The latest news behind the European venture headlines - let's connect the dots.

Dan, Mads and Pri follow the AI money and find it in your pension, your next laptop and a $40bn SpaceX bond. Plus: Mistral's trillion-parameter cat, DeepSeek discovers that "cheap" costs $12bn, and Britain and Europe make eyes at each other across a crowded room.

02:12 Firmus pulls its $5.5bn Sydney IPO: $10bn valuation in August, $30bn ask in October, 95% of capacity still on paper.
04:33 Isomorphic eyes $40–50bn, at least double May's price, zero drugs in the clinic. The asset is Demis.
07:19 RIP Margaret Hamilton, 90, who landed Apollo 11 back when software "wasn't engineering".
08:25 Tesla: ~$4bn operating profit, $1tn+ valuation, 90%+ of it priced on robots and robotaxis.
10:53 UK–Germany tech corridor: the Kensington Treaty finds a pulse
11:48 Revolut ($115bn, Europe's 7th most valuable bank) will list in the US. London may get seconds.
13:09 The AI build-out: who's actually paying?
14:14 Samsung: ~$80bn operating profit in one quarter = 20 years of Tesla profit. Memory is the new oil.
16:35 TSMC revenue +51%; Alphabet capex ~$45bn, free cash flow –$5.9bn
18:02 SpaceX's $40bn debt raise; Oracle CDS at 244bps, SpaceX 194bps. Junk-adjacent chic.
20:56 Claude Haiku 5.5 tops 8 of our 30 test workloads
25:02 Mistral Large 4 "Le Chonk": 1tn parameters, trained in Europe, 47x the cost for a slightly better ticket sort.
26:44 UK told to use cheaper AI. Cheapest options: Chinese or American. Sovereignty sold separately.
28:05 Germany's sovereign AI champion launches Kolibri, now as part of a Canadian company.
31:58 DeepSeek raises ~$12bn, 4x Europe's record round, for the "cheap" lab.
33:19 Anthropic's IPO sets the price tag for the whole sector.
35:08 UK & EU: Burnham in Berlin, the Tories go full Thatcher-core.
42:03 Deals of the week: Vocca AI ($20m Series A) and Universal Quantum ($100m Series A, 10 miles from Dan's sofa)
44:19 Week ahead: Anthropic investor day, ASML Q3, US CPI, UK GDP.

Not investment advice. If it were, we'd charge 2 and 20.

#VentureCapital #EuropeanTech #DeepTech