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Trump is going nuclear
Jackson Berger
December 18, 2025
TL;DR. Trump Media is ditching social media to chase nuclear fusion in a $6B merger with TAE Technologies. OpenAI is reportedly targeting a $750B valuation as it explores raising up to $100B, with Amazon considering a $10B investment. Meanwhile, Waymo is extending its robotaxi lead over Tesla with a potential $15B raise at a $100B+ valuation.
Trump Media announces $6B merger with fusion company TAE Technologies
Trump Media is merging with fusion company TAE Technologies in an all-stock deal that would create one of the first publicly traded fusion companies. The combined firm will focus on building utility-scale fusion power plants and house Trump Media's crypto and social assets under one roof. Shares surged on the news.
OpenAI reportedly targeting $750B valuation with up to $100B raise
OpenAI has held early talks with investors about raising as much as $100B at a $750B valuation, which would make it the most valuable private company ever. The discussions come on the heels of a proposed $10B investment from Amazon, which would deepen OpenAI’s use of Amazon’s in-house Trainium chips.
Alphabet-owned Waymo in talks to raise $15B at over $100B valuation
Alphabet-owned Waymo is in talks to raise over $15B at a $100B valuation. With a $350M annual revenue run rate and growing robotaxi operations, Waymo is outpacing rivals like Tesla and Zoox. Alphabet plans to lead the round, signaling confidence while easing pressure on its balance sheet.
Google’s SpaceX bet could go down as one of the greatest ever
In 2015, Google quietly invested $900M into SpaceX at a ~$10B valuation. That 7.5% stake? Now worth $30B+, a ~30x return. But if SpaceX IPOs at the rumored $1.5T valuation, Google’s stake could surpass $100B.
That’s a 100x return for a bet not on rockets, but on space infrastructure.
From orbital data centers to space-based cloud compute, Google was early to a future that’s just beginning to launch.
Quick Takes
Pulse check. From vibe coding to mini nuclear reactors, this week’s capital flows are all about scale, speed, and reshaping industries from AI infra to biotech. Here’s what’s catching investor fire:
More notable fundings this week
Databricks: $4B at $134B valuation – Databricks is a data intelligence platform powering analytics and AI workloads for enterprises. The company raised $4B as demand for AI-native data infrastructure accelerates, marking a 34% valuation jump in just three months and reinforcing its position as one of the most valuable private AI companies.
Lovable: $330M Series B at $6.6B valuation – Lovable is a Stockholm-based “vibe coding” startup that lets users build apps using natural language prompts. The company raised a CapitalG- and Menlo Ventures–led round to scale product development and global adoption, tripling its valuation in five months.
Radiant Nuclear: $300M to build compact nuclear reactors – Radiant Nuclear is developing transportable 1 MW nuclear reactors designed for remote and off-grid power use cases. The company raised over $300M as investor interest in nuclear energy surges, driven by rising data center power demand.
Last Energy: $100M Series C – Last Energy builds steel-encased microreactors aimed at fast deployment for industrial and data center customers. The round was led by the Astera Institute with participation from Gigafund, Galaxy Fund, and others, as nuclear startups race to meet AI-driven energy needs.
Chai Discovery: $130M Series B at $1.3B valuation – Chai Discovery is a biotech company using AI to accelerate molecular and drug discovery. Backed by OpenAI, the company raised a General Catalyst– and Oak HC/FT–led round to expand its platform and deepen partnerships across pharma and life sciences.
Cheerio! Until next week.
-Jack