Kleiner Perkins Goes All-In on AI With $3.5B Mega-Raise

The legendary firm just closed $3.5 billion across two funds — $1B for early-stage and $2.5B for growth — nearly doubling their $2B raise from just two years ago. With exits scarce, they're riding high on last year's Figma IPO returns. Fun fact: they now operate with just FIVE partners. Talk about lean and mean. [TechCrunch]

OpenAI's Funding Round Hits $120B — And They're Still Going

The ChatGPT creator just tacked on another $10 billion from MGX, Coatue, and Thrive, bringing their record-breaking round to "north of $120 billion" — crushing their initial $100B target. CFO Sarah Friar told Jim Cramer they raised from "all around the ecosystem" — VCs, PE, mutual funds, and sovereign wealth. At a $730B valuation, OpenAI is basically its own economy at this point. [Bloomberg, CNBC]

BKR Capital Raises $14.5M for Black Founders in Canada

Managing partner Lise Birikundavyi is backing "high-growth technology companies led by founders from the Black community." Her thesis? "Expanding access to overlooked founders continues to surface high-quality deals, making this less about DEI and more about arbitrage investing." With 70% of Canada's Black population being first or second-gen immigrants, these founders are "building globally from day one." [TechCrunch]

Epic Games Layoffs 1,000 as Fortnite's "Magic" Fades

The $30B+ gaming giant just cut 20% of its workforce citing a "downturn in Fortnite engagement that started in 2025." CEO Tim Sweeney admitted they're "spending significantly more than we're making." This comes just two years after laying off 800+ employees for the same reason. The metaverse bet isn't paying off, and new seasons aren't hitting like they used to. Disney's $1.5B investment in Epic is suddenly looking... complicated. [Bloomberg, Axios, Business Insider]

Disney's New CEO Has a Very Bad First Week

Josh D'Amaro hasn't even been in the job a week and two of Disney's billion-dollar tech bets are already crumbling. First, OpenAI announced it's shutting down the Sora video app — derailing Disney's licensing deal and rumored $1.6B investment. Then Epic Games laid off 1,000 people just two years after Disney's $1.5B bet on their metaverse ambitions. Talk about a baptism by fire. Maybe stick to the theme parks, darling? [Bloomberg]

Palantir Veterans Launch Edra With $30M Sequoia-Backed Series A

Two former Palantir AI engineers — Eugen Alpeza and Yannis Karamanlakis — just came out of stealth with Edra, a startup turning operational data into "living knowledge bases." Sequoia led the $30M round with 8VC and Kevin Hartz's A* participating. Customers already include HubSpot, ASOS, Cushman & Wakefield, and easyJet. When Palantir alumni team up, investors listen. [TechCrunch]

Accel + Prosus Team Up for India Deep Tech Cohort

The two firms just selected six Indian startups for their first joint "Atoms X" cohort — backing "off-the-map" ideas in undefined markets with long development cycles. They're co-investing $500K-$2M checks in each startup, with Prosus matching Accel. The model is designed for deep tech companies where progress is "difficult to measure." Smart play for the patient capital crowd. [TechCrunch]

Lili Balfour on the Golden Era for Builders

"$43,699,678,780 in early-stage capital was raised by funds in 2026 to date. 🤯 It's never been a better time to build a company. The founders who will close these investors know their numbers cold. They can articulate a strong story that gets immediate buy in." — Translation: Storytelling > Product. Know your metrics, darlings. [X/Twitter]

Nico K on the New Bar for Founders

"2026 VC data just dropped: → AI startups: 33% of all VC funding → Q1 fundraising: $80B+ (record) → Average meetings before a term sheet: 50+. The money is there. The bar is higher. Most founders fail at distribution, not product. If you're not securing 50+ VC calls don't question why you haven't received a term sheet yet." — Brutal but fair. Book those calls. [X/Twitter]

Morgan Von Druitt on Where B2B SaaS Money Flows

"Where B2B SaaS venture capital is flowing in 2026: AI/ML infrastructure (18%), Cybersecurity (15%), FinTech (22%), HealthTech (14%), Developer tools and sales/marketing automation (12%). Know where capital flows. Position accordingly." — Fintech leading at 22%. Position yourself where the money's swimming. [X/Twitter]

From a Subscriber: Cognitive Dissonance as Superpower

One of our darlings sent this along: "Chew The Cud, Cognitive Dissonance is a Superpower" — feels like it belongs here! Check it out for some contrarian wisdom on embracing conflicting viewpoints. Sometimes the best investments come from holding two opposing ideas at once.

The VC world is experiencing what can only be described as "bipolar optimism." On one hand, firms like Kleiner Perkins and OpenAI are swimming in unprecedented capital — $3.5B here, $120B there. On the other, the gaming industry's "metaverse" bet is looking more like a mirage, with Epic Games proving that even Fortnite's crown can slip.

The real story? AI isn't just eating software — it's devouring venture capital itself. With 33% of all funding going to AI startups and mega-rounds becoming the norm, we're witnessing a concentration of capital that would make even the most aggressive hedge fund blush. The winners will be those who can tell the story, not just build the product. And with 50+ meetings now the average before a term sheet, founder hustle matters more than ever.

Until tomorrow, darlings — stay thirsty for deals, and remember: in this town, you're either at the table or on the menu.