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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 Trivia A "soonicorn" is defined by PitchBook as a [...] Content analysis details: (0.8 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 T_SPF_HELO_TEMPERROR SPF: test of HELO record failed (temperror) 0.0 T_SPF_TEMPERROR SPF: test of record failed (temperror) 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> 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-2BaqM7ONnvsnswouzWk-2Bx5hR7wwe= wBnHoZCX-2FZAAXWtpoHn9xIjw0BBUP-2F1Yw-3D-3DMRsh_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF951= LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2= dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP87p2gue2oms8eh430fbAnpbyuBw5jn113KrY= Zq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50NiabXYgw-2FTlq7FkDeyGZnd4HU4qGscsxHSakX= Y7dHvE29vnuu0rWs-2FlvtqjIdmrE3N3XvqPs6M-2Bh4rcmsVEpr5msUjRysDKeucC17tFCNOO7= BnaoFNdKadubUTjdI3zo8spJqa2rryQeAGHBIZqBz6M7F7zyV1HvHUnRUOO94nRe1ZEFThO-2BE= dYDkGHP38L9v1ceSwnvrBytKqVKBxVfFvzV-2Fn41wJVWM25v-2FiIHTvDrWbIYpTLD-2F3ZT7a= 4amChBT9JRngkImHkyZTcB-2FzFoynSvVXrPADW-2FArhrVG24YtEuTSFgTv" target=3D"_bl= ank" style=3D"text-decoration: underline; color: #1D5080">Read online</a> &= nbsp; | <a href=3D"https://url6380.news.pitchbook.com= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQk= jpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E= 0RLyaXhmtZcu9qypgyxWwak1NhA0fr1BvoSfYroDWM-2BVTS0oRt95U99Dcs2eVuP4ojBepwdmy= qD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFc-2F= Ysley-2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg26nY10L= bEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP87p2gu= e2oms8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50NiabXYgw-= 2FTlq7FkDeyGZnd4HU4qGvWjdp-2FZYU9BriAIxrAi3fxE4FWBON9-2BAFv4r-2FAkk-2BpulsQ= -2FMST0aC6K7vRaujhaUVCE073cAhPocWcNtI34y9hVhwrKVbybJpYlkchrwW-2FQWRlZ3xhdmT= WGQ4kIhdKiBniVuWhUWEBf9y0FBwIyn7lAGLUcsOYXrC3qgjYtiT-2FSkAclF67lRyAOvNcsWd4= CQq43UpIlC-2FIHnVGf6N3CAYdbwM36B01xPNcO2JPzgj99xPKkWVUR0Ws5M5JFtV8JFubCeLOU= a9MzH-2FfN7EqJKX0" target=3D"_blank" style=3D"text-decoration: underline; c= olor: #1D5080">Manage your subscription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzWk-2Bx5hR7wwewBnHoZCX-2FZAErFP6QslklkqtqdMCUAg= Fw-3D-3DpRHk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178uS= yhg26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI= 7SPP87p2gue2oms8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c5= 0NiabXYgw-2FTlq7FkDeyGZnd4HU4qGtzlAJnIn9MVrSRRg-2FB3tNwoWhIag4UAtO7fkZjD6Uu= W8SD1Voj-2FA2VK6HngGpQeQuM8wKJ231q-2FdhlOWc-2FOjY1Kcx89vtrCliCIGmrwQK0jiD2x= 2tZRslXRdrmEf0Fgtz5XpGe5zHsP5upI0J7i34LIDDyskp9-2B3NMi664PbNXimKO-2Bme2Tk-2= BZlYCANW2gRc1tZeyTlKgssK-2Fl48hA1q9JiyQQaYnhJnX-2FYEtmoG5li-2BVHTcFeDMBnD4-= 2FpvUrzV6svCcITPkshkylTG4JaMiyN" target=3D"_blank"> <img width=3D'1' height= =3D'1' opacity: 0; 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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-2BaqM7ONnvsnswouzWk-2Bx5hR7wwewBnHoZCX-2FZA8xcAQi6OWOa3-2FqDAGBf= 2nA-3D-3D__iY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178u= Syhg26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvR= I7SPP87p2gue2oms8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c= 50NiabXYgw-2FTlq7FkDeyGZnd4HU4qGtjfTwQ99um9NKv0YiMg76sdEWf4xak50gbZoxpykV5C= gUTeyPP008TFkjnpV0vgn3yV1JhCvJG-2FFfnMEC0Nfn25ttDraqMPpY-2F5SzURCudhW59kMzW= YYkmVUocKGiOUQ2fYM82lDBq1OHSilzi-2Bg-2F8NfUjM-2BYeaVLx296sTXNrY6lkXs5Lk21Vy= FIU2mFrJk4HEAj4J8HN-2FZDGLXYK-2FRiJ4wACwZq3AUzBBj7u-2BYcQNyNV829WUPg-2B5-2F= cuZYmf9VYlK-2BnjnUm4Yt-2BF4fLHqYlQ" target=3D"_blank" style=3D"text-decorat= ion: underline; color: #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-2BaqM7ONnvsnswouzWk-2Bx5hR7wwewBnHoZCX-2FZA8xcAQi6OWOa3-2FqDAGBf2nA-3D= -3Daq7M_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= Fc-2FYsley-2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg26= nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP8= 7p2gue2oms8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50Niab= XYgw-2FTlq7FkDeyGZnd4HU4qGvI47kkUW2thvIueVp-2FLgvzkwL2hzomgYsLhPYuGwDsypTr1= 3F4FtjRtM7rDI8KEQq5M2wHafzVTOdNEdY-2FeW3p98sroU4yo8geiZKjbL4Gmq4wSv7OFQ0oqY= kPJWpVdrlOrOcWwvRRV5as7OMsoJj4BW3Oj8kFXbkGwKfbCNaOLjc4OQ7JRMQog6YITDEEpj4Wo= Dk3N3lpNaFaTdSJ0w4wnjBizErgm-2B-2Bx2Eap9IBwHFVyVkOfVSc2b4i9neKpsGLg6cmXmn4N= vb9gPx6tWY2C"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad459= 6/Mogulbanner.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: = 0px; display: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> = =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-2BaqM7ONnvsnswouzWk-2Bx5h= R7wwewBnHoZCX-2FZADP2TxJOUGmqRvX5WciNMgw-3D-3DFj4T_I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF= 951LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI= 0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP87p2gue2oms8eh430fbAnpbyuBw5jn113= KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50NiabXYgw-2FTlq7FkDeyGZnd4HU4qGvhtekv= Ow1q2nq-2FjsbKwEuiRZKnzJ5-2FXClQqKhMYa-2FIHPrwtYjvSIUJJ2V9PgrUHXtKHpRvdEUNc= fTcN6ucN8G4k1TtYlnQ6sNljCfTGJr-2BCOAJD-2B-2BgO-2BEUCQuPqhA3bFxz5m35EkonbJc-= 2BvxJ76-2FI-2FHV9dD2QWN1dXk6-2Fz-2BsyR-2F2iPJqTNt6-2FWVR7eK0A05wY9rpB62UDc5= qrLZNJKVMdkURVgXPdogxpmssijESmGTjZy0jckOHxh-2FonHx1K7gT-2BytM08JSaOaoWtm7NW= 0RNk" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Find out mo= re</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= 7ONnvsnswouzWk-2Bx5hR7wwewBnHoZCX-2FZAr-2BrnJEk6P9W7BwuCPKpNJg-3D-3DnZHd_I3= w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFc-2FYsley= -2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg26nY10LbEpH1= -2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP87p2gue2oms= 8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50NiabXYgw-2FTlq= 7FkDeyGZnd4HU4qGtj0s0Y9-2BW-2F-2BHmPm15LPLzfv9Uw8Gg10RZFSQhAeAiiFv65CrnFFC0= zmDiP-2Fr6z0d6gz1Eu-2BSetgoo4fUeWeSU0cMsmTjcowqSBydupa0OiKRzytD-2B6mGlMsG-2= BXi9thp-2B7xHJaCIa8pBO8hJziar3KvtbwGJe2tyoCf2KXoNeKGt3RPd4EFUN8PxuRa7IXXg-2= BeYeCv8Y0HrTUFQESI-2Fsl7FYnDv5UFWBn8-2BVD8GM2iblNmlnfJOevb-2BjnXyv1YjDaE6pT= 0vn7To-2FZoefsdteZdo" 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-2BaqM7ONnvsnswouzWk-2= Bx5hR7wwewBnHoZCX-2FZAq-2F1HodggtJ8gBPvqBD-2BRNA-3D-3D2Cox_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFc-2FYsley-2FrFTYJa0pMC8= r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg26nY10LbEpH1-2B4M33GalpyyM= KG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP87p2gue2oms8eh430fbAnpbyu= Bw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50NiabXYgw-2FTlq7FkDeyGZnd4HU4= qGsGjExW9jD-2B1V3leyx5iEobR4qfcVW7BAcRGpZgshAiV-2F1ycBqTDvAn8yI2k0OuvrAINKv= r-2BRNzaQWl-2BwJsaiYWLANm9GGs359EGGY8dBpWD3jFGta6UKbLTL2U8IMCaJWQcF-2Bp0alz= ViMbYq0S73ZymqCQIABInXFwIguO3tN35FnLF8xq-2Fh04iznR2s9BdU7RcHF0T0k8Rv-2FDTv8= sfuQva7qZik-2BYNlTwCyK6dmRPr3gO-2FnOxO447nSqEF4cJasG-2BmY1q4DagWy0Qyr28k8uV= " style=3D"color: #1D5080;" test=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= aqM7ONnvsnswouzV0do3A-2FblaN2vaN0L08JFnZUUaLAXm6rVHe0yOLQ2L3g-3D-3DNdWI_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFc-2FYsley-= 2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg26nY10LbEpH1-= 2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP87p2gue2oms8= eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50NiabXYgw-2FTlq7= FkDeyGZnd4HU4qGtnBxwT47YLa7ctazoBoWH2eX6H7FSWRpmye9EMwlGR9VBrUo-2FlTWn7QR6b= B4gMHl-2Bx6p9FxeBmViar4tgCE8rYmxHXcIgJQq-2FtSyJNkPuQM6IENv5hjeO4gKNDX3hEyvd= KDHlYSGK1TMw2K9p88wCD-2FPVFTNV1iswdRMD9rpUlQyup30B8CMmU0KAqnKZWv0Kqzf46ld3a= BB0IHwheUImJlk0Z55dMSo9QLdBscRIYxuarztv0XP0EI4PlES3drYNLthit8QBk050zhZmVLKH= b" 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-2BaqM7ONnvsnswouzV0do3A-2FblaN2vaN0L08JFnDpl-2Bd= iNy6rbF-2BBv2zFTpFw-3D-3DuG60_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtS= ZMo78rmnK369178uSyhg26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkoo= ap5gBlY2wQlHMKvRI7SPP87p2gue2oms8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy= 1ipHZqk-2BBuMg7c50NiabXYgw-2FTlq7FkDeyGZnd4HU4qGuiwor5pzljFB6hv-2F40XCQrvG6= cXwpRPYBAsYLiSF5282WRSY-2FgKwyNAG1wn8WiKaHbDI9t7AqwDaybcFImYo7vcTD6bkKIhzrO= yBrsUVPWZ0V9F9DE0OXPum5IoM5T43xF3xvGpZlW58dacyVYBXfbmNcqi4z056-2BeH96BeYbys= EHTmRbhWC62YLwIPwE1X46YRptSpgucd3pn9oZPvKcuwwe5nbjlhH2fyQjZFpNmKmpbcLr1K9ud= Sp06e4vaXyOmTuWQR2dnv5yJTjSwSqjO" universal=3D"true"> <img align=3D"center"= alt=3D"" src=3D"https://img.pitchbook.com/news/74446.jpg" style=3D"border:= 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= nvsnswouzV0do3A-2FblaN2vaN0L08JFnLoYvKVM5I8czeFWASStqQw-3D-3Dh-2o_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFc-2FYsley-2FrFTY= Ja0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg26nY10LbEpH1-2B4M33= GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP87p2gue2oms8eh430f= bAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50NiabXYgw-2FTlq7FkDeyG= Znd4HU4qGs8gNcO9s2AKplbMYguDRi36RoAdMc8b3GKFUiaxVuv94PLC0o6hTXwukxuALJjbrMN= km25noIIH7Yxeos50HfwF0y4Uoyb3bzqqY-2FIMwPQx6ldeee9DsvDao5Z-2F7A-2FYe-2Bw0Db= U1kI4SFPyNzHaSfRnt2oxXXyPFELbXU3jXGaBcKMU77xD9CYi4pBtMWbAPTbYbh4dsUmVlR6jER= qStKJdlRqj24wDAo6zqhtQGEJvz691X-2FnefjMTfOC9awFrLqyO70QFsiL9-2FgmhJNWvHBT8"= style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Q1 2026 European= VC Valuations 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? Sign up at <b><a href=3D"https://url6380.news.p= itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzV0do3A-2FblaN2vaN0L08JFniFsvepZoNWaQOi6GLu7gfw-3D-3DmhAI_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFc-2FYsley-2FrFTYJa0pMC8= r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg26nY10LbEpH1-2B4M33GalpyyM= KG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP87p2gue2oms8eh430fbAnpbyu= Bw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50NiabXYgw-2FTlq7FkDeyGZnd4HU4= qGuxZebcUNkommHRuNYqUUWByr435fPSndW5BS916lseEmIkVMrK01uoUv7b0bSSGrNFtQ8dmZl= PIeRx-2Bj0waA4t701hrmmso3rqZy7GZC4RwCcoOoZrl5mdv4s0F-2BJQTbcBdmopSUMeiYGY4H= P9pxfaFfrUa4Ura5BieSbH1GQ6esxvOFr-2Bws2t7HXbQAuzMTwYwjeqMB7pcPUpu62uHdv63hZ= FAfsq6Bfk7Um3tdKHYsSz9qg87H5vFS0xhUYXms0NSzjCRvyfZEbjOLJxNyKA" style=3D"col= or: #1D5080;" test=3D"">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; 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-2BaqM7ONnvsnswouzWk-2Bx5hR7wwewBnHoZCX-2FZA8xcAQi6OWOa= 3-2FqDAGBf2nA-3D-3DUIY0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78r= mnK369178uSyhg26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBl= Y2wQlHMKvRI7SPP87p2gue2oms8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZq= k-2BBuMg7c50NiabXYgw-2FTlq7FkDeyGZnd4HU4qGtIBJnle0WSKAG6tip784Su5utIrEaeK7D= cBpAUgA9dsFILqsIM0uC9oRsO-2FttuU6mWaTkjh5vUdC4GJtDlpkazzBNfAryhBASp0Y8mDL03= 1gy5fp1MUfbiFK-2BA2Lve4L-2B03zJV3rdo7j77chF9ewT-2B8qTWhft2zW2bCwoY-2BIe8dHt= PvUDxiCO6OnZI0zXwN61aZgxgZY0PMVZVldB1hfzQAaGBYZn5Y7guCbd6fZ9BAk1TpFBr4Py5kl= gCbhuYYoHYhbRWLEsv8SARzWcylRjN"> <img align=3D"center" alt=3D"" src=3D"http= s://img.pitchbook.com/news/74464.png" style=3D"border: none; width: 100%; h= eight: auto;"> </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-2BaqM7ONnvsnswouzWk-2Bx5hR7wwewBnH= oZCX-2FZA8xcAQi6OWOa3-2FqDAGBf2nA-3D-3DP0fE_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF951LLvC= ytHGsWYUgTqvtSZMo78rmnK369178uSyhg26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSR= tgauVmirEDfkooap5gBlY2wQlHMKvRI7SPP87p2gue2oms8eh430fbAnpbyuBw5jn113KrYZq6-= 2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50NiabXYgw-2FTlq7FkDeyGZnd4HU4qGsdAf4s2PNBVZu= DtC9U9s2WCdppr7GSDE483aFQn4uJrwOaoXkCHzyNBWS4cI62lqyZaytmbRSMbRCf0wMx8HSzY4= DNPBHEZAhfSTk7HzMO-2Fc-2BKAvSC4sssTonozjE2cv0ATJ26zhaTZReNYdLqiVrEcw4gYLmPQ= 3jG8ZAGqx6D4zLLTjN6hed4cm725z2-2BrpLcWLcMIRYrvkUW28KaH5LswLvDoaXNlq2ymAZuUR= o0lLL0cM97ZwQJDBzE2Fc4XCg3u4MrWnoVTM-2BQ4QqLIZ-2F1" 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-2BaqM7ONnvsnswouzWk-2Bx5hR7wwewBnHoZCX-2FZA8xcAQi6OWOa3-2FqDAGBf2nA-= 3D-3DriDV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK369178uSyhg= 26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMKvRI7SP= P87p2gue2oms8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg7c50Ni= abXYgw-2FTlq7FkDeyGZnd4HU4qGtmOZJwxjzAJnuL4YOsJozYs-2F7p8i-2BT1usngRHTg0iB1= 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-2BKzA4c7I4XdoGdfkghParzJKu0-2BetpgkLYfy8B3WtxfsRl9gDBGWMQJ77PVtzs5m63YMHUb= JvhIPvkJc6W2pJZTtmQQR6CayNEa-2B-2F74dsU-2F4UrIR47c2zGbzQ98dAHA6NDsMhBCr3H3m= 35qMfLJPwTCGDj4CVGi0pZS-2Bypib5HqHRAuTYVqKcpX2iqIPBdBA-2FjY-2FxG" style=3D"= color: #1D5080;" test=3D"">See Important Disclaimers</a></small><br><br><a = href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV0do3A-2FblaN2vaN0L08JFnk8mBHtOoIQU3-2FY2UY= BMuoA-3D-3DvctX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rmnK36917= 8uSyhg26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY2wQlHMK= vRI7SPP87p2gue2oms8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk-2BBuMg= 7c50NiabXYgw-2FTlq7FkDeyGZnd4HU4qGvEiqyJkuc7wwMqCWr3dCoXXwWp37auaNMYv5dZNJr= n4ZQ0i0qCEslVVfg8UEUe0QKrBNVt1SrSBfL-2BGy2lYaNWQzDPKBTKcY-2FfJNstFxDwwNKEzb= KqoOM54-2BCZR3ha12oyPhKQs098G7C9wH86d5-2F-2BHydrN2KkBAUFUVmgQd-2Fb7mBc49Qlu= nW3dBhzGMRKjj2rTVy5UuWxXp9Y-2FQ67qRrXbTMyT8WFPThxv7hP24H6kN53PhM-2Fa0yc41k4= BZ-2FcyEwcnJJZ91htIAJ7IsqKZW6t" style=3D"color: #1D5080;" test=3D""><small>= 1: "Tim Draper Forbes Profile," Forbes, Last Updated March 10, 2026.</small= ></a> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV0do3A-2FblaN2vaN0L08JFnWiqY3nB01a= Q9hoAeZoijoQ-3D-3DBumm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc= bdWeUgFVa0m8PzsFc-2FYsley-2FrFTYJa0pMC8r-2BgokF951LLvCytHGsWYUgTqvtSZMo78rm= nK369178uSyhg26nY10LbEpH1-2B4M33GalpyyMKG1H4zCI0W2dHSRtgauVmirEDfkooap5gBlY= 2wQlHMKvRI7SPP87p2gue2oms8eh430fbAnpbyuBw5jn113KrYZq6-2FUWB-2BSldaIy1ipHZqk= -2BBuMg7c50NiabXYgw-2FTlq7FkDeyGZnd4HU4qGvptQO2vFMQRdJqJmbcG42Bsp0Jl2S8vi93= V6hYz8hxiKPfmB4lugRxiKtgivedTm7kiTLx3glluDxpheSTBRuwIU5Q9Vyz7eK78jFmSY4yN0Q= iDFbD1AsqguF-2BY4gRSpeaWeXYTwClepv-2FPmbaVYyEaPsR-2FKxWJ-2Ff-2B9dK-2FGBzujx= NSjZGOxdn-2FRbfD6PTPTMj8FPkaPY00CHXD-2Fnzs-2FqBjyQsNzNN8ODvHR2iDA5PMxaSXHNN= MFZfL4DaPlPdJoAam99VzlazbjS6TUswu2DRA" style=3D"color: #1D5080;" test=3D"">= <small>2: "mogul club raises $3.6M toward its effort to make real estate in= vesting 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> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr= ap;">Since yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; 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;"> 28 </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;"> 139 </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;"> 60 </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" 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