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May 24, 2026 | Read online | Manage your subscription The Weekend Pitch Presented by mogul (Adriana Hansen/PitchBook News) Editor's note: Due [...] Content analysis details: (0.8 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 T_SPF_HELO_TEMPERROR SPF: test of HELO record failed (temperror) 0.0 T_SPF_TEMPERROR SPF: test of record failed (temperror) 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; 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font-size: 1px; display: none !important;"> Plus: = Soonicorns, a look into xAI's financials, and more. </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">May 24, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy= 3Fp2D-2FVrtAyb9CHATWHOD2xLtjdVhkQ-3D-3DiNus_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FOR= MZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap= 2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME3= 7vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPb7oF-2F8TygD6bD= oexFqsq7fZzwFRYryASeCascSmAXmX778Gt9Q-2F2PcSOJ7qcnXKZuUS223acYvZ0Jwyw9y26o-= 2BjIrtt-2BL9hu1dN2ntdqnUjWuVr8URK3ODJJ1GyL4qk2b-2F-2FqzosBGl1UBrG-2F35E9aZJ= GUD21qymyabuqfN5a-2Blrl8-2B-2FLwRxR7x6Nf2-2F1rSJ-2F1-2Faw8SKJgEFHfI2u2CDGHR= m-2FrMUKxIucnVT-2Bh6QjrbDFzd-2BJDbl09sCK9-2FzAwWXQk9Uw2P5COAe3wy1AI9GnmI" t= arget=3D"_blank" style=3D"text-decoration: underline; color: #1D5080">Read = online</a> | <a href=3D"https://url6380.news.p= itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12op= JBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyG= jKHmOSdfo63E0RLyaXhmtZcu9qypgyxWwak1NhA0fr1BvoSfYroDWM-2BVTS0oRt95U99Dcs2eV= uP4ojBepwdLzDL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3= Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-= 2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUh= scA0hS-2Bmy3ngP70sCMVp-2F0gJmpPbS62SEszDky7dMiLfMBtGN18lzYgK3Y8bPPqiZM5Xxk2= doWeDl9AOPnib-2F0o-2BSSc2MhpIM3M8ZiRkeMztU7lFi8lbRNj-2FjIMhoDdeNyB9PDKUV5JU= 83z6wUjgzTg2-2BGkUl4sCS-2B22khFsCEi4u96mCBfcuTNzF6tfskcD-2Fnh2-2FXhXQnoEmJD= BYEjJaR0lw5q3uYcmzA-2FIa4-2B9Fv4pl95EhqV-2BJq-2F0xXeW6buwCKju-2BUGvMCR89FzX= -2BHfjkRAONrbMm8OaCdCVvZaf45pWl1dV6" target=3D"_blank" style=3D"text-decora= tion: underline; 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-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtOwfgv9R6I5qcIjm5UjDG7A= -3D-3DT5Cu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1z= z4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWA= WirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0= hS-2Bmy3ngP70sCMVp-2F0gJmpPZVdZEjG1chVP44uGwYJgA6gJGSehf9XhlKZMpN9bd8KWg5Vb= ooRpzJMH-2BW1mJufodsJgyfpPPUGtyywHct-2Fj8Igu413L1tf4Omj2IdCTVW3rX5Q34-2BH9i= 9tLaMxOMeOgbAoguthaUXVBkfaI3-2Fyqp4Bg3qsqH-2BpT4UR2b4qkDfBjGmjTX2bj-2Blu7rj= XOdoLnvWBVHNfpTEM2u1CnxgLxoQZEgjLf1-2FljWF3KTmZhRFE-2BCDPpi-2FpM4kN-2Fo1AtF= dh24bU1qQK0yi12dfDjtpr-2FBq" 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-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtjkxLjFDVTVp5QrKMunwfSw-= 3D-3DeaEo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz= 4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAW= irEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0h= S-2Bmy3ngP70sCMVp-2F0gJmpPZZVWfQPccDGddkstbtc-2B-2Fuk8rOQO30mabAO7BUZUyeM4-= 2BVR2Tf9RyNYNtgw0jDvaeeWNs65Tz4UlFdsm1Arx88EaMw5wLvQNyJ4tJttIDzz-2FU3x4gp5q= OZC9uoOaqsA-2F4UqNO6oO8pNT-2FoHBNAFBvQAhY-2Br2vt8tWzFOomjs2RSYHxpq10eQ-2BK5= m3s6Te9yvl5mLM9yI3QqsIxL-2BNE88yf90HlKSjbYSUiCDTexwTQbBaEoD9l8qBn6Bgz0qu8MX= ix0P9SrgQMvUc138QJkFWn" target=3D"_blank" style=3D"text-decoration: underli= ne; 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-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtjkxLjFDVTVp5QrKMunwfSw-3D-3Dt= ijh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV4= 8A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2= BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJ= rRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy= 3ngP70sCMVp-2F0gJmpPa88EnYC7qES1WGQScUF26Iwc9NOPOX4mrlfRjRazHFflVcUjvESo5Eb= wQgvVeZldJBxoT0UGvSTLvyeOBrcspVfKJxfteqd3soUDI8evBTZK0aFuyGkFLQsPY-2F7jgw37= W5khtBLAXhJouSMMjnwhZJAzUjQTEx2qcy7P3jOZpygXWX6Yt3WXsE2hPTZqoi7I3E3wqw6FS4L= obwfDap3JRvS1LUxOVUipeKaqqlGEHuh1zWJezyNS-2BenbkIlv01nsv8mYztFtN4AblZ63Zhue= xu"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4596/Mogulban= ner.png" alt=3D"Ads" style=3D"padding: 0px; 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"> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtXNMXqCi= TzYBtgl9hdiLxBw-3D-3DbMHY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1I= wxPxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6Z= FfAd66C5Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9Y= RDukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPYjRknOJEDM6RUk2Dy2AnYMamsOOD6FtXd= wdX1-2FaddZSmacuwyJwWRwu73AGTqJzOYdK5i-2FM7MCaDeLJf8k-2FgcAcalwCmSn0UUb-2B1= fDeJyhhPpMHsaqEXVUXlEAxur-2F07yXgtQpZ28XxEFowx6t7Sti8d6NeHLSPtT-2BFmhYoamwP= KLS9qt5AVoIGnnB5G2aITTf-2Bdg06QkDSx8OVSADgvAeUjqGgoNdncnHWlAVMtOR51-2BtAjoq= MGAxoSuGbbLaXPIjCr1pOvK8CguUUzis7wW-2F" universal=3D"true"> <img align=3D"c= enter" alt=3D"" src=3D"https://img.pitchbook.com/news/74491.png" style=3D"b= order: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">(Adriana Hansen/= PitchBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Edi= tor's note: Due to a technical error, this morning's Weekend Pitch was sent= without the main column. We apologize for the inconvenience.</i><br><br> Ninety minutes was all it took a federal jur= y to reject Elon Musk=E2=80=99s claim that OpenAI execs Sam Altman and Greg= Brockman =E2=80=9Cstole a charity=E2=80=9D when the AI giant partnered wit= h Microsoft and created a for-profit arm. The jury found that Musk waited t= oo long to sue, which the judge concurred with, clearing a major legal over= hang on OpenAI's anticipated IPO plans.<br><br> The trial highlighted a question that will f= ollow OpenAI into the public markets: Will its status as a public benefit c= orporation=E2=80=94the do-gooder company structure it adopted last October= =E2=80=94shape its business pursuits? With OpenAI free to remain a for-prof= it company with a public benefit goal baked in, a structure rival Anthropic= also adopted, upcoming IPO plans will test investors' appetite for corpora= te priorities beyond growing the value of their shares.<br><br> I'm Jacob Robbins, and this is The Weekend P= itch. You can reach me at <a href=3D"mailto:jacob.robbins@pitchbook.com" st= yle=3D"color: #1D5080;" test=3D"">jacob.robbins@pitchbook.com</a> or on <a = href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtILyBqFv3KpLaqZ9nkBP= 9Lw-3D-3DMM2U_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3X= m1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2= BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhs= cA0hS-2Bmy3ngP70sCMVp-2F0gJmpPbATX27Q3jyazfpFcjKo0-2BcWjZlWnRjdc-2F-2BwICGY= hLAc3N9HiCM5pjY13FdFJ9Ubd57dpxwMEdFgKq5YHWS3nOOoqh2L0PHMVHCF92RN1Vu2pqgSlFI= NLSfJi81Z48JqdQfSYWp56gRCB5eBkJsyZ2t-2FRuQJ3eHDNO7rSwrw1xxgQOiIGgpgTAftIdYm= 1TMJCJA34JGczV31x10Ol5EiEZcjCTnb-2FevqtpALEfJExEpZlBxQC4x6TU58O30lq-2FmIxZQ= QBT2lyBX3rk9YBZ4nLII" style=3D"color: #1D5080;" test=3D"">LinkedIn</a>.<br>= <br> "A lot of people would say there's plenty of= room to do pro-social things, as long as you can argue with a straight fac= e that doing those pro-social things will ultimately lead to greater profit= s," said Michael Dorff, a visiting law professor at UCLA and author of a bo= ok on PBCs published in 2023. =E2=80=9CIt's very hard to enforce a core mis= sion because of something called the 'business judgment rule,' which in ess= ence says that as long as the board is acting in an informed way in good fa= ith, the courts will give you enormous deference.=E2=80=9D<br><br> Corporate law in Delaware, where both compan= ies are incorporated, requires a PBC board to balance profits with a stated= mission of public benefit. But how that balancing happens and how it gets = enforced is left almost entirely up to the board=E2=80=99s discretion, and = legal scholars say OpenAI=E2=80=99s stated benefit of "ensuring AGI benefit= s all of humanity" is broad enough to cover nearly any decision.<br><br> =E2=80=9CFor-profit versus a public benefit = corporation=E2=80=94there=E2=80=99s no difference,=E2=80=9D said Brian JM Q= uinn, a professor of corporate law at Boston College Law School.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWosbg9VEUensPSlMVxYoexDfmkG8l3asa6FwsWjVEkRg-3D-3Dr= QjP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV4= 8A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2= BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJ= rRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy= 3ngP70sCMVp-2F0gJmpPbY1OUydaDMnubalKLXqP-2FE1-2B0wclhGSJIyoyo5JjZgUw8dV-2Bh= QLcmgVXN1NO6EaKvzB9bhkKA9za1Ydc-2Bw564BxV9HWsHQIiXes65BLvyPN0rEdQGhV5xxRWxq= Se4bgyqUxmN3fGlZIfTchCKPMfP9p-2FwBBQ2oH8Wzl8tj1Nyn4LFnKhpDQLrOJ-2BOcUO2U825= xcy-2FyEvx6DCiptSZZvtdO3zGbTA2zQ-2B5CG9W8LdrJDNYXthUnIDpuuTeXn1FpnRkqeOEPcB= cC59TqC-2FfJLmc-2B" style=3D"font-family: Roboto, Arial, sans-serif; font-s= ize: 18px; text-decoration: none; color: black; padding-left: 3px" target= =3D"_blank" universal=3D"true">Read more<img height=3D"24" src=3D"https://f= onts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: mid= dle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from mogul</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_581117" id=3D"n_581117" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> Tim Draper bought 30K BTC at $= 632. Now he=E2=80=99s betting on rentals. </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtjkxLjFDVTVp5Q= rKMunwfSw-3D-3DoSMZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb= 80fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66= C5Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7= NaKUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPYf9AZWpgc1a2T7j7b3k2v8AJ6HJDPFtVaSlk1UO= g-2BI77v6OKFFqsjKdFHaLLv11xBztBENkMuIVRfvjMKXDVzAi4fGD5nNfp0mZvmp4HESyWkEuo= cdQ9DJHlDyWyitpoHLXTyZjYBZ9ZF68a-2BcA1LrG9HL5wmH5EiFQIzLaOY7drLTTQBl5IUHLw5= y9dKEGrxNWH2l7bb2c300zAgimKLvinKV0mc72ZTg4M1X2ifCSEr1FbTbf6ROKahnNhdlyVtjzD= X-2FvNzPmizp06AtqCm2"> <img align=3D"center" alt=3D"" src=3D"https://img.pi= tchbook.com/news/74464.png" style=3D"border: none; width: 100%; height: aut= o;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Tim Draper bought 29,656 BTC at $632 = in 2014.<sup style=3D"font-size:xx-small">1</sup> They trade around 100x to= day. His next bet: mogul, the fractional single-family rental platform buil= t by ex-Goldman Sachs bankers who took Goldman's institutional SFR program = from $0 to $1B in under 12 months. Draper invested twice and called it "Car= ta for stocks is very much like mogul for real estate." <sup style=3D"font-= size:xx-small">2</sup> <a href=3D"https://url6380.news.pitchbook.com/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2= D-2FVrtjkxLjFDVTVp5QrKMunwfSw-3D-3DF09R_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB= RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S= 5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDg= OSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUN= QJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPYCmW7HhiLCTxSeP5kBw= 2S-2FPo4yVk6FmAV-2Bi95IXauxhHZfMs1nxLUH49pxFA5he9ZnbQQBjdt9zlQt7sClMaPsgKZs= PLZ5BS70WDTsqPhCjIst1R-2FhzcxhRouL-2BqjAe-2FYps2BKTAN5aqJ0RuRrTWuTRaymZ91CI= zE0BcODfNVTGtbpJYrFoO3PCW-2Fqpk26b9JITekeGbSSwnGq6QgSANCr7qwYDpca-2BYgOrZaw= hxvelGryumV88bJd8NA6gWBBAAgkCEAYkASckzuFzEW-2F1P-2B3" style=3D"color: #1D50= 80;" test=3D"">Take the same trade.</a><br><br> What you get:<br> =E2=97=8F Personal access to the institution= al SFR trade.<br> =E2=97=8F 18% historical portfolio average. = Roughly 3x higher than competitors.<br> =E2=97=8F K-1 with pro-rata depreciation pas= s-through at the LLC level.<br> =E2=97=8F Per-property LLC outside H.R. 6644= 's pending institutional ownership cap.<br><br> Offerings can sell out in hours. <a href=3D"= https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzUkqQ1v5L0IJSy3Fp2D-2FVrtjkxLjFDVTVp5QrKMunwfSw-3D-3= DcMou_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH= V48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD= -2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEd= XJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2B= my3ngP70sCMVp-2F0gJmpPbnRmPb9CGQ5kuW6VJCTNNPizMaDrPHkl-2BLZqPvKSKMr0SzGsjyz= FK-2BrSIED05b82CRQVLZ3-2FcrxvBT1zuUMblFTtXGwINGcBa0jLC9qxmqzlgR2vGqMa6iOwgz= orrAXXxWIjl7u1Hy4Uk1JUcKv23klKZDX1T6JXv80mb41-2BunjsTXheLZq1fFfvhZRRUyWFffZ= qz29Rscs9nYUnuRYKmlpKd4RE3Ik9dv8VYFrTG61aOKB-2BJPgmqMuCsxRyumqblJNsciZ53A75= GEwbGfMaFD" style=3D"color: #1D5080;" test=3D"">Pitchbook subscribers can g= et priority access to the portfolio with this private link.</a><br><br><sma= ll><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWosbg9VEUensPSlMVxYoexjgvlN2nA7DA4Q4u= YUZpxtw-3D-3Du5hF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80= fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5= Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7Na= KUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPaIsWfX57nBovEqdwhQCL5GzGXrygI8WPMoBuumtbg= 7MGxESpimATHMfndzXGXnmAACSfrf-2FDZrtLpuv8aegZy1t0zfFyWRWiFiph5qQ5x0o6ZkRxiP= fRKgOYFBi6JgL72jM745V6zVPl6lNdGHFyLp9VZhCYE5Lb-2B11ndNIzcT1QmYEWxSObcrQIUfa= WyaG9Dk3rKScNlGk1-2B2dEiiaZ-2BrRKgzWIfi2QzEHg38WJeph1CyaJYW7Qfn5oYeBlb1Z8Aw= 8IfwUOKSG20IVhBrrnkY" style=3D"color: #1D5080;" test=3D"">See Important Dis= claimers</a></small><br><br><a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWosbg9VEUens= PSlMVxYoexpsXFyJLLDuOmHnhh12rPeA-3D-3DgjuE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORM= Z3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2= FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37= vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPY7bGQsnuDd4lzay3= FTnPFm0cMlnwaeQ5RzLkI4WEjvMovSqV256Q-2BlW9MwvfJtHNFpUeCl1Gx2iPcpbwCSFljatXn= MWACMXuRFjXk0WXKcfe6h-2BXtApuBKSvwRQDY0yFtycjAGqxQlOo4m1qxG0HqFIeqtY-2B-2F0= Xop4kOAbLvwAJTAUu3IV3P1z14lAM4ljzfRX-2FIDXtID3qu7WGpIAO4TGsqp8WOXDr6Qsjp6ph= OwjgZ6hZwCZ6IGnbTdfXhUKYaJna8W-2FNOHqunUIaE82s4Od" style=3D"color: #1D5080;= " test=3D""><small>1: "Tim Draper Forbes Profile," Forbes, Last Updated Mar= ch 10, 2026.</small></a> <a href=3D"https://url6380.news.pitchbook.com/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWosbg9VEUensPSl= MVxYoexrbcqdJlA8Uz8eGbVkM12jQ-3D-3DhvK8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB= RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S= 5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDg= OSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUN= QJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPYTT0kqQS4wrfJYhxjvW= MM5n-2Bi9EkQ0Kmkc2K9U7lrq-2FLLig5w75QcmzRLxcNDhhY2ymBuaZoNw4mSQMvjmY04X2hxa= k7R24h9X-2F8RPrtjO1KXqHKnEXpCUzwQIm05QPIos4b8q0CUlJu2Do0RrwTtXAeDEwYaNS9JoO= e8FoSOL35VeOD-2Bc-2FMBK-2FQNa3-2BDpIoC-2Fy3cp0hdTT-2FjMb6lRpNnGbFh9LPQsqZJL= ChzYjTkg7kY5Vb0QG0W9HkCY6Kl5XEJWlS0JwI1mKg2yZ8DC0K4P" style=3D"color: #1D50= 80;" test=3D""><small>2: "mogul club raises $3.6M toward its effort to make= real estate investing more accessible," TechCrunch, Mary Ann Azevedo, Nove= mber 8, 2023.</small></a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> = =20 <center> <h2><b>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">A "soo= nicorn" is defined by PitchBook as a company valued over =E2=82=AC500 milli= on with the potential of turning into a unicorn. According to our latest re= search, European soonicorns are currently worth =E2=82=AC126 billion (about= $146 billion) in aggregate. How many Europe-based soonicorns are there?<br= ><br> A) 133<br> B) 153<br> C) 173<br> D) 193<br><br> Find your answer at the bottom of The Weeken= d Pitch!</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>ICYMI</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">A sele= ction from our most-read articles of the past few days.=20 <ul> <li><b>For the first time, Anthropic is repor= tedly worth more than OpenAI</b>=E2=80=94and the valuation flip reflects a = widening gap in investor confidence, enterprise adoption and equity returns= between the two AI rivals. <a href=3D"https://url6380.news.pitchbook.com/u= ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWosbg9VE= UensPSlMVxYoexHbcmHd3VhoJ93hbU-2F8kbyA-3D-3Dq4Dr_I3w5d9c01gkD8gLzFEofZR-2Bh= 6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1= V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD= 625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZws= TfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPYFl5WxvU2I= -2BWG482-2FQZusyeo8i2IB9QR-2FTf6CP111cHzmDI7MtEA3rj1-2BZZO1rIyw5rXhMx8qnhOX= KirWKKmP8ibUO2kaJBiy9iSKcYUMQ6-2BWnRezhlpDYnN-2FZaaTH-2Fb8Ha-2BzJbRwLZ8XvR3= 2INK5L3yCa-2BjAq5cS6EYDVmvv3UZBf8RIquPPeDdPvmUaXnDQF0KmYM1EyGOCsRKCOH6yvF-2= B7Sli75XFLMsVEOOLwgYn04084gVVoz5GeLE18T8nuLdVarlHKVz6SSoUJXtjq1" style=3D"c= olor: #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= 7ONnvsnswouzWosbg9VEUensPSlMVxYoexHu0U5Sr-2Fhcw-2ByhqVL2gxKA-3D-3D4G07_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5Tllwh= WZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4= shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawh= YYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sC= MVp-2F0gJmpPYhdUWcMzThRxTT0f34EI5D7oc-2FtjqTR1cnINlCGUmmcKk9cOd3nDeX8zqk6PD= Fc8asqvLvWIElX5cfw6n0EoRPYy54cB4FQ8e450byAzKVgAHnZFVfinTxyKRegjeuKKsdGwvlo8= 6JS-2F9G06nsCMDOShTz9vi2qNnAreShQtSNGvuz-2FH48eMCYHl-2Fv4KsDTX8Wxt9WxpY68jX= 3Miw9m0vosGfCILcSwTT25JEJSjbRTI0aWbwXgQlxZ1lEGacIWHomHTbi-2B57FDOGbqr71VNlG= " style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read it now</b>= </a><br> </li> <li><b>Blackstone and Google's $5 billion joi= nt venture goes beyond data centers</b>=E2=80=94it's a bet that chips, powe= r and compute contracts can be financed like infrastructure, marking a new = frontier for PE in the AI boom. <a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWosb= g9VEUensPSlMVxYoexcVwZNQ4MQtW-2BeRTKF7ajFQ-3D-3DUlD4_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJs= XeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBsl= aYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pv= cZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPbvt7E5= EoMX8ZFA8NPbjQ1THvwXBtorNGYTWw9m-2BTliIfoqKJyNQJ75DUPhpM9OYU-2BaJ8nU-2FUsst= TYMkNTqtM3J2mT4TiXyLMiiucIIOECGDJ4LoS2xcNWEmIgorsdxs69AbcwlfWr3rRGhTAbnM9KP= M9DkajpHY90qaCIbCP-2BXJ7tBXU01sYeZhcieLyRxN9IMMW1SXKbdvtbTx5jviUhLTVNodFTpH= Xt19KvqoSW352GSHOWNLWFX-2BWAf4kJuXra-2BOoy-2BHAtKyv3dQn5q7CIW" style=3D"col= or: #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= aqM7ONnvsnswouzWosbg9VEUensPSlMVxYoexv6OUdlKDjx810OiweMzNDg-3D-3DL_mw_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5TllwhW= ZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4s= hlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawhY= YnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sCM= Vp-2F0gJmpPb-2FDm4SO1cL0m8CD6e2lK8FUEzgSv-2FekCAAAgkJJxBa-2FWMIfZrUQbgE0BmN= F0YItqD-2BmgN218M-2Bsj-2Bx8xvUfMf7LcuXfvG6OQGrlP2H4RG4CuT-2F9rjcpD0Nb1b8kLP= MygPFPJH4BRK98tnHbk6Hp-2FlsKFIChIIM5AWDGRjrPEJaG2uotesocuTGcbHqK-2BSMt50hLz= 6mczfgcrmZdgn-2BPzPmolzFH-2BDEz6vQCKr-2Ffzb-2BVPk2Vmhk-2FMlTr-2F5lWE-2Bud52= UZhcaGMRmgrJD31SxBGDf" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">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-2BaqM7ONnvsnswouzWosbg9VEUensPSlMVxYoexAEfrgDRBr= XT2r1BtriJDkw-3D-3DE28Y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFHV48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1Iwx= PxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFf= Ad66C5Zf-2BWAWirEdXJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRD= ukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2F0gJmpPYy127AJHZg97sp1CK6dY7eZz5WAFGO0CTY3= WBeOf4m6sF6sNCc0ymPUgDGaYYUVDAkQyrWS-2Fb8rcNeITyHowLWarSO1fFb6VqhiVzZUNh-2B= QyVmpnBzxCiCaV3uaZPF2jTE9z-2F-2Ft5aknn-2BD8zMqWXiVd5kjED2585SlLjF0Px1K4woPH= JgVyq7VvhC9ZyTJLhDQSHyYGdKRqkPo-2FzaSM6ltLkLqbrNq0fN1tVhvhJVhReo9yaHBMbbsE3= i77v3O2e-2B3EG-2FfM5n6LYOlhOVBhRvX" 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= nvsnswouzWosbg9VEUensPSlMVxYoexC3NhL1MqJ82JZYCF-2Fi5QwQ-3D-3DlZBE_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5TllwhWZOXR= wWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVE= m82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawhYYnLZ= FzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2= F0gJmpPaVTi9L6-2FHsnWEGyhRRkGkCsYzPPonsLRHFgOQOn-2BIi-2FDPu-2Fwe1NV9nVKY-2F= p0rCHqdoOt4kleQU0-2B7KNWMSYSOZfIgaFCc7uynaTI7UtpoNa5s4YV9SunTmbKjS-2FaQrwiK= 8ePBO3I2hHr0Hynh87OtL10elpRXfdOxbSlOO2ScDtimy6vtAwmNPnGnNZaSk3YyMBFIRIPnKV6= hb2iiqxo0ahWllgrtEL0gMNqPO-2Fi-2BC7lyx3-2FXYjOrhBC10aZ-2BEq-2FW2Ood1n-2BTuM= j-2BMKXpAJR4l" 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= uzVvHtjJu8ZXX-2FZyIGW8OHqk16v-2BFnM-2BONN-2FjRrbi3yLyw-3D-3D_Xa__I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFHV48A5TllwhWZOXRw= WfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD-2BjrfY2V4shlVEm= 82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEdXJrRDXoawhYYnLZF= zV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2Bmy3ngP70sCMVp-2F= 0gJmpPbbYyl-2FcBbaGXzQ-2BFKRAkis-2Bs6Pk8wiaT1zvk6a55U21-2Bgr-2Fq8egIR7TdmTw= zg3KbXQ-2FH2z42b968uw6pgmHxPi5zEyKe8kJVVdjKhuUp5pmFaj-2B3AtplP15M0ikrX3GmH0= K-2BlvbXGdmIMETCPqZI6l3nsFr2evvMwspfKppWiJRlqxgttYniuD4S2YR-2FYPdkhhZt3Dysa= jkbFO4RlBj-2BlNISuoqw92gIR8hBlRb46NEe4VLlqbdBZ56-2Bbx1LJGB7KzyS8CDdYM9P23-2= B3iIsuqu" style=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; 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t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 46 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Deals </div></td> <td style=3D"display: inline-block; min-width:= 25%; width: 25%; text-align:= center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 179 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> People </div></td> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 92 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Companies </div></td> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 1 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVvHtjJu8ZXX-2FZyIGW8OHqkW8OzOPdlZO0KnqX-2BRL87JQ-3D-3= DCP_V_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH= V48A5TllwhWZOXRwWfJ1i-2BbxJsXeR1V1FORMZ3S5K23B7Q9eLNw1IwxPxSb80fc3Xm1zz4WJD= -2BjrfY2V4shlVEm82Ntl9AYuBslaYMD625ap2FDgOSH-2By-2FNW6ZFfAd66C5Zf-2BWAWirEd= XJrRDXoawhYYnLZFzV64p2bkw3pvcZwsTfME37vUNQJU04g2BL2zC9YRDukE7NaKUhscA0hS-2B= my3ngP70sCMVp-2F0gJmpPZNQ30pKgRorcskBZ9IEd0s39RLDIm8tQ2lliT6H0lPF2GMm6Dq-2B= nHl31BPieWQMclBgWp4wpKDi7ZtDqDqpp4oJGqdZUX4MffwLcLnGFRzmF9kQ00xVf-2FaWPfK80= nTTEWcvtXI60OelUzXTD8xPjCCmH19WStQiQYY-2FLyc-2F-2FFQCIM9cQkw4MmjSoYNsvf7dg5= Vg1hpZ-2BeHeYdKgIjeueKYr886zchJo9nOMnAifCJA6TJIHqmo-2Bo6wwrpDvozHeFDgCDDmSZ= eRi50ttmelhEdD" target=3D"_blank" style=3D"display: block; 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