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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: Sizing up SpaceX's IPO plans, a hunger for listings & more December 21, 2025 | Read online | Manage your subscription The Weekend Pitch (Chloe Ladwig/PitchBook News) For AI this year, the story [...] Content analysis details: (-2.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 RCVD_IN_VALIDITY_RPBL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. [159.183.175.69 listed in bl.score.senderscore.com] 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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[159.183.175.69 listed in sa-accredit.habeas.com] -0.0 SPF_PASS SPF: sender matches SPF record -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.0 HTML_MESSAGE BODY: HTML included in message 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 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; 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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;">December 21, 2025= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FF99k= E4y4cGjjjYr03-2FSN567wsBPQ2qQjUdkREtxpuQ-3D-3D1w31_Pr966knuaHmaw6c7pKvB-2BC= EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNj= ylFwe7tETbQUkU1neV4hpvSMRm8PkNN0vktWkxiQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8= iBEsGfCPOup6YsQrPIA-2BcztE05E2K9EtChJBOfh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZ= UB1hyLaLownFhXWcLh65Av2znhVuySkw9n2tfLHb-2BsN-2B6Sdvi12TPwe5BAPN0vLSWxv9QSY= IhiXTdWXxaoHJmathR0ugkWgYGHhAys3y58tIfIyQufD1MHqrWnbtS4g2ItmVW8cbt0b7m-2B6R= JbEKCMO8i1FTN4t9bt5DohtBERdNiWTfzvKx9Q1qJn3HKqQamILUbkNA54mBdLtYu827mG23riO= HcqKGzhZTod-2B4cXQI1kGAI112AuypfXZJN-2B654mPgCSsaVp4ym0qUCd-2BC040o6lG26gNV= x6GWZckeWAUEk9RMNqYN4D6zkheL6aGZiVnA6wx1rI08xN4EW" target=3D"_blank" style= =3D"text-decoration: underline; 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-2FSNSnefPslMW7sUTN9L3wpF= jg-3D-3DtNKt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQUkU1neV4hpvSMRm8PkNN0vktWkx= iQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6YsQrPIA-2BcztE05E2K9EtChJB= Ofh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownFhXWcLh65Av2znhVuySkw9n2tfL= Hb-2BsN-2B6Sdvi12TPwe5BAPOHogoHDYcOQklhiRJNAj-2F3EKRisRJLql4nfQAFJE8DtUn3M-= 2FjWP02hTxIu-2FnqL-2FTAQUNylmMpnZpmHtZRnXgNVFd5XEQcyfxP-2F0dV-2FdoQLUGrKW9L= RCnsBUWXLlcKlNN9BFG5C-2BOZkxO4tFS3QmIAi7oLkuWbqSbP8Cf0kuje0pKXItdegidWQXeLJ= b27m2Nrkk7DdxrcR1S-2BCJJKv-2BDdB4QAVcDMotcRS3Dsfvq6hVyMdkOLyyeDaRpU5fJAMEsV= ewourn96UjFMsasJ58Hp-2F" target=3D"_blank"> <img width=3D'1' height=3D'1' o= pacity: 0; style=3D'display:none !important; mso-hide: all;' src=3D'https:/= /my.pitchbook.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6= VUBAECQE7XY5D5PSLQI&emailId=3D3DVSN7SQF2CJCYY&emailName=3D3DWZSNWFXP2BBWOBO= FVVLR2CURLA&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/= ><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.3gwe9GsF= -2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKNyDXB7sCtnQhFLGSM= zz1SULqrgKCjN0ezuJZL3HSzJVZxApbIaGVKTwYqW1PVRZnxWvw9mGijDJqHNqhM-2FLYyaTuHR= I4PLX1Uopek-2Bn-2BOFhk8iOl4fEYERs4b9ZrCqN8oWrKMPURU-2BFDia35xGRbF0OKOn9Suvd= pzC08QD8ysQb6iSotCcpYX1aCDOgVmZYB9Wc4qKLAWCJbTePH9VUDqgt7pLB-2BmL-2FkubmSMA= 4SgnUXclEvkaum-2FxBjlQHQNUrGdTrUJLHkDkbzXAcUd7TxNYwE0Wb1Tb9-2BCkzzy9eIVzX-2= BL0D3fT61biwT0weDw-2BMuRUMbD5etUgPKBb3uYE5ZVgNDxhRckQP0rJYqJBw7-2Fif-2BVEr1= ii01LQ78ZAHUtcGN6Rxe2jGuceU7w5qCeBYpmZLxbmqR87UKy9afETXsnl70T-2FgQz8Dc4c-2F= rm5McGMmuur8G7oHRUqug3FzLhoZDvd6eUz4B4akzcGakUx8u4jI-2FAjvxZ3SBQ1z2JvOEO58g= " alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !impor= tant;width:1px !important;border-width:0 !important;margin-top:0 !important= ;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !import= ant;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !i= mportant;padding-left:0 !important;"/><img width=3D"141" height=3D"39" src= =3D"https://fonts.pitchbook.com/newsletter/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 Weekend Pitch</s= pan></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 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-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-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-2FSNWDIwc= mT3zYcc2g-2BuPAkG3A-3D-3Dl0nf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQUkU1neV4hp= vSMRm8PkNN0vktWkxiQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6YsQrPIA-2= BcztE05E2K9EtChJBOfh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownFhXWcLh65A= v2znhVuySkw9n2tfLHb-2BsN-2B6Sdvi12TPwe5BAPOlE-2BqwpcyF4fWsyUXsKKd1XbA8dMLG8= WXVv-2B8-2BjSshg9GsUHLeLFpxDA-2BbBgJ1yVyR8eJWGzqBbNlrATOrFemhFpuG6X4PCMTftn= hnGfxgvlFzqDOaDcLwWxg2zf95wDCRd1RwK4-2BLLV1JA5nqwY-2BHH6dpJ9cV6YHfCIrtuzXbV= XzFZ9XBKQQZuvxRJEu8LulVjf2zwj3YzJIfC2UWv0m91k78PplmvI8JUMMnIK-2Fx6fF2ITQ7nj= F6SdpMyieDTxxFSoZCKkaE8UqzuFIgceyE" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/71690.png" style=3D"borde= r: none; max-width: 420px;"> </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">(Chloe Ladwig/Pi= tchBook 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">For AI= this year, the story has been one of relentless acceleration.<br><br> Startups have raced to launch market-changin= g products, enterprises have rushed to test them, and VCs have scrambled to= fund them. Globally, the scale of AI investment hit $275 billion this year= , according to PitchBook data, doubling the amount spent in 2024. Valuation= s and deal sizes have followed a similar trajectory.<br><br> For all the VC dollars pouring into AI, thou= gh, a weakness has emerged in the sector's financial underpinnings.<br><br> When examining fast-growing AI startups, ann= ual recurring revenue has overtaken valuations as the go-to metric used to = flaunt a company's expected yearly earnings.<br><br> Swedish vibe coding startup Lovable reached = $100 million in ARR in just eight months, while app builder Emergent report= edly achieved $15 million in only 90 days. According to SaaS benchmarking p= latform ChartMogul, only one in 10 hit $10 million ARR, and AI-native start= ups are eight times more likely to reach that milestone within 12 months th= an the average SaaS business.<br><br> But this same metric is now raising eyebrows= for the wrong reasons. Investors are growing increasingly concerned that A= RR may be far less predictable than the market narrative suggests. As talk = of a looming correction grows louder, the durability of that revenue base w= ill influence the next phase of AI.<br><br> I'm Leah Hodgson, and this is The Weekend Pi= tch. You can reach me at <a href=3D"mailto:leah.hodgson@pitchbook.com" styl= e=3D"color: #1D5080;" test=3D"">leah.hodgson@pitchbook.com</a> or on X <a h= ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl= w7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-2FSNBVd5saoHd-2BPKZE9q= UYl-2BgQ-3D-3D68-O_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQUkU1neV4hpvSMRm8PkNN0= vktWkxiQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6YsQrPIA-2BcztE05E2K9= EtChJBOfh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownFhXWcLh65Av2znhVuySkw= 9n2tfLHb-2BsN-2B6Sdvi12TPwe5BAPNEP1yKi-2FN-2F1F5cQrd7cbLzMWNdC0az7leJ7aqpFS= 77qmYIfHOu69E8QJcJPBkKs1DpFk8kojkTDtOn5qaXJJo-2BXc8ZscYswzc7-2F2pAC9JnGKlLx= LbID0L-2BBA41D5x0PX7uzKomRrMZD7BHepIPZs-2FW1rgsfwiXRNpFJk-2FRZ1VMzwiQo7vdm0= ZuFKNOqwaVUxM7jmCcQRrF-2BBFhnGk6RCH8bWEZuKIWlYSUmu4NB5WmBcDWZEbRhshAP0KeQ8T= r0CUnsJUYrytnRzX0e4sDSboW" style=3D"color: #1D5080;" test=3D"">@LeahFHodgso= n</a>.<br><br> "The last two years have been wild," Marina = Davidova, co-founder and managing partner at VC firm DVC, said. "We see som= e of the fastest-growing companies in history, but it=E2=80=99s never been = harder for VCs to see through the noise of bloated numbers."<br><br> For decades, ARR has been a key metric that = VCs depend on to gauge the financial health and growth potential of subscri= ption-based startups. When a customer signs up for an annual plan, that rev= enue is recurring until the contract ends, allowing SaaS startups to foreca= st future cash generation with high accuracy.<br><br> At its simplest, ARR is calculated by multip= lying monthly recurring revenue by 12. But that shorthand only works when a= company's revenue is stable and genuinely recurring. In practice, not all = revenue qualifies as ARR, and even within that ARR, the quality can vary de= pending on factors such as churn and contract terms. For AI startups, the f= inancial outlook can become even muddier.<br><br> "For the majority of AI-native companies, AR= R isn=E2=80=99t really ARR as we know it, but rather a hodgepodge of one-of= f, credits-based, performance-based or outcome-based revenue contracts," Mi= kael Johnsson, GP at VC firm Oxx, said. "This means that the predictability= and stickiness for this revenue will be much worse than traditional subscr= iption-based revenue."</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-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-2FSNWDIwcmT3zYcc2g-2BuPAkG3A-= 3D-3Dkxzf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQUkU1neV4hpvSMRm8PkNN0vktWkxiQm= Ng3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6YsQrPIA-2BcztE05E2K9EtChJBOfh= 0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownFhXWcLh65Av2znhVuySkw9n2tfLHb-= 2BsN-2B6Sdvi12TPwe5BAPNjjeDuw0y6yNmBysU7LW6JKGSR7Fk0yzICez9U44pQpG2ttlXWEHj= vuvJ0T9DNnlWqaK5h-2FdZy96GM2FPy2TpqUr7-2Bme5txiv-2BsuDyOK-2B-2FKbLPWGfAjfrG= vZHPze9r4n-2Bk5YPN-2FwLt7x9cf-2Fhd4F-2FvK-2BNi1M2moQzU91QtC0Ql331IFJg0jUw3v= 2FExiF3symhl7EIwX8jBhsashsC5BYJzpzu-2BE4H-2BN6ZWaFRtx-2BS-2FJRMglYTjUE8uDzE= 2Y-2F2EYHZ-2BbN8lf-2FUtzbrbpf9pYLB" style=3D"font-family: Roboto, Arial, sa= ns-serif; font-size: 18px; text-decoration: none; color: black; padding-lef= t: 3px" target=3D"_blank" universal=3D"true">Read more<img height=3D"24" sr= c=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"verti= cal-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" 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-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-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-2FSNlc5QB= e50AGHFQNRlNLedPA-3D-3DuTZR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQUkU1neV4hpvS= MRm8PkNN0vktWkxiQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6YsQrPIA-2Bc= ztE05E2K9EtChJBOfh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownFhXWcLh65Av2= znhVuySkw9n2tfLHb-2BsN-2B6Sdvi12TPwe5BAPMckjXW3RfDHbiN8K7Hb7GvwgGWCE-2B6wXz= Lf-2F1M-2B4CHVEkZnCIKo7Ufwj0oeJKr6ytCY18-2FM-2BbaJ2NHimIISxtVwmH7whNXhrY5qP= 94CdTP5g7p-2FoGsYObfQNJEiTDMP8XEMaskueTS-2FpLX9jLEduIlMOXltruya8Pll4T0PkTqO= vHCjviUZ-2BQLGbr9jS6vpIGU9qM7IJF6uWYxerZeymA4NBxRgVqYrBCp-2FPoS2WBGJL0h7v-2= FhLjG4qVolvEyzADeQccKtGWK1z21V5qCBHVwM" universal=3D"true"> <img align=3D"c= enter" alt=3D"" src=3D"https://img.pitchbook.com/news/71910.jpg" style=3D"b= order: none; max-width: 420px;"> </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">(NurPhoto via Ge= tty 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">If Spa= ceX moves forward with an IPO at an $800 billion valuation, it will be one = of the largest IPOs in history, and the largest for Silicon Valley. The lar= gest IPO from the region to date was Facebook's in 2012. How many times wou= ld Facebook have to IPO to equal the value of the potential SpaceX listing?= <br><br> A) 2<br> B) 4<br> C) 6<br> D) 8<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>Medical-surgical supplier Medline=E2= =80=99s IPO ranks as one of the largest PE-backed IPOs in the US this year<= /b>, a key test of investor appetite after months of market volatility. <a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-2FSNqVyuJj-2BmFyq= vYR4nW39KyA-3D-3DZkNa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQUkU1neV4hpvSMRm8Pk= NN0vktWkxiQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6YsQrPIA-2BcztE05E= 2K9EtChJBOfh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownFhXWcLh65Av2znhVuy= Skw9n2tfLHb-2BsN-2B6Sdvi12TPwe5BAPNhRp5CfB0etDyNr0ULO8flyUZsjZwtpQDjxx345el= ABx-2FSFGq8g9rZZt9zawrP91jU87tkpBXwC08fKbwjw8B528nCalujjmISaL7llvroSyF9hvL0= lWNZn-2B9UEYjok-2FFk2SPrWl-2BgOxgu7uEmrM-2Fw27-2FeTlBQMJiTfZCbKO8gGtgqy04Vz= v2JZrXlenohlzOy-2BZm7rzS-2BD812AItTyIyE643eR79PyiAduu2It-2BV2pZs7FSFVF30kQg= HXftey1aAQtYINEws4DIJNOvigD3et" target=3D"_blank" universal=3D"true"><b>Rea= d the full report</b></a></li> <br> <li><b>Deep-pocketed private credit managers = are increasingly stepping in to finance technology giants' capital-intensiv= e data-center buildouts.</b> But some private lenders are taking a more cau= tious stance. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-= 2FSNvLc08oJTRfs-2F77DYzS9Stg-3D-3D6TDD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQU= kU1neV4hpvSMRm8PkNN0vktWkxiQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6= YsQrPIA-2BcztE05E2K9EtChJBOfh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownF= hXWcLh65Av2znhVuySkw9n2tfLHb-2BsN-2B6Sdvi12TPwe5BAPNc48hNHIbMgkBT60ffYyLruv= vpfzteEkbNpAOuJq5SwTvISpTWtTK59qrHrUl-2FagOcHX-2FMih5Wq8DPgS0mYVNuyOClWDmoH= InLuy0MKf6lJ0ySL47dn-2FtHJ9PR2sPXVTQbkySRFsFDzmDkFV1hzzlrz6mMW6me6rRWs5lWOe= aSu7R8Ki62sPlXzMqfMaylTSkUP46iLRgEe01qaHctatYRPIZH6MDwH8VCGK5et-2FrfsuqFuBw= 6g48yE00DtiKvMFg14nO3GhGz79HWs4tvuvfB" target=3D"_blank" universal=3D"true"= ><b>Full story</b></a></li> <br> <li><b>A maturing market and more family offi= ce participation have helped reverse the decline in LP commitment to Europe= 's first-time managers</b>=E2=80=94a stark contrast to their US peers. <a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-2FSNkFSeEoQOYCd65s= gAHrErMQ-3D-3D5MNR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQUkU1neV4hpvSMRm8PkNN0= vktWkxiQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6YsQrPIA-2BcztE05E2K9= EtChJBOfh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownFhXWcLh65Av2znhVuySkw= 9n2tfLHb-2BsN-2B6Sdvi12TPwe5BAPPJ-2FICG3ikuHIBKPMmZQNZqZ5z1KbjCCfxQLAsZzMP7= nZo7OnML-2FAdE4qdDU-2B665IEoK-2B1-2BAi9IOAJ-2BvJwwk-2BPHiXg4MzU9e2r3w9VoglF= -2FVZpkdz2sWWgBcqDR5FdxLG9XhNQPMq76D3jzQPGamkde5c9U-2FgzHnpOpDNuQLTh-2FKPAw= 0eP0mgcBdBlYq9mmlFD5w0DrxeqCayTJ7Q9NKqHMobpTBfzr4XUDY3mf3imf9uh7eFeklxSzz65= vooM0y8pY-2FVuH2SdgHdjL-2F3hPWrCm" target=3D"_blank" 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= =9CGiven the size and the amount of capital that Medline was able to raise = today, I think it signals positive momentum on the private side. An IPO of = this size demonstrates the resiliency of the market and the return of a mar= gin of safety to the equity market."<br><br> =E2=80=94Keonhee Kim, a healthcare equity an= alyst at Morningstar, speaking about Blackstone-backed medical supply compa= ny Medline raising over $6 billion in its IPO this week. Read more about Me= dline's IPO and what it could mean for other PE-backed companies <a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-2FSNqVyuJj-2BmFyqvYR4nW3= 9KyA-3D-3DoyHJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQUkU1neV4hpvSMRm8PkNN0vktW= kxiQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6YsQrPIA-2BcztE05E2K9EtCh= JBOfh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownFhXWcLh65Av2znhVuySkw9n2t= fLHb-2BsN-2B6Sdvi12TPwe5BAPPoNxh2IF2HhiSzS1JtU86vvqJSlbGKc-2FN2rtCleqnakNLg= oTrmIUmOI1eyUXrRCPhsciwh10uoNLbHS7rdT6QYlWvMsksQUYq8QmFymnANNZIxnOWbtfxQ-2F= IGkn6x-2BvGCzW-2BaDeUhZo0lNb0nHqTaMj7z7SxHq87FwBx7lUnS8U8usmtifQPkiqS9auS7u= qBSWAjIOjIIcwrn4vNSSGR4jZWxMxX3RYx9ERyhEClvbhXtOfqQ4CKp4jc4JscRpi-2B6JSy71U= ythCgnty7tTKn32" target=3D"_blank" universal=3D"true">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>Stay tuned</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">Keep a= n eye out for these insights and research reports coming out this week:=20 <ul> <li>Q3 2025 Mobility Tech VC Trends</li> <li>Analyst Note: AI Work Flow Agents in Heal= thtech</li> <li>Analyst Note: Evergreen Real Assets Funds= </li> <li>Analyst Note: Ecommerce AI Premium</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>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">Answer= : D<br><br> In today=E2=80=99s dollars, Facebook complet= ed its IPO at a pre-money valuation of $91.9 billion, meaning it would take= eight IPOs of that size to reach the same valuation that SpaceX could have= in its IPO next year. See more figures about just how massive SpaceX's lis= ting could be <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FF99kE4y4cGjjjYr03-= 2FSNlc5QBe50AGHFQNRlNLedPA-3D-3DtDfF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y= QP-2BHR4BiQVI43kbMcVf8UYA68NVRVpW6JEfTe83WbT429ancS-2F8PPsrNjylFwe7tETbQUkU= 1neV4hpvSMRm8PkNN0vktWkxiQmNg3iCTvY0nNE3lIPlT-2F5RxdVlL8SjtD8iBEsGfCPOup6Ys= QrPIA-2BcztE05E2K9EtChJBOfh0z6061C2Q45KqvDf3pBYDv53kSm3pmEKSZUB1hyLaLownFhX= WcLh65Av2znhVuySkw9n2tfLHb-2BsN-2B6Sdvi12TPwe5BAPMPuuLzlhBQTjQonG1eQ-2BQP3-= 2BA0zRJfmhqm0lU3ZAM5hztIE4ffCLe9dLW5dACAraANtZK1bs8SN-2BT3gAkPahQ-2Fhj-2Bt-= 2BZXRu-2FVDKEOZ9adJ9eGnVFvMMScYS-2FsoyIEu9bi4FH1-2BNMemkrQfrQJUmn2stD48bm9l= -2FCEuOcjkshl-2BRY-2BQn84BmwOOAQmBsfIYFzkOh9G-2BWtnYCUAmklXBXtT3uMpuHjLidAI= wcqsy8q3L6bg2HaTs9t4m6Hwsm1n67gNUVfLt4LXWaVMBAufWEZQA" target=3D"_blank" un= iversal=3D"true">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>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 Leah Hodgson and Nadine Manske. = It was edited by Andrew Woodman and Michael Bruning.<br><br><em>Were you fo= rwarded The Weekend Pitch? Sign up at <b><a href=3D"https://url6380.news.pi= tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zX-2FF99kE4y4cGjjjYr03-2FSNPpWat-2FRqGtPY5PWuhX1R5Q-3D-3DcmNB_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVpW6JEfTe83WbT429anc= S-2F8PPsrNjylFwe7tETbQUkU1neV4hpvSMRm8PkNN0vktWkxiQmNg3iCTvY0nNE3lIPlT-2F5R= xdVlL8SjtD8iBEsGfCPOup6YsQrPIA-2BcztE05E2K9EtChJBOfh0z6061C2Q45KqvDf3pBYDv5= 3kSm3pmEKSZUB1hyLaLownFhXWcLh65Av2znhVuySkw9n2tfLHb-2BsN-2B6Sdvi12TPwe5BAPN= op8dSbufRJGYCXxCK61A3ZWlEQEGZUZh0gWcJrYdJ8W3b6DjvFSop2PHfgJT1nCA4tPV4gpAWsE= 3aYbzaOeTqvUFAngKlGoevWYfy9no-2B5GJB4U70zzjhThBW7KXSQU2K0B-2B8mNCBjyZHfUoEt= lazm7bWyLhozMadeyTN-2BcxZwhUaeTBRSU0deaSAFRm-2FIeN4n91M39MRjku6yI6h3xTtBcEF= ZmL-2FB1yJqnLATM-2FS4ywz-2BjIshXYCdmlrap2h-2Fvdf1BAA3urYVpEz8zYE9ZW4" targe= t=3D"_blank">pitchbook.com/subscribe</a></b>.</em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; 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