Latest publications

24 August 2026 The Map and the MarkThe active late-stage private company universe, ordered by the latest publicly disclosed valuation. 13 July 2026 The Software LayerWhere AI clears on revenue — the infrastructure and vertical-software cohort marked just below the model giants. 2 July 2026 H1 2026 Round-UpKey takeaways from the record first half. 30 May 2026 The Top 10A valuation map of the highest marked private companies in our coverage frame. 20 May 2026 Reading the SpaceX S-1 — three observationsThree observations on the largest IPO filing in history from the public S-1. 16 May 2026 Sovereign capital and the model-layer build-outHow sovereign and strategic capital is reshaping the late-stage AI cap table. 9 May 2026 Sector dispatch — defence technologyAnduril, Shield AI, and the re-rating of Western defence primes and challengers. 2 May 2026 The marginal buyer of late-stage AIWho is setting the marginal price in late-stage AI — and what that means for marks. 25 April 2026 Vintage rotation — the 2017–2018 distribution cycleWhat 2017–2018 vintage distributions are signalling about the secondary cycle. 18 April 2026 Mark-to-market gap — primary versus secondaryHow and why public comparables and private marks have diverged this quarter. 11 April 2026 Network whisper — what allocators are watching this quarterAn anonymised synthesis of what family-office CIOs are paying attention to in Q2.