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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_SAFE_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 sa-accredit.habeas.com] 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. 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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= E4y4cGjjjYr03-2FSN3CGpcg6JgmimO6ghxLnW1A-3D-3D9tC9_I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLt7yWnkqeWddB9WDKgVssNRahQ92xOw= 7Zbv0sCQ-2FbbbPzM-2Br1FdxlSZXrZx6x4bl73FVfwi7dsKIk5roz7cRJQrwT4ruqmeNmIWIdk= ol2cOguLjHqBJ14nZEsqfKUUNToSdJo4zlPpKNlTLWWG4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMP= qjyAX1BuNzJqNm1XIo92A874SNVA4M9TUdCKcoFg9pcVES1uZ8XqdAU2W29EfzXXUT0oe0p55Ec= LFX-2FnYMRfudzZyeCet6PEKrOG9Fhb-2FGrdqzhWAC-2BFIBmqtk-2FqG5Miy4uGGoENFv0taJ= -2BB2byIcp0oPeS8NeoPzvU5ACd4i5odedgDtHZujaSfx1kp-2F4wMwD5ObgBYMjJCOJND6h0gX= xdlhdye3HHActnTNblgfap5BnGAOPjBrrYA1ur5gLT1Pr2KnVtYhrF8FQWb4pyB0RelgZP7ESP2= rV6uN1cGTu6tVN-2BaRKlyC2gQRCJwUbjDZD5S3UZJ5opHIxjYS" target=3D"_blank" styl= e=3D"text-decoration: underline; 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"> <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-2FF99kE4y4cGjjjYr03-2FSNjNckl= JnvB9HS4NFMpX1bdQ-3D-3DNyVh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFLt7yWnkqeWddB9WDKgVssNRahQ92xOw7Zbv0sCQ-2FbbbPzM-2Br1F= dxlSZXrZx6x4bl73FVfwi7dsKIk5roz7cRJQrwT4ruqmeNmIWIdkol2cOguLjHqBJ14nZEsqfKU= UNToSdJo4zlPpKNlTLWWG4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMPqjyAX1BuNzJqNm1XIo92A87= 4SNVA4M9TUdCKcoFg9pcVES1uZ8XqdAU2W29ECctRifXysDQzqTrruy1zFCAUP6kYqeO6kXNtLN= mDNcUN0sRbrhGW96sbJGQ6SXW3wEcQqWULI7N5TIcV-2FsA3-2FyYa6iKNviGnJF7ZvmVY0TX8b= ZmLSHf4Lzsvyua7Zxv23LxCqusiIrAUdQPhG3b-2BUQFcQJMPpNL2CRFUx6gYs6Odgxqd7fUoxW= YUUpj68Ic4131vfADESR9W7Z-2FqZpxgPn1yulxGYHRjGrit2cpmuuo5HJSBhkJ-2FIgEF1cEf6= iYAjzQQJnSjFOPgoNk-2BOohVj" universal=3D"true"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/71690.png" style=3D"border: non= e; 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-2FF99kE4y4cGjjjYr03-2FSNmTdB00-2FnalllS2D0= -2BaSJTw-3D-3DW6nv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe= UgFVa0m8PzsFLt7yWnkqeWddB9WDKgVssNRahQ92xOw7Zbv0sCQ-2FbbbPzM-2Br1FdxlSZXrZx= 6x4bl73FVfwi7dsKIk5roz7cRJQrwT4ruqmeNmIWIdkol2cOguLjHqBJ14nZEsqfKUUNToSdJo4= zlPpKNlTLWWG4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMPqjyAX1BuNzJqNm1XIo92A874SNVA4M9T= UdCKcoFg9pcVES1uZ8XqdAU2W29EdzhQDG-2F5K94wk4Xz4b0qPnA0UHX1g2VglAE3lVaVNO9AM= MYqT1mYv-2Fojruy2uMNX0CwkGXo1BkudoCWPJF74teOEeYgLzbHcGdFEW3XvBcE6XR3J-2Fm7M= temaklhzT9LYbgAomzDwN5Yide0y4b1M-2FGc9eBC1A0gDn6QAketFtppQW1Z8xJVoXf4aXR9bt= etC2jzwCqnW0mxX9Azia824xeqpOexEZWHuMZ-2FCgxNGBeiKUbXHuafC-2Bev05-2FgAvpVK2u= EsnuNEI-2Bf7ezvkkmsSe" style=3D"color: #1D5080;" test=3D"">@LeahFHodgson</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-2FF99kE4y4cGjjjYr03-2FSNjNcklJnvB9HS4NFMpX1bdQ-3D= -3DXu9D_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FLt7yWnkqeWddB9WDKgVssNRahQ92xOw7Zbv0sCQ-2FbbbPzM-2Br1FdxlSZXrZx6x4bl73FVfw= i7dsKIk5roz7cRJQrwT4ruqmeNmIWIdkol2cOguLjHqBJ14nZEsqfKUUNToSdJo4zlPpKNlTLWW= G4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMPqjyAX1BuNzJqNm1XIo92A874SNVA4M9TUdCKcoFg9pc= VES1uZ8XqdAU2W29H6dikEneCyjWjN4YSwY3PbW-2FSAqrG1YOvobM4nzvaj8UpdTvq06Te3CeE= VdTWulo8B5tCuvzYRw5giZdikxh2h-2FAmFxyeKx8DAKEoqE2RtW9EftmWZKJYEYV5-2FsfMTwg= nZbrXWPze93PkJeI8zkP7buqnUto-2BkoULfBNC8nBa-2B0xMfkKheSI63TFRF4sMkfRYtFVIhL= ijlndyBPYxARnF3kqPv5-2BWS0ayX81jU7gWCUfn9-2BkLMKIxDjU6pGFN5UiLJPDrAefFR5zbN= syG1tun2" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px;= text-decoration: none; color: black; padding-left: 3px" target=3D"_blank" = universal=3D"true">Read more<img height=3D"24" src=3D"https://fonts.pitchbo= ok.com/newsletter/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" 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-2FF99kE4y4cGjjjYr03-2FSNFf2Re= QaaXiulaBVPU-2FpWnQ-3D-3DpGMN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFLt7yWnkqeWddB9WDKgVssNRahQ92xOw7Zbv0sCQ-2FbbbPzM-2Br= 1FdxlSZXrZx6x4bl73FVfwi7dsKIk5roz7cRJQrwT4ruqmeNmIWIdkol2cOguLjHqBJ14nZEsqf= KUUNToSdJo4zlPpKNlTLWWG4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMPqjyAX1BuNzJqNm1XIo92A= 874SNVA4M9TUdCKcoFg9pcVES1uZ8XqdAU2W29FYnFt-2Bnb6V4bo-2B4AgSkh-2F34Wrjr8tqH= osk8jss42HkFSzRS6CIviALVLDXLBSxvds4PPCQ4U5WZWX5u1q-2BwuR7cIYQDrxG6B7F6CcuhF= SVyJ48I8DP9qwzGk6zi2sV9WYTYw2yJJSzSX8jRoNgiC48xea3a4JYmNJCeE8-2BiS-2F9OUzk3= wD-2BHVg8dQZrhmSjfm4kMUZ37AVAkkZJFaehPPfQxgFwuOksYpjR-2Fe7x-2BY-2Bz39m-2F4B= Ciu8zaeFr0AsP07QAbLyOJ7FI0-2FQLzCaVq8AOH" universal=3D"true"> <img align=3D= "center" alt=3D"" src=3D"https://img.pitchbook.com/news/71910.jpg" style=3D= "border: 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-2FF99kE4y4cGjjjYr03-2FSN9cKjVdKE5oTnR= Q1v7YM15A-3D-3DVTYd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFLt7yWnkqeWddB9WDKgVssNRahQ92xOw7Zbv0sCQ-2FbbbPzM-2Br1FdxlSZXrZ= x6x4bl73FVfwi7dsKIk5roz7cRJQrwT4ruqmeNmIWIdkol2cOguLjHqBJ14nZEsqfKUUNToSdJo= 4zlPpKNlTLWWG4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMPqjyAX1BuNzJqNm1XIo92A874SNVA4M9= TUdCKcoFg9pcVES1uZ8XqdAU2W29E6bpFzrJuOyp1HDq36OJBcENkwDKMsDTkmy81-2FT35X0qj= NC2-2Bp8zSCAi-2BxnT3sw3cza-2FqJSE6xp0sUIahgVIJ-2FxT6o7ZaUtjUS16wS2600vtx-2F= TVSeNKIxSBOFXUzazYcZ7yhZH2bkCcm-2FrtpL8fx5pRateJKqBf-2FTWrk77dA-2F9vir42i9l= QKznfLfMGenSTGZ6-2F39L3mRzXa1USbmeiZeCYGftw9DjrSn4ua-2FUyY8KH1HMLn-2FIRjsx7= Bnl-2F6zws2ZY3JCzduxS92VZQP00AsS" target=3D"_blank" universal=3D"true"><b>R= ead 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-= 2FSNAcC9J5tnh8hILjSnoPhseg-3D-3D2HMw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFC= fmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLt7yWnkqeWddB9WDKgVssNRahQ92xOw7Zbv0sCQ-2Fbbb= PzM-2Br1FdxlSZXrZx6x4bl73FVfwi7dsKIk5roz7cRJQrwT4ruqmeNmIWIdkol2cOguLjHqBJ1= 4nZEsqfKUUNToSdJo4zlPpKNlTLWWG4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMPqjyAX1BuNzJqNm= 1XIo92A874SNVA4M9TUdCKcoFg9pcVES1uZ8XqdAU2W29Gt1t6CLHed0WxhX8GDjnb9ekOfRJ5A= kaTnWP5DDg1zafR1fZZotHzH607LF0R9HAbPmeCayIxLV7hjn-2BC8rnKOTdOU69WGkm4JKaoUX= IKKpQDmPapWnwP5YmqGXsYlvfHt0OtMfsDDqsYIwy3Fm4EHqN0RcJ07ibzfgBGGfH7jJ98-2Fka= YzL5-2B93FCrl0zc4U9Hz92i8wJngBqNN012CE01tRnbROPXh3ZK9G81qbJXbWhMBHU8p4mkaIz= -2BUU7w-2Br9xfP6Hc-2B2EyM8yuHNdDyJE" 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-2FF99kE4y4cGjjjYr03-2FSN0vjobBeBzInkww= sTbQtGyw-3D-3DmKDE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe= UgFVa0m8PzsFLt7yWnkqeWddB9WDKgVssNRahQ92xOw7Zbv0sCQ-2FbbbPzM-2Br1FdxlSZXrZx= 6x4bl73FVfwi7dsKIk5roz7cRJQrwT4ruqmeNmIWIdkol2cOguLjHqBJ14nZEsqfKUUNToSdJo4= zlPpKNlTLWWG4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMPqjyAX1BuNzJqNm1XIo92A874SNVA4M9T= UdCKcoFg9pcVES1uZ8XqdAU2W29Fhg9Onato0k19SCNwp9xnpU6FvcBYY-2BRHpZpPivgsw1fyS= 1k8-2BJKanwLD0c0sFBgYNY2p61GZWisW0HZ2pJgZDkQv1BlpwQCCbNBUWztF2UZ1EHn2m0owBF= PxU0pfnnxP8MKfT3ZsTOcbHIYkVh06-2FWMzFfKHmIAwUwnLbYehcvug-2BevwHajungAPUa1-2= BjSOAMVeGcuF0A9wBd-2BC35G49dO5HP8tBudOKzp09DtPn7ajt0RPNUVjHFuap0HAZJLenbLrh= 1E-2Fbl9tt2tsItgt-2Fr" 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-2FF99kE4y4cGjjjYr03-2FSN9cKjVdKE5oTnRQ1v7YM1= 5A-3D-3DkeQR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsFLt7yWnkqeWddB9WDKgVssNRahQ92xOw7Zbv0sCQ-2FbbbPzM-2Br1FdxlSZXrZx6x4bl7= 3FVfwi7dsKIk5roz7cRJQrwT4ruqmeNmIWIdkol2cOguLjHqBJ14nZEsqfKUUNToSdJo4zlPpKN= lTLWWG4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMPqjyAX1BuNzJqNm1XIo92A874SNVA4M9TUdCKco= Fg9pcVES1uZ8XqdAU2W29H6YGfN9nui65Ohw9nVJpfb11qdpHVWz1YPOb14MWfBtBxiYazmpTF6= 3-2F8ucXdQ-2BJ2yZmDuirsoUAJExaZcKttSUeMRSQctUqQgIbQ8Q2aHN5oECKDWMGTKmaQZtSp= oQReqMicT4nnL0dDLy-2FbR7MdF-2BlHQ816KyYBUcbmtCvnBHoDSfeaBCsVGiIT8wjSdaQHNws= b84o6D6qNQRFyWBqxxVGMckwIVj2uyhUquS4f-2Fr-2F63PbJDiQFwjdHS75NEybniHKXEEYeef= KJQTCsIugKP" 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-= 2FSNFf2ReQaaXiulaBVPU-2FpWnQ-3D-3DrzPn_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR= FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLt7yWnkqeWddB9WDKgVssNRahQ92xOw7Zbv0sCQ-2Fb= bbPzM-2Br1FdxlSZXrZx6x4bl73FVfwi7dsKIk5roz7cRJQrwT4ruqmeNmIWIdkol2cOguLjHqB= J14nZEsqfKUUNToSdJo4zlPpKNlTLWWG4Z53RRWLe5yy-2BStfi5ZdjUQ6S3sMPqjyAX1BuNzJq= Nm1XIo92A874SNVA4M9TUdCKcoFg9pcVES1uZ8XqdAU2W29HmJ36r7huQHkE0b26vuAiAyi2Pkt= nTH8DsY7nxRsaVZ5gCOashDHxMtZlyrCoZcXAUjTrKxnSd0Yqi-2FOPA5BLFgaAJ-2BWH3ZQSmN= auj7T3t-2B4ZpfHCMk66dNvd1RjOd3kef9bANTHzJehjrslSbWTTuCoOBDYoS6-2FE92X0dqGjH= CAjVG2S-2FOR-2BN-2FaT1YMquoXpTcj6rIGM-2BL1yiW5-2Fhp68CLU3gBk4Bvih4YBwr2fWRB= -2FTqyV9aT5d5Vzma3Ca5R7RREg-2Br81uny-2FWo3IQf1yRG" target=3D"_blank" univer= sal=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-2FF99kE4y4cGjjjYr03-2FSNMM5CjMYJplbunvtGm36Mfg-3D-3DWjbw_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLt7yWnkqeWddB9WDKgVssN= RahQ92xOw7Zbv0sCQ-2FbbbPzM-2Br1FdxlSZXrZx6x4bl73FVfwi7dsKIk5roz7cRJQrwT4ruq= meNmIWIdkol2cOguLjHqBJ14nZEsqfKUUNToSdJo4zlPpKNlTLWWG4Z53RRWLe5yy-2BStfi5Zd= jUQ6S3sMPqjyAX1BuNzJqNm1XIo92A874SNVA4M9TUdCKcoFg9pcVES1uZ8XqdAU2W29HyXC2FT= jrHrh-2FrAZeDC6QR9HfKPvIKpoQDn4MnCuTS31STa-2F0gpnpcAfgIj87QDuGxUZkNBq3G0h2y= uxAOCmQBXOW14-2FhXCys-2FXYF-2FQk-2FgQ2LPCs-2BsBQTS5XED1XJ9qSf4j0CUXXuhyJm9E= WwS8YgiQ-2BYKQMhf2lDC8P2G3OpONfqc30NppVxk3syr-2FQ7wxULQH-2FfQ2KRJ-2BQovZeju= 40-2Fz4khWHqErRmGRbLEPkizWf-2BUN2VlVoPrvD6ZiaP8kPwuBYFe3cG1T-2BIDpzL4PpyKZ"= target=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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t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 32%= ; min-width: 32%; 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;"> 34 </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:= 32%; width: 32%; 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;"> 58 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; 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