Second opinion.

September's IPO delays, record private rounds, and a secondary market where only 1 in 5 names has buyers and sellers. Our Q3 data, explained.

Nvidia posted its best quarter ever, yet AI sentiment barely moved. What August's LBX25 Index and private-market data say about where AI risk sits.

July in private markets: open-weight models closed in, chips fell ~20%, yet Anthropic and OpenAI kept ramping. Here's where activity moved.

Every pre-IPO secondary platform posted H1 2026 results, and almost none agree. I read them all and tested why prices differ so much.

One week after SpaceX's IPO, private SpaceTech activity is unusually broad: 16 names across launch, satellites and in-space infrastructure.

It feels like we're having an Enterprise AI hangover — just as Anthropic and OpenAI climb toward IPO territory.

What is it that investors want: exposure to Anthropic, or exposure to something exceptional — something they can't easily own?

Analysts say 40% of agent projects will fail. Nvidia, Google, and Amazon just bet hundreds of billions otherwise. Who's right?

Anduril at 28x revenue, Isomorphic Labs with none: 19 of the top 25 active private companies don't fit the ARR framework. So what does?

While all eyes are on compute partnerships, things are moving fast on the agentic commerce side — and it looks very much ready.

Last week's Anthropic announcements signal a bigger ambition: going somewhere software could never reach. The financial services agents.

AWS and Google Cloud backlogs are huge, yet Anthropic's margins jumped past 70%. Who's really winning the AI stack, and who lets them?