Venture Capitalists Push Up AI Startup Valuations with Tranched, Two-Step Rounds
THE SO WHAT
VCs bidding billions for a three-month-old AI startup with no product—and using tranched, two-step rounds to manage risk—shows capital wants exposure faster than diligence allows. Founders can trade price for structure: accept milestones and ratchets if it lets you bank more cash now, but model the downside case where you never clear tranche two.
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