Private market activity saw significant dealmaking alongside regulatory and operational strain. Lightspeed and RedBird Capital pursued major early-stage AI and media investments, while MoonPay and RockawayX expanded into tokenized assets and onchain credit. Meanwhile, Morgan Stanley managed a client data leak and Nscale filed for a $35 billion IPO despite incurring heavy losses.
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Lightspeed Targets $250 Million for New India Early-Stage AI Fund
Lightspeed is targeting $250 million for a new early-stage fund focused on in India, according to techcrunch.com. The vehicle, designated Lightspeed India Partners V, is half the size of its $500 million predecessor raised in 2022. The firm has already secured commitments for 80% of the $250 million target. Lightspeed plans to begin deploying from the new fund within two months under an investment period lasting roughly two and a half years. The smaller fund size aligns the regional business with Lightspeed's global fundraising cycle for the first time.
RedBird Reaches Deal to Become Lead Investor in Media Startup Puck
RedBird Partners has acquired a majority stake in digital media company Puck at a of approximately $250 million. Under the agreement, existing early investors TPG and Standard Investments will exit their positions, while RIT Capital remains as a minority shareholder. Employees holding vested stock or will receive a combination of and continued ownership, alongside a newly created incentive plan. The transaction is expected to close in approximately one month, pending anticipated regulatory approval. Puck leadership stated that the capital infusion will fund new hiring, , and expansion into new formats and channels without altering the publication's editorial independence.
Morgan Stanley Suffers Leak of Confidential Deal Pipeline Information
Morgan Stanley raced to contain the fallout after a senior banker accidentally emailed an internal pipeline of more than 100 live and prospective investment banking deals to clients. Mohamed Atmani, Asia-Pacific head of financial sponsors in the investment banking department, sent the document on Tuesday before attempting to recall the message. The leaked roster detailed roughly 60 active , , and block trade transactions across Greater China, South Korea, India, and the EMEA region, alongside over 50 deals categorized as pitching and nearly 30 projects put on hold. The document also named firms and pension funds backing the companies. Regulators in China and India began assessing the incident, while Morgan Stanley held urgent meetings with affected private equity clients to apologize. Rivals quickly circulated the list to target potential mandates, though several bankers noted many of the deals were already publicly known. In response to the misstep, Morgan Stanley ordered staff to complete compliance training covering misdirected emails.
RockawayX Commits $150 Million to Crypto Yield Products
investment firm RockawayX is committing $150 million to launch Catapult, a program designed to bring private credit, trade finance, and other -generating onchain. The initiative reflects the firm's bet that lending linked to the broader economy will become one of crypto's largest markets beyond trading. Catapult targets tokenized credit products such as trade and supply-chain finance, specialty asset-backed securities, collateralized loan obligations, and real-estate-backed credit. The program aims to provide yields above 12% from uncorrelated, less-liquid assets made more tradable by onchain solutions and market makers. RockawayX manages approximately $2 billion in digital assets, with roughly $300 million already deployed across its vault business. Tokenized real-world assets have grown rapidly to about $38 billion, though more than half of that market consists of tokenized money-market funds according to RWA.xyz. RockawayX forecasts that the broader tokenized real-world asset market will reach between $10 trillion and $20 trillion by 2030, outpacing Citi's base-case projection of $5.5 trillion. To scale operations, the firm is hiring traditional finance professionals for origination and alongside crypto-native operators for structuring and distribution.
2030 Tokenized Asset Projections ($T)
RockawayX targets up to $20 trillion by 2030, exceeding Citi's forecast.
Nscale Files $35 Billion IPO With $3 Billion Nvidia Deal and Going Concern Warning
Nscale filed for a $35 billion initial public offering with the SEC, disclosing a $3 billion investment from Nvidia and a going concern warning regarding its reliance on uncommitted financing. fortune.com reports that the provider generated $140.6 million in during the first half of 2026, alongside a net loss of $1 billion. During that period, the cost of revenue reached $189.6 million, exceeding the revenue generated and leaving the company without a gross profit. In 2024, Nscale reported $19.1 million in revenue and a gross profit of $6.3 million. Management disclosed that reliance on uncommitted and financing initially raised substantial doubt about the company's ability to continue as a going concern, though leadership concluded that planned adjustments to expenditures would provide sufficient . On September 15, the company received $3.1 billion from Nvidia through unsecured convertible loan notes. The company also disclosed $56.4 billion in remaining performance obligations deliverable over the next seven years. Founder and CEO Josh Payne received compensation of $23,206,898, while President APAC Jing Yin received $24,731,208.
MoonPay to Acquire North Capital in $60 Million All-Stock Deal
payments company MoonPay has agreed to acquire North in an all-stock transaction valued at more than $60 million. The deal, announced on Wednesday, will fold the Utah-based private-markets investment platform into MoonPay as a wholly owned subsidiary pending U.S. regulatory approval. North Capital operates SEC-registered broker-dealers, an alternative trading system, a transfer agent, and an investment adviser, having previously supported roughly $9 billion in primary and secondary transaction volume. MoonPay chief executive Ivan Soto-Wright stated that the aims to build a regulatory foundation for the mass adoption of tokenized real-world . The purchase extends an acquisition spree that has included DFlow, Sodot, and Entendre as the company expands beyond crypto payments into tokenized securities, , and . North Capital last raised outside capital in an October 2021 seed round totaling $2.18 million. MoonPay itself carries a of $3.4 billion. The transaction remains subject to customary closing conditions and regulatory clearances.
Airtel Money plans to float on the London Stock Exchange in an initial public offering targeting a of $8bn to $9bn. Theguardian.com reports that the mobile money arm of Airtel Africa aims to raise about $800m in one of the largest UK debuts in years. Airtel Africa owns just under 78% of the business, with minority stakes held by Tpg, Mastercard, the Qatar Investment Authority, and Chimetech Holding. The company operates across 13 sub-Saharan African countries with 53 million monthly active users, generating revenues of just under $1.4bn in the last financial year. for the most recent quarter to June 30 climbed 38% to £399m. Airtel Africa originally targeted a listing in the first half of 2026 before delaying it due to market . The company will announce the indicative price range and share count in early October, with final pricing expected later in the month.
Rapid expansion across tokenization, digital media, and venture capital is clashing with severe risk management issues and steep tech losses. Whether markets can sustain massive valuations like Nscale's while absorbing operational slip-ups remains unresolved.
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