Analyst Note

This analyst note examines why the expected surge of VC-backed IPOs from a pent-up backlog is largely a myth, as many companies keep raising private capital and stay private.

A Republican election sweep would drive defense spending to $1.5 trillion and accelerate M&A. Democrats winning would trigger AI hearings and QSBS tax scrutiny.

This analyst note examines the US VC secondary market past its peak, exploring how shifting liquidity dynamics are reshaping platforms, trading patterns, and retail investor access.

This analyst note examines Anthropic’s S-1 filing, evaluating what the disclosure reveals about the company’s financials, valuation, and risks for prospective investors.

This analyst note compares Kalshi’s and Polymarket’s growth, monetization strategies, and valuations as they compete for dominance in the rapidly expanding US prediction market.

This analyst note identifies the most promising datacenter-exposed segments across chips, energy, construction, and logistics, and examines how AI-driven capital is flowing into them.

This analyst note examines the physical AI infrastructure landscape, assessing where durable commercial opportunities lie for suppliers of robot learning data and tools.

Europe is nearing one of its strongest years for public-to-private buyouts—driven by megafunds and waning public market appeal. We examine why the UK leads and what it means for GPs and LPs.

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.