Market Insights
SpaceX’s tiered IPO lockup aims to build a ladder, not a cliff
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
PitchBook Analyst Note: AI Will Deliver Care to Billions and Break the System That Built It
AI VC Trends
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
SpaceX Initiation Report: When Venus and Jupiter Align
Ranking the AI Giants: A New Framework for the Frontier Five
AI’s giants: Mostly priced on promise
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