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The AI Funding Surge Cognition, the makers of the autonomous AI software engineer named Devin, has raised more than $1 billion at a $25 billion pre-money valuation, the company announced on Wednesday. Valuation Leap That’s a major leap from its $10.2 billion post-money valuation when it closed a $400 million funding round just eight months ago in September. Investor Lineup The round was led by Lux Capital and General Catalyst, with existing investors pouring in, including Founders Fund, 8VC, and others. The round also included new investors Ribbit Capital, Atreides, and Layer Global. Market Confidence This is a giant vote of confidence from top-tier VCs that there will be room for independent AI software coding startups. Last year, all signs pointed to model makers swallowing this hot market themselves. Certainly Anthropic’s Claude Code, OpenAI’s Codex, and maybe even Google’s coding agent Jules, (after Google’s acqui-hire deal of Windsurf last year), have captured a lot of it. Customer Traction But Cognition, which acquired the remaining bits of Windsurf last year, says it counts big enterprises like Mercedes-Benz, NASA, Goldman Sachs, and Santander as customers. It also says it’s reached $492 million in annualized revenue run-rate as enterprise usage of Devin has grown 50% month over month for the past six months.

Executive Summary: A Papal Call to Re‑examine AI GovernancePope Leo XIV unveiled his first encyclical, Magnifica Humanitas, on Monday, framing AI as a hook to discuss deeper societal ills—inequality, war, democratic decay, and elite power concentration.The Encyclical’s Core Message on Power and AIThe 200‑page document, presented alongside Chris Olah, co‑founder of AI company Anthropic, argues that technology governed by a small elite cannot serve the common good. It warns that AI amplifies existing economic and informational advantages, creating new dependencies, exclusions, and manipulations.“When such power is concentrated in the hands of a few, it tends to become opaque and evade public oversight…”AI can “shape information and consumption patterns, influence democratic processes and steer economic dynamics to their own advantage.”Scale of the Document and Related Funding FiguresThe encyclical spans 200 pages. It references contemporary funding dynamics, noting “hundreds of millions” flowing from tech elites into super PACs to block AI regulation. It also mentions the recent delay by President Donald Trump on an executive order for AI oversight, reportedly at the urging of VC investor and former White House AI czar David Sacks.Implications for Tech Policy, Democracy, and the Global AI RaceLeo XIV calls for “clear criteria and effective oversight” rooted in community participation and an end to the AI arms race—cessation of ever‑more powerful algorithms and larger datasets pursued for geopolitical or commercial dominance. The encyclical echoes historic concerns from Pope Leo XIII’s 1891 “Rerum Novarum,” drawing parallels to today’s tech‑driven power structures, such as Elon Musk’s acquisition of Twitter and its political use.What May Follow: Potential Shifts in Oversight and Public DebateExperts like Notre Dame Law School professor Paolo Carozza highlight AI‑driven misinformation and deepfakes as threats to democratic truth‑recognition. The papal document may intensify calls for regulatory frameworks, increase pressure on governments to act on AI oversight, and influence public discourse on the ethical limits of AI development.

The Final Call for Startup Battlefield 200 The deadline to apply or nominate for Startup Battlefield 200 is May 27. This program offers early-stage startups a shot at VC access, global visibility, TechCrunch coverage, and $100,000 in equity-free funding. If you're building a breakout startup — or know a founder who is — now is the time to move. Opportunity to Showcase on the TechCrunch Disrupt Stage Apply today for the opportunity to take the TechCrunch Disrupt Stage alongside 200 of the world's most promising early-stage startups. Pre-Series A founders, this is your last call: The strongest startups are already entering the arena, and the application window is closing fast. If your startup has already been nominated, don't wait to finish your application. The final week always moves quickly, and last-minute submissions risk getting buried as applications surge ahead of the May 27 deadline. Success Stories from Startup Battlefield 200 Some of the most consequential companies in tech history didn't launch with splashy fundraising announcements. They started with a pitch. Dropbox demoed to a room full of skeptics. Cloudflare took the stage before most people understood what edge networking meant. Discord was still a scrappy gaming startup called Hammer & Chisel. They all passed through the same crucible: Startup Battlefield 200. That's not a coincidence — it's a pattern. And it starts with an application. The Financial Impact of Startup Battlefield 200 More than 1,700 companies have competed in Startup Battlefield 200. Together, they've raised over $32 billion and generated more than 250 exits, including acquisitions by Microsoft, Google, Salesforce, Uber, and Amazon. The network runs so deep that alumni have even acquired each other: Dropbox acquired fellow Battlefield 200 alum DocSend in 2021. This is also the same launchpad that helped accelerate companies like Fitbit, Trello, and Mint. Why This Matters for Early-Stage Startups Startup Battlefield 200 has never been a competition for the most polished companies. It's a competition for the most promising ones. Pre-launch is fine. No revenue is fine. What matters is whether what you're building genuinely changes something — not incrementally, but meaningfully. Selected startups will showcase live on the Disrupt Stage in front of 10,000+ attendees, leading VCs, global media, and the broader TechCrunch audience. This is your opportunity to gain investor exposure, receive direct VC feedback, and prove your company belongs among the next generation of category-defining startups. The Future of Startup Battlefield 200 Thousands apply every year. Only 200 are selected. Just 20 finalists pitch live on the Disrupt Stage. One startup takes the crown and wins $100,000 in equity-free funding. The founders who wait until they feel ready often wait too long. You do not need to be polished. You need to be promising. If you've been sitting on this, here's the reality: The worst outcome is you don't get selected this cycle — and you come back next year with a stronger application because you went through the process. If you're building something category-defining — or know a startup that deserves the spotlight — submit your nomination and complete your application before May 27.

The Problem with Inflated ARR Last month, Scott Stevenson, co-founder and CEO of the legal AI startup Spellbook, took to X to expose what he called a “huge scam” among AI startups: inflation of the revenue figures that they announce publicly. The Event Details: ARR Inflation in AI Startups Stevenson isn’t the first to claim that annual recurring revenue (ARR) — a metric historically used to sum up annual revenue of active customers under contract — is being manipulated by some AI companies beyond recognition. Certain aspects of ARR shenanigans have been the subject of multiple news reports and social media posts. The Data Analysis: Extent of ARR Inflation Some investors have seen companies where CARR (committed ARR) is 70% higher than ARR. One high-profile enterprise startup reported surpassing $100 million in ARR, when only a fraction of that revenue came from currently paying customers. An employee at another startup described a discrepancy where marketing materials claimed $50 million in ARR, while the actual figure was $42 million. The Impact Analysis: Consequences of ARR Inflation The obvious problem with using CARR and calling it ARR is that it is far more susceptible to being “gamed” than traditional ARR. If a startup doesn’t account realistically for churn and downsell, CARR could be inflated. The Prediction: Future Outlook Most people interviewed for this story said that ARR overstatements of all kinds are hardly a novel phenomenon, but startups have become far more aggressive amid the AI hype. The pressure to show rapid growth is prompting some VCs to support, or at least overlook, startups presenting inflated ARR figures to the public.

Police Expand Probe into Prince Andrew's Alleged MisconductThames Valley Police (TVP) announced that their “unprecedented investigation” into Prince Andrew, 66 now covers a wide range of possible offences – from sexual misconduct to fraud and the illegal sharing of confidential information. The force is urging witnesses to contact them via the official online portal with any relevant details. Scope, Timeline and Key Evidence GapsFebruary 2026 – Prince Andrew arrested and questioned under criminal caution on suspicion of misconduct in public office (MIPO) linked to his role as a British trade envoy.Investigators are seeking original US Department of Justice documents that reference alleged information sharing with Jeffrey Epstein. Only printed extracts have been obtained so far.TVP is reviewing a claim from a US‑based woman who says she was taken to Windsor in 2010 for sexual purposes; the police have contacted her lawyer but have not opened a full criminal investigation.Three other UK forces are conducting separate criminal inquiries stemming from the same Epstein files, while the Metropolitan Police declined to open its own probe. Potential Political and Institutional RepercussionsThe investigation touches several sensitive arenas: the credibility of the royal household, the legal definition of MIPO for a trade envoy, and the UK’s cooperation with US authorities on high‑profile financial crimes. If evidence confirms that the prince used his diplomatic position to pass confidential information, it could trigger a constitutional debate over the limits of royal privilege and the Crown’s role in public office. What the Next Months May Hold for the InquiryPolice expect the probe to extend well into 2027, contingent on obtaining the original Epstein documents and completing forensic analysis of seized material from the prince’s Norfolk and Windsor residences. Formal discussions with the Crown Prosecution Service are already underway, suggesting that charges could be considered once the evidentiary threshold is met. Meanwhile, the appeal for public tips aims to fill information gaps that could accelerate the timeline.

One Week Left to Secure a Spot at TechCrunch Disrupt 2026 via Startup Battlefield 200Founders have until May 27 to submit their applications for Startup Battlefield 200, the premier showcase that feeds directly into TechCrunch Disrupt 2026 (Oct 13‑15). The program offers equity‑free funding, global media coverage, and a chance to pitch in front of 10,000+ attendees, leading VCs, and the TechCrunch audience.Numbers That Show the Battlefield’s Track Record200 startups will be selected for the 2026 cohort.$100,000 in equity‑free funding awarded to the winner.Over 1,700 companies have competed historically, raising more than $32 billion collectively.More than 250 exits, including acquisitions by Microsoft, Google, Salesforce, Uber, and Amazon.Why the Battlefield Remains a Launchpad for Category‑Defining StartupsThe competition prioritizes promise over polish—pre‑launch products, zero revenue, and bold visions are welcomed. Alumni such as Dropbox, Cloudflare, Discord, Fitbit, Trello, and Mint all passed through this crucible, proving that early exposure can translate into market‑changing outcomes.What the Final Applications Could Signal for the 2026 Disrupt LineupGiven the surge of last‑minute submissions, the final batch may surface emerging trends across AI, climate tech, health‑tech, and decentralized finance. Startups that demonstrate a clear, scalable impact are likely to dominate the Disrupt Stage, shaping investor focus for the remainder of the year.

The Final Countdown: Startup Battlefield 200 Application Window Closing Your shot at VC access, global visibility, TechCrunch coverage, and $100,000 in equity-free funding is gone in a week. Startup Battlefield 200 applications close May 27. If you're building a breakout startup — or know a founder who is — this is the moment to act. Showcase Opportunity at TechCrunch Disrupt 2026 Apply today for the opportunity to take the stage at TechCrunch Disrupt 2026, October 13-15, alongside 200 of the world's most promising early-stage startups. Pre-Series A founders, consider this your final countdown reminder: the strongest startups are already entering the arena, and the application window is closing fast. If your startup has already been nominated, don't wait to complete your application. This final week moves quickly, and last-minute submissions risk getting buried as applications surge ahead of the deadline. Know a startup that deserves the spotlight? Nominate them now so they still have time to apply before May 27. The Battlefield Legacy: From Pitch to Industry Giants Some of the most consequential companies in tech history didn't launch with splashy fundraising announcements. They started with a pitch. Dropbox demoed to a room full of skeptics. Cloudflare took the stage before most people understood what edge networking meant. Discord was still a scrappy gaming startup called Hammer & Chisel. They all passed through the same crucible: Startup Battlefield 200. That's not a coincidence — it's a pattern. And it starts with an application. What Makes a Battlefield Startup Startup Battlefield 200 has never been a competition for the most polished companies. It's a competition for the most promising ones. Pre-launch is fine. No revenue is fine. What matters is whether what you're building genuinely changes something — not incrementally, but meaningfully. If you or a founder you know is building something impactful, then the application itself becomes the first pitch. The Value Proposition: Beyond the Prize Money Selected startups will showcase live on the Disrupt Stage in front of 10,000+ attendees, leading VCs, global media, and the broader TechCrunch audience. This is your opportunity to gain investor exposure, receive direct VC feedback, and prove your company belongs among the next generation of category-defining startups. Every one of the 200 selected companies receives: Equity-free funding of $100,000 for the winner Exposure to thousands of attendees, VCs, and media A chance to pitch on either the Disrupt Stage or the Pitch Showcase Stage You don't need to make the top 20 for this experience to change your trajectory. Impressive Alumni Success: $32 Billion Raised and Counting More than 1,700 companies have competed in Startup Battlefield 200. Together, they've raised over $32 billion and generated more than 250 exits, including acquisitions by Microsoft, Google, Salesforce, Uber, and Amazon. The network runs so deep that alumni have even acquired each other: Dropbox acquired fellow Battlefield 200 alum DocSend in 2021. This is also the same launchpad that helped accelerate companies like Fitbit, Trello, and Mint. Behind every one of those outcomes was a founder willing to make a bet on themselves publicly, in front of people who were paying attention. Who Should Apply: The Promising, Not Just the Polished We're looking for ambitious early-stage startups building innovative, potentially category-defining products. Applications are open globally across all industries. Most selected companies are pre-Series A, though select Series A startups may qualify on a case-by-case basis. To apply, startups should have: A working product or prototype A clear vision for how they're changing their industry A passionate founding team Thousands apply every year. Only 200 are selected. Just 20 finalists pitch live on the Disrupt Stage. One startup takes the crown and wins $100,000 in equity-free funding. The Deadline Imperative: Why Waiting Could Cost You The founders who wait until they feel ready often wait too long. You do not need to be polished. You need to be promising. If you've been sitting on this, here's the reality: the worst outcome is you don't get selected this cycle — and you come back next year with a stronger application because you went through the process. The stage matters. The community lasts. The milestone is real. But the deadline is now one week away. Final Call to Action: Submit Before May 27 If you're building something category-defining — or know a startup that deserves the spotlight — submit your nomination and complete your application before May 27. Get started by nominating and applying here.

The Credibility Crisis at the Heart of the OpenAI Trial The final days of the Elon Musk vs. OpenAI trial have revealed that the core dispute is no longer just about corporate governance or profit-sharing; it is fundamentally about trust. As jurors prepare to deliberate, the narrative has pivoted from contractual breaches to the personal credibility of Sam Altman, raising uncomfortable questions for the entire artificial intelligence industry. The Semantics of Trust: Musk vs. Altman on the Stand The most explosive moments of the trial centered on Sam Altman's congressional testimony, where he claimed to have no equity in OpenAI. Musk's attorney, Steve Molo, aggressively challenged this, pointing out Altman's stake through Y Combinator. Altman’s defense relied on semantic distinctions, arguing that his role was merely that of a "passive investor in a VC fund," a defense his lawyer characterized as implausible in a high-stakes congressional hearing. Musk's Approach: Elon Musk demonstrated a history of combative and sometimes untruthful behavior on social media, but on the stand, he corrected the record, presenting a stark contrast to his usual public persona. Altman's Approach: Altman adopted an affable, "working on it" demeanor, attempting to minimize the significance of his past statements rather than engaging in a direct confrontation. The Verdict: Legal analysts suggest that while both leaders have histories of misleading statements, their handling of the truth on the stand differed significantly, potentially influencing the jury's perception of their honesty. The Transparency Gap in Private AI Labs The trial has exposed a critical vulnerability in the AI sector: the lack of transparency in privately held companies. As noted by TechCrunch analysts, the skepticism surrounding Altman is not an isolated incident but a symptom of a broader industry-wide issue. The 'Veil' of Secrecy: Policymakers, journalists, and consumers lack insight into the operations of major AI labs, leading to a reliance on trust rather than data. Industry-Wide Skepticism: The question "Who trusts Sam Altman?" has become a proxy for the larger question: Who can be trusted in the AI space? Intent vs. Outcome: Even with noble intentions, the potential for misuse remains high, and without transparency, the industry faces a crisis of confidence. Future Outlook: The IPO as a Cure for Skepticism? The resolution of this trial may not be the end of the scrutiny. As the industry grapples with these trust deficits, the path forward likely involves increased regulatory oversight and a push for public transparency. Regulatory Pressure: The trial highlights the need for clearer guidelines regarding executive disclosures in tech startups. The IPO Factor: Industry experts suggest that only when these AI companies go public (IPO) will the market be able to pierce the veil and provide the necessary insight to validate or invalidate the trust placed in their leadership. Long-term Impact: The outcome of this trial could set a precedent for how future tech startups handle executive communications and equity disclosures.

The LeadWirestock, a company that transitioned from stock photography to AI data provision, has secured $23 million in Series A funding to expand its multi-modal data supply business for AI labs. The company now serves six of the largest foundation model makers and has built a platform with over 700,000 artists and designers contributing creative assets.The Creative Data TransformationWirestock previously helped photographers distribute and sell their work on stock photography services like Shutterstock. In 2023, the company pivoted to becoming a data provider, supplying datasets of images, videos, design assets, and gaming and 3D content to AI labs. The platform operates similarly to freelance marketplaces like Fiverr, with artists completing tasks for data collection.Financial Growth and Market PositionThe $23 million Series A round, led by Nava Ventures with participation from SBVP (co-founded by Sheryl Sandberg), Formula VC, and I2BF Ventures, brings Wirestock's total capital raised to approximately $26 million. The company currently has an annual run-rate revenue of $40 million and has paid out $15 million to its contributors. Wirestock employs 60 people and will use the new funding to hire for research, engineering, and product roles.The Creative AI Data Market ExpansionDemand for data supply services is soaring as AI labs compete to enhance their models. Companies like Surge, Scale AI, and Mercor have built billion-dollar businesses on dataset demand, while new startups such as Micro1, Human Archive, and Human Native AI also partner with top AI model makers. Wirestock focuses specifically on providing data for creative use cases like image and video generation, with plans to expand into audio and music modalities.Future of Multi-Modal Data in AI DevelopmentLooking ahead, Wirestock is building enterprise software for AI labs to collaborate on datasets and plans to continue expanding its creative asset offerings. Freddie Martignetti, founder of Nava Ventures, emphasized the importance of multi-modal data for creating more human-like AI systems. As AI models evolve, the availability and quality of diverse training data will remain critical differentiators in the competitive AI landscape.