Applied Intuition $200M Primary $400M Secondary

This deal was structured to solve two jobs at once, put fresh cash on the company balance sheet and create liquidity for existing holders without forcing an IPO. The split matters because only about $200M funded hiring, product expansion, and global growth, while the larger $400M tender let employees and early investors sell stock at the new $15B price, which is a common way for fast growing private companies to reduce pressure for a public listing.1 2 3 4

• The primary round was the actual new financing. Applied Intuition’s Series F closed on June 17, 2025 at a $15B valuation, with $200M of new capital. That lifted total primary funding since founding to about $1.2B, after earlier rounds including $250M at a $6B valuation in March 2024.1 2
• The secondary piece was a tender offer, which means the buyer purchased existing shares from employees or earlier backers rather than from the company. That money did not go into Applied Intuition’s bank account. It mainly reset ownership and gave long tenured holders a way to cash out while the company stayed private.3 4
• The scale of the tender is notable. Applied Intuition also ran a $300M tender in July 2024 at a $6B valuation, then a larger $400M tender in June 2025 at $15B. That pattern suggests strong investor demand and a deliberate use of private market liquidity as a substitute for going public early.3 6

Going forward, this kind of mixed primary and secondary financing is likely to remain part of Applied Intuition’s playbook. If revenue keeps compounding across automotive, trucking, mining, and defense, the company can keep attracting late stage capital, reward employees with liquidity, and postpone an IPO until public markets better reflect its broader vehicle software platform story.1 3 7