☕️Quiet Achiever

Good morning.

Diraq has attracted new investments from the United States and Singapore, completing a quiet $15 million capital raise as it pushes ahead with international expansion, Capital Brief reports.

Returning investors include Main Sequence, Uniseed, NewSouth Innovations and French VC Quantonation, alongside new additions to its cap table ICM Global Funds and Morgan Creek Digital.

Diraq aims to have its first quantum product by 2029, ahead of a commercially useful “fault-tolerant” quantum computer by 2033.

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Market movers

Shares in Origin Energy rose Monday after reports UK-based Octopus Energy, in which it holds a 23% stake, may spin off part of Kraken, reportedly worth up to £10 b.

The quick sync

• Australia's chief justice, Stephen Gageler, warns AI could upend the justice system, calling it an 'existential threat' ahead of a High Court AI trial. (Capital Brief)

• The great bank-to-resources rotation is back, and this time, even CBA’s shine can’t hide the cracks in the case for banking exceptionalism. (Capital Brief)

• News Corp journalists took a 6% pay bump but no AI protections, as the Murdoch-controlled giant pushes ahead with automated reporting tools. (Capital Brief)

• Trump’s tariffs could unexpectedly boost Australia, but the Productivity Commission warns of ‘forever subsidies’ in the Future Made in Australia plan. (Capital Brief)

Trading floor

M&A

• Ramelius beats FY25 gold target and nears Spartan acquisition approval. (Capital Brief)

• South32 to sell Cerro Matoso mine to CoreX for $153m amid nickel market shift. (Capital Brief)

• Bellevue’s production miss sparks calls for deeper guidance cuts during sale talks. (The Australian)

• Star Entertainment extends Queen’s Wharf talks, risks $36.5m payout if deal fails. (Capital Brief)

• Soul Patts–Brickworks merger fully funded with $220m in new equity. (Capital Brief)

• Invesco nears deal to acquire RetireAustralia's 29-community portfolio. (AFR)

• Octopus Energy may demerge £10b Kraken tech arm, boosting Origin shares. (Capital Brief)

• Cleanaway shares rise on early completion of Contract Resources acquisition. (Capital Brief)

• Foreign groups from Indonesia and North Asia are eyeing a potential buyout of $2.8b Vault Minerals. (The Australian)

• Vocus clears final hurdle for $5.25b acquisition of TPG’s EGW fixed assets. (Capital Brief)

• Capgemini bets US$3.3b on WNS to scale up in AI and boost US footprint, despite investor fears of industry disruption. (Bloomberg)

• Briarcliffe Credit Partners expands into Europe with Branch Advisory buy as private credit boom fuels global dealmaking. (Bloomberg)

Capital Markets

• Northern Star meets FY25 gold guidance, forecasts stronger FY26 with higher sales and investment. (Capital Brief)

• Firmus Technologies nears close of $280m pre-IPO raise ahead of $1.5b AI float. (AFR)

• Lifestyle Communities halts trading ahead of VCAT ruling on resident fee dispute. (Capital Brief)

• Nanosonics launches faster, smarter trophon3 disinfection system with global rollout underway. (Capital Brief)

• Factory Capital launches Tattoo Partners, a U.S. tattoo platform with 11 studio acquisitions. (AFR)

• Bellevue misses Q4 gold target but posts record cash flow and stronger balance sheet. (Capital Brief)

• Uber earns $150m from Aussie ads, surpassing Snapchat’s local revenue. (AFR)

• Job ads hit 12-month high in June, led by gains in QLD and tech roles. (Capital Brief)

• Investors pivot to replacing old solar and wind assets for higher, lower-risk returns. (The Australian)

• AGP-backed Ampyr secures $340m to fund Wellington battery project in NSW. (AFR)

• Hub24 gains as UBS upgrades to 'buy', expects outperformance over Netwealth. (Capital Brief)

• WiseTech director’s $1.7b legacy super fund goes dark amid scrutiny. (AFR)

• Escalante’s new casino venture Kickr angers VGW investors over competition concerns. (AFR)

• Using ChatGPT to help analyse 100,000 earnings calls, researchers found analyst participation plunged 40% last decade. (AFR)

• Wall Street’s latest tax dodge doesn’t hide in the Cayman Islands or rely on complex derivatives. It’s an ETF engineered into a tax-minimising machine. (Bloomberg)

• Instead of panicking over Trump's looming tariff deadline, investors might now double down on US junk bonds. (Reuters)

• Tariffs and geopolitics stall European IPOs despite rising investor inflows, but advisers see a potential post-summer rebound. (Reuters)

• Blackstone is weighing a private credit secondaries fund, breaking with tradition to chase a fast-growing corner of the market. (Bloomberg)

VC

• Australian tech start-up funding drops to 18-month low as deals and female founder support shrink. (AFR)

• Diraq quietly raises $15m from global investors to fuel quantum chip development. (Capital Brief)

People moves

• Synlait COO Paul Mallard resigns amid ongoing leadership and financial changes. (Capital Brief)

• Pepper co-founder Mike Culhane joins Blackstone as senior managing director. (The Australian)

• Mineral Resources adds two directors, Lawrie Tremaine and Ross Carroll, amid governance rebuild and ASIC probe. (Capital Brief)

The watercooler