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San Diego Padres is in talks to sell for more than $3.5 billion. The bidders include Detroit Pistons owner Tom Gores. A Padres sale of that size would surpass the current MLB record, established when Steve Cohen bought the New York Mets in 2020 for $2.4 billion.

SAN DIEGO — More than $1 billion-plus in venture capital dollars flow to San Diego headquartered companies in the first three months of 2026.

There were nearly 40 venture capital raises in Q1 2025, with five of those companies raising atleast $100 million or more.

Those companies include Atrium Therapeutics ($270M), Mirador Therapeutics ($250M), Recludix Pharma ($123M), Rakuten Medical ($100M), and high-flying defense-tech company Shield AI ($2B).

Larger investment checks went towards late and clinical-stage biotech companies, followed by 15 deals between the $10 million to $50 million range.

Shield AI’s $2 billion Series G funding round more than doubles the valuation to $12.7 billion. The defense startup projects over $540 million in revenue in 2026.RyboDyn, a 10-person biotech headquartered in Torrey Pines, raised $10 million seed funding round from a syndicate of investors in March. The firm has an AI genome sequencing and drug discovery platform. Ventyx Biosciences, which specializes in developing pills that can treat inflammatory diseases, was acquired by Eli Lilly for $1.2 billion. The firm went public in October 2021 and was founded seven years ago.The WEST Conference, a major naval and maritime defense conference hosted its annual event at the San Diego Convention Center on February 16. It brought together military and industry leaders to discuss technologies, strategies, and warfighting readiness.

Fred Grier is a senior associate at JLL. He’s responsible for advising emerging companies on their commerical real estate needs.

Curious where companies are leasing space, want to tour the market, or need help finding your next office space — send me a note.

Clients include tech, life science, and manufacturing in San Diego and the U.S.

Fred Grier
Senior Associate
CA DRE License #02245053
661.428.2862 | fred.grier@jll.com
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