Private Credit redemptions requests keep rising and BDC gates persist: Apollo was latest
Source: zerohedge
Have you ever heard about Anduril?
Anduril Industries is a defense technology company building AI-powered systems for military and national security missions. Founded in 2017 by Palmer Luckey and others, it develops autonomous drones, surveillance towers, underwater vehicles, command-and-control software, and counter-drone technologies. Unlike traditional defense contractors such as Lockheed Martin or RTX Corporation, Anduril follows a software-first model: it invests its own capital to build AI-enabled defense products, then sells finished capabilities to governments, much like a Silicon Valley software company rather than a conventional cost-plus defense contractor. This approach has attracted significant investor interest as military spending increasingly shifts toward autonomy, AI, drones, and software-defined warfare. Its AI platform, Lattice, integrates data from sensors and autonomous systems to help military operators detect, track, and respond to threats in real time. The company aims to modernize defense by combining advanced software, robotics, and autonomous systems into scalable, mission-ready solutions. 2024 revenue: approximately $1.0 billion, according to the company. 2025 revenue: approximately $2.2 billion, officially disclosed by Anduril when it announced its $5 billion Series H financing in May 2026. 2026 outlook: management is reportedly forecasting around $4.3 billion in revenue, although this is a projection rather than reported results. This makes Anduril one of the fastest-growing private companies in the defense sector. Its latest funding round (May 2026) valued the company at approximately $61 billion, placing it among the world's most valuable private technology companies. Here is the history of Anduril's valuation growth 2017: $88M valuation (Seed) 2019: $1.04B (Series B) 2020: $1.92B (Series C) 2021: $4.6B (Series D) 2022: $8.5B (Series E) 2024: $14B (Series F) 2025: $30.5B (Series G) 2026: $61B (Series H) Source: Evan
Apollo and Blackstone have finalised a $35bn private credit deal that will help finance Anthropic’s growth plans, as banks and investment groups across Wall Street pour capital into the AI boom.
The two private investment groups led the financing, one of the largest private credit deals completed, which will fund Anthropic’s purchase of Alphabet-developed chips. It underscores the massive appetite investors have for AI and the deep pockets they are willing to dig into to finance the data centre infrastructure and computing power needed by companies including Anthropic, OpenAI and Meta. Yet the deal, dubbed project “Big Sky”, comes amid concerns that the AI frenzy has overheated the broader market. Shares in chipmakers rebounded on Monday after tumbling last week, led by Broadcom’s fall in market value. It adds to a deluge of chip-backed loans that sparked debate over how quickly graphics processing units would depreciate as AI technology evolves. The transaction wrapped up days after Alphabet completed one of the largest equity offerings in history, as it looks to raise $85bn to fund Google’s AI build-out, and as SpaceX prepares for a flotation that could raise a record $86bn. Anthropic is readying its initial public offering, following its blockbuster $65bn private financing round. Source: FT
The world’s largest private investment group said investors in the $45bn Blackstone Private Credit Fund attempted to withdraw 10% of its net assets in the second quarter.
Source: FT
SpaceX prospectus is expected to drop as soon as this week.
Space names are going crazy: Source: Negligible Capital
In case you missed it.... KKR Funds Loses $560 Million In 3 Months
The WSJ reports KKR’s big private-credit fund for regular investors just took a $560 Million bath (10% of its value) as loan defaults jumped to 8.1%. KKR's largest private-credit fund, primarily held by individual investors, experienced a significant $560 million loss in the first quarter due to an increasing number of loan defaults. Wall Street Journal (Markets) posted on X that this development highlights the challenges faced by private-credit funds as economic conditions fluctuate. The fund, which has been a popular choice among individual investors seeking higher yields, has been impacted by the financial instability of several borrowers. KKR share price has been cut in half and it’s now junk-rated.
Hedge funds have rarely been this underweight North American stocks:
Hedge funds sold North American stocks for 3 consecutive weeks despite 3 consecutive weeks of S&P 500 all-time highs. This has pushed their allocation to North American equities down to the lowest on record relative to the MSCI All World Index, according to Goldman Sachs. At the same time, their allocation to Emerging Markets is up to an all-time high. What is happening here? Source: Global Markets Investor, Goldman Sachs
TRILLION DOLLAR BABY...
OpenAI's pre-IPO valuation has officially hit a record $1 trillion. Pre-IPO instruments trading onchain, backed 1:1 by SPV exposure on Jupiter, are providing a real-time proxy for the company’s implied IPO valuation. OpenAI’s implied valuation is now up +163% since October 2025. This comes as Anthropic is also nearing a potential $1+ trillion IPO and SpaceX is reportedly targeting $1.7+ trillion. The world has never had this many trillion-dollar private companies... Source: The Kobeissi Letter
