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DayOne Data Centers Weighs IPO Delay, Targeting $2.5B-$3B
Massive AI rounds from Tenstorrent and Modal Labs lead this week's financings.This week's private company news:DayOne Data Centers is weighing options for its U.S. IPO, including a potential delay or size cut, as volatility around data centers increases, Bloomberg's Julia Fioretti, Elffie Chew, Manuel Baigorri, and Bailey Lipschultz. According to sources, the company is considering going ahead with a smaller listing that may raise $2.5B-$3B, roughly half of what it had originally aimed for. Deliberations are ongoing and DayOne hasn't made any final decisions, the sources add.SB Energy, the SoftBank Group–controlled developer of a massive planned Ohio data center project for OpenAI, is considering going public in December or possibly waiting until next year, according to people familiar with the discussions, The Information's Phoebe Liu and Valida Pau. That is a later timeline than previously expected, the authors note. The data center developer was aiming to go public as soon as September, The Information reported in August.Some of the biggest capital raises by private companies this week include:Tenstorrent– The AI computing company has closed $1.5B in Series E funding at a $6.2B post-money valuation. The round was led by Trace Capital and Innovation X, with participation from new and existing investors. Publicly-traded companies operating in the same space include AMD, Intel, and Qualcomm.Modal Labs– The provider of artificial intelligence infrastructure announced that it has raised $750 in Series D round, led by Accel. The company is now valued at $15.75B. Publicly-traded companies operating in the same space include Snowflake, MongoDB, and ServiceNow.Belk– The regional department store serving communities across the Southeastern U.S. announced the closing of $1.275B in new senior secured credit facilities with Wells Fargo Bank and Pathlight Capital. Publicly-traded companies operating in the same space include Macy's, Dillard's, and Nordstrom.Whop– The technology company on a mission to deliver everyone a sustainable income, announced a $200M Series D at a $5.1B valuation, led by Sequoia and Shopify Ventures. Publicly-traded companies operating in the same space include Shopify, Block, and Etsy (ESTY).Hertha Metals– The steel company behind the world's first single-step steel and high-purity iron process for lower-cost domestic production has announced the close of a $133.65M Series A round, including a $65M equity investment from the U.S. Government, executed through its Industrial Base Analysis and Sustainment program in partnership with the Economic Defense Unit. The round was co-led by Khosla Ventures and Doerr Capital, with participation from CEV, Pear Ventures, Gates Frontier, Niterra SUISO no MORI Fund, Toyota Ventures and Siemens Financial Services. Publicly-traded companies operating in the same space include Nucor, Steel Dynamics, and Cleveland-Cliffs.Unicorns to watch this week:Lunar Energy– The company remains one to watch as home‑battery adoption accelerates and grid‑independence tech draws policy attention. Lunar Energy last raised $102M at a $1B valuation, and it continues to position itself alongside Tesla, Enphase, and SolarEdgein residential energy storage.Axelar– The company stays on radar as cross‑chain infrastructure gains traction in the blockchain/AI convergence theme. It's consistently cited among emerging unicorns in that category, with public market analogs including Coinbase, Marathon Digital, and Riot Platforms.Anysphere– The company continues to draw attention in the AI‑native developer‑tools space, appearing in recent coverage of new $5B‑plus "ultra‑unicorns." Its closest public market peers include Microsoft, Alphabet, and CoreWeaveas AI‑accelerated infrastructure reshapes software development.VAST Data– The company remains a high‑momentum enterprise AI‑infrastructure name, with ongoing interest around its data layer architecture for large scale AI workloads. Publicly-traded companies operating in the same space include Pure Storage, Snowflake, and NetApp.Digit Insurance– The company continues to stand out in digital‑first insurance as tech enabled underwriting gains share and customer acquisition shifts online. It operates in the same space as Lemonade, Root, and Progressive, and remains a notable player in the insurtech rebound narrative.IPOs to watch: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.Anthropic– The company is now planning to hold its IPO in November, which is later than the October listing expected by investors, The Wall Street Journal's Corrie Driebusch, Anissa Gardizy, and Kate Clark, citing people familiar with the matter. The report states that a delayed listing would allow the company to share its Q3 results and show its strong competitive position. Anthropic also intends to meet with investors in the coming days, and the meetings are expected to help the company and its bankers gauge investor appetite for the offering, WSJ noted.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.
Nucor Invests $60M to Expand Alabama Facility
Nucor announced that it will invest $60M to expand its Nucor Towers & Structures facility in Trinity, Alabama, subject to regulatory and other approvals. The project will add 60 jobs with average annual wages exceeding $87,000 and increase production of steel poles and other steel structures for utility infrastructure. The Nucor Towers & Structures facility began operations in September 2025 and is located adjacent to Nucor Steel Decatur. The expansion will add production capacity, additional laydown space and a dedicated galvanizing inspection area. This additional investment will increase Nucor's ability to serve utility customers as they expand, modernize and strengthen the nation's power infrastructure.
Honeywell Aerospace Stock Rises to $168.60
Notable gainers among liquid option names this morning include Honeywell Aerospace Inc (HONA) $168.60 +5.49, Martin Marietta (MLM) $506.19 +14.95, Nucor (NUE) $262.06 +7.37, Reddit Inc (RDDT) $163.93 +4.57, and Steel Dynamics (STLD) $247.62 +6.87.
Nucor Invests $105M to Expand Production in Indiana
Nucor is expanding production at its Nucor Towers & Structures facility in Crawfordsville, Indiana, pending receipt of regulatory and other approvals. The additional $105M investment will add capacity to manufacture utility poles and related products that support the nation's power transmission and distribution infrastructure. This investment is expected to create 100 new jobs paying average annual wages of $87,500. The expansion includes more than 120,000 square feet of additional manufacturing space. Nucor Towers & Structures Indiana facility currently employs 328 teammates. Nucor Towers & Structures was formed in 2022 following Nucor's acquisition of Summit Utility Structures, which operated an existing production facility in Pennsylvania. Nucor subsequently built new Towers & Structures facilities in Alabama and Indiana and is currently constructing another facility in Utah. Nucor employs approximately 2,600 teammates at more than a dozen locations across Indiana, including Nucor Steel Indiana, the company's first sheet mill, which began production in 1989.
Trump Announces $15B Steel Factory Investment in Iowa
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.STEEL FACILITY:U.S. President Donald Trump is slated to announce plans for a $15B Mesabi Metallics steel factory in Iowa, Bloomberg's Monique Mulima reports. Publicly traded companies in the space include ArcelorMittal, Cleveland-Cliffs, Nucor, Steel Dynamicsand U.S. Steel.TAX RELIEF:The White House is weighing broader use of tax-exempt red-dyed diesel as an alternative to restricting exports, potentially reducing fuel costs for some buyers without directly addressing underlying supply constraints, while the administration continues to consider voluntary export limits amid record diesel prices, Reuters' Jarrett Renshaw and Nicole Jao. The Trump administration is looking for ways to bring down diesel prices without disrupting fuel supplies or creating additional costs elsewhere in the economy, the report says, adding that the administration has also been seeking voluntary commitments from major refiners to limit diesel exports. Publicly traded companies in the space include Valero, Phillips 66, and Marathon Petroleum.ARMY CONTRACT:Parsonsannounced that the company was selected by Army Contracting Command - Rock Island, in coordination with Air Force Civil Engineering Center to provide comprehensive Owner's Advisor support for the progressive design-build development of the U.S. Space Command's new headquarters at Redstone Arsenal in Huntsville, Alabama. The initial $85M agreement consists of a 75-month performance period and represents new work for the company and capitalizes on the synergies of Parsons' Federal Solutions and Critical Infrastructure portfolio. The agreement will oversee one of the Department of War's largest PDB initiatives to date and is one of the Air Force's first uses of an Owner's Advisor delivery approach and will set an example for future use of the Owner's Advisor delivery approach.DEFENSE LOGISTICS AGENCY:Metallusannounced that the U.S. Defense Logistics Agency, the logistics agency for the Department of War, has awarded the company an Indefinite Delivery/Indefinite Quantity contract to supply steel for critical defense applications. Under this single-award, firm-fixed-price IDIQ contract, the DLA may purchase material through delivery orders issued during the contract term. The contract has a five-year ordering period and a maximum ceiling of $995M. This ceiling represents the maximum amount the DLA may order over the contract term and is not a commitment to purchase that amount. On September 29, 2026, Metallus received an initial delivery order under the contract valued at approximately $125M. The company has up to 24 months to fulfill each delivery order.
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