leadership2 distinct publishers
The exit window reopened, but only for the very top of the AI stack
SpaceX paid $60 billion in stock for Cursor and Stripe agreed to about $8 billion for OpenRouter. Roughly $320 million of a16z money became more than $8 billion, with no IPO involved.
Reality
- Evidence60
- Adoption66
- Hype gap+22
- Incentives74
- Confidence58