Insights
Theses, market notes and transaction news from the frontier industries.
Cohere
Canada takes a stake in Cohere to keep sovereign AI at homeUp to C$1.6 billion of public equity anchors a planned C$7 billion Series E, with conditions on jobs, compute and headquarters.
AI
Anduril
Anduril's Steelfin bets on mass-produced air defenceA modular family of surface-to-air interceptors aims to close the gap between threat volumes and interceptor stockpiles.
Defense
Orbitworks
Orbitworks puts the first UAE-built commercial satellite in orbitAltair-1 marks the UAE's move from buying space capability to building it, selling intelligence rather than images.
Space
Airbus
Airbus takes its Wing of Tomorrow into the airFull-scale wing extensions on an A321neo start a three-year flight campaign that will shape the successor to the A320 family.
Aviation
Moeve
Moeve starts building Europe's largest green hydrogen projectConstruction of Onuba in Huelva moves green hydrogen in Europe from pilot scale to industrial scale.
Low Carbon
Rolls-Royce
Rolls-Royce comes back to the narrowbody with UltraFanA £2.5 billion UK framework and an EU-backed demonstrator put it back in the race for the A320 and 737 successors.
Aviation
Mistral AI
Mistral AI: Europe’s model maker becomes a compute companyA €3 billion round at about €21 billion marks the shift from models to infrastructure.
AI
ICEYE
ICEYE and the business case for sovereign radarA €1 billion round at a valuation above €10 billion: SAR becomes national infrastructure.
Space
Quantum Systems
Quantum Systems and the software layer of drone warfare$1.2 billion at an $8 billion valuation, aimed at autonomy rather than airframes.
Defense
PTC
Schneider Electric buys PTC: the digital thread changes handsA $22.6 billion all-cash deal joins the software used to design aircraft and machines with the software used to run plants and grids.
Industry 4.0
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