Company Research

Will Ahmed pitched WHOOP to well over a hundred investors before one said yes. He was 22, captain of Harvard's squash team, and convinced that his own chronic fatigue was a data problem nobody had bothered to solve. The company came within weeks of running out of cash more than once. Fourteen years later, WHOOP closed a round that values it at $10.1 billion, with Cristiano Ronaldo, LeBron James and the Qatar Investment Authority writing checks alongside the Mayo Clinic and Ab

OpenEvidence started in 2021 essentially as a search engine built for doctors. It is trained on licensed medical literature and made available free to any licensed clinician in the US, with access verified by NPI number or a hospital email. Founder Daniel Nadler had already sold one AI company, Kensho, to S&P Global and he built this one on the same bet: a narrow model grounded in the right data beats a general one in a field where being wrong has heavy costs.

Clay was founded in 2017. It didn't cross real revenue until 2022. It hit $30 million in 2024, roughly $100 million in annualized revenue by last December, and an estimated $150 million by this May. Along the way its valuation went from $500 million to $1.25 billion to $3.1 billion to $5 billion in about 18 months. Seven years of wandering, then an 18-month sprint that, if you didn’t know any better, looks like an overnight success.

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

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.

When we last wrote about Cerebras, the company had confidentially refiled for IPO and the debate was theoretical: would public markets reward a capital-intensive AI infrastructure company on strategic positioning alone, as longtime backer Coatue argued, or would “price matter” once a real-time pricing engine got involved?

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.

Few private companies attract the level of sustained institutional attention that SpaceX does — and for good reason. Across the dimensions that matter most to sophisticated investors evaluating late-stage private opportunities — market position, financial profile, and path to liquidity — SpaceX presents a compelling case. It also carries at least one meaningful new variable worth watching carefully.

This week The Information reported that Cerebras Systems, the Silicon Valley chip designer built around its wafer-scale computing architecture, has confidentially refiled for a U.S. IPO that could come as soon as April 2026.

For decades, the IPO defined liquidity — the moment value crystallized. That model is outdated. Today, a growing share of enterprise value is created — and priced — in private markets through structured tenders and secondary transactions. Liquidity is no longer binary. It is engineered. This shift is structural, not cyclical. And it is changing where — and when — investors access growth.

A growing share of today’s most important technology companies are staying private far longer than prior generations, even as they reach massive scale. That shift is reshaping how value is created, how liquidity emerges, and when investors are able to participate.