Strategy and Product

Antithesis, a software-testing startup based in Tysons Corner, Virginia, has raised $105 million at a $525 million post-money valuation. Quantitative trading firm Jane Street, also one of its major customers, led the Series A, which closed on December 3, 2025. The company came out of stealth in 2024 after a $47 million seed round at a $215 million valuation. Total funding now exceeds $180 million. Annualised recurring revenue has grown more than 12 times in two years to about $10 million. Antithesis sells a simulation platform that replicates production environments so engineers can replay bugs exactly. It injects faults and compresses years of behaviour into hours. The money will fund engineering, autonomy features, and sales and marketing across North America, Europe, and Asia. The company is reportedly weighing another round. Will Wilson, who co-founded FoundationDB, founded Antithesis in 2018. Customers include MongoDB and Ethereum.

Oxide raises $445M Series D as the company proves vision of full-stack cloud infrastructure enterprises can own. Oct 09, 2026, 09:00 ET Eclipse leads financing as Oxide reaches profitability and AMD Ventures invests in its systems-based approach to enterprise computing EMERYVILLE, Calif., Oct. 9, 2026 /PRNewswire/ - Oxide Computer Company, the on-premises cloud computing company, today announced it has raised a $445 million Series D led by Eclipse, with participation from existing investors US Innovative Technology Fund (USIT), Riot Ventures, Jane Street, and more. New investors Atreides Management and AMD Ventures also joined the round. Oxide entered rarefied air earlier this year as it reached profitability, a significant milestone for a rapidly scaling hardware company. With customer demand exceeding current production capacity, the Series D provides additional working capital to secure components, increase manufacturing and serve new and existing customers. "The accelerating pace of on-prem cloud computing projects has required us to scale manufacturing capacity by 20x over the past 12 months, and yet demand still exceeds supply," said Steve Tuck, co-founder and CEO at Oxide. "We're well-capitalized, and hit an important profitability milestone earlier this year. This funding will allow us to aggressively invest in the materials and manufacturing scale our customers need for years to come." Oxide's growth comes as the rise of agentic AI intensifies demand for infrastructure that can support a growing mix of compute, memory, networking and data-intensive workloads. The level of complexity required to support these agentic workloads is only achievable or scalable with full-stack systems - something that historically only the world's largest cloud providers could offer and at a price point that is cost-prohibitive for many organizations. With demand for compute, memory and data center capacity outpacing supply, even the hyperscalers are struggling to keep up. These dynamics reinforce that enterprises need the ability to own and control the systems their most critical workloads run on in order to ensure on-demand access to reliable, secure and cost-effective computing. The Oxide Cloud Computer is a rack-scale integrated system with purpose-built hardware and open-source software that brings the architectural model of the hyperscale cloud to an organization's own data center. By co-designing compute, storage, networking, and software as a single system, Oxide gives enterprises cloud automation and agility with direct ownership over their security, performance, data, and economics. "The next infrastructure bottleneck is already taking shape. As AI shifts from generating answers to executing work, demand for CPU-based systems is accelerating dramatically," said Seth Winterroth, Eclipse partner. "Oxide was built for this moment. Steve, Bryan, and the team saw years ago that enterprises would need cloud-scale computing they could own and control, and they built the full system to deliver it. Now they're scaling to meet a market that is moving faster than anyone anticipated." "When we started Oxide in 2019, we knew that there would be increasing demand for owning and operating one's own compute - and we felt strongly that organizations should be able to control their infrastructure without having to forfeit the modernity of cloud computing," said Bryan Cantrill, CTO and co-founder of Oxide. "The specifics have been surprising - we certainly did not anticipate the explosion in compute demand from agentic AI - but today's thirst to control one's own fate is exactly what we sought to slake with Oxide." Oxide made an early bet that the next era of computing would be built as systems with hardware and software designed together rather than assembled from disparate components. AMD and Oxide have worked closely across the hardware and software stack. As agentic AI creates new demands across compute, memory and networking, AMD Ventures is deepening that relationship through a strategic investment in Oxide. "Oxide's systems-level approach to enterprise infrastructure is expanding the choices available to customers as their computing needs become more complex," said Sagi Paz, Head of AMD Ventures. "This approach aligns with AMD's commitment to fostering a broad, high-performance computing ecosystem, and we're excited to support the company's next phase of growth." Oxide customers span organizations with demanding infrastructure requirements across financial services, government, national laboratories, aerospace, and other compute-intensive industries. This infusion of capital further strengthens Oxide's ability to invest for the long term as customers deploy its infrastructure for increasingly critical workloads. About Oxide Oxide Computer Company is the creator of the Cloud Computer, a rack-scale system with fully unified hardware and open-source software purpose-built to deliver hyperscale cloud computing to on-premises data centers. Oxide gives developers the elasticity, programmability and unified control of the cloud while enabling enterprises to retain ownership of their infrastructure for greater security, latency, sovereignty and cost predictability. Founded in 2019, Oxide is based in Emeryville, California. SOURCE Oxide

Ripple Prime ventures into leveraged ETF financing market. Oct 9, 2026 Reading time: 3 min Ripple Prime is expanding its services into the leveraged exchange-traded fund (ETF) financing market by offering total-return swaps to fund managers. This strategic move, building on the company's acquisition of Hidden Road, aims to capture recurring fees from financing charges in a segment traditionally dominated by banks, while also exposing Ripple to market risks associated with the underlying assets. The U.S. leveraged ETF market is substantial, comprising 593 funds with over $256 billion in assets, according to Morningstar Direct data cited in a Wall Street Journal report. Ripple Prime's entry into this market tests whether a firm originating from the crypto industry can successfully compete in a balance-sheet-intensive segment long held by traditional financial institutions. Strategic Expansion and Acquisition Following its acquisition of Hidden Road, which was completed in 2025, Ripple's prime brokerage business was established as Ripple Prime. The acquisition, announced in April 2025 for $1.25 billion, integrated Hidden Road's multi-asset capabilities in clearing, brokerage, and financing. Ripple Prime's services were recently highlighted with an announcement on Tuesday, October 6, detailing its brokerage, clearing, and financing offerings for Brevan Howard. Financing Mechanism and Revenue Potential Leveraged ETFs utilize derivatives, including total-return swaps, to magnify daily investment performance. Ripple Prime's offering of these swaps allows fund managers to finance their ETF positions. For example, the Tradr 2X Long SDNK Daily ETF pays Ripple a rate tied to the overnight bank funding rate plus four percentage points. As of Wednesday, October 7, this translated to approximately 8% of the fund's assets on an annualized basis, representing a source of recurring fees for Ripple Prime. Inherent Risks and Competitive Landscape However, this expansion also introduces market risks. Providing swap financing means Ripple Prime is exposed to the performance of the underlying assets financed by these swaps. While the move diversifies Ripple's business beyond traditional crypto services, it enters a competitive landscape where firms like Jane Street and Clear Street are also gaining traction. Implications for XRP The implications for XRP, the cryptocurrency associated with Ripple, appear limited. The news is viewed more as a long-term ecosystem development rather than a direct bullish catalyst for XRP's price. Unless Ripple Prime's expansion demonstrably creates measurable demand for XRP, increases its token utility, or triggers fresh buying interest, the immediate price impact on XRP is expected to be constrained. XRP is currently trading around $1.41, with little immediate sign of a positive market reaction to this news. Ripple's broader institutional strategy includes other markets such as custody and tokenization-related partnerships, exemplified by its work with Meritz Securities in South Korea. However, it is important to note that XRP does not underlie or collateralize these ETF swaps. Investors are advised to monitor XRP's trading volume, market sentiment, and price action around key resistance levels before interpreting this expansion as a direct driver of a rally. The success of Ripple Prime in this new venture hinges on its ability to navigate the complexities of balance-sheet-intensive financing and compete effectively against established players, while managing the inherent market risks associated with leveraged ETF financing. Broader context. Source materials place the factual news in this context: The U.S. leveraged ETF market has 593 funds and more than $256 billion in assets, including XRP, and Ripple Prime is making itself known in the news by entering the financing chain, providing total-return swaps to fund managers.