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A lockup is a contractual restriction, negotiated between the company and its underwriters, that prevents insiders, employees, and pre-IPO investors from selling shares for a set period after listing. Standard terms run 90 to 180 days, though the exact length and who it applies to varies by deal.

AI-assisted coding has changed that calculus. The time from idea to deployed application has compressed in ways that were genuinely difficult to anticipate even two years ago. And when software creation moves that fast, the plumbing that supports it starts to matter differently. Infrastructure that used to be a one-time decision is now being provisioned thousands of times a day, often by automated tools rather than human developers. That shift is where Supabase's story begins

Every few months at PEP name comes through that the rest of the market has not yet priced correctly yet. By the time everyone agrees it’s a great company, the price has already moved past the point where it’s a great deal. The window between those two moments is where the actual work happens, and it has less to do with access than you might think (access, after all, is at premium when “everyone” wants into the deal).

SpaceX prices its IPO Thursday, with first trades Friday on the Nasdaq under ticker SPCX, at a fixed $135 per share. The base raise is $75 billion, rising toward $86 billion if underwriters exercise the over-allotment, the largest offering in history by a wide margin. In the same stretch, Anthropic and OpenAI each confidentially filed draft S-1 paperwork with the SEC. Anthropic filed first, on the heels of a funding round valuing the company near $965 billion. OpenAI followed

Secondary venture investing is harder than it looks. The asset class concentrates liquidity around a handful of genuinely great companies, which creates the illusion that picking winning secondaries is mostly about picking winning companies. It isn't. In practice, there are five distinct ways a secondary investment can go wrong. Each hurdle requires its own discipline to prevent. At PrePublic Equity Partners, our investment process is built around avoiding all five.

In December 2024, Bloomberg reported a secondary share sale that valued the company at about $350 billion. Separately, Reuters reported in late 2025 that SpaceX was exploring an IPO that could raise more than $25 billion and value the company at over $1 trillion. Even taking the more conservative $350 billion figure, SpaceX would arrive at the public markets as one of the largest companies ever to list.bThat is what makes a potential SpaceX IPO so different.

For years, speech technology largely lived at the edge of the enterprise stack: call transcription, dictation, basic IVR, and narrow automation. That is changing. The latest data suggests enterprises are no longer treating voice as a feature. They are beginning to treat it as a core interface — and, increasingly, as a strategic layer of software.

"We have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth. A decade into this journey, we have only just begun to show what is possible." — Nik Storonsky, CEO, Revolut 2025 Annual Report.That is not the language of a company running out of runway. It is the language of a business that has found its footing and is now staring at two of its largest markets still largely ahead of it.

Two pieces of news this week that, taken together, say something bigger about where private markets are heading.

Value creation is staying private. Liquidity is learning to follow it as venture secondaries become a crucial on-ramp. For most of modern venture history, the script was straightforward: invest early, support the company, and wait for an IPO or acquisition to unlock returns. That script is now being rewritten as two powerful signals are converging.

The IPO market is technically open…but it’s already becoming choosy. A week ago, Blackstone’s president declared that “2026 should be the year of the IPO.” Just days later, one of Blackstone’s own portfolio companies put that assumption to question. On the surface, it was a busy week for new listings, with seven IPOs and six SPACs pricing. But it was also notable for what didn’t happen.

After two years of a constrained exit environment, private-market liquidity is increasingly being delivered through secondaries and structured transactions, not traditional IPOs.

Nvidia’s recent $20 billion acqui-hire of Groq is more than a single high-profile transaction — it’s a clear signal that consolidation in AI hardware is accelerating.