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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 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Plus: = Soonicorns, a look into xAI's financials, and more. </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">May 24, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWk-2Bx5hR7wwe= wBnHoZCX-2FZASbj-2Bz-2FmjvDSR5oDAbgT8-2BQ-3D-3DEO0q_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasMDtlegSvHt-2B1K0kVdIj= X5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4nP9tw3wfpw5lRwcrdXwt6= FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtobmfsyWAqYQUFdAxO-2Fjy= vmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y4r1sMUurUNsgozz= dfrOc78JjDbG1ju-2B7ELko68nDIE7GK7kp-2FnwtXp3A-2FbnNhrxtiPdyyDRmC-2BNfQzkOPn= uGzM5Z07Rh8aFfBZN7WhRV2MWfwSpzG6fvPrAhqrccvq0lVTk-2Bh0f6vZXdkEVLqJh-2BS5AoX= oSOGvZI-2FGPa-2FF8YiX1zRBBHWiC8sH5zeh-2FKq2TR19Mqx5k06JsAX6UwpP8L1AraukcWG8= -2Bl7-2BBT7x9-2B0RAlgwgbX1qQEztg-2Fe7p4HpXi5qjL-2BzD-2BeLmhI4YJWV8S5vWQ46G"= target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080">Rea= d online</a> | <a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12= opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odL= YHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQxpZYVDpyvCJULc6js75N834Kg1wfc9mFq= yoHZxYrhZd5iv7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRGZ8A0sDasMDtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOz= AgWZR6AJtht6zhLe4nP9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2= FEE-2FZ4lRnIgURtobmfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2B= F5o3SDc8PbDKJjdwRXBpn5Y4r1sMUuavQYOaP7Q5Lduzd56MFP4vx1qE0NJ4HeM1ugMsX-2B5ZH= 17F2TGACu75VLH8F1-2FnqoJtOg339b-2Fqq0Pqdkoi63Y-2BmT16ZpKJ3YH7-2FHcQaKIobdy8= LVYsd-2BPfirV3t48LxNx6wCVmaxEU-2Bq-2BDATP2PR2ojJwTDiydl3OzWwrJHlHYoMIPOa7yI= qGIKC95PR7apoNHhFhh2z28xLViMP8bWRBbjqoXmFGopJ8Z9Joxvwxx9GM8gujIQETpcaMZs464= eIUfBp8gzOOSbll6OyGjClG" target=3D"_blank" style=3D"text-decoration: underl= ine; color: #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-2FZAKAZQSTAX-2FXCP4l3ULA= tnBA-3D-3DuBpn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRGZ8A0sDasMDtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOz= AgWZR6AJtht6zhLe4nP9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2= FEE-2FZ4lRnIgURtobmfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2B= F5o3SDc8PbDKJjdwRXBpn5Y4r1sMUud8YLMTgZeISMBMPA03W9IRRpCsxSRBU2J-2BUIt7Rue6z= 8XTRhbIRiBu8A7GaQ8Rm-2FIX8TsjsondhKNpeDLsjeXCBuRtdqjgUHODSWiCOAlKor9cCpCPPZ= FZQQ8rSRGk5J-2BU8tBdCoTZwmiAqpBsaF11WhgADc0ed2LwXlMCLedsn0-2FPZPyJfcpG8vkSG= SmqR3lzG5495499mlMNc1VRYDZAnUOH1xYkxt8Ft8IYqDlnsg3LmDUxpXFpSG7P6b4euXUe9I-2= BC6s0vqV0eN-2Fl7ALY" target=3D"_blank"> <img width=3D'1' height=3D'1' opaci= ty: 0; style=3D'display:none !important; mso-hide: all;' src=3D'https://my.= pitchbook.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBA= ECQE7XY5D5PSLQI&emailId=3D3DBHWIHI6B7LSAW&emailName=3D3DWZSNWFXP2BBWOBOFVVL= R2CURLA&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><im= g src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.3gwe9GsF-2BT= AFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKlX0xVlQ0dNa8K-2BCF9VF= 7RP-2F7lIOkb6dVKRU-2BS0v1-2BKoTAQGCpW-2FpJOeYJpSJsLNLjOTkammWRxxgrEfw1e4iUJ= 6c2uPd9gWweA33d5sxwqMJiFn1fDHzeV-2B3UoQC8vsGPlTMZKTcXR-2Fj70kU1lNCItWmjQbUf= b1GkoJENXJJK9BCYz5jB4mx7udfzEkGQR1eeB0IXUWz-2FchSnwbLQTLdKQV0YjaYdv-2F2h9iK= z6XA5kjpKPn-2FJB6MsQh38rjAetlPlBOZjRppstax8JG5Z4wrdVSTFANR9ArYICs0ZroBbML-2= BtAAt7qDEH6FIqEaltF8VLygcJg3I1i0qOahxu88V0scZBUKEe0tHuv2OFwJPvClEYLaTgbWvHq= PLT5jyxvjgVqfsZ2M1H3j-2FG-2FsdA9mo6laHDknAtvuDH-2B-2BsBqCzAbfG-2FlZTTR9w8eu= aSvyE3mTdXFdKNSCCL0ndHIF4o-2B6qsI7rZn9onVEuQJLBMyPuZBlw7rIeoSA5tTBBwN8K-2F2= SPRY4V4VqUxow6wEe2a6RDQQ-3D-3D" alt=3D"" width=3D"1" height=3D"1" border=3D= "0" style=3D"height:1px !important;width:1px !important;border-width:0 !imp= ortant;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !i= mportant;margin-left:0 !important;padding-top:0 !important;padding-bottom:0= !important;padding-right:0 !important;padding-left:0 !important;"/><img wi= dth=3D"141" height=3D"39" src=3D"https://fonts.pitchbook.com/newsletter/pit= chbook_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 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-2FZA8xqXP7y0UfhRg8qAuT5Xc= A-3D-3DkeXN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRGZ8A0sDasMDtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgW= ZR6AJtht6zhLe4nP9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE= -2FZ4lRnIgURtobmfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o= 3SDc8PbDKJjdwRXBpn5Y4r1sMUskSma3BwgtxW4yaHI1ffudltihqzQY-2FTM6XtZLfE3yp53gD= MOfLBWw8miZxlGQWyoPWXjPoUxIcpg6NNvfDJjnrKU4NMGz0iwdhhKkILfB-2BCZFzINbG60t9z= 9gMOBZ9njFmgbCurWww1ycWleLx-2By6uWYUpEAkCVY8ezYYbmC7wQSFHQqxljI91MBGK5TZ43i= zUJH-2BVzJ8goulEHvqq2CorCwwkO1lsw0FUb5Lt8O26JxmPLTtenxYqvECpEq-2Ba-2By2WIez= mwngrtOUcblXEOGB" target=3D"_blank" style=3D"text-decoration: underline; co= lor: #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-2FZA8xqXP7y0UfhRg8qAuT5XcA-3D-3= DWb9z_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRG= Z8A0sDasMDtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJt= ht6zhLe4nP9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4l= RnIgURtobmfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8P= bDKJjdwRXBpn5Y4r1sMUtUZGt7ydIcKKDsfavSxsHHNU-2B-2FExudMvP1mdDgOF7kyhzqj1BHj= dydHpFLckhlRhO523eji8fatfyRuzl7kZTRAKC2EKsmiAo8GBLSa-2BetlO6Yf-2FOkmuiL0-2F= tNdzzfklsOWgn1KFQ-2FaHOUjfa-2BTJmBAKJ2ytzyJwLYHFGrVbE-2Bl0SqflNEwNROez-2BWU= zqkJ9fZDDEZtP5-2FsQkqlcejezg-2FXRTyCwvHy4WwzDIkroKnwasmnklWNlbWO-2F6Mes-2BG= jR1HxdTcWlLgE0hCxIqaRxDo"><img width=3D"460" src=3D"https://img.pitchbook.c= om/ads/ad4596/Mogulbanner.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0= px; border: 0px; display: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> = =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-2FZAJTIPoaftu-2FOTT-2BYAm1zjUg-3D-3DeGvE_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasMDtlegSvHt-2B1K0kV= dIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4nP9tw3wfpw5lRwcrdX= wt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtobmfsyWAqYQUFdAxO-2= FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y4r1sMUtFT3p2= Pl9s190q6ASMRq3pSBO8Csrj5-2BTiLfmuSTpfwhQi0G1uEOPICmOslmUzl4T-2F0byG3MteNM1= xxTCVJgOaWk-2B0t-2FBx5xn3XAlLQNawIgLrhVll6GqIzU03VMk-2BCmAABlRw3ejeJROK19Nc= cGt4zUW7g6Tp2vWrdr8J6hMLgJpWcX2eu-2FSjHZfYSyEbWCjl-2FpVmuAALeR5SPKcFu3McVj0= iGjekRjRLZsLBfOlMoEXKaUpEuqr5ev8s1rft2BJ0nji2HJBNUyXmTIyvZOZQ" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true"><b>Find out more</b></a><br> </li> <li><b>SpaceX's S-1 is out=E2=80=94and we've = put together six charts</b> breaking down everything behind the $18 billion= revenue figure, the $4.9 billion net loss, and what the numbers mean for i= nvestors eyeing a generational liquidity event. <a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzWk-2Bx5hR7wwewBnHoZCX-2FZAi4Ta3ch05igrzxqyKfVbvw-3D-3DcoGb_Pr96= 6knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasMD= tlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4nP= 9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtobm= fsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRXB= pn5Y4r1sMUt9QrJaHmTMPbd7YMoZSAYC-2B9sXzQTG24FI3GWAE6-2FzfCv28JsVDGHCNYZ1exu= 9sw9Hbp9TA-2BvHnIeAcy7IcmCnqEUdDyJ5yRr5-2B47NZBS5YDVHY95fT6rXEF-2BooP3pWsix= f8tyW5EQ5c9wjare2U5tciN0hsS6EOUeEobeDD9xowjBC23UEYd9HkbuTwFEdj-2F0-2FGlt-2B= uDRSJLrJQNH3-2BwFVujy2mgBV20k-2FhSd-2BXpVYJVG8PhT34bjJZb3nhUC4HEvzutdTTApI7= YqEDHz5JE3" 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-2FZAeP0w2xq2C1Y-2FyRjE4EweaA-3D-3DJT54_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasMDtlegSvHt-2B1K0= kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4nP9tw3wfpw5lRwcr= dXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtobmfsyWAqYQUFdAxO= -2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y4r1sMUt8tB= 7XNMqsDhqeUNlG5UtCMDzZr6JWQdViKW27Rhtauy5Z72EaB1WJ7Nsq0-2FMieQOSmqiXEqrZlK6= 9OOJYcHBI-2BIOida3xNKGHqLoakrIkNSLg3BizYXrEPXlZ5QyohuMJNrUD5gABd2tc9OVRaMid= 2SD-2FY-2FxF6NbKRfQqMA0uM4nR5UyYALq1Dr-2BOVwwTn7ID3q526PP2BC5IuxEZ58-2FZD19= ihnRPiScbkr0mDVDr4UPveG2VOs9-2BBHuQBNwXjl9fGo0lVY8SZTsv7H0f26pc" style=3D"c= olor: #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-2FblaN2vaN0L08JFnQc4gBHfDU4IYZHIPh0JEMw-3D-3DVd_1_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasM= DtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4n= P9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtob= mfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRX= Bpn5Y4r1sMUtPqx7LtSM52gDJD-2B5Jk37GnXHNWRkWWf4pehAB4F-2F9KCnC33vOeQWCGftTIU= zcFdVI-2Fks92AgTM0PRIsLHKEkWCY5K-2F-2B1u7EAv7F5gduxFE6X6X54BDzqBbGDR1Eqwa0f= XUDKYIR02RfWs-2FoU8b5AlByM-2BkGLpIruKfTk90SeGULfLEYDU0lgvP1qaXWgiFEtI6gRD6x= FIutKNU-2FY6DsQnMlusgTJQqJdt90udRa3m0eSQzUxaLduICYwRUVc5jcAU7QCjyK7X5EielB-= 2BMeRk-2F" 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-2FblaN2vaN0L08JFncuvCD1Y= FzxVWnKBMPC7tMQ-3D-3DWhra_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRGZ8A0sDasMDtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOX= wXm11Pe9qOzAgWZR6AJtht6zhLe4nP9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxY= w4e-2BmMs-2FEE-2FZ4lRnIgURtobmfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3= Myzw5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y4r1sMUuT0xc-2F6ZTgKdoG6uCIcm7FOZYU-2BtzO1= e3IDCOoioDHFBV-2FhAPoVpwcXHls4NwCcYxiOz-2FHljGMgIx7FZkyrTWcqR888ymFNtFZKIA7= QUQPhbx7WzL-2FjjSQ6MpJ1qj-2Bf9huVVQVLghaejiEVEh3IRmubVIQLBKo1mBCUznKowzFV8H= VIC7LhuSi0yG-2FQUkgnutE7VumiwWFLWO5RMjWdyRIQNJ8Dk0QvR6zbXEWKyXZRGQe8i0NaNL4= aAiYBSrV4ovHDUTWK78H-2BL1XcXL7QWTi" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/74446.jpg" style=3D"borde= r: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">(Stas-Bejsov/Get= ty Images)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Answer= : C<br><br> Our latest data shows that startup valuation= s in Europe are continuing their upward trajectory. The total number of Eur= opean soonicorns now sits at 173, supporting a unicorn market that has surp= assed =E2=82=AC500 billion. Read more in our <a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzV0do3A-2FblaN2vaN0L08JFnhUCCIg8qpwyP9Jf8G3k8vA-3D-3DAqxV_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasMDtlegS= vHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4nP9tw3w= fpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtobmfsyWA= qYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y4= r1sMUv1tbtbcZg2-2FvN1L46ER9GVpmYkFAvn0fQuv1PglwHIQNzMlNL7PS91G8Iu01DbzyUABp= u4xI2K03LN30CzyMJjRb-2FrtVgUprFLBmxMrsZ3wv6sn9VxDBsf2-2FDMNftRq1dvK-2B5JAW9= b7Qn9uKKdy8tIHwukn-2FEoKm-2FU5IEF9KpOra4WIcssFUmyO7u2E4HJJMTnzyvmtgK0xYf9Xa= U2NeIZFf5CJB-2FTzyR3tVxGlfqhpb0IJkOr6JSldEPU3SfEcn5IHGMtPDsvN0S0V-2BbCbzNH"= 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-2FblaN2vaN0L08JFnGd7ZnX2t1RmvxjO1SB702Q-3D-3DEGVq_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasMDtlegSvHt-2B1= K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4nP9tw3wfpw5lRw= crdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtobmfsyWAqYQUFdA= xO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y4r1sMUvL= 9tpU2Hoy2d-2F0QYyyS1R-2BTymPJPK1BCqq2VbG-2B9fVhHcMWVC-2FPR0vHLVlw4MNMbo6dtm= PRslAAsDYsKjpqHFW-2BljPaoatNEF7GUJZmL6xJF3DJ91bg-2BDVqoG55Lr2jgSvJiju7FlizJ= 3DfDtBN-2F7Gxy5XGRcf8hAj7toZkKArZD6IL-2FaMEqHZTUAo4MPBp6LetLu4SfzHkK5v7Qp1z= tAEaGpY6tCSzQ-2BRj8vI0gBw8rmgZjAoAjUBAkYWRqJpdOtLfNAxZ-2BPZLWlnhYcurlDr" st= yle=3D"color: #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-2FZA8xqXP7y0Ufh= Rg8qAuT5XcA-3D-3DMHjC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRGZ8A0sDasMDtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm1= 1Pe9qOzAgWZR6AJtht6zhLe4nP9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-= 2BmMs-2FEE-2FZ4lRnIgURtobmfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw= 5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y4r1sMUuLsCsrhDknevh3mwhtQP-2FYe6Ry6CAZlbvcQXr= uXstLYkCjBs1dJVZePxYbi94vqHhhxc0HMqetEmnEdbw2S35FNcXx3-2FqJtRAStB4SCstjWek1= NWJGtWv7Blormz9KEj3uOhg9OSvSSMvbXJNCef-2BG0WuwjJPE2AIBW2b6frvjQdyHs4A5nMdrY= 5C8gcjxCWTar62fpneZXNLVGcQ4liCt-2FY-2FcBrb7EISCoKso3vfXtC6qUVzsHeKyJIsD9Ia5= QlONFGf-2BpENHY6qhp1qskIbh"> <img align=3D"center" alt=3D"" src=3D"https://= img.pitchbook.com/news/74464.png" style=3D"border: none; width: 100%; heigh= t: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>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-2FZA8xqXP7y0UfhRg8qAuT5XcA-3D-3DH8Kq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasMDtlegSvHt-2B1K0kVdIjX5JKzOjZkg= MdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4nP9tw3wfpw5lRwcrdXwt6FgTYZeclcg= 0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtobmfsyWAqYQUFdAxO-2FjyvmwkY8JCmX= xPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y4r1sMUskVyd6-2FboEz5pxTk0= 3DS3p9i1BqWQsMnXSP926QYldqOn-2BiZaquTRkkeUoZq9boSFuNQr8UvDWNqFPqu8EVITX-2FX= 7Aac-2FX1F-2F7y1UjkQVCBdcYgTuLV3qbJuV0V-2BqiliJo-2BcKRaYKHDmF-2BkLupcL4kzEi= 3Sm8upjSVmuxUSZ1YQa252W3NVwov-2FznVeoqN8O2I-2F7Sl1xaHiSYiZPYvGGPmC9tosaILqI= CBg7Sx277wdw6iT-2FHdhWkRaIAG8g56Wwe-2BstbEXJGQ0RKImEQTPloT" 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-2FZA8xqXP7y0UfhRg8qAuT5XcA-3D= -3DNx7i_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RGZ8A0sDasMDtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6A= Jtht6zhLe4nP9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ= 4lRnIgURtobmfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc= 8PbDKJjdwRXBpn5Y4r1sMUti8xdj7ZB-2BwWkiKGkO5NUuDmkVG15z-2BRz94L5E7S1rKQYbZoS= Z-2FqJ9B-2BiblBUyL2D0tTflJ8THX0mEiPosWjQH4u9vUvljuWv6WBsBNVKjCHK5nsnMSvFI-2= BstHYCHmJoEfQeSA2dzstyoXFWl-2B3Cl4UX1hlmmfs7md4AGrmuc2zK4EZ9CO-2B2L-2BZOv81= uBudZ6u6Fed371m8oKWU3sKZdoZM733GBeG9WzNRDwjAALFPS2B1i0kvtTa0mUycbKwOe9eefMH= L14yqFm8qKYseimR" style=3D"color: #1D5080;" test=3D"">Pitchbook subscribers= can get priority access to the portfolio with this private link.</a><br><b= r><small><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV0do3A-2FblaN2vaN0L08JFn-2FbN3M= F-2F0-2FOOk0iz2NnPsIg-3D-3DEG_L_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B= HR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasMDtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOn= lvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4nP9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFak= YxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtobmfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1L= kQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y4r1sMUtDZYCIiY2BYHUel-2FXEhvuqbUIlH= AYzb7u0KZ8lUPliuoIH2C7T5nBzEemqD99cUoQ6k7Fg-2FoMwSALVG9QJOqUnsPItFPrsC8nimZ= DMBT9uxB-2BLZ2tSSpUOzPNuXBhu81UyIw1NIYgDKtRH3lBflSSoJksWzXOAp6-2Fvn3JoCbdgc= hF3gMSN4lwfMlT76jSmo8HzleFbv4w5LUHFNwgOqAvMwp-2FAwkX6OIZq4erX9p8bn8tO0JyfUQ= Lyje07PYq8V95-2Ba9JpNdXscXfXdWbmFz-2BD" style=3D"color: #1D5080;" test=3D""= >See Important Disclaimers</a></small><br><br><a href=3D"https://url6380.ne= ws.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzV0do3A-2FblaN2vaN0L08JFnT7h8-2BzL9ZpQYmS-2BWPwzJ6w-3D-3DpAXX_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasMDtleg= SvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4nP9tw3= wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtobmfsyW= AqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRXBpn5Y= 4r1sMUuSlGvhsIQ2f1scLpo48neepJ-2FB8LfahIScejbuAyIoff5ETJWRA4VKYcMmekAAvJh2Q= E9wrMLNxJX9AmUNvheHOnhZPgL49V-2FUdOJvD1ljypyUv11HrYoy6xmuPtTZqTKE3nFqXgodHS= a8faFPh8iNYiv-2B3-2Bbx8l-2ByJkSKH5fChssJoUCJXA9nhbKEWD1GGAaB-2Bh9hsnGxadQHg= 5UUA7OvpgmVs4-2B7dMnKG8WGAn-2FxrPyh-2BF5X0lmfRMAH2xNwM1gY3JddFzfpzPOpAbMz-2= BJ0l" style=3D"color: #1D5080;" test=3D""><small>1: "Tim Draper Forbes Prof= ile," Forbes, Last Updated March 10, 2026.</small></a> <a href=3D"https://u= rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzV0do3A-2FblaN2vaN0L08JFnyT2V8fImD24d2TwPFGBjIg-3D-3D6O2O_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRGZ8A0sDasM= DtlegSvHt-2B1K0kVdIjX5JKzOjZkgMdSze0FsOnlvLsOXwXm11Pe9qOzAgWZR6AJtht6zhLe4n= P9tw3wfpw5lRwcrdXwt6FgTYZeclcg0ZPFoAuFakYxeMxYw4e-2BmMs-2FEE-2FZ4lRnIgURtob= mfsyWAqYQUFdAxO-2FjyvmwkY8JCmXxPbbu8Ks1LkQwkx3Myzw5hN3-2BF5o3SDc8PbDKJjdwRX= Bpn5Y4r1sMUvMwlV2-2BFtexQIMUedfW9Pwo9zH7ux8lFdtFpyJURwxDUU9SsmzILREG31I11xI= g1TNW96QDJP-2FqCS5cuiFT-2Ft3fO3mugBAx0EkZE7yj985nKjx4uwuhXRYJ6zakhUwdLmbNlv= axdUKhJmyG9p-2BwpNJ81HHz-2BZETUlPHDu8UHrpHsN-2By2HtiKq6gAjwx7e8C9E5itCWNbm1= HdFE3-2F3sDr6Se8-2FrYyWVYxe8-2FtAovi9eXdvxgeiJMNnF3tYSHwjl0svhauAalHFD49gn-= 2FC6EMBXE" style=3D"color: #1D5080;" test=3D""><small>2: "mogul club raises= $3.6M toward its effort to make real estate investing more accessible," Te= chCrunch, 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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