Published: July 15, 2026 | Category: Private Capital / Deals
Digital infrastructure set the tone for a crowded week of dealmaking. Switch, the SoftBank and DigitalBridge-backed data-centre operator based in Las Vegas, is in talks to raise about $2 billion at a $50 billion valuation in a round involving Andreessen Horowitz. Germany’s Quantum Systems, a military drone maker, raised a $1.2 billion Series D at an $8 billion valuation led by Blackstone, Noteus, Airbus and Advent International. Both deals point capital at the same theme: the physical and defence-adjacent backbone of the artificial-intelligence build-out.
The valuations show how far that theme has run. A $50 billion price tag would rank Switch among the most valuable private data-centre operators anywhere — a level that only makes sense if investors expect AI-driven demand for computing capacity to keep compounding for years. Quantum Systems, meanwhile, more than doubled in value to $8 billion in a single round, the kind of step-change that European defence-technology companies could not command before the continent began rearming in earnest.
Buyout firms kept pressing on take-privates. Bain Capital and SoftBank’s LY Corp raised their joint offer for Japan’s Kakatu to about $4.1 billion, with EQT still circling as a rival bidder, while Monomoy Capital Partners closed its $1.3 billion purchase of Jiffy Lube from Shell. In healthcare, France’s Ipsen agreed to pay about €700 million, upfront plus earnouts, for the Swiss biotech Memo Therapeutics, and Zoom bought Seattle-based Common Room. The Kakatu contest is the one to watch: a raised bid with a third party still in the frame usually signals an auction that has further to run.
The quarter’s public-market tally underlined the reopening. Renaissance Capital counted 48 US initial public offerings in the second quarter raising a combined $104.8 billion, led by SpaceX. That total leans heavily on a handful of mega-listings rather than a broad revival, which fits the week’s pattern: capital is concentrating in the largest, most-backed names while the long tail of smaller issuers waits its turn.
Fundraising continued lower down the scale. Magnify Ventures closed a $46.6 million second “care economy” fund, and Mekong Capital is raising up to $200 million for a Vietnam climate-focused vehicle. Smaller venture rounds included Celea Therapeutics ($180 million), Venice AI ($65 million Series A at a $1 billion valuation), CarbonSix ($40 million), LinqAlpha ($22 million) and StirlingX ($20 million). On personnel, David Brisske joined Axar Capital as co-managing partner, and Venessa Generelli became chief financial officer at Blue Wolf Capital.
Taken together, the week reads as capital concentrating on AI infrastructure and sponsor-led buyouts even as the broader deal count stays selective. The money is flowing, but it is flowing to size.
Selected Deals at a Glance
| Company / Target | Deal Type | Amount / Valuation | Lead Investor(s) |
|---|---|---|---|
| Switch | Funding round (in talks) | ~$2bn at $50bn valuation | Andreessen Horowitz |
| Quantum Systems | Series D | $1.2bn at $8bn valuation | Blackstone, Noteus, Airbus, Advent |
| Kakatu | Take-private (raised bid) | ~$4.1bn | Bain Capital / LY Corp (SoftBank); EQT rival |
| Jiffy Lube | Acquisition (closed) | $1.3bn | Monomoy Capital Partners (from Shell) |
| Memo Therapeutics | Acquisition | ~€700mn + earnouts | Ipsen (France) |
| Q2 2026 US IPOs | Public listings | $104.8bn total (48 IPOs) | Led by SpaceX |
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