a $500M F as AI coding compounds. Helion booked $465M at $15.5B for the Microsoft fusion plant. Generalist AI took $400M for physical-AI foundation models. Quantinuum debuted on Nasdaq in a $1.68B IPO. Dow closed at a record 51,562 as Broadcom -15% and CrowdStrike sell-offs were openly framed as 'great rotation' into the SpaceX and Anthropic IPOs.
Rounds
New York-based AI-powered finance automation platform Ramp raised a $750M Series F at $44B post-money (up from $32B in November 2025) led by ICONIQ, GIC, and Ontario Teachers' Pension Plan. 70,000+ customers managing $200B+ annualized purchase volume; over $1B in annualized revenue and FCF positive. Co-founded 2019 by CEO Eric Glyman (previously sold Paribus to Capital One in 2016), Karim Atiyeh, and Gene Lee. Total raised: $3B+ across 15 rounds.
Open-source Postgres development platform Supabase raised a $500M Series F at $10.5B post-money led by GIC, doubling from the $5B Series E seven months prior. 250,000+ customers and 9M developers; the dominant backend for AI-native apps and vibe coding (Claude Code cited as the largest contributor to growth). Stripe wrote a second check; Salesforce Ventures joined new. Co-founded 2020 by CEO Paul Copplestone and CTO Ant Wilson.
Everett, Washington-based private fusion electricity company Helion Energy raised a $465M Series G at $15.5B post-money (nearly 3x its $5.425B Series F from January 2025) led by Thrive Capital. Targeting first commercial fusion power plant delivering electricity to a Microsoft data center by 2028, and a 500MW plant for Nucor in the 2030s. Co-founded 2013 by CEO David Kirtley; Sam Altman has been board chair for years. Total raised: $1.9B.
San Mateo-based Generalist AI raised a $400M round at $2B post-money led by Radical Ventures, with Nvidia's NVentures, Bezos Expeditions, and Fei-Fei Li all on the cap table. Two-year-old company building general-purpose foundation models for robots operating in factories, warehouses, labs, and eventually homes. Team includes engineers from OpenAI, Google DeepMind, and Boston Dynamics. Founded 2024 by CEO Pete Florence (ex-DeepMind, ex-Boston Dynamics). Total raised: $500M+.
Barcelona-based clinical-stage biotech Ona Therapeutics raised a $86.6M Series B co-led by Columbus Venture Partners and Mérieux Equity Partners. Developing antibody-drug conjugates (ADCs) for treatment-resistant cancers: lead programs ONA-255 (breast cancer) and ONA-389 (colorectal). Founded 2020 by CEO Valerie Vanhooren.
Edinburgh-based AI assurance platform Aveni raised £12M ($15M) led by PXN Ventures. Launching Agent Assure and Agent Approve to assess conduct risk of consumer-facing AI agents in wealth management and financial services. Co-founded 2018 by CEO Joseph Twigg.
IPO
Honeywell's quantum computing subsidiary Quantinuum debuted on Nasdaq under ticker QNT in an upsized $1.68B IPO at $60/share. Opened at $68, hit $71.35 intraday, closed essentially flat at the IPO price for a $15.7B market cap. J.P. Morgan and Morgan Stanley led; 28M shares priced. Formed 2021 from the merger of Honeywell Quantum Solutions and UK-based Cambridge Quantum. First major quantum public-market test of 2026.
Also Noted
London and Budapest-based Kodesage raised a $6.6M seed led by VentureFriends, with angels Christian Szegedy (xAI co-founder) and footballer Mario Götze participating. AI platform that extracts knowledge from legacy enterprise code for modernization, targeting banking, insurance, energy, and government. Founded 2023 by CEO Akos Hochrein.
News & Signals
Dow record close 51,562 (+874 pts), Broadcom -15% drags chips on flat AI guide
S&P 500 +0.41% to 7,584. Dow +1.73% (+874) to a record 51,561.93. Nasdaq -0.09% to 26,831. The split tape was driven by Broadcom -15% after Q2: EPS $2.44 beat, revenue $22.19B slight miss; AI semi revenue $10.8B (+143% YoY) but CEO Hock Tan reiterated FY26 AI-chip target above $100B without raising. Next-Q AI guide ~$16B vs ~$17.2B whispered. The print sparked a chip-cycle 'is this the peak?' debate that dragged Nvidia and the rest of semis; rotation into non-tech took the Dow to a record.
Jobless claims 225K, highest since early Feb; Q1 productivity revised to 2.8%
Initial jobless claims rose 13K to 225,000 (highest weekly print since the first week of February). 4-week average 214,750. Continuing claims fell 8K to 1.777M. Economists shrugged off the headline as Memorial Day volatility. Q1 productivity final revised to 2.8% YoY (from 2.9%); unit labor costs revised to 1.8% (from 2.3%). Net: still no wage acceleration despite the hot JOLTS earlier in the week. Friday NFP is now the cleanest macro test of the week.
Quantinuum (QNT) Nasdaq debut: $1.68B IPO, $15.7B mcap, opens at $68
Honeywell's Quantinuum debuted at $60 (upsized from initial range), opened at $68, hit $71.35 intraday, closed essentially flat for a $15.7B market cap. First major quantum public-market test of 2026. The 'will quantum get its AI-style multiple?' question got a tentative answer: not yet, but the print held. Curtain-raiser for the SpaceX (Jun 11 pricing) and Anthropic (Oct target) IPO calendar; QNT trading is the proxy retail will watch for risk appetite into SPCX pricing.
Brad Gerstner viral note: 'The Great Rotation' from chips to private IPOs
Jim Cramer publicly framed the Broadcom + CrowdStrike sell-offs as 'panic and fear, sellers just want these stocks off their sheets' to free up dry powder for SpaceX, Anthropic, and OpenAI. Broadcom and CrowdStrike both beat-and-raised this week and got sold; the 'great rotation from profitable big-tech to private mega-IPOs' framing became dominant on FinTwit. Cramer separately warned SpaceX would 'create a bubble unto its own.' The VCX retail-proxy ETF saw +6,000% weekly message volume on Stocktwits.
Salesforce reports AH, Brent volatile in $90s on Iran posture, BTC at $63K
Salesforce reports Q1 after the close (results pending at publication). Brent traded volatile in the $90s; the dramatic monthly collapse has paused as the Iran framework digests. Bitcoin around $63,683, trading session low $61,500. Capital rotation from crypto toward AI IPOs is now the dominant micro-narrative: $600B+ of total crypto cap shed in a single week framed as IPO-driven rotation, not a fundamentals event.
VC Mood on X
One thread crystallized everything on Thursday: 'The Great Rotation' from profitable public big-tech into the SpaceX, Anthropic, and OpenAI mega-IPOs. Cramer explicitly framed the Broadcom -15% and CrowdStrike sell-offs (both beat-and-raised this week) as 'panic and fear, sellers want these stocks off their sheets' to free dry powder for the private prints. The VCX retail-proxy ETF saw a 6,000% weekly message-volume jump on Stocktwits. Cramer separately warned SpaceX would 'create a bubble unto its own.' Whether the rotation is rational or fragile is the defining macro debate of the week.
The deal tape compounded the narrative. Ramp $44B is now the world's third most valuable private fintech behind Stripe and Klarna, with $1B+ ARR and FCF-positive economics. Supabase doubling to $10.5B as 'Claude Code is our largest contributor to growth' became the visual meme for vibe-coding paying off in usage metrics. Helion at $15.5B with a Microsoft commercial fusion plant target by 2028 and a Nucor 500MW plant in the 2030s is now the canonical 'deep-science meets AI capex' story. Generalist AI at $2B for physical-AI foundation models extended the robotics-mafia thread that started with Skild and Physical Intelligence earlier this year.
Quantinuum's Nasdaq debut at $15.7B was the day's quiet tell: quantum got its IPO, but not its AI-style multiple. Opening flat for a $15.7B mcap is a cleaner risk-appetite read than any sell-side note ahead of the SpaceX pricing window. Macro caught up Friday-style despite being only Thursday: jobless claims rose to 225K (highest since early February), Brent stayed volatile in the $90s, BTC at $63K with weekly outflows compounding. Salesforce reports after the bell. Friday NFP becomes the bigger macro test before SPCX prices on Wednesday next week.
Rounds and signals sourced from SEC filings, press releases, and verified news reports. All amounts in USD unless noted. Reporting reflects information available at time of publication.