Welcome to Markets Desk, here's what's moving the needle right now.
In the defense and biotech space, two massive private rounds closed within hours of each other. Anduril, the defense technology firm, locked in five billion dollars at a sixty-one billion dollar valuation in its Series H, while Isomorphic Labs, Demis Hassabis's drug discovery outfit, raised two point one billion in its Series B. Thrive Capital led both rounds, a striking concentration of conviction from a single firm across two very different but equally capital-hungry sectors.
Shifting to institutional allocation, private credit is losing ground in major portfolios. Canoe Intelligence's latest data shows infrastructure was the only alternative asset class to see net inflows from institutions in the fourth quarter of twenty twenty five, with hedge funds and venture capital also gaining share. The rotation suggests big money is repositioning away from credit and toward longer-duration, hard-asset bets.
And on the geopolitical front, China is approaching Donald Trump's visit with visible caution. Beijing's skeptics are casting doubt over whether any meaningful reset in Sino-American relations is actually on the table, associating the visit with the kind of volatility that has defined this relationship for years. Diplomatic tone aside, markets will be watching every signal closely.
That's the tape. Markets Desk, signing off the floor.
