Research
Weekly Pre-IPO Stock Secondary Market Update
AG Dillon & Co's weekly view on pre-IPO companies, funding rounds and secondary market valuations, with a recorded discussion for each edition.

October 7, 2026
DeepSeek’s reported push to raise at least $12 billion at a valuation of about $74 billion ahead of a listing on Shanghai’s STAR Market will be the first real test of how the China discount applies to a frontier AI lab....

September 29, 2026
Higgsfield's climb to a $1 billion annualized revenue run rate roughly 18 months after launch ranks among the fastest ramps in private market history, and the August Series B at a $5.4 billion valuation now looks...

September 22, 2026
Unconventional AI is attempting something few infrastructure companies dare to try: replacing the compute architecture that has powered computers for the past 60 to 70 years. Founder Naveen Rao, whose MosaicML now...

September 15, 2026
The AI inference chip market just produced two very different price tags for the same thesis, and the spread is the most instructive data point in private semis right now. Positron AI raised $875 million at a $5 billion...

September 10, 2026
Travis Kalanick has emerged from eight years of stealth with Atoms. Atoms is a physical AI company built on City Storage Systems, the parent of CloudKitchens, and the mandate is gainfully employed robots across food,...

September 1, 2026
Anthropic is accelerating into the turn weeks before its expected IPO, and the spending tells the story better than any prospectus language will. The company has reportedly agreed to a $45 billion, six-year compute deal...

August 27, 2026
The public fight over Flock Safety is being framed as a debate about whether data gets captured, and that framing is already obsolete. Flock reports its technology helped locate more than 10,000 missing people in 2025,...

August 21, 2026
Etched's reported jump from a $10 billion to a $21 billion valuation in roughly a month is the clearest signal yet that private capital is repricing inference compute as a distinct and urgent asset class. The company...

August 12, 2026
Robinhood launched an interval fund investing in Y Combinator backed startups. Retail investors are dying for pre-IPO stock exposure. Companies now stay private through the entire small cap to mid cap to large cap...

August 5, 2026
[Recorded before earnings released] SpaceX reported its first public quarter earnings this week, and the number that matters is not the Q2 2026 print. Guidance is the entire event. The Anthropic, Google, and Reflection...

July 29, 2026
Nvidia's reported willingness to guarantee $250 billion of financing for an OpenAI data center, inside a project that could reach $500 billion once the chips themselves are counted, is the clearest signal yet that...

July 24, 2026
Anduril's Thunder launch, arriving one week after its AWS partnership to push data center capability to the battlefield, matters less as a single product than as evidence of release cadence. The valuation framework here...

July 15, 2026
Blue Origin's $10 billion raise at a $130 billion valuation confirms that the space economy is no longer a single-company story, but the investable question is entry timing rather than whether Bezos and Blue Origin...

July 9, 2026
The AI chip market is far from saturated, and Etched's climb to a $5 billion valuation is the clearest signal that inference, not training, is where the next wave of semiconductor value will be created. Two Harvard...

July 1, 2026
OpenAI's decision to build Jalapeño, its first custom inference chip co-developed with Broadcom on a roughly nine-month design cycle and slated for its own data centers by year end, is the clearest signal yet that...

June 24, 2026
The AI industry is undergoing a real-time capital efficiency reckoning, and the numbers define the pressure. OpenAI is burning through approximately $3.7 billion per quarter, a run rate that becomes unsustainable the...

June 17, 2026
An AI price war is now reshaping the economics of the entire sector, and the pressure is coming from the cost side rather than the demand side. OpenAI has been optimizing to maximize token spend, but a wave of inference...

June 10, 2026
SpaceX enters its IPO week having transformed its financial profile in the span of roughly seven to ten calendar days. Two compute agreements, a $15 billion per year Anthropic deal and a newly closed $11 billion per...

June 3, 2026
Anthropic's confidential S-1 filing for a fall 2026 public offering frames what is shaping up to be the largest pure technology IPO in US market history. The company closed a $65 billion financing round at $965b, and...

May 27, 2026
SpaceX's S-1 filing pulled back the curtain on a business that is transforming faster than most investors realize. The disclosure that commanded most attention was the Anthropic data center agreement, which carries a...

May 20, 2026
Cerebras Systems' public market debut at $185 per share, closing its first day up 68%, is among the clearest validation signals the AI infrastructure sector has produced in this cycle. The company builds wafer-scale...

May 13, 2026
Lambda Labs completed a meaningful leadership transition this week, appointing a new chief executive and chairman while retaining a chief financial officer brought in several months prior, as the company prepares for a...

May 6, 2026
The negative headlines around OpenAI, including a contested revenue miss and a user count tracking at 900 million against a stated target of 1 billion, are obscuring the more important variable for enterprise...
* NOTE: AG Dillon ("AGD") is not affiliated with any pre-IPO company in its funds. Some pre-IPO companies require company approval for purchases (aka transfers). AGD has not been pre-approved by any pre-IPO company to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third party fund (aka special purpose vehicle, or SPV). When AGD purchases through a SPV the SPV general partner is responsible for obtaining the pre-IPO stock company approval, not AGD.
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