💸 $900M Code Chips; $206M AI Geothermal; €189M Quantum LLMs; $125M Industrial Crawlers; $15M Battery Reuse; $5.5M Reversible Logic & more | Deep Tech Capital Movements Vol. 22

The Week’s State of Deep Tech Capital: who’s Raising, who’s Betting, and why.

Welcome back to Deep Tech Capital Movements — the weekly report from The Scenarionist that tracks and highlights capital dynamics in deep tech, from early-stage funding rounds to major fund launches.

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Dear Friends,

Another Monday, another orchestration of capital—and this week, the music is tight, deliberate, and unmistakably industrial. No frenzy, no flash. Just a quiet accumulation of capabilities designed to endure. If last year was about proving ambition, this quarter is about proving survivability—under stress, at scale, and in systems that won’t flinch when the next black swan lands.

This edition makes that clear. The deals are bigger, yes—but also