Balentic news - VenCap Weekly Update

VenCap Weekly Update - 12 December 2025

The latest news on VenCap's underlying portfolio companies

This week’s update from VenCap’s underlying portfolio features the IPOs of Meesho and Wealthfront, the planned 2026 IPO of some of the largest VC-backed private companies - SpaceX and Anthropic - as well as two up-rounds and an acquisition. While liquidity has been strong in 2025 it could be spectacular in 2026.

SpaceX Targets 2026 IPO

SpaceX has told investors it is targeting an initial public offering in the second half of 2026, alongside an ongoing secondary share sale valuing the company at $800 billion. The proposed IPO would include Starlink, reversing earlier plans to list the satellite business separately as SpaceX’s core launch operations strengthen. The company is on track for $15.5 billion in annual revenue and continues to offer liquidity through structured secondary transactions. A public listing would provide a new capital source and more frequent exit opportunities for long-standing investors. SpaceX is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

Anthropic Advances 2026 IPO Preparations

Anthropic has engaged law firm Wilson Sonsini to begin formal preparations for a potential IPO that could take place as early as 2026. The AI research company is also in discussions around a private funding round that would value the business at more than $300 billion, reflecting sustained investor demand for frontier model developers. While underwriting discussions remain preliminary, the company has been progressing through internal public-company readiness steps. Anthropic continues to scale rapidly despite the capital-intensive nature of training large AI models. Anthropic is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

Skild AI In Talks to Raise Over $1 Billion at $14 Billion Valuation

Skild AI is in discussions with investors, including SoftBank Group and Nvidia, for a funding round exceeding $1 billion that would value the company at approximately $14 billion. The robotics-focused AI company develops foundation models designed to serve as general-purpose “brains” for robots across industrial and domestic settings. The round would nearly triple Skild’s valuation from earlier this year, reflecting rising interest in humanoid and autonomous robotics. The transaction is expected to close before year-end, subject to final terms. Skild AI is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Meesho Lists Publicly at $8.7 Billion Market Capitalisation Following $606 Million IPO

Indian e-commerce marketplace Meesho debuted strongly on the public markets, with shares rising as much as 46% on the first day of trading to reach a market capitalisation of approximately $8.7 billion. The company raised $606 million in the IPO, marking a significant uplift from its last private valuation of around $5 billion in 2021. Meesho operates a low-cost marketplace model serving value-conscious consumers and small merchants across India. The listing delivered partial liquidity for early investors while others retained their holdings. Meesho is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A and VenCap 16.

Fal Raises $140 Million Series D at $4.5 Billion Valuation

Fal has raised $140 million in a Series D round, tripling its valuation to $4.5 billion within the same year. The company provides infrastructure enabling developers to deploy image, video and audio AI models, with customers including Adobe, Shopify, Canva and Quora. The financing included both primary capital and a secondary component, providing liquidity to existing shareholders. Fal surpassed $200 million in revenue as of October, underscoring rapid commercial adoption of multimodal AI tools. Fal is an underlying asset of VenCap 6, VenCap 16, VenCap 17 and VenCap 18.

GoCardless to Be Acquired by Mollie in €3 Billion Payments Combination

GoCardless has agreed to be acquired by Dutch payments provider Mollie as part of a transaction creating a combined European payments group valued at approximately €3 billion. The deal, largely structured as a stock transaction, brings GoCardless’s bank-to-bank payments expertise into a broader payments and financial services platform. Both companies are profitable and growing, and the transaction is expected to complete by mid-next year. The acquisition reflects continued consolidation in European fintech following valuation resets from pandemic-era highs. GoCardless is an underlying asset of VenCap 6, VenCap 12, VenCap 16 and VenCap 17.

Wealthfront Completes IPO at $2.6 Billion Fully Diluted Valuation

Wealthfront has priced its IPO at $14 per share, raising $485 million and achieving a fully diluted valuation of approximately $2.6 billion. The automated investment platform reported $309 million in revenue in its most recent fiscal year and is profitable. The listing provided meaningful liquidity for long-standing shareholders following years of private market growth. Wealthfront now trades on Nasdaq under the ticker WLTH. Wealthfront is an underlying asset of VenCap 6 and VenCap 12.

Sources: Financial Times, Reuters, Bloomberg, TechCrunch, Wall Street Journal, Politico.

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