SpaceX’s tiered IPO lockup aims to build a ladder, not a cliff

It’s the biggest IPO ever, and with unique circumstances putting extra pressure on its stock price, SpaceX is hoping to smooth it out through its lockup structure.

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AI

Mythos: The Model Too Valuable to Sell

Mythos saturated every benchmark Anthropic threw at it. On USAMO alone, the score moved from 42.3% to 97.6%. This is not iteration; it is a different animal. Anthropic’s response to building it was to not sell it. The model that escaped its own sandbox, found vulnerabilities no human had caught in 27 years, and triggered an emergency meeting between the Treasury Secretary and the Fed Chair generates zero API revenue. Forty companies got access for free. The market read that as a cybersecurity threat. We read it as a business model.

PitchBook Analyst Note: Where Capital Is Flowing in China’s AI Market

This analyst note examines how China’s AI venture market is consolidating around strategic sectors like enterprise software, compute hardware, and semiconductors amid a broader VC slowdown.

PitchBook Analyst Note: AI Will Deliver Care to Billions and Break the System That Built It

81% of US physicians now use AI. We map a five-layer AI care delivery stack, profile dozens of companies, and project healthcare cost scenarios.

AI VC Trends

The Q1 2026 AI VC Trends report provides an analysis of recent VC activity and includes a market map of leading VC-backed companies in the space.
Record quarter for unicorns masks a two-track unicorn market

The global unicorn universe hit 1,680 companies with an $8.6 trillion aggregate valuation in Q1 2026, but the top 10 by valuation now hold 41.3% of that value—the same concentration as a decade ago.

Learn more: Global Unicorn Tracker

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SpaceX Initiation Report: When Venus and Jupiter Align

This analyst note offers a granular, independent look at SpaceX’s financials to value the opportunity and learn about key business drivers.

Ranking the AI Giants: A New Framework for the Frontier Five

This analyst note introduces a framework for evaluating frontier AI companies across five dimensions that determine long-term enterprise value creation.

AI’s giants: Mostly priced on promise

A new PitchBook analysis finds that valuations aren’t always backed by solid business fundamentals among the top private AI companies.
TRENDSPOTTING

Secondaries has led the pack in terms of performance in the past 5 years as investors look for alternative ways to get liquidity in the post-2021 exit drought.

Go deeper: Q4 2025 PitchBook Private Capital Indexes

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