October Portfolio Update

EigenQ and SVAQ publicly filed a Form S-4 with the SEC to progress a proposed business combination that would domesticate SVAQ as EigenQ Holdings, Inc., make EigenQ a wholly owned subsidiary of the new public company, and list common stock (EIGQ) and warrants (EIGQW) on the Nasdaq. The companies expect the transaction to close in Q4 2026 subject to SEC effectiveness, shareholder approvals, and customary closing conditions. The filing notes EigenQ secured approximately $45 million of convertible financing (about half funded) to commercialize its quantum-safe security portfolio and will rely on the remaining financing and SPAC proceeds to scale operations.

More than $2B in grain across 12,000+ warehouses in India is coming to Avalanche, connecting millions of farmers to storage, markets, and credit. Part of that agricultural financing infrastructure is moving onchain with Avalanche. Together with Finternet, Arya.ag is working with major lenders including Singularity Credit and Aryadhan Financial Solutions to make stored agricultural commodities verifiable collateral for credit. By bringing the underlying records and lending process onchain, lenders can verify collateral and trace financing with greater transparency, while farmers gain access to a more efficient credit system backed by the crops they already own.

AltoIRA announced an agreement to acquire Forge Trust from Charles Schwab, combining Forge Trust's roughly 40 years of custodial experience with Alto's tech-enabled infrastructure. The companies say the combined platform will represent $20 billion+ in assets under custody, 60,000+ self-directed IRA accounts, and 3M+ Custody-as-a-Service accounts once the transaction closes. Alto frames the deal as expanding asset classes and account types for advisors and faster, broader access to private markets for IRA investors.

Payward signed an agreement to acquire Saldo Bank, a specialized bank licensed in Lithuania that currently operates in five European markets. The acquisition is intended to provide a licensed EU banking foundation to expand Payward Banking — a suite of banking products to sit alongside trading, custody, and payments for clients across EU member states. The transaction is subject to closing conditions.

Firefly Aerospace reported record Q2 revenue of $117.7 million, up 659% year-over-year, and management projects $420–$450 million in revenue for 2026. The company secured multiple contracts during the quarter, including a $144 million NASA Blue Ghost mission, a $75 million subcontract for Elytra lunar drone delivery, and a $94 million Space Force award through subsidiary SciTec. Firefly also achieved the first commercial lunar landing and is expanding production capacity with a new Texas cleanroom and development of a larger lunar lander.

The U.S. Department of Energy has chosen Nth Cycle to enter into award negotiations for a potential $100M award to support construction of Project SHIELD, a commercial-scale black mass refining facility. The announcement was discussed publicly by DOE Assistant Secretary Audrey Robertson and Nth Cycle CEO Megan O'Connor, highlighting federal-private collaboration to strengthen the domestic critical minerals supply chain. The selection is for award negotiations and does not yet represent a finalized contract or disbursement.

Klarna has gone live in 100,000 U.S. physical stores through Clover and will be available on Fiserv's Commerce Hub for the first time. The integration enables enterprise merchants in the U.S., Canada, the U.K. and select European markets to offer Klarna in-store and online with options to pay in full, pay in 30 days, or split purchases into interest-free installments. Each option performs a new credit decision on every transaction. The partnership materially increases Klarna's point-of-sale distribution footprint.

EquipmentShare and Cummins Inc. announced a collaboration to deploy 1 gigawatt of mobile power for energy and infrastructure projects in the U.S. The initiative pairs Cummins' high-efficiency natural gas and flexible diesel power solutions with EquipmentShare's deployment capabilities to deliver large-scale temporary generation. The effort targets construction and infrastructure customers that require portable, high-capacity power solutions.

Plaid presented at Money20/20 its work building foundation models that synthesize data across a network of thousands of apps and banks. The company says its anti-fraud score drives roughly a 40% improvement in fraud detection and also helps customers make more precise loan decisions. The claim indicates deployed model-based product traction and measurable performance across Plaid's network.

Matternet announced its M3 drone has been issued an FAA Type Certificate, a regulatory milestone that supports Beyond Visual Line of Sight (BVLOS) operations. The aircraft is engineered for high-density urban environments and positioned for use in retail, restaurant, healthcare, and industrial applications. Matternet notes the M3 is built in the United States and intended for operations in the U.S., Europe, and other markets worldwide.

Thalamos' MH Forms was piloted with British Transport Police in Liverpool and Manchester and has been rolled out nationally, supported by new officer training to standardise processes. Six months of live deployment data report a 63% cut in officer time at places of safety, demonstrating measurable operational impact. The company notes remaining work to ensure patient details persist across different police forces and NHS Trust systems.

Genies has partnered with United Talent Agency to make its AI character creation and management tools available to UTA's musicians, athletes, actors, comedians, and creators. The platform lets talent generate stylized AI characters and customize appearance, voice, personality, and usage controls; UTA is the first talent agency to offer this opportunity to its clients. Genies highlights commercial use cases including licensing into video games, integrations in talent apps, and fan engagement hubs.