Claude Got $3.5B, But Fourier, Phlux Technology & Fairmat Are the Real Story | Capital Movements Vol. 12

💰The state of deep tech capital: who’s raising, who’s betting, and why.

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Dear Friends,

This week’s funding cycle offered something unusual: restraint with resolve. While headlines are dominated by mega-deals—Anthropic’s $3.5B raise at a $61.5B valuation—the real signal came from the quieter corners of the deep tech landscape. Deals didn’t slow; they just grew more intentional.

Call it a return to fundamentals. After quarters of AI-everywhere exuberance, capital is now flowing into infrastructure—both physical and digital—that will underpin the next wave of exponential technologies.

We saw a clear bifurcation: on one side, the continued dominance of large-scale AI plays; on the other, a sharp rise in investments targeting overlooked but essential systems