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2025 PIPE and RDO Report

Dive into our recent report that analyzes 163 PIPES and RDOs by U.S.-based technology and life sciences companies completed in 2025.

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The unique history of Wilson Sonsini Goodrich & Rosati closely traces the birth and evolution of Silicon Valley.

For more than 60 years, Wilson Sonsini has represented technology pioneers associated with virtually every milestone innovation, as well as life sciences trailblazers shaping the future of healthcare.

Today, the firm is synonymous with ushering promising, innovative companies through their business life cycle.

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Wilson Sonsini secured a jury trial win for Google in a case alleging misuse of advertising technology.

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News and Featured Insights

News Articles
Wilson Sonsini-Led Deals Honored Among Mergers & Acquisitions' 2026 Middle-Market Deals of the Year
Press Releases
Wilson Sonsini Adds Project Finance Leader Ken Sanocki to Expand Energy and Climate Solutions Practice
Alerts
What’s Next for Age Assurance Laws in Europe?
Leading Matters
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Client Highlights
Wilson Sonsini Advises QuantWare on $178 Million Series B
On May 5, 2026, QuantWare, a leading industrial quantum processor company, announced a $178 million Series B equity fundraising following the announcement of VIO-40K™, a quantum processor architecture for 10,000 qubits, 100x larger than the state of the art today. New investors joining the round include Intel Capital, IQT, and ETF Partners, with participating existing investors including FORWARD.one and Invest-NL Deep Tech Fund, InnovationQuarter Capital, Ground State Ventures, and Graduate Ventures. The round was heavily oversubscribed and is the largest private round raised by a dedicated quantum processor company to date. Wilson Sonsini Goodrich & Rosati advised QuantWare on the transaction.

QuantWare is the only company that designs, fabricates, and integrates modular quantum processors on an open architecture at an industrial scale. The company is building KiloFab, the world’s largest dedicated quantum open architecture fab, increasing its production capacity by 20x to meet strong global customer demand.

The Wilson Sonsini team that advised QuantWare on the financing included:

Corporate
Daniel Glazer
Michael Labriola
Ashmi Bhagani
Elisa Sielski
Michael Soud
Daniel Jordan
Henry Oates 
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Client Highlights
Wilson Sonsini Advises BioOrbit on $13.2 Million Seed Round
On April 30, 2026, BioOrbit, a space manufacturing company developing hardware for the large-scale crystallization of protein drugs, announced the completion of a $13.2 million (£9.8 million) seed round co-led by LocalGlobe and BREEGA, with support from Seedcamp, Auxxo Female Catalyst Fund, Type One Ventures, 7percent Ventures and other investors. Wilson Sonsini Goodrich & Rosati advised BioOrbit on the transaction.
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Client Highlights
Wilson Sonsini Advises Off Piste Capital on Launch of Fund
On April 29, 2026, Off Piste Capital, a venture capital firm launched to support exceptional founders building the future, announced its first close of Off Piste Fund I with a group of strategic limited partners, including Edition Ventures. The fund is designed to invest in companies building the systems and infrastructure of the future. Wilson Sonsini Goodrich & Rosati advised Off Piste on the transaction.
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Client Highlights
Wilson Sonsini Represents Investors in Windward Bio’s $165 Million Crossover Financing
On May 4, 2026, Windward Bio, a private, clinical-stage biotechnology company committed to improving outcomes for people living with serious immunological diseases, announced an upsized $165 million crossover financing led by OrbiMed, with participation from existing Series A investors including Novo Holdings, Blue Owl Healthcare Opportunities, SR One, Omega Funds, RTW Investments, Qiming Venture Partners, Quan Capital, and Pivotal bioVenture Partners. The financing also included new investors RA Capital Management, Janus Henderson Investors, Sanofi Ventures, and Harbour BioMed. Wilson Sonsini Goodrich & Rosati represented OrbiMed, Novo Holdings, Blue Owl Healthcare Opportunities, and Omega Funds in the transaction.

Since its launch in January 2025, Windward Bio has in-licensed two clinical-stage assets, raised $365 million, and rapidly advanced both programs in the clinic. The proceeds from this latest financing will significantly extend the company’s cash runway and enable multiple clinical readouts in the next 12 months.

The Wilson Sonsini team that represented OrbiMed, Novo Holdings, Blue Owl Healthcare Opportunities, and Omega Funds in connection with the financing included:
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Client Highlights
Wilson Sonsini Advises Lattice Semiconductor on $1.65 Billion Acquisition of AMI
On May 4, 2026, Lattice Semiconductor announced it has entered into a definitive agreement with THL Partners to acquire AMI, a leader in platform firmware and infrastructure manageability for cloud and AI. The planned acquisition advances Lattice Semiconductor’s strategy to expand its position in server, AI, and cloud applications spanning hardware, security, manageability, and control. Wilson Sonsini Goodrich & Rosati is advising Lattice Semiconductor on the transaction.
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Client Highlights
Firm Advises Match Group on $100 Million Investment in Sniffies
On April 27, 2026, Match Group, a leading provider of digital technologies designed to help people make meaningful connections, announced a $100 million investment in Sniffies, a map-based platform serving non-heterosexual men. The investment represents a significant minority ownership stake and includes the option to acquire the remaining equity in the future. Sniffies will continue to operate independently and remain founder-led, with Match Group supporting the team's vision and growth. Wilson Sonsini Goodrich & Rosati advised Match Group on the transaction.
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The Scramble: 2025 Gaming Legal Year in Review

This annual publication offers a retrospective look at the game industry’s legal landscape of the past year, showcases Wilson Sonsini’s contributions during that period, delivers insightful industry analyses, and anticipated trends. This latest issue features global minors' privacy and online safety predictions, M&A and venture capital financings year in review, and industry insights from Wilson Sonsini attorneys.

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