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Wilson Sonsini Global Cartel Law Quarterly Q4 2025/Q1 2026
The firm is pleased to distribute the Wilson Sonsini Global Cartel Law Quarterly Q4 2025/Q1 2026, which provides a summary of key cartel enforcement trends across the U.S., Europe, and beyond. A “cartel” under competition law is typically reserved for agreements between competitors to restrict competition, such as price-fixing, bid-rigging, and market allocations.
Newsletters
2025 Technology and Life Sciences PIPE and RDO Report
Wilson Sonsini is pleased to present the 2025 Technology and Life Sciences PIPE and RDO Report. This report presents analysis related to 163 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and December 31, 2025. The report is limited to transactions in which the company raised at least $10 million and had at least one closing in 2025.
Newsletters
2025 Technology and Life Sciences IPO Report
Wilson Sonsini’s 2025 Technology and Life Sciences IPO Report provides in-depth analysis on 40 initial public offerings (IPOs) and five direct listings completed by U.S.-based technology and life sciences companies in 2025 with deal values exceeding $75 million.
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Client Highlights
5.20.26
Wilson Sonsini Advises Armada on $230 Million Series B
On May 19, 2026, Armada, the world’s first full-stack edge computing platform, revolutionizing connectivity, compute, and AI solutions where they’re needed most, announced that it has raised $230 million in an oversubscribed Series B financing at a $2 billion valuation. The round, which brings the company’s total funding to nearly half a billion dollars, was co-led by Overmatch, BlackRock, and 8090 Industries. Wilson Sonsini Goodrich & Rosati advised Armada on the transaction.
New strategic investors BlackRock, Johnson Controls, NightDragon, Mitsui, and Singtel Innov8 participated in the Series B round alongside existing investors including Overmatch, 8090 Industries, Felicis, Marlinspike, Shield Capital, Lux Capital, Founders Fund, Silent Ventures, Veriten, and Gladebrook. Armada will use the proceeds from the Series B to accelerate deployment of the U.S. AI stack and support customer demand growth across industries.
The Wilson Sonsini team that advised Armada on the transaction included Rezwan Pavri, Colin Conklin, Richa Sharma, Isaac Reed, and Jiyoon Song.
For more information, please see Armada’s news release.
New strategic investors BlackRock, Johnson Controls, NightDragon, Mitsui, and Singtel Innov8 participated in the Series B round alongside existing investors including Overmatch, 8090 Industries, Felicis, Marlinspike, Shield Capital, Lux Capital, Founders Fund, Silent Ventures, Veriten, and Gladebrook. Armada will use the proceeds from the Series B to accelerate deployment of the U.S. AI stack and support customer demand growth across industries.
The Wilson Sonsini team that advised Armada on the transaction included Rezwan Pavri, Colin Conklin, Richa Sharma, Isaac Reed, and Jiyoon Song.
For more information, please see Armada’s news release.
Alerts
5.19.26
Agri Stats Settlement Clarifies DOJ Views on Information Sharing
On May 7, 2026, the U.S. Department of Justice (DOJ) Antitrust Division and six state attorneys general filed a proposed Final Judgment to resolve antitrust claims against benchmarking and consulting firm Agri Stats, Inc. (Agri Stats). Agri Stats collects, processes, and distributes benchmarking data to broiler chicken, pork, and turkey processing operations. The reports are based on non-public pricing, profitability, and cost data submitted by meat processors. While Agri Stats purported to aggregate and anonymize the data, the DOJ alleged that those receiving the reports could identify who submitted the non-public data, allowing participants to raise prices.
Alerts
5.19.26
Colorado Legislature Repeals and Replaces Colorado AI Act: What SB 189 Means for Your Business
On May 14, 2026, Colorado Governor Jared Polis signed SB 189 into law, which repeals and replaces the Colorado Artificial Intelligence Act (CAIA). SB 189 goes into effect on January 1, 2027.
Client Highlights
5.19.26
Firm Advises Viktor on $75 Million Series A
On May 19, 2026, Viktor, a start-up building agentic AI coworkers, announced it has raised a $75 million Series A led by London-based venture capital firm Accel with participation from Bek Ventures, Kaya VC, Inovo VC, and Tenacity Capital. Angel investors, including Slack co-founders Stewart Butterfield and Cal Henderson, Synthesia CEO Victor Riparbelli, and executives from Google DeepMind, Figma, and ElevenLabs also participated in the funding round. Wilson Sonsini Goodrich & Rosati advised Viktor on the transaction.
Alerts
5.18.26
The “Friendly Buyer” Fallacy: Why U.S. Ownership Is No Longer a Regulatory Safe Bet
Over the past decade, the number of countries with foreign direct investment (FDI) screening regimes has more than doubled. What was once a niche, rarely-used regulatory tool has become a standard feature of global deal-making and a routine consideration in cross-border M&A, including U.S. to U.S. transactions that involve the indirect acquisition of foreign subsidiaries. As jurisdictions continue to strengthen their FDI screening regimes, parties are seeing more U.S.-led deals encounter longer and more intrusive reviews and increasingly complex conditions as a condition of approval.
Client Highlights
5.18.26
Wilson Sonsini Advises Calibre on $3.3 Million Pre-Seed Financing
On May 18, 2026, Calibre, a London-based start-up building AI for the testing, inspection, and certification (TIC) industry, announced it has raised $3.3 million in pre-seed funding. The round was led by Vicus Ventures and CIV, with participation from I2BF, 9 Yards Capital, Jigeum, and angel investors including Nikesh Arora. Wilson Sonsini Goodrich & Rosati advised Calibre on the transaction.
Client Highlights
5.18.26
Wilson Sonsini Advises Happl on $11 Million Series A
On May 11, 2026, Happl, a global benefits operating system for multinational employers, announced their $11 million Series A, led by Portage Ventures. The round included participation from F Capital and continued support from Y Combinator, 6 Degrees Capital, Haatch, and Ventures Together. Wilson Sonsini Goodrich & Rosati advised Happl on the transaction.
Alerts
5.15.26
Fixing the Federal Acquisition System: Firm-Fixed-Price Contracting the New Norm
On April 30, 2026, President Trump issued an executive order (EO), Promoting Efficiency, Accountability, and Performance in Federal Contracting, that makes firm-fixed-price contracts the default federal government agencies must use when buying products and services from private sector companies. The EO represents the latest effort by the Trump administration to reform federal acquisitions and reduce costs to taxpayers. This alert discusses impacts companies may experience when doing or seeking to do business with the federal government.
Alerts
5.15.26
Takeaways from the Maduro Raid Prediction Market Indictment
On April 23, 2026, the Commodity Futures Trading Commission (CFTC) and the U.S. Attorney’s Office for the Southern District of New York (SDNY) brought parallel civil and criminal charges against U.S. Army Master Sergeant Gannon Ken Van Dyke related to insider trading in connection with event contracts used in prediction markets. The civil complaint marks the first-ever insider trading case brought by the CFTC involving event contracts in prediction markets.
Client Highlights
5.14.26
Wilson Sonsini Advises Insider One on Acquisition of Bluecore
On May 13, 2026, Insider One, a leading agentic customer engagement platform, announced its acquisition of Bluecore, a leading retail marketing technology platform serving more than 400 U.S. enterprise brands. Terms of the transaction have not been disclosed. Wilson Sonsini Goodrich & Rosati advised Insider One on the transaction.
Alerts
5.13.26
SEC Proposes Optional Semiannual Reporting Framework
On May 5, 2026, the U.S. Securities and Exchange Commission (the SEC or Commission) issued proposed rule and form amendments that would, if adopted as proposed, allow public companies to file a semiannual report on new Form 10-S in lieu of three quarterly reports on Form 10-Q each fiscal year. The proposal would amend Rules 13a-13 and 15d-13 of the Securities Exchange Act of 1934 (the Exchange Act) and make a series of conforming amendments across SEC rules and forms to enable existing public companies and companies going public to elect semiannual reporting.
Client Highlights
5.13.26
Wilson Sonsini Advises Recursive on $650 Million Series A Funding at a $4.65 Billion Valuation
On May 13, 2026, Recursive, an AI start-up dedicated to advancing AI intelligence through recursive self-improvement, came out of stealth and announced that it raised over $650 million in its Series A round at a $4.65 billion valuation. The funding round was led by Google Ventures and Greycroft, with participation from chip makers AMD Ventures and NVIDIA. Wilson Sonsini Goodrich & Rosati advised Recursive on the transaction.