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The Trump administration’s new $100,000 fee on first-time H-1B petitions has thrown a major wrench into Silicon Valley's hiring, albeit with uneven impact.
For large AI startups, especially, bringing top talent from around the world to work at their US offices in hubs like San Francisco, the added complication to this work visa has left them in a bit of limbo.
“I’ve definitely had some companies say, ‘We’re going to pause our H-1B program until we have further clarification," said Maxine Bayley, a partner at law firm Duane Morris LLP and longtime startup immigration attorney. Other companies are looking for alternative recruitment pipelines, or just sticking with their current approaches, she added.
I'm Michael Bodley, and this is The Weekend Pitch. You can reach me at michael.bodley@pitchbook.com or on X @ michael_bodley
The new $100,000 charge is essentially an application fee for H-1B visas, which are already highly competitive due to the capped numbers of approvals per country every year.
The largest unicorns have prioritized bringing top talent to the US to work in person—some much more frequently than others. |
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| A message from Fidelity Private Shares |
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| So someone told you to get a 409a...now what? |
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You probably weren’t planning to get a 409A valuation—someone likely told you to get one. Maybe it was your lawyer, investor, or founder friend. This guide breaks down what a 409A valuation is, why it matters, and how to make sure you’re not taking a risky shortcut.
- Learn why 409A valuations matter and what happens when they go wrong
- Understand common myths (like 409A valuation = company value)
- Discover the difference between algorithmic speed vs. audit-ready accuracy
- Get real insights on what questions to ask during the draft process
Download the guide |
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| (Bill Clark/CQ-Roll Call, Inc via Getty Images) |
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Investor appetite for defense tech has continued to grow in 2025, with defense and aerospace-focused PE firm Arlington Capital Partners’ latest $6 billion fund, which closed on its hard cap in just five months, highlighting this trend. How much larger was this fund than Arlington’s predecessor fund, closed in January 2024?
A) 18% larger
B) 38% larger
C) 58% larger
D) 78% larger
Find your answer at the bottom of The Weekend Pitch! |
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Big M&A totals in Q3 position
2025 to end on a high note
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Global M&A pushed even higher in the third quarter, reaching levels not seen since the 2021 peak, with nearly $1.3 trillion in total deal value across almost 13,000 deals. A surge in mega-deals drove much of the action.
The strong dealmaking totals in Q3 set up 2025 to end as another year of growth in terms of M&A deal value, our Q3 2025 Global M&A Report finds, while deal count is pacing for a record year.
Greater market clarity and continued rate cuts allowed sponsors to join corporates in the increased dealmaking. While not out of the woods yet, with headwinds such as inflation and tariff-related uncertainty still in play, buyers are getting a better sense of the market outlook, resulting in an increased appetite to get deals done. |
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Democratizing private markets—will 401(k) investors get what they expect?
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Excitement is building as the UK’s Mansion House Accord and the US push to democratize alternative assets open private market investing to 401(k) savers.
But what investors get may not match expectations of high-octane private company exposures as credit, real estate and infrastructure are a better fit for defined contribution and evergreen structures, according to our new analyst note. |
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“When it comes to AI, the US is leading in software and hardware. The US is setting the policy standard, telling countries like China you can’t have access to X, Y and Z. Whoever sets the standard, that’s who gets the most attention.”
—Dimitri Zabelin, a senior AI analyst at PitchBook, discussing the trend of sovereign wealth funds around the world investing in US-based AI companies. Read more about how sovereign wealth funds, especially in the Middle East, are turning their eyes towards US AI innovation here. |
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Keep an eye out for these insights and research reports coming out this week:
- Q3 2025 Retail Fintech VC Trends
- Q2 2025 PitchBook Private Capital Indexes
- Q3 2025 Food and Beverage CPG Report
- Analyst Note: A Look at AI Deal Activity in APAC
- Q3 2025 Medtech VC Trends
- 2025 Global Fund Performance Report (as of Q1 2025)
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Answer: C.
Arlington Capital Partners VI closed in January 2024 with $3.8 billion in commitments towards defense tech, while Arlington's October 2025 fund closed on $6 billion, 58% larger. Read more about defense specialist PE investors and trends in the aerospace and defense sector here. |
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