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Latest publications
27 July 2026
The Physical Layer
The frontier hard-tech names being marked, and repriced, at software speed.
13 July 2026
The Software Layer
Where AI clears on revenue — the infrastructure and vertical-software cohort marked just below the model giants.
2 July 2026
H1 2026 Round-Up
Key takeaways from the record first half.
30 May 2026
The Top 10
A valuation map of the highest marked private companies in our coverage frame.
20 May 2026
Reading the SpaceX S-1 — three observations
Three observations on the largest IPO filing in history from the public S-1.
16 May 2026
Sovereign capital and the model-layer build-out
How sovereign and strategic capital is reshaping the late-stage AI cap table.
9 May 2026
Sector dispatch — defence technology
Anduril, Shield AI, and the re-rating of Western defence primes and challengers.
2 May 2026
The marginal buyer of late-stage AI
Who is setting the marginal price in late-stage AI — and what that means for marks.
25 April 2026
Vintage rotation — the 2017–2018 distribution cycle
What 2017–2018 vintage distributions are signalling about the secondary cycle.
18 April 2026
Mark-to-market gap — primary versus secondary
How and why public comparables and private marks have diverged this quarter.
11 April 2026
Network whisper — what allocators are watching this quarter
An anonymised synthesis of what family-office CIOs are paying attention to in Q2.