Accel reportedly in talks to lead $1B round for Thinking Machines at $40B valuation
THE SO WHAT
A $1B round at a $40B valuation on ~$100M ARR is late-stage capital pricing in AI platform optionality, not just current revenue. If you're selling into the same customers, expect this kind of balance sheet to subsidize aggressive product expansion and pricing.
READ THE SOURCE
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Bids below the $900M–$1B target for PayPal’s VC portfolio sale suggest secondary buyers are still discounting corporate venture assets. If you’re a startup with a strategic on the cap table, don’t assume their fund’s wind-down will translate into a clean, high-priced secondary exit.
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Oura’s IPO filing with fast-growing revenue and rising losses is a test of public appetite for hardware-first, data-rich consumer health plays. If it prices well, expect more sensor-heavy products to chase public capital on the promise of longitudinal health data moats.