We took a break from covering the largest U.S. startup investments over Thanksgiving week, which was just as well, given that it was a predictably slow period for big deal announcements. Now, with just a few weeks left in 2025, things are picking up again. Predictions market Kalshi led the list after confirming its already widely reported $1 billion fresh financing. Other big rounds came from sectors including defense tech, AI infrastructure, cybersecurity and biotech. 1. Kalshi, $1B, predictions market: A couple weeks ago, we included Kalshi in our Top 10 after the company reportedly secured $1 billion in fresh funding. Well, now it's official, with confirmation from the fast-growing New York-based predictions marketplace. Crypto-focused investor Paradigm led the financing, with participation from a long list of venture firms. 2. Castelion, $350M, defense tech: Castelion, a developer of hypersonic munitions, says it raised $350 million in Series B financing led by Altimeter Capital and Lightspeed Venture Partners. The Torrance, California-based company was founded by SpaceX alum in 2022....

Willow users will be able to invest in three evergreen funds with $11.7bn in combined assets: Carlyle Tactical Private Credit Fund, Goldman Sachs Real Estate Diversified Income Fund, and StepStone Private Markets. Mitchell Caplan, Willow's CEO, said this is the first time funds across private credit, real estate, and private equity are being launched simultaneously at such an accessible price point. The initiative reflects a wider push by the $1.7tn private credit industry to attract individual investors after years of focusing on institutions. Outside Willow's platform, minimum investments for these strategies are far higher. Bloomberg data shows StepStone's fund requires $1m, while Carlyle's credit vehicle has a $250,000 minimum. Willow previously offered access only through a managed portfolio, but the new structure allows investors to commit to a single fund for the first time. The vehicles are evergreen, allowing them to reinvest proceeds, issue new loans, and raise capital without a fixed end date. Periodic liquidity will be available....

The fund will target holdings across five major North American sports leagues, including the NFL and NBA, alongside investments in film and TV companies, music catalogues, and live event properties. CAIS Advisors will launch the vehicle with a minimum investment as low as $25,000. Investors may redeem up to 5% of net asset value twice a year, subject to approval. The management fee is set at 0.95%. According to the firms, the initial portfolio will include exposure to more than 30 sports franchises, media assets, and live entertainment businesses. Neil Blundell, chief investment officer at CAIS Advisors, said the structure will give retail investors access to a diversified slice of the fast-growing sports economy. Eldridge, founded by Todd Boehly, has a long-standing presence in global sport with stakes in the Los Angeles Dodgers and Lakers, and previously led the acquisition of Chelsea FC in 2022. Arctos is one of the most active sports investors globally, with holdings across multiple teams and leagues....

It's what reporters like to see. Finally, a chance to peek under the hood of the buzziest unicorns to see their revenue, growth rates and largest shareholder stakes. And while most of those companies lose money, an IPO filing provides a glimpse of gross margins and a sense of when a company might reach profitability. All this is to say that the mere possibility of a public offering ' as was teased for Anthropic in a Financial Times article late Tuesday ' is an exciting development for those of us lamenting the paucity of unicorn IPOs in recent months. Of course, no company goes public just to satiate the curiosity of that negligible portion of the population that lives for S-1 filings. The primary reasons are far more pragmatic: To raise money, benefit from a higher profile and potential valuation boost that comes with a public listing, and offer a path to liquidity for founders, employees and early investors. The draws are big enough that it behooves the most high-profile private companies to have preparations in place for a public listing, even if they do end up delaying or scrapping it. In a similar vein, Reuters reported a few weeks ago that OpenAI is laying the groundwork for a potential IPO of its own....