Analyst Note

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.

This analyst note examines private capital opportunity in obesity therapeutics as first-generation GLP-1 assets mature and investment shifts toward next-generation biological mechanisms.

This analyst note examines the growing backlog of aging PE-backed companies, the deferral mechanisms sponsors use to avoid resolution, and the implications for LP returns, lenders, and market liquidity.

The H1 2026 Healthcare IT PE Update highlights recent PE deal activity and dominant trends in healthcare IT.

NVIDIA’s $266.1 billion in 2026 deal participation and $500B MoU with six GPs signal a new phase of ecosystem financing. We examine CUDA moats, platform debt, and implications for AI capital formation.

This analyst note ranks countries and cities by VC development and growth, highlighting the US’s dominance, shifting global rankings, and per capita hotspots.

The 2021 vintage’s 0.05x year-five DPI is the lowest since 1997, but early DPI barely predicts terminal returns—the 2012 vintage reached 2.04x by year 10 from a slow start. With TVPI at 1.21x, we examine what the next five years will decide.

This analyst note examines Europe’s IPO recovery in 2026, noting favorable market conditions alongside a shrinking pipeline of high-quality listing candidates.

This analyst note examines OpenAI’s autonomous agent breach of Hugging Face and how the incident could accelerate VC investment in AI-native cybersecurity startups.

This analyst note evaluates the US venture secondary market near its peak, examining AI-driven concentration, issuer trading restrictions, SPV risks, and the startups in line to become the market’s top names.

This analyst note uses PitchBook’s Return Barometers to model how private market strategies might have performed during past stagflation, oil shock, and bubble-deflation episodes.