Analyst Note

This analyst note examines the unit economics of competing at the AI frontier, exploring capital requirements, financing dynamics, and investor returns across the AI value chain.

This analyst note examines OpenAI’s accelerating revenue growth, widening losses, and proposed funding round, assessing whether its valuation is justified by targets it has yet to reach.

This analyst note examines how continuation funds evolved from a niche PE exit tool into a mainstream liquidity strategy and explores the trends shaping their next chapter.

This analyst note examines the BCI market’s TAM expansion, Neuralink’s competitive positioning, and underappreciated investment opportunities in adjacent sectors such as surgical robotics and psychiatry.

This analyst note examines how nine leading hyperscalers and neoclouds are responding to AI demand, comparing executive commentary on their strategies across chips, capacity, and capital deployment.

This analyst note examines how growing datacenter power demand and renewables adoption are driving VC interest toward long-duration, non-lithium energy storage technologies.

This analyst note examines what Anthropic’s leaked draft IPO filing reveals about its revenue growth, cost structure, and whether the reported valuation is justified.

This analyst note estimates Polymarket’s enterprise value and examines the key drivers and risks shaping its path to durable profitability, including US expansion, competition, and regulatory uncertainty.

This analyst note examines robotics actuators and motion systems, exploring how merchant suppliers can build durable, venture-scale businesses as robot production ramps up.

This analyst note initiates PitchBook’s coverage of Kalshi, assessing its business quality and weighing its growth potential against legal exposure, distribution risks, and regulatory uncertainty.

This analyst note examines how new payment infrastructure and protocols are emerging to enable AI agents to transact, and where investors should focus within this market.

This analyst note assesses Anthropic’s business quality, revenue outlook, and compute strategy ahead of its S-1 filing to evaluate whether its reported $2 trillion valuation is justified.

This analyst note initiates coverage of Databricks, assessing its AI business quality, financial forecasts, and valuation to determine whether its $190 billion price leaves room for investor returns.

This analyst note examines why Europe has yet to produce a $1 trillion company, exploring the structural barriers to scale and forecasting when the continent’s top contenders could reach that milestone.

This analyst note examines why M&A, rather than IPOs, is emerging as the primary exit path for AI startups and what this shift means for acquirer dynamics, VC fund returns, and capital concentration.

This analyst note explores why most of the over 24,000 APAC companies funded during the 2020 to 2021 VC boom remain active and private—but stuck. We track the boom-era cohort through the market reset.

This analyst note explores how AI-driven private valuation inflation and widening public-private pricing gaps have structurally shifted when and why VC-backed companies go public.