Evening Scan

OpenAI filed confidentially for an IPO while simultaneously stating it hasn't decided on timing — in IPO-speak, a placeholder, not a starting gun. The broader AI funding market kept moving, with valuations at levels that seemed implausible 18 months ago.

$12.3B — NinjaOne's new valuation after a $400M secondary sale, up from $5B in 16 months. IT management software is trending. (Bloomberg)

OpenAI Confidentially Files for IPO, Says Timing TBD

The filing secures optionality. Sam Altman's comment that "things [are] easier as a private company" signals no rush toward quarterly earnings calls. (CNBC)

Databricks in Talks to Raise at Up to $175B — Four Months After Closing at $134B

A $41B valuation jump in a single off-season reads as either genuine enterprise AI demand or a number destined for down-round retrospectives. (The Next Web)

Microsoft's Open Source Tools Were Hacked to Steal Passwords of AI Developers

Seventy-plus Azure repositories disabled after credential-stealing malware injection — a supply chain attack on developers building on Microsoft's AI stack. (TechCrunch)

Dubai's Economic Endurance Is Being Tested in War With Iran (paywall)

The Gulf's trade-and-travel hub is discovering that geographic neutrality breaks when conflict erupts nearby. (New York Times)