C-Suite Exodus at OpenAI

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Litquidity Capital
September 26, 2024

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Good Morning,

China is unleashing a historic stimulus blitz, Australian IPOs have slumped to a post-GFC low, NYC's mayor was indicted on federal charges, and OpenAI is going through a major leadership and governance shake up.

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Btw, check out Litquidity's latest IG post for details on a giveaway in partnership with a16z's Tech Week. Enter for a chance to win limited-edition sweater shirts and invites to some exclusive tech / VC events in LA and SF next month.

Let's dive in.

Before The Bell

As of 09/25/2025

Markets

  • US stocks retreated from record highs as investors awaited further market clues 

    • Dow snapped a four-day win streak

    • Traders see a 62% chance of a second 50 bps rate cut in November

Earnings

  • Micron jumped 15% after beating Q4 earnings estimates and forecasting upbeat Q1 revenue thanks to strong demand for AI memory chips (RT) 

  • What we're watching this week:  

    • Today: Costco, CarMax

  • Full calendar here

Headline Roundup

  • China is weighing a $142B capital injection into top banks (BBG)

  • PBOC cut medium-term rates by most ever in stimulus drive (BBG)

  • Australian IPOs slumped to the lowest since 2008 (FT)

  • US election risk is hitting corporate investment plans (RT)

  • FBI is investing VC Hone Capital over China secrets (TC)

  • US and China drive global debt to record $312T in H1 (RT)

  • BNPL holiday spending is expected to hit a record $18.5B this year (RT)

  • OpenAI will become for-profit and give Sam Altman 7% equity (BBG) 

  • OpenAI's CTO, research chief, and VP of research will depart (CNBC)

  • Google sued Microsoft over EU anti-competitive cloud practices (RT)

  • Google paid $2.7B to re-hire AI genius who quit in frustration (WSJ)

  • US 30Y mortgage fell to 6.13% to the lowest in two years (RT)

  • Top Chinese vape firms research nicotine alternatives (RT)

  • NYC mayor Eric Adams was indicted on federal criminal charges (AP)

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Deal Flow

M&A / Investments

  • UK property listing firm Rightmove rejected an improved $8.1B takeover offer from Australian peer REA Group (RT) 

  • PE firm EQT is considering selling part of its 49% stake in hearing aid maker WS Audiology at a ~$7.8B valuation (BBG) 

  • Canadian payments platform Lightspeed Commerce is exploring a sale; the company currently has a ~$2.4B market cap (RT) 

  • Owners co-led by China's Ninestar Corp. and PE firm PAG are considering a $2B sale of laser printer maker Lexmark International (BBG) 

  • Korean PE firm MBK Partners raised its offer for Korea Zinc to $1.7B (WSJ)

  • PE firm L Catterton acquired a majority stake in pilates studio operator Solidcore at a $600M-$700M valuation (RT) 

  • Cybersecurity startup Wiz is in discussions to sell $500M-$700M of existing shares at a ~$20B valuation (BBG) 

  • Horizon Capital revived plans to sell technology services firm Sabio at a $400M-$535M valuation (BBG) 

  • Struggling Chinese property developer Country Garden agreed to sell its 1.5% stake in Zhuhai Wanda Commercial Management for $447M (RT) 

  • Nano Dimension will acquire 3D printer maker Markforged for $115M cash (GNW) 

  • LatAm investment bank Banco BTG Pactual bought Miami-based multifamily office Greytown Advisors (BBG) 

  • French caterer Sodexo is exploring an acquisition of US rival Aramark (BBG)

VC

  • Digital transformation startup WhatFix raised a $125M Series E at a $900M valuation led by Warburg Pincus (TC)

  • Postgres-centric developer platform Supabase raised an $80M Series C led by Peak XV and Craft Ventures (TC)

  • UJET, an AI-powered cloud contact center solutions, raised a $76M Series D led by Sapphire Ventures (SAAS)

  • Crisp, a supply chain optimization platform for CPGs, raised a $72M Series B from Wellington Management, Toshiba, and others (BW)

  • Torq, an AI startup for security hyperautomation, raised a $70M Series C (PU)

  • Indian AI-driven healthtech Qure.ai raised a $65M Series D led by Lightspeed Venture Partners and 360 ONE Asset Management (SAAS)

  • Geothermal energy startup Baseload Capital raised a $60M Series B led by ENGF (PU)

  • Cyclic Materials, a recycling startup for rare earth elements, raised a $53M Series B led by ArcTern Ventures (BW)

  • UK business payments fintech Apron raised a $30M Series B led by Zinal Growth (TFN)

  • Raycast, a Mac productivity app, raised a $30M Series B led by Atomico (TC)

  • Vsim, a physics simulation framework, raised a $21.5M seed round at a $100M valuation led by EQT Ventures (TC)

  • Initia, an "iOS for web3," raised a $14M Series A at a $350M valuation led by Theory Ventures (TC)

  • Managed cloud security remediation startup Tamnoon raised a $12M Series A led by Bright Pixel Capital (BW)

IPO / Direct Listings / Issuances / Block Trades

  • AI chip startup Cerebras Systems is planning to raise $1B at a $7B-$8B valuation in a US IPO this week (BBG) 

  • Spanish bakery Europastry is set to kick off a local IPO at a $1.7B valuation (BBG) 

  • Technology investor Prosus sold its stake in online travel agency Trip.com for $743M (BBG) 

  • Temasek-backed entertainment group Neon is considering raising $390M in a 2025 Singapore IPO (BBG)

  • Natural gas producer BKV raised $270M at a at $1.51B valuation in its US IPO (RT) 

  • BioAge Labs plans to raise $200M at a $700M valuation in its upsized US IPO (RT) 

SPAC

  • YD Biopharm will merge with Breeze Holdings Acquisition Corp. in a $700M deal (GNW) 

Crypto Corner

  • A court ruled crypto mining 'boxes' are securities (BBG) 

  • PayPal will allow US merchants to transact in crypto (BBG)

Exec’s Picks

Litquidity x Tech Week Giveaway

This October, Litquidity is helping bring Tech Week to California: San Francisco (10/7 - 10/13) and Los Angeles (10/14 - 10/20).

To kick things off, we’re giving away 100 limited-release Litquidity x Tech Week sweaters and setting aside a few guest spots for our exclusive events.

To enter the giveaway, simply (1) like this post, (2) tag a friend in the comments, (3) follow both @litquidity and @techweeka16z on Instagram.

Meme Cleanser

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