📶 The Synapse collapse

Plus TCV raises $3b in new capital, Goldman closes on a new $20b private credit fund, and why the SPV market for AI companies is still on fire

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Good morning 👋

I was at a college reunion over the weekend, so I’m writing this late Sunday night.

We have a lot to catch up on, so let’s get right into it.


More bad news from the Synapse collapse 📉

  • TCV raises $3bn to back growth-stage companies (Financial Times)

  • Inside the Collapse of Synapse: Missing Funds Were Known to Investors, Banks for Years (The Information)

  • Virtual Care Drives Rise In Addiction Treatment Startup Funding (Crunchbase)

  • VCs are selling shares of hot AI companies like Anthropic and xAI to small investors in a wild SPV market (TechCrunch)

  • Companies under pressure to disclose more information to investors (Axios)

  • Nvidia says next-gen AI platform Rubin to come in 2026 as CEO Jensen Huang touts chip giant’s tech to handle ‘computation inflation’ (Fortune)

  • Saas Startup Funding Falls (Crunchbase)

  • Goldman Sachs garners $20B for private credit strategy, closes flagship fund (Pitchbook)

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Here are the results from our poll question in last week’s piece:

Will xAI become a real challenge to ChatGPT?

🟩🟩🟩🟩🟩🟩  Yes: Don't bet against Elon (24)

🟨🟨🟨🟨⬜️⬜️ No: Don't bet against Altman (20)

44 Votes


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