The 2021 startup valuation bubble deflated but did not fully reset. Understanding why tells you something important about how private markets actually work. Public market tech valuations corrected sharply in 2022 and have only partially recovered. Private market valuations lagged significantly. Many companies that raised at peak multiples in 2021 have not marked down those … [Read more...] about Why Startup Valuations Haven’t Fully Reset
venture capital
What OpenAI’s Funding Rounds Are Actually Buying
OpenAI's capital raises have stopped being about runway. They are about something else now, and it is worth being clear on what. At the scale of funding OpenAI has absorbed — tens of billions across multiple rounds — the money is no longer primarily financing model training or operational costs, both of which are large but bounded. It is buying three things that have nothing … [Read more...] about What OpenAI’s Funding Rounds Are Actually Buying