Late Stage

Dec 1, 2025

Kraken raised $800M then filed for IPO 24 hours later. Here's what that timing reveals.

What happens to crypto IPOs in H1 2026? Today - why "raise then file" is either genius or desperation.

Nov 27, 2025

Databricks is worth $62B and has never gone public. Here's how they avoided the liquidity trap.

Profitability gives options. Final clue before my take on Friday. Some companies don't need exits.

Nov 26, 2025

Goldman Sachs paid $965M for a secondary market firm. Here's why Wall Street is betting IPOs won't come back.

When the smartest money bets against traditional exits, infrastructure wins. Today's clue - follow the pipes.

Nov 24, 2025

How Stripe solved the liquidity crisis with a 32% valuation haircut

What breaks the VC liquidity logjam first? Today: Why manufactured liquidity beats waiting for perfect exits.