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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters Also: SaaS-pocalypse? Not in VC; Our latest Global Fund Performance report; Technology is rewriting logistics; Take our PE survey... May 23, 2026 | Read online | Manage your subscription The Research [...] Content analysis details: (0.8 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 T_SPF_HELO_TEMPERROR SPF: test of HELO record failed (temperror) 0.0 T_SPF_TEMPERROR SPF: test of record failed (temperror) 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Also: = SaaS-pocalypse? Not in VC; Our latest Global Fund Performance report; Techn= ology is rewriting logistics; Take our PE survey... </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; 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paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">May 23, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXFMrb0-2FkCMe= duqbzCeKUUyf-2F63kjs0hJDykKDskGlnGg-3D-3DwzeS_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0C= Rm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46= dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPY= r0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE5Vrx0Ldin9UpTYW= d3ZuWj1tAj8SkA6iCIdTzVFru4Dy9sLxxb4jDzu6q0R3-2B3ZOBZDMGv1d6olb51XSJI37PokHc= MEd10u3-2BQ7tCLKpdaWCSGO-2FOit3svWptRO5N5ZRuFWow3xuo6P-2BiFhbjWJFX9z6MytW-2= FSva3wRo-2F5oMLttT6QtNYJcPb3DR-2FGME-2BuLRMXNHuOEVsFOK5GZWzhgQRMMl2336APufH= 70shjkKWs4AUhqs19rrNhx9Kh3Yl3DrFtr-2BeqLM65akadigh3WhvE4" target=3D"_blank"= style=3D"text-decoration: underline; 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style=3D'display:none !important; mso-hide: all;' src=3D'https= ://my.pitchbook.com/ms/pixel?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJ= Q6VUBAECQE7XY5D5PSLQI&emailId=3D3DHLA3ADVYZO7OQ&emailName=3D3D7ETUXSUVU4M3H= X3TDHQYK4L3UUMVWWC3672JJBI&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZM= ZBKVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn= =3Du001.4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8mspgm8j8= HMxiL8ET9tnv6azU04PsKStJhPHoWNH4yNlA96pYeKmxAU9zIWsGzCPbRqG3srKbDpjF1KRvxQ4= ABe9zvXPnuZpCnm4lqXs1l-2F3sR21CyfswhzvLXVjfp0s5UsayAiOLXXSthbu8c6jHeAARyU-2= BgaFmXPbYYEGFxajoyuB4rbTkeU3lvYHOdYrbM5qliYuIfO6NeV-2FWoPu66sSzNLeIyvP7f7KB= UYrKRoIJDruD9nHAi-2FJN3yo9-2Brs9t0svFWiZeHgBUGX0GiUnXlQsCXpaYiO2CF-2FAYdNKy= tvWwpOGOJar6WZJKLZ-2BBaUoLCBmGD2OtAj9s1ixotRPfmrA8CK5QcPim6G2OpSm-2FDbLUL8Q= XusCi4FxURvhefSIv0tb8LTPTsszM2o6POk-2B2r2pLpNdjdbpA2inERKx5xmyztMwaU-2BEnig= 6x1Go9Qbx-2FwWqOfzV3L6uqpw8a3ZDQhCLB7LXIdugtrVIjsozZ7IBHsJUyO7thFJG71cHBfbp= jE3Zh2Ikj7G7P4LGpXjyafM-2FOyIT0Q-3D-3D" alt=3D"" width=3D"1" height=3D"1" b= order=3D"0" style=3D"height:1px !important;width:1px !important;border-widt= h:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-ri= ght:0 !important;margin-left:0 !important;padding-top:0 !important;padding-= bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"/= ><img width=3D"141" height=3D"39" src=3D"https://fonts.pitchbook.com/newsle= tter/pitchbook_morningstar_logo.png" alt=3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</= span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJex-2FMWJ6QjIWacFlncNfK6mlQ-= 3D-3DfPdN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZ= lB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZu= I0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB= 6mP4DLklOSnEqNjWS1r3GsiE78qAwgQQYQYxIkwZxoH9gJnzfJRwkZZN2nyGXUEpozUmpxhjzVl= DLiTWwUBkpiZcd5PAumVbCX6FL02oxw9Z52afuh444ZRbcsKvHowU0KC6xD29sY3sNs73oIyv0e= h3ekADWAG5401ZmfVE1gUXdw9nGZHNOAH1qPSUzdgbwsq-2BeF-2FAOAF0lF2JZ9w6XL1W-2Bns= 41f35alHPFO9QsEbI8erSgm7-2BMCrPwuIlwAZmDozNu5Qn-2BJzWJl8BX5zbNxwKXxihA6cukP= 2Kkoq2NfQKMs" target=3D"_blank" style=3D"text-decoration: underline; color:= #1D5080; font-size: 14px; font-family: Roboto, Arial;">Fidelity Private Sh= ares</a></span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJexyHuKnnUc4LlJNHk7PzioRw-3D-3DMEJ= y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzir= Sr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9L= Pz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3an= DCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLkl= OSnEqNjWS1r3GsiE7JLi9DIhLIH-2FdgT504gVYAECrFM-2Ba5MezAV6HfFNZmcoRmgKOpS8-2B= TSeaVVmJiWvJbLfSdU0qZ-2FwMdY4jcQbOI6i8uROqkOHUDwakeytLQXSNWVOC8OwTjT4oNCWtW= AticHUFq01-2FvRpW9vOdXPbHL-2FBa7tcUzPDkaiB7lrHBWFQ4mHr-2FJ9A4MSTUY6n6EAWDOt= BuiLBG9Y1Ojkt-2Bn3OEU-2FxNnrs8DK122vhr7TbjyJxOoxvQoRVFEsiV8g6SFcgF-2FPiRVfk= 2ecv8meiJ6cKQu"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4= 593/fidelitynewhorizontal.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0= px; border: 0px; display: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Spa= ceX made its big AI pitch and is headed for the Nasdaq.</b> AI gets 93% of = its $28.5 trillion TAM, but the segment lost $14 billion in cash last year.= <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJexsKP9M-2B7P= UMqWjFGgPYBXKw-3D-3D76zk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huat= rnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrB= x9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4= G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE7cC-2BxXpNpeBx73EzjvciMTy162uj3mOIPt= 6JO-2F-2BXDJVZZDWZcpc2apCiKSOUN4hkzLHGT5rjLljpL1-2F74YtZW2AqLclVyD7nC5gzqBY= HPJ5lucu-2BO4y7-2Bwh-2FK3gQoGy9W8J9r7a7ga1oBBx7xhcS-2F22131CKRoh-2Faz2DSk0k= fyBajS-2BaqDWx5Fj6tVkxrzu-2FBxRqOeU5-2BNCtH7Ncq0HNayoE8j5N2gqy3vftnylWrZZyi= jYX9RjqtG1Irl7zFl9ynmkiZtpgMNvLKGZp28lTjh" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Download our research on the IPO filing</a></b> to= understand what investors are actually buying.<br><br><b>Fund performance<= /b>: Most strategies posted one-year returns below their 10-year figures, b= ut venture capital broke the pattern with a sharp AI-driven rebound. <b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJex2JJtdOHrHqs3-2FDs= -2FHwJN2A-3D-3DF05l_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyy= TGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9uny= KOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iN= knZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE5fFTONAyw54AgE6HFqDsy3bBSAb43UqBru-2F4I0R= tZQzf70ohT6ub7mtW3mAT-2FeCUcamdKxt8adhtgecZ1Hp91DCclyaIZgI4pxuFcqWPQzRzJinF= wLtIoRzyfv2ZsxFQA6J-2BYC1aq1wh8MU6ZgsFyX-2BKv6gIoD1tS62FW4eII2bU2TRurKr-2FI= jV92F-2BtqFOOBd3SaQxckovZqH1OMUfdJdujpBu-2BgGfkX4RNaFdcXrY8RiZjx9YHqWTljPYZ= f3lbTSG6new1qATCstML8whOyE" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Read more</a></b>.<br><br><b>ICYMI</b>: There are many debates in= private markets right now, and we want to know where you stand. Tell us in= our quick <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJexgeiu= emUa3BszfgOvWKFKug-3D-3DcLQt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2= huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3= txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgp= cqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE4AZNiOR9ipgbGrE3f3znbfy54U5paEg6= jQsihEBmrGc1bXXzpbHIy63CYhv7F1qO8aBK7ZbNr3VocHOmL3TQsWIg5Us-2Fi4KiWojf0wYpy= ODKXKMt3Kz4-2BeTq3U31R6tOBj2YfJAH0DCaVsfIL-2B2iYyGgUflPNCeKl1IRKqrH9BUFFxfh= 7-2B-2Fs0lyKBHF6L6cL8tVTGJ81-2BhwyOBL233y9X4q1bHo-2B6-2FGw5fYwDfO0VBESvo7EU= 2VgqENmUNN12xFgpdxhW2ZsKOsV9rmSqF9WQE" style=3D"color: #1D5080;" test=3D"">= PE survey</a>.</b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Fidelity Private Shares</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_580934" id=3D"n_580934" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The venture market is changing= , founders need to know what comes next. </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJex-2FMWJ6QjIWacFl= ncNfK6mlQ-3D-3DlKnc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyy= TGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9uny= KOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iN= knZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE69WvtU4oBT14e9xwhxx5nzrmfkbugrhNAVdI9-2BY= 78S5DuXZpw0PnJW77OtYEIswOMYbj9ZcQXmX0zl8m1XaBAdyZM5L85LMcWdQgyjmxlNsOjgv3aa= 2bhivV0C2LbodK4qDr7pp0F6-2BGZrc-2BnO-2F8c1Or9ZqpI1jRuQy3PPwdvCOUl-2FkBq2-2B= gRaeZHmyl86uX6ewgtx2x2hod6hMGKXt2ffVQJ8tiaIbUrEnrReMiGjf1aXtAEHXeJsXQd60VKv= HXfkpVRaZ0GpG5cidiG-2B2939"> <img align=3D"center" alt=3D"" src=3D"https://= img.pitchbook.com/news/73848.jpg" style=3D"border: none; width: 100%; heigh= t: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Fundraising has changed dramatically = in recent years. Capital is more concentrated, with investors writing fewer= checks. AI companies now capture a larger share of funding, while valuatio= ns shift across the market.<br><br> Liquidity is improving after years of constr= ained exits. Acquisitions, buyouts, and potential IPOs may reshape how foun= ders approach timing, valuation, and exits.<br><br> Our new report explores the venture trends s= haping 2026 and what they mean for founders navigating fundraising and grow= th.<br><br> Inside the report:=20 <ul> <li>How venture capital is evolving</li> <li>Why valuations differ between AI and non-= AI startups</li> <li>What better liquidity means for exits and= secondaries</li> <li>How investors are evaluating companies in= a more selective market</li> </ul><a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKz= hGzs0tpBWFi2JgJex-2FMWJ6QjIWacFlncNfK6mlQ-3D-3D9cFs_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuc= i-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZ= AVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32= pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE4-2F0-2Fw= OUl-2BHALxx4YfeIinjhrlOrP3g1OPPbP82vFEx3hSCABu4ySmj5iMhrBLyDnMdYu7Tozuo8yoB= 1k8wFdyFWrdHRYHlMKJOaxXUEuIKNj2SKbmX2BbSOdmMcbxc0dSK6iou-2BOwXvYEZBX-2B0KGI= C8QY9TB3RD07LRw1-2Fm0Vx-2FNrO7tEuoyWJt9Uc-2Fn-2Batp8S-2F1YlgIwRat7hG9wi3wyM= FUtKYoGfMW2b6dprsTRvEDAHbQR1HYH84So1O7LDbYGuWbYDQF2i80Syrh-2F-2BUMnt" style= =3D"color: #1D5080;" test=3D"">Download the report</a> to understand the tr= ends influencing venture capital and founder decisions for 2026.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_581213" id=3D"n_581213" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> A deleted disclosure in SpaceX= =E2=80=99s S-1 reveals the real economics of its AI infrastructure </span><= /td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <div> SpaceX deleted one of the most revealing data= points from its S-1 before filing: its first two Colossus II clusters were= built at <b>$2.7 million per megawatt</b>, roughly a fourfold improvement = on the industry benchmark, according to an earlier draft of the S-1 reviewe= d by PitchBook.=20 <br> <br> Paired with the $1.25 billion-a-month comput= e contract with Anthropic, disclosed elsewhere in the filing, <b>the econom= ics imply SpaceX recoups its AI infrastructure capex in under a month.</b> = Even at double the disclosed cost, payback is 2.2 months.=20 <br> <br> Anthropic, a direct Grok competitor, is payi= ng SpaceX <b>$15 billion</b> a year for access to its compute infrastructur= e through 2029. That nearly matches the combined revenue of the company's S= pace and Connectivity businesses in 2025.=20 <br> <br><b>If Grok were the moat, Anthropic would= be the last company renting the servers that train it.</b> The deal valida= tes the compute infrastructure as a standalone commercial asset, independen= t of the AI models running on it. And it does so by monetizing dormant capa= city. </div> <div> </div> <div> <a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzh= Gzs0tpBWFi2JgJexcHeXtJN507M6GYsGNx-2BTGw-3D-3DEyf9_I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci= -2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZA= VgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32p= gUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE4FD0QVW-2B= UjtULp-2FYeEx65XHnI3gw5M5UW3segKNjG8mNPtv302iIc0KvEZWRJO8-2BPOKUqP5yHLTyiG5= rhb6E6kVdUpNUM-2BChpCJOCeoj4J-2Fog-2Bd9fc7-2BBPUfAc1lVKIAsEmeSqnC3AQpM4333k= IVoIaHIif07QlOqzP4g8B6OhCNZbGO93AHHpJgP59taFfL73j4LZDqx6pE5naYianwlA-2BWhpa= GRxUGKlDYJ8ie3mIObnT6cBMeMvNvjd5fbtksv0-2FFL0mikeU9x7ICgYtjJ2ogf7locjJVhxVe= scQUN9aw-3D-3D" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"ht= tps://img.pitchbook.com/news/74504.png" style=3D"border: none; width: 100%;= height: auto;"></a> <br> <br> SpaceX is asking public market investors to = value it primarily as an AI company. We analyzed term frequency across the = nearly 300-page document: AI-related terms account for 47% of segment-speci= fic language, seven of 12 growth strategies relate to AI, and 93% of the co= mpany's stated $28.5 trillion total addressable market is attributed to AI.= =20 <br> <br> The economic reality underneath that narrati= ve is different. The AI segment generated 6.7% of revenue excluding legacy = X advertising and posted a $14 billion free cash flow loss in 2025. Starlin= k's connectivity business delivered 61% of revenue, virtually all of the fr= ee cash flow, and a 63% EBITDA margin.=20 <br> <br><b>The Anthropic deal and the infrastruct= ure economics behind it are the strongest evidence that the AI thesis has c= ommercial substance</b>, but the gap between narrative weight and economic = weight remains wide.=20 <br> <br> The listing will reveal which version of Spa= ceX investors are buying: the AI company the filing describes, or Starlink = with a profitable infrastructure side business.=20 <br> <br><b>><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXWmKzhGzs0tpBWFi2JgJexsKP9M-2B7PUMqWjFGgPYBXKw-3D-3DGu98_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F= -2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKj= afkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9U= w1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3Gsi= E7VmCROdEwTSXCUCKZsgeEs3jeU24bkvZ-2BSrU8t4n1BCTFSv-2B2-2BbGVF3a6QYYkVxhk1ni= nIoJuuZg7D9kMXTmjsftOexD9I-2FjEtdkFM7e0BX3qUR2Rr9EUSQ8ezSZ02qIjDK4pJE37DURC= ggbjbM1hnJPpxE8QR-2FfZz0r0000rAYx4DZK4rZ4ySDqstWA1Q2hIy307kuQg-2BQwZIufD8B1= H0WeN3CemE52nmpA5ql831f33UNtfrXrx1FQboldBvLfe0pbh2a3Q5VlWSMIbu4L9WoU81AUGXE= UEVGyUZFIx2rQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Our full analyst note</a></b> breaks down the S-1's biggest revelations, i= ts most conspicuous omissions, and where SpaceX's actual financials confirm= ed or diverged from our prior estimates. </div></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/744= 56.png" style=3D"border: none; width: 100%; height: auto;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Thanks for reading,<br><br><a href=3D= "mailto:franco.granda@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Fr= anco Granda</a><br> Senior Research Analyst, Private Company Cov= erage</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_581116" id=3D"n_581116" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> SaaS-pocalypse? Not in VC </sp= an></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <div> Enterprise SaaS VC deal value surged to a rec= ord $173 billion in Q1, up 611.4% quarter-over-quarter, across 867 deals, a= ccording to <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJe= xBJf8IPRuYZ9l-2BW1wNSvrKg-3D-3DAO6W_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBT= eOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBI= cjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdx= Zto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE5q6w0RPy3OJDI6-2F78bR6f-2= FLhgaTCp-2Bj3aKGxGBI47EmYqpIx-2BScBkgGZmdqHuonnXKzMcZ0jL41TJjipnLN7mYkCBVbr= w9QQH-2FcfJo2o9uZdnaDhCEY9vFmX-2FjlUiI3AJCfmLYurUYtCQqleRTX-2FR-2ByBygYpAAJ= lfBt4hKjg6PkeFv9JwcOKpsJt81bSrSa8FfXwGelRW3jVk5etRwvzhQBMyh1YK9ldlsrn9K9A3-= 2BfuGd1CRZkhcfl0DN2yxyZo-2BqKs3SNdRuLQCSoNQiBKvC6h15Ca5JoWghGIQTV7DPNg-3D-3= D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">a new PitchBook r= eport</a></b>. Even setting aside OpenAI's $122 billion round and xAI's $20= billion financing, the sector still raised $31 billion across 865 deals, u= p 27.5% QoQ. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXW= mKzhGzs0tpBWFi2JgJexuCH-2BR9e-2BROjPLGncWRXXOw-3D-3DPL6f_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2= jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqN= MhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwL= OVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE4Ifj= 52GEHIFjA0h12CMvWw46UdbaUGb92rMNQ0hZ6cvsnTB7s4fDs4gRUbizuR8fOk16WvdQSiemFnR= cC0AqILezfO00eU5LZO4gs2101EOzn7DuqJJpRBARuwo6azFRMDMwMYDv9Pyc8PGNy7yzgI1y-2= ForAa0b-2BIJDllHclreOHdHQFvmK2hG9RVP9otJmhEGX-2BW84bN7-2BAiiqQOslkwnlVo6R-2= FA2DSRPxq9Irrw-2BZhX-2B6nuBuFVeX6KIn0-2FVIA5-2Bonmly6f99A-2FF2GBoUJFeXHlTrC= Xl8rKdG2-2FpRw4Kog-3D-3D" universal=3D"true"><img align=3D"center" alt=3D""= src=3D"https://img.pitchbook.com/news/74442.png" style=3D"border: none; wi= dth: 100%; height: auto;"></a> <br> </div> <div> <b>The SaaS-pocalypse battered public stocks,= but private capital investments told a very different story.</b> <br> <br> The resurgence of investment activity is not= a simple return to the 2021 SaaS playbook. Capital is being redeployed int= o AI-native platforms, workflow-heavy software, energy management, autonomo= us systems, and vertical applications where investors can underwrite more t= han traditional seat-based revenue growth. The center of gravity is shiftin= g from classic SaaS expansion to measurable work performed by AI agents.=20 <br> <br><b>Exits looked historic on the surface,<= /b> with $261.6 billion in value, but SpaceX's $250 billion acquisition of = xAI drove nearly all of that total. Excluding that deal, exit value fell Qo= Q, and low valuation disclosure rates suggest traditional SaaS sellers stil= l face a selective buyer environment.=20 <br> <br><b>The takeaway: SaaS is not dead, but it= is being repriced.</b> The next cycle will reward vendors with proprietary= data, workflow depth, governed context, and credible paths to outcome-base= d revenue. </div></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Best,<= br><br><a href=3D"mailto:rudy.torrijos@pitchbook.com" style=3D"color: #1D50= 80;" test=3D"">Derek Hernandez</a><br> Senior Research Analyst, Enterprise SaaS and= Infrastructure SaaS</td> <td valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/744= 41.png" style=3D"border: none; width: 100%; height: auto;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Thematic Research</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJexNUogNIt0= Gh0nAFmsMOdS6g-3D-3DozwV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huat= rnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrB= x9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4= G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE5I9btvJq9bdjQoVgd5saszTBwiN916zj8Zu4= JVPdFNa9V65UiMyr-2BvTpfsAS6FPZCgkVjfuQh3z5ATNE9FN2P08XeuwLZiMMhULE49XXcJ9mK= XhjRyuwpgubcZ6cT-2F4whlCIT2WUqG682U5Z5W-2FM-2ByQHDBYjer6xKk6k0DFXkGKCOqHhFX= lK5dL5UTTwZ-2BSNNK7M2spRoWCf-2F6vTfpaKQgFiolIPaoDMMjeV-2Bbuq7WOI9PNcBUFII65= LpUhdA3jO7LLRcB-2Femn9KTSxm3FVT1XYEyoO-2FALo9RiXaVEcwj1KQ-3D-3D" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">Nasdaq Private Market Sues Hii= ve Over Venture Secondaries Patent </a></big></b><br><br> Venture secondary transactions are notorious= ly slow, often taking months to settle.<br><br> Thankfully, two of the most prominent second= ary platforms=E2=80=94Nasdaq Private Market and Hiive=E2=80=94have automate= d the settling and clearing of private shares.<br><br> The problem? Only one holds a patent. Now, N= asdaq Private Market has filed a lawsuit for patent infringement and is dem= anding a jury trial.<br><br> The outcome will decide who holds the keys t= o an essential component of venture secondaries trading.<br><br><em><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJexNUogNIt0Gh0nAFmsMOdS6= g-3D-3DghV4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m= 8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcT= wZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5Z= ZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IW= JB6mP4DLklOSnEqNjWS1r3GsiE40wzDha5wq6Z-2Bkpm-2FOTVYcZ1fHYWlS-2FD7Z6RBo8Ke4D= a7Tzl8a3zMCGKZyHo14TRNj-2Bb2OgrrBbjfxrz89LGgHi0-2Fyc2PMz80kzbmt-2Bu61RKaKG6= CP-2Bke-2Fq3YDdyME21JWxKTxAuDw1sADZNZkJXKSj8z5ng0ss8UXwL97jkTvnYVHQt2WAJ2UX= SenAaGC1gKN6Y6RuFZ4c8Q-2FoRv6DELqqI-2FRKS21OwgCeSjRojJiQQC5PqNP6F3P3MJhq0be= tP750eKWkYBvbE2UEni-2BcPEISwFVPMB5iSJ7bPdJ1Ztlpg-3D-3D" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true"><b>Read our breakdown of the case</b></= a></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Industry & Tech</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJex6k0eFJHq= HhR-2F2K3cqAeSkw-3D-3DL5yO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2hu= atrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3tx= rBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcq= t4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE5-2F9Du2o-2FYYqoKOOqFT-2B22PTaMO5D= ZRZr3uiLUgVrq2WTY-2F-2FkRj0AQwiiePvu-2BTrU-2FutuZHWoYs1DuzwK-2FPTHEjIAPM5Nr= 7tiPhZyJZ-2FuHB1VDxzecLbewMwPssTExDi2WXdzlIGYkTUrA64IOZk-2B4ECN8-2BUxe53cFA= XUNE7TjZG9kKGBzRwDOF-2FGWf2CM0xzcg7JQWibKRehUvO8VcuA3zj8TTUK-2F1tycG4ECEbVP= M6j6uLlCFcKUPgz8xNqmGUPr7eSGcNCwoxIqtwfasvf5Spx68JSuqjLe9vFPhrzVhug-3D-3D" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 Logistics Re= port </a></big></b><br><br> From standing-room-only AI sessions at Manif= est 2026 to a surge in warehousing robotics funding, Q1 confirmed that tech= nology is rewriting the logistics industry's competitive landscape.<br><br> PE deal value reached an estimated $10.7 bil= lion across 58 transactions, with trucking consolidation hitting its highes= t deal value in a decade.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV8rUhmBjLh9SiIwGx39syWJi1Os6N-2= F-2Ba2gGmblBq4NUw-3D-3DEQJ2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2h= uatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3t= xrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpc= qt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE41U58ys8RX4PGEMAPhMSS2Ro-2FL-2Bih= Vq24U-2ByoU8zKiGMG5rYjyy9BYmN3xLgVn7zE9gnfVZ84nVD-2BKxyhfkZcmz1cYtLzBnRA5LL= hnkPAE6uWMXWkLv-2FGrQhjEhRUb6L2dD-2BUr6-2FIEBtkNkpKE6pd-2BNe2CXGkdQUFqlvh15= vB5r03bn1ZraR6sMAfxNpf2j-2B-2Fq3TxbuI-2BgwKv0xJC-2BdnLnQMo-2F7hAR9-2FwicBvn= zJsXNH3Edo73-2BX7v2Ufr1NrjXxs2xErDZtrm4H3xWf7REGwt47xwq6xLezQsdsVfGMOoIQ-3D= -3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.= pitchbook.com/news/74402.png" style=3D"border: none; width: 100%; height: a= uto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> VC investment in supply chain and logistics = tech totaled $3.3 billion, excluding Waymo, up 74% year-over-year.<br><br> As the Iran war intensifies demand for suppl= y chain resilience and AI tools move from boardroom buzzword to bottom-line= impact, capital deployment into the sector shows no signs of slowing.<br><= br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXWmKzhGzs0tpBWFi2JgJex6k0eFJH= qHhR-2F2K3cqAeSkw-3D-3DyHJk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2h= uatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3t= xrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpc= qt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE4PmCe-2B2GD0ScNHBfGw57zT9S38DgrFV= RQCo9aM25F-2BQqejOmQVc6zgWY-2BuAltRS8GX-2BhlTno57HZVo0fnn1LBfzXq8pyqJlq9eiB= 9BiiMcFXmMubOeDcr-2FPezvjZVw6F-2FllyP0VGGC-2F7HSKsEO1-2FNXZAzdN6y0qMnaPmqcQ= vXK4ErLvwGe4EuUK2jPIZEQERfo8TEgm2WcqCiuhoMjzlGsx2G5ZHTQryU3jRJe4DKGUizYjARj= 1NNZXaI-2B9OgsRijePPifDoVo72Bj0mFFwZ3GdlnjqHRSOOYlF2NkaEJnyg-3D-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Download the report</b= ></a></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Webinars & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>May= 28</b>: In this webinar, experts from PitchBook, NVCA, J.P. Morgan, Denton= s and EisnerAmper will share insights from the Q1 2026 PitchBook-NVCA Ventu= re Monitor. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV8rUhmBjLh9SiIwGx39syW6= 0MgxCLF0Y9F22Y24f9S6A-3D-3Dzldv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4= aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN= 6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6= pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE4USU6rKBu-2BqD8MLyKcNQn8fFQZ3= afPVoppcCqY-2BmaREmbwagxrj3HaMe-2FQPnrb9Nz1EcYxd7y2spodrFJmx1NnOVDDTQNkskQU= QA-2B-2Fr5gFmT3V0WoHgfSr8DGwN52KKw5lZOxUCycrTztYTVd1IlFoMaspPOs3NcCNV-2F4Zk= XGpS-2BWh-2F-2FkziIbdkl-2FtjpUgu4ossXeIluTupxfetmVE13zxZeKWiEvyDm6VQ55tonGR= qImb7iYX1uwrXwdnC7123FQHzYwmFp9cxkPSBf-2BH5tRIu5DrL9HcdTsRgoW12nINmw-3D-3D"= style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<br><br><b>June = 2</b>: This webinar will feature analyst Emily Zheng and a panel of experts= discussing the rise of venture secondaries and their evolution from a nich= e workaround into core market infrastructure. <b><a href=3D"https://url6380= .news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzV8rUhmBjLh9SiIwGx39syW3JmqPz1ox0tsug7Dww2e6g-3D-3DZlcw_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-= 2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404D= KjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt= 9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3G= siE7UivibwOQN9EUErMLmzDcSEKHByj8u7TF-2F9PgVPocsBN2l-2BNiDcWbPTsOYaqeGY-2FD8= fxX-2B5m6nZdMwGJptLk-2F94Onsgz37bPYd1ATD-2FGcK345bugBimxyIX8hq-2FGempK6MYo9= FMX1PXQExcXXHlq3mUh4ZOWPG8HJbPUNtxjBSV-2BTXg5JTFglKus56w9q6s8aZrG5W-2BwHqMS= M6eGz0Y-2BlwoTyi3Cmc2yx-2F9AzKZgUVzrRIfAymdc5mZ1SMALlwio0WQbpmyX-2FmvaJEa-2= BkFv8RoElZkN-2BnZYgPKEjhEIf1zSA-3D-3D" style=3D"color: #1D5080;" test=3D"">= Register here</a></b>.<br><br><b>June 8</b>: At SuperReturn International i= n Berlin, Kenny Tang, our senior director of US Credit Research, will deliv= er a keynote on trends in private credit markets. <b><a href=3D"https://url= 6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzV8rUhmBjLh9SiIwGx39syWYiJtBKRxnZUE9DrNaud-2B0Q-3D-3DU6YA_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUx= JhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2= Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZ= AOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNj= WS1r3GsiE6icBXutd8bIBdvQmgH32YUH8COTWfg4WykDQTjWnHlhQ7-2B-2BqqkQqdcLxCn-2FS= IFI1VzYirlFPj8tTnPARH1ZZXGe2yvddqvJ5bHS4fLldnZIE4-2BdUMS62Z8ZPw-2FMmC1rxdZ8= 19d9neInPYT8yYTQUZZxgNr2ZKncvogVq8g5RUJQIil0NOo7nAktHU3ZknkDT71F20rQGkEUmnj= QAEJR3ExtnakqylEiSb4W4ToxIjQCXIQ54-2BCaPgrMarBx5jgo9wK5bnsT-2FWmUMRJKWbVtI1= g-2BbttVuax5kL6l-2BwkIYEULg-3D-3D" style=3D"color: #1D5080;" test=3D"">Regi= ster here</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=83=E2=80=A2 VC investors nea= rly doubled their investment in defense last year to $49.9 billion. [<a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzV8rUhmBjLh9SiIwGx39syWIvdpYvScowmvkzHhoEdJPA-3= D-3DENZh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZl= B-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI= 0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6= mP4DLklOSnEqNjWS1r3GsiE7lkM97BrDNwUbtOh71hI9ON3OEkAOmi9AVSyTCy6mHT-2BoKJ7QV= lkj5Wpp6RD5RQeczngpvqQoUB8a7IywlhMXILS-2F5Qx8U0mSiJiptL9KNyjOFwwT5o0ZBToZg3= P14WVAXD4rfE-2FpTG0MD178Xv8f8XvzlmHqf6iU3u8DoeFru7VEQsD7iT-2FCLgDd8jOgY2Y0x= mkzLTdh8-2BR1-2BbGaeZErSH5ejR7q7yv70gXr-2F7fPFnvMqt6e6Z7d0easiPGLBhszRQerIn= N3Wxr91pm3JCTwtu-2FvKCIz-2F9IK4bnsLo2qCFA-3D-3D" style=3D"color: #1D5080;" = test=3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "Tech and AI mon= ey can go towards larger, riskier preclinical outlier bets. ... This is not= to say that traditional biotech VC money isn=E2=80=99t going toward innova= tive technologies. ... It's just that these companies have a higher evidenc= e barrier for investment, which is a good thing," said analyst Ben Zercher.= [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV8rUhmBjLh9SiIwGx39syWWdTxB5H1fH2XUAJx= 9O9XTQ-3D-3DZPmW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD= 1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOf= GlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZ= gU8IWJB6mP4DLklOSnEqNjWS1r3GsiE74j1bwUCwaPoDPZAGIN6QZGP3tthjLjk5CTAhOJSqyuC= rkexbfOn2m2rQz-2BWcrm-2FUh5e7-2FRib-2FJpNVH-2B-2FU0ceanOUuy59vx0klWlO5l89Dn= sfcSF5n-2F7e41MfuxjHJwM5cW4ZApKlUkEsLfyqVbDptLXsntk-2BtN7Veb91kA3fhsCo4Hvrr= fQD7HJrbGIyMyIWZg0DzQvm7I36RdmQftggOKPOM-2F4fXgVnD9iGBKVC8KfL0L8028RccgpDQs= TXPa4iU3LaYuNPbJ2QvD1TkYt8yPhR5ULuDRSlKxldOMLYtxA-3D-3D" style=3D"color: #1= D5080;" test=3D"">MedCity News</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "[Whatnot's] rep= eat purchase numbers, just taking them at face value, are unprecedented by = traditional e-commerce standards," said analyst Eric Bellomo. [<a href=3D"h= ttps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzV8rUhmBjLh9SiIwGx39syWhxvCgRiNBtzvrg5MRidVRg-3D-3DS0= We_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzi= rSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9= LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3a= nDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLk= lOSnEqNjWS1r3GsiE7N-2BiW70XgknJ4NwhfsPYWDyVgFlYpuhqFB8e0xMPFYdz-2F1gHL88s5N= 4-2FpI7Lwx76pV-2FtjfJIxUiy-2F8HY8w80J0ew-2FqUwCqNz6EWe1nTrHI1QiQgDxg4tgXmwv= IAqmfco91p93k2NoXYUOiejeAS-2F6NJ9-2BrMmHMLl-2BmuAmklYx-2BRlouHQRWPbJNPAN9JN= N4XAuLMgAo-2B2kyoWBm4IQ1D-2BAMXBbtHxxMlanUfG3X9U99sQQyFrE5h-2FR-2BbXcjHmIMX= X-2FIcsFrNrZsMORZ1-2FhVZUQ6SH0814fZlvRkkVmn7OfVvw-3D-3D" style=3D"color: #1= D5080;" test=3D"">Inc.</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 More than $106 b= illion worth of deals struck in North America and Europe that hinge on comm= itments from the Gulf are yet to be completed. [<a href=3D"https://url6380.= news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzV8rUhmBjLh9SiIwGx39syWwIdS-2FmJgtbo91CZzRphl-2Bg-3D-3D5KKh_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhM= b0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw4= 04DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOe= BPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1= r3GsiE71YbQGkksS5-2BE570cRuxtO40nAuxgBpyDPrbQyh4-2FfdCUdhDrZKbOlIrtE-2B6JSf= jXA8YYdzkouqGmTsIiLnyaK65H2yWT5LFacDMMTX3v5Q8l71d0UfhbWk4EV-2BFD29-2FJuBkjE= JNRKBtVYELoI-2FYnUUT3wVx95T1MWDDPByDGGG0vMN-2ByGkVGmRD2x3jAaweaZ-2FLz9ZVLXz= 6q7yf9wO-2Ftdm3m9iQCJjKOEdINXcif4ceykN7L8vM7soMu4E7AxJedzjsjdSSRPBSLChB59cP= IKO0V7dtDUUv9S-2Fhwv0ywfvw-3D-3D" style=3D"color: #1D5080;" test=3D"">Finan= cial Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 PitchBook's VC V= aluations & Returns report said, "The annualized pace for 2026 remains = well short of what is needed to meaningfully reduce the years-long backlog = of companies awaiting liquidity." [<a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV8rUh= mBjLh9SiIwGx39syWMhDgMNqKYHweGeLawe9jIw-3D-3DawNl_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-= 2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAV= gE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pg= UiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE7Uy950f44ZW= ySzSKa8aXu5KnSbMTbhyTJ30PRQE5BH1fiGyEXmbZx0tqq8zLn3lcHNcqNBzNH5jHPMEAVoHku2= EFAUbQedT7gonQJew-2FSQ98SnZ1SGfHgKCxdVx3LT4D05agTK3zqAe1BH3pmlX7W1njuVkiOEe= hXsAKu57EViNzQJNdzRJDLM9hhIoAMeOaW40NpyHG3uxmnjzS65qqI107-2BRtv8A77u5EBW8z6= aUxFfhPau70IJeq-2B1Y7xIjQD-2Bd0AVE0fG8fOQUXh8VdzguQwxhpSTgTNBMOtOXJBuyFw-3D= -3D" style=3D"color: #1D5080;" test=3D"">Institutional Investor</a>]<br><br= > =E2=80=83=E2=80=83=E2=80=A2 SpaceX's very hi= gh valuation is justifiable, but only if one believes in Musk's vision, sai= d analyst Franco Granda. [<a href=3D"https://url6380.news.pitchbook.com/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV8rUhmBjLh9SiI= wGx39syWSmGqxhL7euxlNN0-2BDZDenQ-3D-3DJej1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0= paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFz= CF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0T= jg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE5DmK23iYeoqDIqF4h1= MaGOwMHzgBCM-2F1koWM9wZGiB6EV0GuQMwEJryxagcBC6u-2Bq5dsfjoLJWGXWPsxScun0GcXh= mqISSipIeEVohgEVtAuLr1Wb9xg5u0CAvoHOgxbq8rZxeWDozoxtjTcbeE9VY7n-2FADTZXmQ8-= 2BJOMKyRBzXBZ8Z-2BeRaFLpvkbC5V-2Bok-2FxD-2B8oCtOgDp2ttBEh8WDyy2k8uDt6ij4T71= A-2F8yd5bc0IxVN-2B-2FKhHOghC9nIgZkVn5lvWM6DhcwEHPz9PZe0aKt7mPk-2FQe8Koy37Bd= GNgR-2Fw-3D-3D" style=3D"color: #1D5080;" test=3D"">Handelsblatt</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>ICYMI</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> More of our recent research (* - premium):<b= r><br><b>Market updates</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzU7-2BaesImqPEZQdyPkSAWMy-2FlavitduBXtUlFOr2a4YOQ-3D-3D-I1v= 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2BaqM7ONnvsnswouzU7-2BaesImqPEZQdyPkSAWMyMMEdTF3b17R3wjt1p5hFKQ-3D-3DNXYn_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1= cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-= 2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCX= fIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSn= EqNjWS1r3GsiE5Bpqq-2BApt1t3AgXAfQia8wFuwBNUR07Zv-2BgfaCQkJnwQaoP1I5aMTeA3YD= 2mCz-2BHo2PXFS3o7YBijodrnp7i8nzjN6n8Nf5OQ8WhGYVCKQF1hPeT2TMPhJdusKDCbQKBce0= 84ifkmGfXaj81bcXzKOqjkwVXCY9ZAsslLsh40GFJuiJ8W-2Fo326HtOAE01CxPsTwGJ-2BUXaR= 2ETP1-2FzvGWYsuCZv9F0s3f0A5keKikc54vSbci1Eq96nfKJSb6hvNoyhyUhfdkvXldJlfy3jF= 3uDuivtV2jhBTQjrI-2BvrPd2fg-3D-3D" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">AI VC Trends </a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzUELfwOvwL7ntLtp01iCwo0IL7kS5b-2F7T9WchfYp4o5Dg-3D-3D1ZfI_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1= cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-= 2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCX= fIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSn= EqNjWS1r3GsiE4Iy2PTRe4X6XxY8Sr98X-2FoHzBkPlNoN57bYJQAiSyDJR6NH2GAsSB-2F13rZ= Csds6AuHfXXMoGWZJxJbot3RetGbWSk4Oa1IVm9qCRy-2BVJNMuIIC5lBZkaz9SaezSrORa4-2B= OFXkobzbvHE6M0du-2FmcKmvPxmKpj8ejE8lkLc8kP7EjGf04LqpNwkQnBBkHu1F7-2B-2FHXvi= 7PiKJFZa-2BBGia-2Fzj6VF0sYne9AFX0he-2BpwHSi5az0KHb-2BSscKgc9i2j1Nfdcqjw8-2F= F89NMhiPqMZlZOhrWP-2FEjSFjgy9tw1UzJW-2BLg-3D-3D" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">Aerospace & Defense Report</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzUELfwOvwL7ntLtp01iCwo0tBgx67MCQ6hmaciQbfG57Q-3D-3DaBQ__I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cT= UxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B= -2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfI= uZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEq= NjWS1r3GsiE4Oyqi9YS-2BI8sMxvjmNdGqqaizBH-2B5Uad-2FegB5m8ijJub80iC6jiWef8kWj= RbUNoIbt5s2qzeZKpipZSzubrj64F5pLbiYZGWVrG2T04k7IkRzsllcWShdJmy3ItYHFkg0umlO= iJV1X5VTaeHz8EvnGcp25y8uYONfmtnirZC7FSx7iftNt0Bo-2BXywVm13EJhUhG3K18sB5UtJ-= 2Bpb8X7-2FGGtx4zZg6hX46AEq7v82VVe0fImO-2BhpCZLbSv4-2FRg1q8rVeBVRhY-2BPDzKgp= dus8-2BnVLXZO3tLR1w4zWJ-2FCiXxYAg-3D-3D" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">Climate Tech VC Trends</a></b><br><br><b>Credit resear= ch</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 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2BaqM7ONnvsnswouzUELfwOvwL7ntLtp01iCwo0PG18apmBASLaB-2FIswTNoHw-3D-3DHJJO_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1= cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-= 2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCX= fIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSn= EqNjWS1r3GsiE62PCkAG96QT6RGo3KtvkhWirfsOHGd5mvxQJAWbwYZ094-2BFzqb1NvGc4Pzn2= dXxofbt8ZZtcX-2FbwLrAGl2HNGmriYXmW5FBMMwxGAcT0Ebdi7dx48miNFO5SYWki0Vk3ewAK6= ycSfGjLZekWiBM3YxKk6HPmp7E01WWC6VKd3O-2F8-2FsqepowYuXqw-2BEbFJg-2FV7kSVY-2F= lcu8WY-2F-2BOfeHh6uyWjzamRSFZurc0xxRER2oAyNl8Wdbxg23Mwbny5HJJhT5CgWj4gRaP3c= j0bvWkF2ykW-2FyFW27YdHahfWbux74SQ-3D-3D" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">US High-Yield Bond Weekly Wrap</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 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2BaqM7ONnvsnswouzUELfwOvwL7ntLtp01iCwo0L0Fkme7KaUNC1lacbqNixg-3D-3DvxVs_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cT= UxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B= -2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfI= uZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEq= NjWS1r3GsiE7tM3RjL-2BQ-2BrwPVt0AYbJ87AjPncXNfAEbN2CbQWKfKzo79EoSPYjUvIgAslG= deuxNXM1WXuraPIWpQgCvAhUBaRnqjkwreHkrLwzLMM6sId94WlkZuidkHVKv2PC5mfJewO5x89= ujwvgkV5ghCTPOz54zNxsfaNhlV9GXWTFWSHh7L8hqLEYWBtM8KMH6mW-2BmlqOmTlFFY2rcvPG= W0rDUXnYjt1VGTdPXxUO45B9a4o5yIsiQxKTHgZYEmAy7lmb9kI9MmD-2Brr5sYjOOv2GJ1cbvw= VnLyVweKnInqSWKjeYQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">US Private Credit & Middle Market Weekly Wrap</a></b><br><br><b>= Coming next week (subject to change)</b><br><br> =E2=80=83=E2=80=A2 Q1 2026 Global Private Ma= rket Fundraising<br> =E2=80=83=E2=80=A2 Forecasting the Growth of= North America=E2=80=99s VC AUM<br> =E2=80=83=E2=80=A2 Q1 2026 Oil & Gas Rep= ort<br> =E2=80=83=E2=80=A2 Industrial VC/PE Winners = and Losers from the Iran War<br> =E2=80=83=E2=80=A2 Q1 2026 Defense Tech VC T= rends<br> =E2=80=83=E2=80=A2 Q1 2026 US Public PE Roun= dup<br> =E2=80=83=E2=80=A2 Venture Debt's Exposure t= o SaaS<br> =E2=80=83=E2=80=A2 The Consumer AI Allocatio= n Equation</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, 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t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 499 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Deals </div></td> <td style=3D"display: inline-block; min-width:= 25%; width: 25%; text-align:= center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 2495 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> People </div></td> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 1169 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Companies </div></td> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 33 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXXzO2RIocf0f6TTF8VyBj-2BDLw-2BLVxREXqsPz608W7PKg-3D-3= DKUXo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFg= FzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2= FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rr= p3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4= DLklOSnEqNjWS1r3GsiE6fiDZznlvUpQaMz7Xkgi9xHUoT50nUtER5Pxc1VuNp3hmHYCNBpcCPG= VX0FXfrQVJ42NS-2FYlz-2B8rrHNJnAAPQqISzaTTlSoiWfNp4CtKowFZuezM7XLdLaaCS7j0Sc= -2F7guC0ARVGgeOmDa1rx9flBFXjc2DO2kqETMiHtJ-2BSM2XGxNHHKypRIt2o-2Bayurd9Cyry= akvxa9a-2Bn1JKYgKFYiiVqIxsBUjg4Um7b0BWrNw5jo0k7dv5-2Fg2W3mqtszp9ZdMmipjIhQ0= L4ce9j3Yl-2B-2FtaYNkQ7b233XJ1uqmGodWtw-3D-3D" target=3D"_blank" style=3D"di= splay: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px; mso-hide: all;"> = Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;"> <tbody> <tr> <td style=3D"font-family: Roboto, Arial, sans-serif; font-= size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c= enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXXzO2RIocf0f6TTF8VyBj-2BEm6TyVmTB= QgJbBReSjuG9Q-3D-3DzClp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatr= nDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx= 9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G= 01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE5wJyFLZWBCyPbQPGoU2Pzc6DhT17oSG453LDR= 1sTysMiW-2BWNsxuzpaTkx0UOKUe0-2F15SnvkGK5WEqwPoNv6AqGhwHCaejYl3KkkoI28vTIRQ= PFYw0IkhUWsnANMEb-2ByimuTWfRqR7BaKzorQz74-2BTziuz8X5WRYvu-2BEIrmi8ONO-2Fk-2= Fjd7wI63X6mpgsLs-2B0ZofYb-2F8oZeaTq45S46VJQaCj59r-2FTUvrHObsIv5ueuitmH0N7KZ= Gqei7stKm-2BRr9sB86ICeemsiPJSWq6YWL2y4wXe-2FfygZn4NJBP1Bq1gpKg-3D-3D" targe= t=3D"_blank" style=3D"text-decoration: underline; color: #1D5080">About Pit= chBook</a> | <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXXzO2RIocf0f6TTF8VyBj-2= BsK85jhw-2FrBr0Ki1qaOD43Q-3D-3Ddi6j_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBT= eOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBI= cjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdx= Zto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3GsiE6Y-2B4fMjzfxh-2B-2B5C-2BX= -2Bs21CVI7N-2FOSsU810BzhC-2BnKDPSBaJAa5Wte4zd1FiPA57EQvJ7tL8CCElGPT2p3hD4AY= EtcZZAnmRTO3LmfSPoRupI2MXox5hVv9StoMMRuVG2CeqLD9RbpLnyM7d-2BBe-2BqSu3huJ0JI= W9fQg8Qi-2BFV3ZNWsmnvIAruaxwc1l1RsMDvCWCxt-2BKeTu8cHCKFztzkCMGk5cFqx9dWkgWF= 6BLkkhlTXV3cxYLSTS3wwz-2BS3h23qhgxQaiSyU01vpU35zrnU3FDirf-2BoGPJHV-2FmBIF70= cZw-3D-3D" target=3D"_blank" style=3D"text-decoration: underline; color: #1= D5080" universal=3D"true">Terms of use</a> | <a href=3D"https://url6380.new= s.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXXzO2RIocf0f6TTF8VyBj-2Bq8pP5YVm5gIuteIwTBp4jA-3D-3Dza5D_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cTUxJhMb0-2F= -2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B-2Fw404DKj= afkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfIuZAOeBPt9U= w1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEqNjWS1r3Gsi= E5DtTCbjQc85suNaU4AGlcNwm9j1PdoECzgW8xdnQCkVke8UmGP-2F7c8o6bJMIATaP86qYzavp= s53pFvfoFepUeVPyd7kFYROVeQbIf9RCA9wQ83I0IR4vp-2BaBdsviMfJ1VDQuJbSHbXOJ34rJ7= oRIzE-2FHMmDYMCrRGRdmC-2FfPScmhTB-2F0Adte75W8VzC8Hp2-2FLW44R-2BRL2BP0tSIbZn= mL7kSAJUDh-2B8Vk6NtoxdIJJkSZVaHW0F1z38U1oL1Xoi5NYC-2FSMeOBk3h0F7rBGI3tUyb0K= fo-2F1hPRW1-2B5AmvDmGfw-3D-3D" target=3D"_blank" style=3D"text-decoration: = underline; color: #1D5080">Advertise with us</a> | <a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzXXzO2RIocf0f6TTF8VyBj-2B61Tukokn466x3ldaIOjZpA-3D-3D6MZK_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgFzirSr1cT= UxJhMb0-2F-2Bv2jwbuci-2F0CRm0paSWFBTeOz4aL2huatrnDyyTGD1sRcTwZlB-2FC9LPz-2B= -2Fw404DKjafkqNMhVOZAVgE46dFzCF3BDBIcjLN6z3txrBx9unyKOfGlB5ZZuI0Rrp3anDCXfI= uZAOeBPt9Uw1IwLOVl32pgUiPYr0Tjg6fOdxZto6pgpcqt4G01iNknZgU8IWJB6mP4DLklOSnEq= NjWS1r3GsiE6swUhq5C-2BVVYEn5ATm7oreONFWkux2Ks6X9x52EsGqC8kQjk95mdQq-2FQDqru= 8JdQcSxUc4N6yCB1qE6ULdzbn9xzdSvLGEY4YhoMzcptB16A4pYCXilNasikHfkrMHGOn5xKMxc= sXAK5Jok7riJilMH-2F7kmTBt-2B9GEH-2FhUoVlTAg8Voz7BkH-2BHT93rvmSd5BuuOs3O5mtQ= IHYbz3Oq-2FBRYhiFjznrjjC6OoDpC4avifcc6-2F9AMS2gUH7-2Fk1m-2B6laIIOsdXW3ii9fL= s9bBXJTxRRIEBGbWj3pyiuoRN0YATJA-3D-3D" target=3D"_blank" style=3D"text-deco= ration: underline; 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