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Semafor Funding & Deals Apr 23

M&A has become unrecognizable

★★★★★ significance 2/5

The author discusses how the Microsoft-OpenAI investment signaled a shift in traditional M&A dynamics, where control is exerted through talent and compute rather than standard equity. The article highlights how modern deals, such as the potential SpaceX-Cursor deal, utilize unconventional structures like massive breakup fees and compute-based-value.

Why it matters AI is forcing a structural pivot from traditional equity-based acquisitions toward complex, compute-driven strategic partnerships and talent-centric deal structures.
Read the original at Semafor

Entities mentioned

OpenAI SpaceX Microsoft Sam Altman Elon Musk

Tags

#m&a #openai #microsoft #spacex #corporate control

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