Is the secondary market going to slow down?
What is it that investors want: exposure to Anthropic, or exposure to something exceptional — something they can't easily own?
Insights
Expert perspectives on venture capital, private markets, and the future of investment.
Are we in the Agentic Inflection point or not?
Analysts say 40% of agent projects will fail. Nvidia, Google, and Amazon just bet hundreds of billions otherwise. Who's right?
ARR doesn't describe the active private market anymore
Two mega-rounds last week. Six of the top 25 fit the old framework. The other nineteen don't.
Newsletter
Agentic commerce: the rails are ready
While all eyes are on compute partnerships, things are moving fast on the agentic commerce side — and it looks very much ready.
Newsletter
Anthropic is going where SaaS could never reach
Last week's Anthropic announcements signal a bigger ambition: going somewhere software could never reach. The financial services agents.
Newsletter
Confusing Success: Who's Really Winning the AI Stack?
Last week's Q1 earnings from Amazon and Google left investors with a problem they couldn't quite name. By every observable signal, the hyperscalers are winning.
Tight $26.5 Trillion AI Market
SpaceX claims a $26.5 trillion AI TAM and lines up a $60 billion Cursor acquisition it plans to pay for with IPO stock.
The $700 Billion Problem
Half of 2026's planned data centers won't be built. States are banning them. Two of the winners just filed to go public.
Fear and greed: the AI marketing playbook
Anthropic overtook OpenAI on ARR, Sam Altman got a brutal New Yorker profile, and both labs are racing toward IPO
Token spend is the new cloud bill
Ramp just launched Ramp AI Spend Intelligence, a tool to help companies track their AI costs across model subscriptions, API spend, and tool sprawl.
Newsletter
Q1 2026 Update: the market is rotating
In just three months of 2026, the secondary market has repriced and broadened significantly
Rolling out the red carpet
Nasdaq will change the rules for its flagship index to let newly public companies join within 15 trading days, down from three months currently.
Signals
Signals
20 latestKraken Offers SpaceX IPO Access via Tokenized xStocks Platform
Crypto exchange Kraken has opened access to SpaceX's anticipated IPO through its tokenized xStocks platform, expanding pre-IPO access to retail crypto investors.
Source: FinanceFeeds
S&P 500 Rejects SpaceX, Blocking Path for OpenAI and Anthropic
The S&P 500 has rejected SpaceX's inclusion, a decision that also effectively blocks OpenAI and Anthropic from joining the index in the near term.
Source: Ars Technica
SpaceX Signs $30 Billion Cloud Computing Deal With Google
Google has agreed to pay SpaceX $920 million per month for computing power as part of a cloud services deal running through mid-2029, marking SpaceX's second major AI compute agreement in weeks following its earlier Anthropic deal.
Source: bloomberg-tech
Lovable in Talks to Raise Funding at $12 Billion Valuation
Lovable is reportedly in talks to raise a new funding round at a $12 billion valuation, according to Forbes, signaling rapid growth in the AI coding startup space.
Source: Forbes
Revolut Weighs Secondary Share Sale at $115 Billion Valuation
Revolut is considering a secondary share sale that would value the digital bank at $115 billion, following its receipt of a UK banking license and a US charter application.
Source: bloomberg-tech
Trump Administration Discusses Possible Government Stake in OpenAI
The Trump administration is in discussions with OpenAI about the possibility of the U.S. government taking a stake in the AI startup, signaling deepening ties between OpenAI and federal authorities.
Source: CNBC
Anthropic Urges Global Pause in AI Development Over Self-Improvement Risk
Anthropic has called for a global pause in AI development, flagging risks related to AI self-improvement. The call has drawn both commentary and pushback from observers in the AI community.
Source: WSJ
Airwallex Acquires Leapfin to Expand Financial Lifecycle and Reporting Capabilities
Airwallex has acquired Leapfin, a financial data automation platform, to automate financial reporting and expand its financial lifecycle capabilities for global businesses.
Source: Business Wire
OpenAI and Anthropic Sign Letter to Prevent AI-Developed Biological Weapons
OpenAI and Anthropic have co-signed a letter aimed at preventing the development of biological weapons using AI, reflecting growing industry efforts around AI safety and biosecurity.
Source: WIRED
Together AI Signs Multi-Year GPU Cloud Capacity Agreement with Rumble
Together AI has entered into a multi-year GPU cloud capacity agreement with Rumble Inc., with Rumble set to power Together AI's next wave of Blackwell AI model infrastructure.
Source: Quiver Quantitative
Ramp Raises Series F at $44 Billion Valuation
Ramp closed a new Series F funding round at a $44 billion valuation, as businesses increasingly look to manage and rein in AI-related spending.
Source: Bloomberg.com
Databricks CEO Reaffirms Plan to Avoid IPO
Databricks CEO Ali Ghodsi indicated the company plans to avoid an IPO despite a wave of major public offerings, reiterating a preference to remain private for now.
Source: Bloomberg.com
Helion Raises $465M Series G at $15.5B Valuation to Accelerate Fusion Commercialization
Helion Energy has closed a $465 million Series G funding round led by Thrive Capital, nearly tripling its valuation to $15.5 billion. The capital will support the company's push toward commercial fusion power deployment, including its power delivery agreement with Microsoft.
Source: The Information
Stripe, Visa, Mastercard, and Coinbase Near Launch of Joint Stablecoin Platform
Stripe, Visa, Mastercard, and Coinbase are reportedly close to forming a consortium to launch a new joint stablecoin platform. The initiative signals a major industry collaboration to establish shared stablecoin infrastructure across leading payments and crypto players.
Source: CoinDesk
SoftBank to Invest $300 Million More in Agile Robots
Agile Robots, which develops AI-powered industrial robots, is in talks to raise about $800 million in a new funding round, with SoftBank Group in discussions to contribute more than $300 million, Bloomberg reported.
Source: TradingKey
Anthropic Launches 'AI Rule & Law' Hiring Initiative
Anthropic is hiring for a new 'AI Rule & Law' team, signaling a strategic push into AI governance and legal policy.
Source: Business Insider
Ramp Launches Stack, an AI Operating System for Accounting Firms
Ramp launched Stack, an AI operating system designed for accounting firms, marking a significant new product expansion targeting the accounting industry.
Source: PR Newswire
Deel Deploys Stripe's Stablecoin Stack to Pay 1.5M Contractors in DLUSD
Deel has integrated Stripe's full stablecoin payment stack to pay its 1.5 million contractors using DLUSD stablecoin. The deployment highlights growing enterprise adoption of Stripe's stablecoin infrastructure for cross-border payroll.
Source: thedefiant.io
Mastercard Expands Stablecoin Settlement with USDC, RLUSD and Others
Mastercard has expanded its stablecoin settlement capabilities by integrating Circle's USDC, Ripple's RLUSD, and additional stablecoins, broadening its crypto payment infrastructure.
Source: Yahoo Finance
Ayar Labs Raises $500M Funding Round Backed by Nvidia and AMD
Optical interconnect startup Ayar Labs has closed a $500 million funding round with backing from major chipmakers Nvidia and AMD, signaling strong industry confidence in photonic interconnect technology for data centers.
Source: Data Center Dynamics
Leo
AI analyst
Ask anything
Companies, valuations, IPO plans, market activity