The Information

Art by Clark Miller

IPOs Roar Back, Injecting Cash Into Venture Firms

By Katie Roof · Sep 17, 2025 6:21am PDT · 1 comment

September is on track for six venture-backed tech listings, the most since November 2021. The rising number of IPOs means venture funds can start returning more cash to the limited partners that back them, relieving one of the strains that had held back VC fundraising over the last few years. Nearly all of September’s listings are from companies... September is on track for six venture-backed tech listings, the most since November 2021. The...

Software’s Existential AI Crisis Is Bonanza for Bankers

By Valida Pau · Sep 2, 2025 12:29pm PDT · 1 comment

U.S. tech merger activity is headed for its best year since 2021—driven in part by enterprise software and other older tech companies acquiring artificial intelligence startups to beef up their AI offerings. So far this year, U.S. software companies have spent nearly $33.8 billion on 150 completed AI acquisitions, surpassing the combined... U.S. tech merger activity is headed for its best year since 2021—driven in part by...

At Big Tech, Cloud Revenue Growth Is Catching Up to Capex

By Aaron Holmes · Aug 4, 2025 12:09pm PDT

The big tech firms pouring tens of billions into capital expenditures for new data centers and servers for their cloud services are beginning to see revenues catch up. Growth in capex spending by Microsoft, Google and Amazon dramatically outpaced their cloud revenue expansion between 2023 and 2024, our analysis shows. But in the past year, that... The big tech firms pouring tens of billions into capital expenditures for new data centers and...

Insider-Led Rounds on Track to Beat 2021 Record

By Natasha Mascarenhas · Jul 1, 2025 6:00am PDT

Insider-Led Rounds on Track to Beat 2021 Record

By Natasha Mascarenhas · Jul 1, 2025 6:00am PDT

Venture capitalists are taking their biggest swings at the startups they’ve previously backed. The total value of U.S. venture funding rounds led by investors that previously invested in the startups topped $69 billion as of mid-June, according to PitchBook. That’s already higher than the $67 billion volume of insider-led rounds for all of last... Venture capitalists are taking their biggest swings at the startups they’ve previously backed. ...

From left: Elon Musk, Sam Altman, Dario Amodei. Photos by Getty.

The Venture Investors Most Exposed to AI’s Boom—or Bust

By Rocket Drew · Jun 17, 2025 6:00am PDT · 1 comment

Between 2022 and mid-2024, venture capitalists poured over $32 billion into artificial intelligence startups, despite the disappointing results of some high-profile bets. Not only have investors shrugged off those missteps since then—they have redoubled investments in companies they perceive as winners in their categories. Venture... Between 2022 and mid-2024, venture capitalists poured over $32 billion into artificial...

Startup Employee Stock Sales Set to Surge With IPOs Uncertain

By Natasha Mascarenhas · May 22, 2025 6:00am PDT · 1 comment

Last year, startup employees and early investors sold billions of their shares to other investors in private transactions—more than the amount raised by tech public offerings. With the public markets choppy, keeping initial public offerings at a minimum, that dynamic is expected to repeat this year. Defense startup Anduril, which arranged... Last year, startup employees and early investors sold billions of their shares to other investors...

Why the Dollar’s Fall Matters to Tech Investors

By Anita Ramaswamy · May 5, 2025 8:00am PDT · 2 comments

The impact of the falling dollar is rumbling through tech companies’ earnings and threatens to reduce investments in the industry for both established players and startups. Since President Donald Trump’s tariffs announcements a month ago, the dollar has fallen to its lowest level since 2022. The move was so big that companies including Meta... The impact of the falling dollar is rumbling through tech companies’ earnings and threatens to...

Why VC Investors and Startups Should Be Worried About the Bond Market

By Anita Ramaswamy · Apr 15, 2025 10:00am PDT · 2 comments

Why VC Investors and Startups Should Be Worried About the Bond Market

By Anita Ramaswamy · Apr 15, 2025 10:00am PDT · 2 comments

Last week’s surge in interest rates, sparked by President Donald Trump’s tariff moves, might end a recent uptick in venture capital investing. Global VC deal value hit $126.3 billion in the first quarter, its highest level in nearly three years, according to data provider PitchBook. The rebound came as the Federal Reserve started cutting... Last week’s surge in interest rates, sparked by President Donald Trump’s tariff moves, might end...

Ranking AI Startups’ Valuations, From Anthropic to Perplexity

By Stephanie Palazzolo, Sri Muppidi and Natasha Mascarenhas · Feb 24, 2025 12:21pm PST · 3 comments

You don’t have to look far to find examples of artificial intelligence startups fetching wild valuations, as some in-the-works deals for robotics and startups founded by OpenAI alumni have shown. But such examples obscure changes in how investors are valuing AI startups. The biggest developers of foundation models, such as OpenAI and Anthropic,... You don’t have to look far to find examples of artificial intelligence startups fetching wild...

Big Tech’s Capex Gusher Tops Last Oil Spree

By Anita Ramaswamy · Feb 4, 2025 6:00am PST

The tech industry’s project to build out artificial intelligence is proving even more capital intensive than the peak of the last investment supercycle by oil and gas firms in the mid-2010s. Microsoft, Meta Platforms, Amazon and Alphabet spent an estimated average of 17.2% of their revenues on capital expenditures in 2024, up from 12.7% in... The tech industry’s project to build out artificial intelligence is proving even more...

Art by Clark Miller

Nvidia, OpenAI and Their Rivals Expand AI Turf Wars

By Amir Efrati · Dec 23, 2024 7:30am PST · 3 comments

Nvidia, a chip giant, says it can develop a cloud services and software business to rival Amazon Web Services. OpenAI, an artificial intelligence developer, has been developing server chips and a browser to reduce its dependence on Nvidia and Google, respectively. And Elon Musk hired a data center team to build one of the biggest supercomputing... Nvidia, a chip giant, says it can develop a cloud services and software business to rival Amazon...

How Threads Is Catching Up to X

By Kalley Huang and Kaya Yurieff · Nov 7, 2024 10:19am PST · 1 comment

How Threads Is Catching Up to X

By Kalley Huang and Kaya Yurieff · Nov 7, 2024 10:19am PST · 1 comment

Meta Platforms CEO Mark Zuckerberg last week said Threads, his company’s microblogging app, was on track to be the company’s “next major social app.” Threads appears to be catching up to its main competitor, X. In October, Meta said Threads had almost 275 million monthly active users. That was up 38% from three months... Meta Platforms CEO Mark Zuckerberg last week said Threads, his company’s microblogging app,...

Chart by Shane Burke

Google Antitrust Case Comes Too Late for Publishers

By Sahil Patel · Oct 4, 2024 6:00am PDT · 1 comment

Publishers are happy that the Department of Justice sued Google over its control of online display advertising. But some would have preferred to have seen the case brought five or six years ago—when the gap between what publishers and the tech giants generate from online ads was not as wide as it is today. Publishing executives say they... Publishers are happy that the Department of Justice sued Google over its control of online...

Disney Leads TV Companies in Streaming Ad War

By Sahil Patel · Sep 3, 2024 9:21am PDT

The Redstone family’s recent decision to sell Paramount Global, as well as Warner Bros. Discovery’s loss of NBA broadcasting rights, reflect the perilous state of traditional TV companies, mostly due to the slow decline of the hugely lucrative cable TV machine. Of the traditional TV firms, Disney may be best positioned to survive the... The Redstone family’s recent decision to sell Paramount Global, as well as Warner Bros....

As Stripe, Ramp Valuations Rise, Some Fintechs Face Likely Down Rounds

By Julia Hornstein · Aug 23, 2024 6:00am PDT

The fintech world is a tale of two cities. After a thrashing over the last two years, some big fintech startups, such as Stripe and Ramp, have seen their valuations rebound from the lows, as business improves and investor demand rises. Many other fintechs, including Brex, Chime and Plaid, have yet to crystallize a lower valuation in new... The fintech world is a tale of two cities. After a thrashing over the last two years, some big...

Nvidia’s Cloud Spending Soars, as It Looks Beyond Chips

By Anissa Gardizy · May 28, 2024 10:00am PDT · 1 comment

Nvidia’s Cloud Spending Soars, as It Looks Beyond Chips

By Anissa Gardizy · May 28, 2024 10:00am PDT · 1 comment

Nvidia has become the world's third-most-valuable company by selling chips to power artificial intelligence. Now it's also one of the biggest corporate buyers of cloud computing services. Last week, Nvidia said it has committed to spend nearly $9 billion on cloud computing in the coming years, which involves spending with Amazon, ... Nvidia has become the world's third-most-valuable company by selling chips to power...

Andy Jassy and four notable vendors Amazon has taken warrants in. Rivian, Hawaiian Airlines, Kohl's and Astera Labs. Photos via Getty Images and Shutterstock.

How Amazon’s Equity-for-Spending Deals Have Evolved

By Abubakar Idris · Apr 23, 2024 10:37am PDT · 1 comment

Amazon must have quite the investment portfolio by now. Thanks to its status as a giant tech conglomerate, Amazon often gets a chance to buy equity in its suppliers at a deep discount. Over the years, it has accumulated interests in companies providing everything from autonomous vehicle technology to air freight, according to public company... Amazon must have quite the investment portfolio by now. Thanks to its status as a giant tech...

Why YouTube Decided to Take Over Cable Television

By Sahil Patel · Apr 3, 2024 6:00am PDT · 3 comments

It might be the bleakest chart in the media business: the severe loss of subscribers in recent years among cable and satellite companies, which for decades were the primary way people subscribed to old-fashioned television channels such as CBS and ESPN. Amid the gloom, though, one company has stood out: YouTube TV, which has grown from zero... It might be the bleakest chart in the media business: the severe loss of subscribers in...

It’s Getting (Slightly) Easier to Sell Software

By Akash Pasricha · Feb 12, 2024 6:00am PST

After a rough couple of years, software companies are finding it easier to sell their products to businesses. New data show that privately held software companies selling subscription services spent less time and money in the fourth quarter of 2023 to secure new customers, compared with earlier in the year. Preliminary data from January suggest... After a rough couple of years, software companies are finding it easier to sell their products to...

Google Cloud Narrows Gap With AWS in Revenue per Employee

By Anissa Gardizy · Jan 18, 2024 12:12pm PST · 2 comments

Google Cloud Narrows Gap With AWS in Revenue per Employee

By Anissa Gardizy · Jan 18, 2024 12:12pm PST · 2 comments

As a pioneer in renting out cloud servers, Amazon Web Services has long generated far more revenue and profits than its rivals. But one rival, Google Cloud, has made up a lot of ground on AWS when it comes to a key measure of efficiency—revenue per employee. In the first three quarters of 2023, AWS generated around $580,000 per employee... As a pioneer in renting out cloud servers, Amazon Web Services has long generated far more...