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Shield AI Acquires Radar Company for $5.3 Billion

Two of the private market's most closely watched unicorns made headlines this week, as Shield AI unveiled plans for a multibillion-dollar acquisition and Kalshi boosted its valuation to $40B following a new funding round.This week's private company news:Shield AI is buying a radar company for $5.3B and raising $2.5B in new funding for it, the company plans to announce on Thursday, Bloomberg's Rebecca Torrence. The new backing, which Shield AI is raising to support the acquisition, includes $1B in Series H funding at a $28.8B valuation. The remainder of the $2.5B consists of $1B in structured equity financing provided by Blackstoneand $500M in debt from JPMorgan. The defense tech startup, which makes autonomous aircraft systems for militaries, is set to acquire Echodyne, which sells radar sensors to government and commercial customers, the author notes.OpenAI has cut the target for its latest funding round by $10B, George Hammond and Amelia Pollard of The Financial Times. The company aimed to raise $30B at a $1.4T valuation last month but is now seeking $20B at a $1.25T valuation, multiple people with knowledge of the matter told the Times. This cut comes amid an AI sell-off in the public markets and the imminent public listing on Anthropic.Some of the biggest capital raises by private companies this week include:Re:Build– The advanced manufacturing company announced it has secured $2.1B in new funding. The round was led by General Catalyst and JPMorgan'sStrategic Investment Group. Publicly-traded companies operating in the same space include Proto Labs, Jabil, and Flex.Kalshi– The company has raised $1B in a new funding round that values the prediction-market startup at $40B, as it pushes to expand beyond event contracts and compete more directly with traditional exchanges. The fundraising comes as New York-based Kalshi seeks to expand beyond its prediction market roots in sports and elections to become a multi-asset trading platform. Publicly-traded companies operating in the same space include CME Group, Nasdaq, and DraftKings.Northwood Space– The company building the network connecting satellites to Earth announced it has closed a $375M Series C equity financing round co-led by Andreessen Horowitz and DFJ Growth. Publicly-traded companies operating in the same space include Viasat, Iridium Communications, and EchoStar.Dren Bio– The clinical-stage biotechnology company developing first-in-class antibody therapeutics announced the closing of an oversubscribed $350M private financing. Publicly-traded companies operating in the same space include Xencor, MacroGenics, and Arcellx.Group14 Technologies– The world's leading manufacturer and supplier of advanced silicon battery materials, announced the close of a $169M Series D. Publicly-traded companies operating in the same space include Enovix, Amprius Technologies, and QuantumScape.Unicorns to watch this week:Zipline– Valued at roughly $4.2B, Zipline operates autonomous drone delivery networks serving healthcare systems, retailers, and logistics partners, with a growing presence across multiple international markets. Publicly-traded companies operating in the same space include Joby Aviation, Blade Air Mobility, and Amazon.Apptronik– The humanoid robotics developer, which carries an estimated $5.3B valuation, is focused on building AI-powered robots for manufacturing, warehousing, and other industrial applications. Publicly-traded companies operating in the same space include Tesla, Rockwell Automation, and iRobot.Varda Space Industries– With an estimated valuation of $1.6B, Varda is developing space-based manufacturing platforms that produce pharmaceutical and advanced-materials products in orbit before returning them to Earth. Publicly-traded companies operating in the same space include Rocket Lab, Astra, and Boeing.Erebor Bank- Founded by Palmer Luckey, Erebor Bank is building banking and financial infrastructure geared toward the digital asset ecosystem and is estimated to be worth about $4B. Publicly-traded companies operating in the same space include Coinbase, Silvergate Capital, and Robinhood.Pomelo Care– Valued at an estimated $1.7B, Pomelo Care provides virtual maternity and women's healthcare services spanning prenatal, postpartum, and newborn care through a technology-enabled platform. Publicly-traded companies operating in the same space include Teladoc Health, Hims & Hers Health, and CVS Health.IPOs to watch:Anthropic– The company publicly filed for its initial public offering on Nasdaq. In its IPO filing, the company said, "We have grown rapidly over the last several years, and therefore our recent revenue growth and financial performance should not be considered indicative of our future performance. In 2023, 2024, and 2025, our revenue was $41 million, $386 million, and $4.6 billion, respectively, representing year-over-year growth rates of 841% and 1,088%, respectively. In the six months ended June 30, 2026, our revenue was $16.3 billion, representing a year-over-year growth rate of 1,300%. We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all."FireFly Robotics– The company, which designs and manufactures autonomous, all-electric robotic systems for turf and grounds environments, announced it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed public direct listing of its common stock. The company is not selling any shares and will not receive any proceeds in the direct listing.Nscale Limited– The company has filed with the SEC for an initial public offering of its ordinary shares. The company intends to apply to list its ordinary shares on the New York Stock Exchange under the symbol "NSCL". Goldman Sachs, J.P. Morgan, Morgan Stanley are listed as the lead bookrunners.Altera Corporation– Altera announced that its parent company has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed public offering of its common stock. "The number of shares to be offered and the price range for the proposed offering have not yet been determined. The proposed public offering remains subject to the completion of the SEC review process, as well as market and other conditions," Altera stated. Altera, which provides high-performance, programmable compute and connectivity solutions, is backed by Silver Lake and Intel.Brooks Automation– The company announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions."Private Markets" is The Fly's recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.

MacroGenics Reports Interim Data from Phase 2 Study of Lorigerlimab

MacroGenics announced interim data from its ongoing Phase 2 LINNET study evaluating lorigerlimab, a bispecific DART molecule that targets PD-1 and CTLA-4, in patients with CCGC. These Phase 2 data were presented at the European Society for Medical Oncology, or ESMO, 2026 Congress in Madrid, Spain. As of the data cutoff of September 1, 41 patients with advanced gynecologic cancers, including high-grade serous epithelial platinum-resistant ovarian cancer and CCGC, including ovarian, endometrial, vaginal, vulval, or cervical cancer, had been treated with lorigerlimab administered intravenously every three weeks at 6 mg/kg. The PROC study participants had received a median of two prior lines of therapy and the CCGC patients had received a median of one prior line of therapy. All 41 patients were evaluable for safety. In these patients, lorigerlimab demonstrated a manageable safety profile that was consistent with dual PD-1/CTLA-4 blockade. Grade greater than or equal to3 treatment-related adverse events, or TRAEs, occurred in 49% of patients, with the most common events being anemia, neutrophil count decreased and aspartate aminotransferase increased. There was one Grade 5 TRAE in the PROC Cohort. TRAEs led to discontinuation of lorigerlimab in 24% of all patients. Among 16 response-evaluable patients with CCGC, the confirmed objective response rate was 25%, and the disease control rate was 44%. All responses remained ongoing at data cutoff. In the 17 safety-evaluable patients with CCGC, the median progression-free survival was 2.9 months and PFS rate at 6 months was 33%. MacroGenics is enrolling 20 additional CCGC patients at a dose of 3 mg/kg Q3W and the company anticipates reporting updated study results in the first half of 2027.

MacroGenics Reports MGC026 Clinical Data Showing Antitumor Activity

MacroGenics announced interim data from its Phase 1 study evaluating MGC026, a B7-H3-directed antibody-drug conjugate, or ADC, in patients with advanced solid tumors. These Phase 1 data were presented today at the European Society for Medical Oncology, or ESMO, 2026 Congress in Madrid, Spain. These results demonstrated durable activity across a broad range of solid tumors, which the company believes supports expanded development of MGC026 in front-line metastatic squamous cell carcinoma of the head and neck, or SCCHN, in combination with pembrolizumab. As of the September 1 data cutoff, 85 patients had been treated across the dose-escalation and dose-expansion cohorts. Across this full safety population, treatment-related adverse events, or TRAEs, led to discontinuation in 5% of patients, and no Grade 5 TRAEs were reported. Grade greater than or equal to 3 TRAEs occurred in 51% of patients. The most common Grade greater than or equal to3 TRAEs observed in greater than or equal to 10% of participants were neutropenia and anemia. No cases of interstitial lung disease, pneumonitis or ocular toxicity were observed. In the 32-patient dose-escalation portion, patients with advanced and metastatic solid tumors received MGC026 at doses ranging from 1 mg/kg to 9 mg/kg administered every three weeks and had received a median of four prior lines of systemic therapy. Pharmacokinetic analyses demonstrated dose-dependent exposure for the ADC and unconjugated payload, supporting selection of the 7.5 mg/kg Q3W regimen for continued evaluation across all tumor-specific expansion cohorts. Among 17 response-evaluable patients representing 10 different tumor types who received MGC026 at doses of at least 6 mg/kg in dose escalation, the confirmed objective response rate was 29%, and the disease control rate was 65%. Responses were durable, with a median duration of response of 10.2 months. MacroGenics believes these findings highlight the potential of MGC026 to deliver meaningful and durable clinical benefit in a patient population with advanced solid tumors that were refractory to prior treatments. As part of the Phase 1 study, MacroGenics is evaluating MGC026 in an ongoing Simon's 2-stage tumor-specific expansion cohort in recurrent/metastatic SCCHN. The study is designed to enroll 40 patients treated at a dose of 7.5 mg/kg Q3W. The interim results reported here are based on a September 1, 2026 data cutoff and include 27 patients evaluable for safety and 22 patients evaluable for response. Patients were heavily pretreated, with 46% of the response-evaluable participants having received three prior lines of systemic therapy and 41% having received four or more prior lines. MGC026 demonstrated encouraging antitumor activity in these SCCHN patients, achieving a best overall response rate of 27%, including four confirmed and two unconfirmed partial responses, and a disease control rate of 64%. Activity appeared higher among patients with HPV-positive disease, with five of the responses observed in this population. MGC026 demonstrated a manageable safety profile in this heavily pretreated and difficult-to-treat SCCHN population. No TRAEs led to treatment discontinuation, and no cases of ILD, pneumonitis or ocular toxicity were observed. Grade greater than or equal to3 TRAEs occurred in 48% of patients. The only two Grade greater than or equal to 3 TRAEs observed in greater than or equal to10% of participants were anemia and neutropenia. The TRAEs observed in Stage 1 were well managed and reversible. Many of the patients who experienced hematologic toxicities had previously received platinum- and/or taxane-based chemotherapy. Based on these encouraging initial findings, enrollment continues in Stage 2 of the ongoing Phase 1 study, with updated data expected in mid-2027. MacroGenics believes the emerging profile of MGC026 supports evaluation in earlier-line treatment settings, where the molecule's orthogonal mechanism of action and non-overlapping toxicity profile may potentially complement immune checkpoint inhibition. The Company plans to initiate an expansion cohort in early 2027 evaluating MGC026 in combination with pembrolizumab in front-line patients with PD-L1 positive recurrent or metastatic SCCHN.