$350M
Harvey’s estimated annual recurring revenue in July 2026.
Insights
The research behind our conviction
Independent analysis and perspectives on private technology markets, sector dynamics and the forces shaping our investment universe.
Intelligence
$41B
Prometheus’s valuation in June 2026.
Jeff Bezos’ Prometheus AI: The Firecracking Physical AI vision
Read →
$15.5B
Helion’s June 2026 valuation precedes proven commercial fusion.
Helion Energy: Fusion's Commercial Breakthrough?
Read →46%
Chinese models’ peak OpenRouter usage share in July 2026.
Open weights, open questions: the AI debate that is shaping policy and investment
Read →
90%
Upper end of estimated DeepSeek pricing discounts, mid-2026.
The US-China AI race: who wins when models go from scarce to abundant?
Read →
3
Upper-end modelled facility payback in years, if pricing holds.
Crusoe investor insights: energy-powered infrastructure at the heart of the AI revolution
Read →5,000
Equivalent sensing rate in frames per second, based on latency.
The invisible wall: why AI still can't see what matters most
Read →$60B
Cursor acquisition option under the April 2026 agreement.
Pre-IPO M&A: how $100bn giants rewrite acquisitions
Read →$700B
Upper-end estimate of potential IPO-driven liquidity.
The billion dollar question: where will capital flow after the biggest IPOs in history?
Read →$4B
OpenAI deployment capital exceeded this level in May 2026.
OpenAI's acquisition sprint: the strategy of moving beyond a foundation model
Read →$2,700
Approximate Falcon 9 launch cost per kilogram.
Space companies IPO: which can follow SpaceX to the market?
Read →20×
Mistral’s reported ARR growth by early 2026.
Mistral AI's $830M debt raise: Europe's champion in sovereign AI
Read →$40B
Implied valuation approached in unconfirmed early-2026 secondary pricing.
Neuralink: Investor Insights into the BCI Opportunity
Read →$2.5B
Claude Code’s annualized revenue exceeded this in February 2026.
AI Coding Agents: Market Developments, Risks and Developer Takeup
Read →55%
Approximate task-completion speed improvement in GitHub Copilot research.
AI disruption: Consulting vs coding: Which industry transforms first?
Read →$32B
Acquisition price for cloud-security company Wiz.
AI Companies at the Crossroads: The Acquisition vs IPO Decision
Read →$126B
Waymo’s valuation in February 2026.
Waymo investor insights: Anatomy of a juggernaut in autonomous mobility
Read →$50B
Upper end of SpaceX’s reported 2026 IPO fundraising target.
The 2026 IPO Pipeline: Which Tech Giants Are Heading to Public Markets?
Read →$50B
Defence-tech funding approached this level in 2025.
Defence Tech Investing: Why Autonomous Systems Are Reshaping Private Markets
Read →$267M
Shield AI’s estimated revenue in 2024.
Shield AI: Why the $12 billion Defence Tech Opportunity May be Taking Off
Read →$66B
Sovereign investment in AI and digital infrastructure during 2025.
Investing in Intelligence: How Data Infrastructure Became the New Gold Rush
Read →12
Target CAC payback is below this, in months.
AI Revenue Models That Can Attract Family Office Capital in 2026
Read →1.3
NScale’s stated capacity pipeline, measured in gigawatts.
NScale: Europe's Billion Dollar Bet on AI Sovereignty
Read →72.5%
MIT SEAL’s adaptation success rate in research testing.
Entering the era of AI models that can continually self-learn
Read →60×
Potential SpaceX–xAI valuation exceeds this projected 2026 revenue multiple.
When Rockets Meet Algorithms: Inside the $1.25 Trillion Bet That's Rewriting Silicon Valley's Playbook
Read →10
Upper end of typical fund lock-ups, measured in years.
Why some investors are dumping funds for deal-by-deal opportunities
Read →40%
Reduction in humanoid robot costs during 2024.
Steel and Silicon: The US - China Robotics Race Reshaping Global Power
Read →45%
Upper end of Anduril’s estimated gross-margin range.
Anduril Industries: Investor Insights: Rewriting the defence industrial base at a $30.5 Billion Valuation
Read →60%
Estimated share of advanced-economy jobs exposed to AI.
Beyond the Hype: Why AI Is Remaking Work, Not Ending It in 2026
Read →50%
Co-investment fee reductions often reach or exceed this level.
The rise of co-investment platforms: Why investors want control back
Read →50%
Series B valuation premium for AI startups.
AI startup valuations in Europe are skyrocketing: Don’t get left behind
Read →$12B
OpenAI’s reported annual recurring revenue.
Inside Open AI $1 trillion IPO speculation
Read →$500M
xAI’s annual recurring revenue guidance for 2025.
xAI: Investor insights in 2025
Read →$290B
Enterprise AI market forecast exceeds this level in 2026.
OpenAI vs. Accenture: The AI consultancy battle
Read →$200M
Ceiling per Pentagon AI-provider contract awarded in 2025.
How OpenAI, Anthropic, and Anduril are rewriting global power
Read →$50B
Kalshi’s annualized trading volume exceeded this in October 2025.
Trading on tomorrow: The rise of Kalshi and Polymarket
Read →$187B
ByteDance’s estimated annual revenue exceeded this level.
Investing in ByteDance: Why TikTok’s maker is a major target in 2025
Read →$5B
Anthropic’s reported annualized revenue exceeded this in 2025.
OpenAI vs Anthropic: Inside the $300B AI valuation gap
Read →50%
Upper end of energy’s share of data-center operating costs.
Inference Inflation: Understanding the Economics of Scaling AI Applications
Read →€100M
Mistral’s five-year AI partnership with CMA CGM.
Mistral AI: Investor insights
Read →€4.5T
Annual European industrial production exceeds this level.
Beyond Silicon Valley: Why Europe’s AI Ecosystem Deserves Attention
Read →100
Reported Digit deployments approached this level.
Agility Robotics: Investor Insights
Read →$55B
Forecast warehouse-robotics market size by 2030.
The rise of vertical robotics
Read →$126B
AI-robotics market forecast exceeds this level by 2030.
AI-native robotics: Physical agents
Read →$412M
Kraken’s revenue in the second quarter of 2025.
Kraken: Investor Insights
Read →70%
Gross margins often exceeded in subscription cybersecurity businesses.
Cybersecurity: Technologies, Threats, and Business Models
Read →61%
Reported share of cybersecurity incidents linked to identity.
The future of identity and trust in cybersecurity
Read →$6B
Cyera’s valuation in 2025 reflects data-security demand.
Cyera: Investor insights
Read →50
Upper-end typical AI rack power demand, in kilowatts.
Powering AI - Investor Insights
Read →$35B
Forecast military AI market size by 2028.
The economics of modern Defense: How tech innovation is remapping global military spending
Read →$2,000
Reported reusable-rocket launch costs below this per kilogram.
Space technology: Rocket reusability and the collapse of launch costs.
Read →950
EV battery demand in gigawatt-hours during 2024.
Battery technology: Investors insights
Read →$3B
Anthropic’s annualized revenue run rate in May 2025.
Anthropic: Investor insights
Read →4
AI risk tiers guide EU regulatory classification.
EU AI Act 2025: Key Takeaways
Read →40%
Upper-end potential transmission-capacity gain from dynamic line ratings.
Which technologies will unlock the $1 trillion energy grid upgrade ?
Read →$10B
Forecast federated-learning market size by 2030.
Federated AI, a $10B subset
Read →90%
Upper-bound potential training-cost reduction from hyperparameter tuning.
How hyperparameter tuning cuts AI learning costs by 90%.
Read →2
Minimum learning agents interacting in a multi-agent system.
What is Multi-Agent Reinforcement Learning (MARL)
Read →€1B
EDF programme investment exceeded this level in 2025.
Who are Europe's leading DefenseTech startups ?
Read →50%
Upper-bound potential downtime reduction from predictive maintenance.
Agentic AI: The future of autonomous systems
Read →56.6%
Maximum reported energy savings from sparse transformers.
Sparse vs Dense Transformer Models
Read →$39.1B
Forecast national-security AI market size by 2033.
AI in National Security: A Breakdown
Read →$26.5B
Potential multimodal AI market size by 2033.
What is Multimodal AI ?
Read →$164.81B
Forecast mobile-gaming market size by 2029.
Mobile gaming trends
Read →€800B
Upper limit of ReArm Europe’s investment mobilization target.
EDF 2025, Europe's defense innovation potential
Read →$171B
Forecast self-supervised learning market size by 2032.
Self-Supervised Learning or Reinforcement Learning in LLMs: Which is More Investable ?
Read →$286.8B
Robotics market forecast exceeds this level by 2032.
Invest in Robotics: Strategic Insights
Read →12.4
Peak IBM analog-chip efficiency, measured in TOPS/W.
Specialized AI Chips: A Breakdown
Read →$200B
Digital-twin market forecast exceeds this level by 2035.
Investing in Digital Twin Technology: Strategic Insights
Read →5×
Hourly spending by gamers who socialize and shop.
The Traction of Web Gaming
Read →88%
Increase in iOS install costs between 2021 and 2022.
Mobile gaming consolidation: What is happening?
Read →23.6%
Forecast RegTech compound annual growth rate, 2024–2032.
Invest in RegTech: Strategic Insights
Read →$1.25T
Approximate forecast SaaS market size by 2034.
Invest in SaaS Companies: Strategic Insights
Read →$336.5B
Forecast insurtech market size by 2032.
Invest in Insurtech: Strategic Insights
Read →$364.62B
Forecast data-center market size by 2034.
Invest in Data Centers: Strategic Insights
Read →$23.63B
Forecast endpoint-detection and response market size by 2031.
Endpoint Detection and Response (EDR): Strategic Insights
Read →$702.8B
Forecast edge-computing market size by 2033.
Edge Computing: Strategic Insights
Read →3
Core valuation metrics: EBITDA, revenue growth and free cash flow.
Understanding Private Equity Valuations: Key Metrics and Methods
Read →29.7%
Approximate forecast AI drug-discovery CAGR, 2024–2030.
AI-Driven Drug Discovery: Strategic Insights
Read →$77.75B
Forecast open-source software market size by 2028.
Open-source Software: Strategic Insights
Read →$2.5B
SiFive’s Series F valuation exceeded this level.
Open-Source Hardware (OSH): Strategic Insights
Read →$131B
Forecast quantum-computing market size by 2040.
Quantum Computing: Strategic Insights
Read →$506.5B
Energy-storage market forecast exceeds this level by 2031.
Energy Storage and Battery Innovation: Strategic Insights
Read →$1.8T
Potential space-economy market size by 2035.
Space Economy: Strategic Insights
Read →$3.15T
Approximate forecast IoT market size by 2033.
Investing in IoT: Strategic Insights
Read →$142.5B
Forecast wearable-technology market size by 2030.
Investing in Wearables: Strategic Insights
Read →$549.7B
Forecast healthtech market size by 2028.
Investing in Healthtech: Strategic Insights
Read →$424.97B
Forecast cybersecurity market size by 2030.
Investing in Cybersecurity: Strategic Insights
Read →$1.38T
Forecast aerospace and defence market size by 2030.
Investing in Aerospace & Defense: Strategic Insights
Read →$3.2B
Reported BlackRock Bitcoin ETF inflows exceeded this level.
Nine companies betting big on blockchain and crypto
Read →$117B
Capital available for secondary transactions in 2023.
Market Trends and Outlook for Secondary Market Transactions
Read →315
Private-equity firms that invested in AI during 2023.
The Rise of AI Investments in Private Equity
Read →49%
Mobile’s share of the gaming market in 2023.
Mobile Gaming Industry Insights and Outlook for 2024
Read →$17T
Forecast deep-learning market capitalization by 2036.
Deep Learning - Investing in Tomorrow's Intelligence
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