The Sep. 1–2 stack is led by two platform financings: Wonderful closed a $550M Series C at a $5B valuation, while VAST reported about RMB 3.0B across Series B and B+—roughly $446M at the cited mid-market conversion. Wonderful says the capital will fund product development and global deployment; VAST is directing the money into 3D-native models, training and inference infrastructure, and commercialisation. 12

The next tier buys physical rails. PLD Space added €108M to take its Series C to €288M and fund MIURA 5 industrialisation. iPronics raised $125M in Series B, co-led by Maverick Silicon and Light Street Capital, to scale programmable optical networking for AI data centres; NVIDIA participated. 34

The control layer is a separate funding category. AIR reported $50M across two seed rounds, led by Sequoia and then Greenoaks, for security checks around AI-agent skills and add-ons. Light raised $46M Series A led by Matrix for embedded electricity products; Gridsight raised $26M Series B led by Insight Partners for utility capacity management; Prevalent AI took a $22M growth investment from Integrity Growth Partners for broader enterprise-risk use cases. 5678

The signal is directional, not definitive: platform scale, physical capacity, and deployment controls all attracted capital in this selected set. The set keeps USD, EUR, and RMB separate; VAST combines two rounds, AIR combines two seed financings, and eight companies do not make a market census.