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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 Plus: Soonicorns, a look into xAI's financials, and more. May 24, 2026 | Read online | Manage your subscription The Weekend Pitch Presented by mogul (Adriana Hansen/PitchBook News) Editor's note: Due [...] 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 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 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;"> Plus: = Soonicorns, a look into xAI's financials, and more. </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; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; 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 24, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy= 3Fp2D-2FVrtTnAlVY5xk0RX9Kz72yvsJQ-3D-3DmFQn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF= -2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmX= FdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QY= LsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetbDOYfQJGTiOGjB0riVCOVmLSB6230n3h-2Bf= QHersi-2F9n02wsQSwFiWFcQZWl6DtQEU2OmeOnoWbcIFZoHajZG7MgUTGy0akXzwc8wYWy3FNz= Rz21vpHsTQ5HYS-2Bkwb5NTfBAaaaApJzZ8Z1BEUvuBsuLj3Kh8wsu1t-2Fc1KFHjx8l5lnhNjq= 1n9jQakXgVZDSDwa2l5vN0BrVwzNalZCYd07dUUtFsy9WcC9coc7-2FekeBYAlFCPewhGrZxyyW= 5-2BJw-2B5wLd-2FdkAX5zot25hatpM9NzFNaTOgjS95Hd" target=3D"_blank" style=3D"= text-decoration: underline; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Weekend Pitch</s= pan></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-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtyS6RaP3F4gxyVGeMn7yoQw-= 3D-3DbRL-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRp2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAl= S0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7m= sKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSV= RzTetbDOYfQJGTiOGjB1HdJOvBXoDMd-2FG17U14ai0J56wXzZjIPPq00j0gQJBwIQtBxwPaYNG= duIzdjhYSCwrCNniUTxy0Yko4P-2FSF2YbVysO9ZA9WFyuLQ8TlG2FTqwjPrABw2PIjB8ikp2o6= yIYV9dBp8sY-2FWbOtv2Sb9-2FLKY-2BK0O92-2FOBGtdarnSH6xXU4pqP30VDcBy3AYMLr4myf= nRMa4Ll1HUSEKetrJe-2Bq-2F6Yv8Gj8NqMIWnQyEh5ywGAiHXohrNHq8aXqFgrNSeCqiX-2Bs8= 11YS7aoB5XuVvq" target=3D"_blank" style=3D"text-decoration: underline; colo= r: #1D5080; font-size: 14px; font-family: Roboto, Arial;">mogul</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-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtyS6RaP3F4gxyVGeMn7yoQw-3D-3Dr= xjC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2J= qro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnv= zWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr33= 0ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetb= DOYfQJGTiOGjAXQsdDAUi0h03yqdFanFVmpEIlPuTUt9-2FYN6c6HoCKMHen7iUutPsPCuiLdzq= thGa95ZpkwSt37IxmRLp6VlPmpq6WGDm1LiCL8nFufjsvyKGqIsXWxmppd-2BXvBn8XtDCS8aXq= 5FaJANXPFEe6BP7IuHg0uk5TMl1nrg-2FsnxOTMTVfreiBlAs8LLrWUGLeeMpk0EXPeG-2BnBMi= Y9lSFUrJTCRzA83QwD-2FQOPl2BsqcHloNEQrfIJtQMl8NTg6haR9baXuO-2FAZTIUM2CpInzQk= -2FY"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4596/Mogulb= anner.png" alt=3D"Ads" style=3D"padding: 0px; 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"> <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-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtCkcHxvC= RA1jzrHeo5Q5EeQ-3D-3Ds8jQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRp2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsM= oifKFEVVKi9WpgAlS0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRT= B4nTwlaFd-2Fpd7msKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8Be= J92OroH9IUXRDiSVRzTetbDOYfQJGTiOGjDuY87AShvvLT3feYFhbYeugmPG3-2B3gw02Ap8eSH= pGXlzgQHuWLI7Cb-2B6mGmySnSSl4TZ-2F9VdOonwPVuiTAWh3-2BHoLQN6f-2FPDVnktNB1hFb= o0HzN4-2BKEWa3-2BmGbNF3j7Zv1HlqhxtYjoQ-2B-2BTbNgn3ONNTsJAynJ2ViXgrBqWN3z-2B= SGS-2FRrmDRa0FSBXxW3laEEIIGXynH7rKMnHqexPgfyNQ84PojeVXHZNAI93muy-2B3rl87JgH= i71mA7fEsFSm-2FTGXfWod4K2Q80uHdumOlIj4" universal=3D"true"> <img align=3D"c= enter" alt=3D"" src=3D"https://img.pitchbook.com/news/74491.png" style=3D"b= order: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">(Adriana Hansen/= PitchBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <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"><i>Edi= tor's note: Due to a technical error, this morning's Weekend Pitch was sent= without the main column. We apologize for the inconvenience.</i><br><br> Ninety minutes was all it took a federal jur= y to reject Elon Musk=E2=80=99s claim that OpenAI execs Sam Altman and Greg= Brockman =E2=80=9Cstole a charity=E2=80=9D when the AI giant partnered wit= h Microsoft and created a for-profit arm. The jury found that Musk waited t= oo long to sue, which the judge concurred with, clearing a major legal over= hang on OpenAI's anticipated IPO plans.<br><br> The trial highlighted a question that will f= ollow OpenAI into the public markets: Will its status as a public benefit c= orporation=E2=80=94the do-gooder company structure it adopted last October= =E2=80=94shape its business pursuits? With OpenAI free to remain a for-prof= it company with a public benefit goal baked in, a structure rival Anthropic= also adopted, upcoming IPO plans will test investors' appetite for corpora= te priorities beyond growing the value of their shares.<br><br> I'm Jacob Robbins, and this is The Weekend P= itch. You can reach me at <a href=3D"mailto:jacob.robbins@pitchbook.com" st= yle=3D"color: #1D5080;" test=3D"">jacob.robbins@pitchbook.com</a> or on <a = href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrthXJ8D59T85yZGDefJ3f= LGQ-3D-3D8aRK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVRp2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9W= pgAlS0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2F= pd7msKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXR= DiSVRzTetbDOYfQJGTiOGjA41jSFiZ82xwTuQ8Nz05cr-2FUg-2FyqVhkBAlfZGxmP5w6IQ3DH8= lW1m6PzRMqy032Id-2ByqPsQNvJvdPDktZjWIpUvilV3fH-2B7YhkByXWhMAnT1r-2BOqPRp-2B= x3eFLUGMbhYvxvPyFu-2FZLwF0oZR-2BfVlCwfZUzcpYjJa6Z05jCPxSILUL-2BuX-2FH3g8tLI= vZt738TuL9qkzDe4y2hxaiCW-2FhrKYHmEnJa0TzVQ79BWXCU4pM-2FdHhLZvAIIhS-2F6fJzse= j3yZSzcU1PK9-2FmuiXvOUMNZxkL" style=3D"color: #1D5080;" test=3D"">LinkedIn<= /a>.<br><br> "A lot of people would say there's plenty of= room to do pro-social things, as long as you can argue with a straight fac= e that doing those pro-social things will ultimately lead to greater profit= s," said Michael Dorff, a visiting law professor at UCLA and author of a bo= ok on PBCs published in 2023. =E2=80=9CIt's very hard to enforce a core mis= sion because of something called the 'business judgment rule,' which in ess= ence says that as long as the board is acting in an informed way in good fa= ith, the courts will give you enormous deference.=E2=80=9D<br><br> Corporate law in Delaware, where both compan= ies are incorporated, requires a PBC board to balance profits with a stated= mission of public benefit. But how that balancing happens and how it gets = enforced is left almost entirely up to the board=E2=80=99s discretion, and = legal scholars say OpenAI=E2=80=99s stated benefit of "ensuring AGI benefit= s all of humanity" is broad enough to cover nearly any decision.<br><br> =E2=80=9CFor-profit versus a public benefit = corporation=E2=80=94there=E2=80=99s no difference,=E2=80=9D said Brian JM Q= uinn, a professor of corporate law at Boston College Law School.</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 border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWosbg9VEUensPSlMVxYoexzQsro-2BLUOBHGX6QbzBu3Dw-3D-3= D8pGP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp= 2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0df= nvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr= 330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTe= tbDOYfQJGTiOGjBVTmMvIJ2ch9kC7JisW7hY7vU2gUXgZLi-2FhgVGIVqpHhdOJt6K6aV8L4zix= 8AGPsarj30fguZzsd064WKQWNr6fRTwkoZiHK9y38xaMpO0OeeM0OtZYwZcrDc2Lwab2O5rDJqV= 8pIa87CmeA6U9EaEBXbCPGePd27WR53VKb5SJ266CICAbdS8ve-2F8OUEuZvHuOen7Wgzh1lL5g= cjEVpxhjbIUeuFyKJMXiqq3i8e1kUFYPuuXVG5iXlNHFQP2m3K3uTwje8JQMt0JKUuRf02y" st= yle=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decora= tion: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D= "true">Read more<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsl= etter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" = width=3D"24"> </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 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 mogul</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_581117" id=3D"n_581117" 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;"> Tim Draper bought 30K BTC at $= 632. Now he=E2=80=99s betting on rentals. </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-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtyS6RaP3F4gxyV= GeMn7yoQw-3D-3DZfpC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRp2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFE= VVKi9WpgAlS0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwl= aFd-2Fpd7msKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92Oro= H9IUXRDiSVRzTetbDOYfQJGTiOGjCc6cm4uBHvtslkzJRl5cKYWI4I6dMbgK6QMaTJ-2FShGjox= Yr2iHDkPQgdJCXKMKsHhKmO0hBxJ04owBN70OTvcpgjX6cQghqGrVVbBf9h-2BYFq243-2BAFqw= sJMmkI4nJSnOfrluuM5k4lE1Spk2xfV4CysHZfZSJHFNufw3HUmZXqWsT1eSpTEiRxkguo7Tqi-= 2B-2F2Q2-2B270OGwxTjqVmwuIaWJcRdLCBMgETu589lJ1KwoPsBCkreWdGQ8DndSNI7tiDlsNs= 2j-2F1Dyu99kqJesqhK-2F"> <img align=3D"center" alt=3D"" src=3D"https://img.= pitchbook.com/news/74464.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>Tim Draper bought 29,656 BTC at $632 = in 2014.<sup style=3D"font-size:xx-small">1</sup> They trade around 100x to= day. His next bet: mogul, the fractional single-family rental platform buil= t by ex-Goldman Sachs bankers who took Goldman's institutional SFR program = from $0 to $1B in under 12 months. Draper invested twice and called it "Car= ta for stocks is very much like mogul for real estate." <sup style=3D"font-= size:xx-small">2</sup> <a href=3D"https://url6380.news.pitchbook.com/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2= D-2FVrtyS6RaP3F4gxyVGeMn7yoQw-3D-3DxkZS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQ= AP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXz= Yyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd= 1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetbDOYfQJGTiOGjB67WgCxSej6gcsVk-2Bd2STej1G= oaZwAgzJ5haBAb9NRMosXfe0vfI8CM1CuGpc40bIUOJ99wZZMJBXVscsqSbwPxH28s4DFLxqIBL= bolHwZCBD1LTu7JyYQY2-2BW7lbOdYoIuW2AqZ3G6AR-2BpSd81ZJlYFP59yAtjhiJO1b0dWij1= BNibfNqaBkFJ9V2KRqx4tg7N3Kgp7yB8o7w-2BBrJ86Zqo-2FRT6q3soiN9LZPSALYds70dBFhU= B4TQy1TR-2Fr0UZPhLSulzhpbFHRrl-2BpRmTtqA" style=3D"color: #1D5080;" test=3D= "">Take the same trade.</a><br><br> What you get:<br> =E2=97=8F Personal access to the institution= al SFR trade.<br> =E2=97=8F 18% historical portfolio average. = Roughly 3x higher than competitors.<br> =E2=97=8F K-1 with pro-rata depreciation pas= s-through at the LLC level.<br> =E2=97=8F Per-property LLC outside H.R. 6644= 's pending institutional ownership cap.<br><br> Offerings can sell out in hours. <a href=3D"= https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtyS6RaP3F4gxyVGeMn7yoQw-3D-3= DU4kv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp= 2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0df= nvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr= 330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTe= tbDOYfQJGTiOGjA0Bx6rWUttcbni6Gza-2Blgj5QvOf-2FmwiqR-2BmqirbNrmwSxrya-2BqdnZ= bcenn4-2B-2BHhhP-2Fo3IACDo6E-2Fa7QQWiwD6MBiOa-2B8My11R5ufhN-2B2IN9WTxo6Whfd= jUnQ8-2FtSY7RWIsfa7ydqkqjcZ38zVq53bU892FGsNyE8F1SHdgzOj2EIAIbNo-2Bv8NMGdB8T= Ra5BSEDvl5o-2FL1gEGLxsqret-2FZh-2BtXjmQEOqiVSfu-2B-2BAMwf3n2KVWza8zSZ3WmIGV= DP3iaQzFIPkISSbp9l7Q37eejo" style=3D"color: #1D5080;" test=3D"">Pitchbook s= ubscribers can get priority access to the portfolio with this private link.= </a><br><br><small><a href=3D"https://url6380.news.pitchbook.com/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWosbg9VEUensPSlMVxYoe= xITK6njNvi0Nh1aO3uPvogQ-3D-3DffSp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhC= cVPZNfsMoifKFEVVKi9WpgAlS0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7gl= JBkQeHRTB4nTwlaFd-2Fpd7msKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkB= PpZzG8BeJ92OroH9IUXRDiSVRzTetbDOYfQJGTiOGjBItRz5OES90P50d-2B6RYcozbNdA4pr9q= AWz9T5l-2BhXCNJIXWgbfixozCB5mCr4bYW9vNi4-2B-2FvYs9pfo8fga6BrgzBWJjNQHdH7H64= 8jsqGQqNCwZ8ASLXBM8q-2FXMCPeZ6bSuaX9pXPYbJKP8xhiQSDWFp03qMfozfai69K-2BOh70Q= b-2BNexLxzkvEkN1Nb84JnnoJrtRUXHQCyE4G8Ey-2FdAe-2FJo50-2BZiZXRUYqEWs-2B4-2Bu= pIMU7YpIfNM-2Fj4CfAdYDaOh8-2B-2FvkM05-2B7iCO6UPr9UYd" style=3D"color: #1D50= 80;" test=3D"">See Important Disclaimers</a></small><br><br><a href=3D"http= s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzWosbg9VEUensPSlMVxYoexqy1-2BxU0wKS1jNzt6NQi2cA-3D-3DaZj= H_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqr= o67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnvzW= sI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr330Z= nrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetbDO= YfQJGTiOGjDXlhwtq2jUdQMQE8D3QqHucNUArG-2FdqsuLPrL1Hlz-2FpnZzavJt5wXtE34ri9G= -2FjRo-2BveFoKwPFkuIso8MLBslVRfYANYangzGp07XVAWCBMljWLySNXtal3TULo3T0IDC5cC= Ubb-2FutqxM6-2FMlwkNc58oWEuiMiGyeEWoDb3ROJHuj9OPMxjcg39Ca2lq9ggavkqh1QqWZfD= l-2F5rYSxDo9w4a1yZH-2Bze5IqRG6XKGPpphWrmREU8O1vC8yRInWDqE0Pt9vC4A4xcVVUzpFh= 0E0n" style=3D"color: #1D5080;" test=3D""><small>1: "Tim Draper Forbes Prof= ile," Forbes, Last Updated March 10, 2026.</small></a> <a href=3D"https://u= rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzWosbg9VEUensPSlMVxYoexQGTIDhSqzKBHJukdXsbXWQ-3D-3D9Nn7_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqro67re7v= KCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnvzWsI8M-2B= RNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr330ZnrInkPn= LjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetbDOYfQJGTi= OGjDFpSmM4CipUUnbnERtt2yabujQEU8Iv3js1cE6LGGSeFwHoweko3CsboSmsb2kiZ1GFFohNQ= mAMKY8bUwLwNmo44mxFlA413tCOs5TXPLwQuCQh1AsC9dWs7i-2BjsE-2BQ4uaRqIave5pnA6vz= pLxys1a7ogDbKLckA7FMxZ-2FXI5hw7kEbxD0eezKfw4oNwFG4-2F3bVJ72jYjs-2Bo7Ohb6AEv= EjUq-2Bv1nzCaPKfad0oa6VpFOasKeIBBX-2BlukB8xiF9GQ1p6ZRypRql8S6Hqn4qbL20" sty= le=3D"color: #1D5080;" test=3D""><small>2: "mogul club raises $3.6M toward = its effort to make real estate investing more accessible," TechCrunch, Mary= Ann Azevedo, November 8, 2023.</small></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" 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"> = =20 <center> <h2><b>Trivia</b></h2> </center></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">A "soo= nicorn" is defined by PitchBook as a company valued over =E2=82=AC500 milli= on with the potential of turning into a unicorn. According to our latest re= search, European soonicorns are currently worth =E2=82=AC126 billion (about= $146 billion) in aggregate. How many Europe-based soonicorns are there?<br= ><br> A) 133<br> B) 153<br> C) 173<br> D) 193<br><br> Find your answer at the bottom of The Weeken= d Pitch!</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: 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"> <center> <h2><b>ICYMI</b></h2> </center></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">A sele= ction from our most-read articles of the past few days.=20 <ul> <li><b>For the first time, Anthropic is repor= tedly worth more than OpenAI</b>=E2=80=94and the valuation flip reflects a = widening gap in investor confidence, enterprise adoption and equity returns= between the two AI rivals. <a href=3D"https://url6380.news.pitchbook.com/u= ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWosbg9VE= UensPSlMVxYoexRNWSBmfXNaNPFMoq-2FBKKmg-3D-3DUVqg_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqro67re7vKCzfg8pkoYtB7or20JrSk= dH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e= 25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0= Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetbDOYfQJGTiOGjBavbxQfIgJyONcm8ZU= 4Hp-2FxL-2BkeVfOX5I6dagacYhS8Dls6UGn2zLeHA8Gr5zLeg-2BQ91wLtmlls1tm5mwcYU8vF= 528HvrqCVi1TTqMI3RNr32TT9JO-2Ba18hCptKVjspVLaQlML32YRsN3RVWFAFqj-2BIV8pvtV5= 0XLVf7GB4YFOw1FhdrrSvWjr2scBmdn0plzWLoUeZG2DaMxFRzotJeebxnGT1OTjK9d3ACyOSde= PvZQ-2Ba-2BIY6VqCZfCv3CFhsefapB8EW9tLBDAiZXL-2FcO5F" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true"><b>Find out more</b></a><br> </li> <li><b>SpaceX's S-1 is out=E2=80=94and we've = put together six charts</b> breaking down everything behind the $18 billion= revenue figure, the $4.9 billion net loss, and what the numbers mean for i= nvestors eyeing a generational liquidity event. <a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzWosbg9VEUensPSlMVxYoexF8Mkchz9pNJAG8HmYbSHZQ-3D-3DnKqb_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqro67re7vKCz= fg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnvzWsI8M-2BRNj= goEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr330ZnrInkPnLjv= kIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetbDOYfQJGTiOGj= BC5zykVHOmidCG66Oc6fcA9YXNKPK15-2FZ4VFs-2B7p-2FNldyGnrRNZ18mOA0mGE2rHJwGlXP= 5nxrvVTerWTRpyGSYhdbzVXUZsjdoyLi8OlVb5Uw6gpZ4xM8z-2FCyNvclPbhA8ZkyM32rjXg7N= hdW7FjIUJ1zzzSqFJ0DA5oL9VtqqL0w5mklSrS3jXfmrxR8LQUFgY9QxzePSUu4g7bn9fqKq2aJ= RfkcpMbW8tAbdfl9c-2BQ5hJ4NuLoHB66y5BXvCzDS-2FHL4LcFxNieLi1-2FmRTdgV" style= =3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read it now</b></a><br= > </li> <li><b>Blackstone and Google's $5 billion joi= nt venture goes beyond data centers</b>=E2=80=94it's a bet that chips, powe= r and compute contracts can be financed like infrastructure, marking a new = frontier for PE in the AI boom. <a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWosb= g9VEUensPSlMVxYoexwZALLUpoBc0Qwj1Wu5NWTA-3D-3DJOOi_Pr966knuaHmaw6c7pKvB-2BC= EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqro67re7vKCzfg8pkoYtB7or20Jr= SkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm= 7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0= M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetbDOYfQJGTiOGjBF7rrh2OC4nCWTrO= zbxDGkpsL2yj4ili5GZKGAtN0QYvuTqOMKfQyKkL5A7FfmLGERLYhXE8gey4y3S3z65fnsTg36k= IRvO7wzP3G8Zg8XATpeAaIVdywfk-2FhkMQnheokz3mg8birU1rCcaoeO3EkyCchkx5FvLbCdMs= aL0x7cfTWLdN-2F1FCjXLIFFguYB7VxupILAt9MET2-2F9xrTX8Ay-2FOPiFsNllhCcPO4uhKqU= gj2Jg5ICvkvSDwL6wWoyiAzOan5ogFITIpPMwovvolYIU" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true"><b>Read more</b></a></li> </ul></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: 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"> <center> <h2><b>Quote/Unquote</b></h2> </center></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">=E2=80= =9CIf you compare xAI to a traditional SaaS company, the financials look re= ckless. The =E2=80=98insanity=E2=80=99 isn=E2=80=99t in the spending but th= e bet that by the time other firms get their GPU clusters online, xAI will = have already moved the goalposts toward autonomous physical agents. If that= payoff happens, the $1B+ per month burn will be viewed as a bargain. If it= doesn=E2=80=99t, we are looking at the largest venture-funded correction i= n history.=E2=80=9D<br><br> =E2=80=94Harrison Rolfes, a senior research = analyst at PitchBook who covers the major AI frontier labs, speaking about = the financials of Elon Musk's xAI. To see what else the SpaceX S-1 filing r= eveals about the Grok maker's accelerating losses, <a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzWosbg9VEUensPSlMVxYoexFBrVvXsP-2FyF6aXBKNWNzog-3D-3D4q3E_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqro67re= 7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnvzWsI8M-= 2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr330ZnrInk= PnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetbDOYfQJG= TiOGjACdegc5jL7m98XDwaTQfD9gPSb4wuom-2B06Byi28qHzsG6L9GKjG-2BnsIyaw0eM3chhR= iPndZrqkQEKZc8hwuwEtFHcc6Obq5bMy-2FZA8OisSHTmcAZVI2SgB-2Fgz3A8bxW7fbYKuHleu= ZD-2B0OQZNUlwcGGW5dlsdAoc-2FWROK9PY9-2BCefTjaQuJi59W-2FbqsAnBzxOtwrWUSeo0mD= fX1EkRKZ6EyB-2BfRMSdkWW2a4F3zAWa3WOPwDw8LdtKhHXQoekEpk2KguTWZxxqpMZRlQFWl6l= u" style=3D"color: #1D5080;" test=3D"" universal=3D"true">read more here</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> <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: 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"> <center> <h2><b>Trivia</b></h2> </center></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-top" 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-2BaqM7ONnvsnswouzWosbg9VEUensPSlMVxYoexCnXRjRRxJ= mMY8lNec0bstQ-3D-3DQMkV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRp2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoi= fKFEVVKi9WpgAlS0dfnvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4= nTwlaFd-2Fpd7msKkr330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ9= 2OroH9IUXRDiSVRzTetbDOYfQJGTiOGjAOIChVDpx8-2Fiu6PNB-2BUaonpL8-2Fx-2BlM4R3LA= h6IxmRiL5amRaVqwU8HzLImvW5Xqd5ye7WaXz8-2BX2oMXtOwThQqG6j8rUJhG1U2iptKywXur9= ovut6i6VNv0F0-2FT5pPAX5mM5xa-2BF3G96lJtsWh2fImFxkbEv9oQKk5gEHThh2As3MSpMKTd= 0tMOAY9zsLuf3pIuquj1YzqiUJ7xaci-2Bbrno4SC-2FWST9Lz5ckEQbXEELMZ0ghK9iURpQ8ZJ= 0XqN8A5v-2F5bdi-2BB4QF5bwr64-2FRGi" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/74446.jpg" style=3D"borde= r: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">(Stas-Bejsov/Get= ty Images)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <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">Answer= : C<br><br> Our latest data shows that startup valuation= s in Europe are continuing their upward trajectory. The total number of Eur= opean soonicorns now sits at 173, supporting a unicorn market that has surp= assed =E2=82=AC500 billion. Read more in our <a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzWosbg9VEUensPSlMVxYoexu0ohSxMttza4Mm1ERXZ54w-3D-3DPEok_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp2Jqro67re7vKCzfg8= pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0dfnvzWsI8M-2BRNjgoE= o6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr330ZnrInkPnLjvkIQ= RK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTetbDOYfQJGTiOGjDVh= -2B5f7ZiPzJ5sMIp3QSWoUznRlwTzveoXY0BdYT3JBzZ3LJflV2I0JrjDxTH2u-2FCXFkGZtziM= RDbviDpmbuH57YcSv9ZZUsXmPNnnvOJmN5ve99xUS02hnJx2UWnpquyfLSp9oglMz7-2BY-2Bp4= HIZkblKLCQGfvzHwwIygmr-2FUU5hIJESkfCNldO-2BVZcsIoNFcodczZyVotdINFidzThE9uIt= uSg3ykB3OvjNuw-2Fn97SF4fqFb4Knl0eDLCkJ64f8-2FDqFYJ3oVUw-2FY9S4J0vQ8w" style= =3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Q1 2026 European VC Va= luations Report</b></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> <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: 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"> <center> <h2><b>Sign up for our newsletter</b></h2> </center></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">This e= dition of The Weekend Pitch was written by Jacob Robbins and Nadine Manske.= It was edited by Kia Kokalitcheva and Nadine Manske.<br><br><em>Were you f= orwarded The Weekend Pitch? 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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;"> 46 </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;"> 179 </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;"> 92 </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;"> 1 </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-2BaqM7ONnvsnswouzVvHtjJu8ZXX-2FZyIGW8OHqk81MXTGdivW45Sh85-2FfuRZA-3D-3= Dhmmo_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp= 2Jqro67re7vKCzfg8pkoYtB7or20JrSkdH1VF-2FQAP5WhCcVPZNfsMoifKFEVVKi9WpgAlS0df= nvzWsI8M-2BRNjgoEo6Yn68ZirlPhm7e25mmXFdXzYyl7glJBkQeHRTB4nTwlaFd-2Fpd7msKkr= 330ZnrInkPnLjvkIQRK4mVfIjk7sf0M0Ox2QYLsXd1UuqkBPpZzG8BeJ92OroH9IUXRDiSVRzTe= tbDOYfQJGTiOGjBZOs32-2FwTmP5tb3In3HnlI8OEG7mt6xGVtYSzgyCokKOLPkLRkmgq6UFSRo= uQm12bHJGlJC-2FjvwY48qQE-2F3tkhJoN-2FCMUudHT9viHhHGOf08RiqoJ8gGKVPR9O5Vkhq1= Iyw9HLXhbBDskAlgcLY9T-2Fd96-2BG6COvjNONytcsBfF9ZuzdLmMnfF701W3mmajBkPMlk-2F= uBfX-2F0FTCTFm7EYYtqwyIuGfkH7dTLmjesi2G9fUViIzo-2BrKIugdaJgwhFUA4svr8b3HQNl= DAoILaXV3v" target=3D"_blank" style=3D"display: block; 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