Administrative

Friends,In last month’s newsletter, we highlighted how startup‑on‑startup mergers and acquisitions (M&A) is accelerating heading into 2026, driven by artificial intelligence (AI)‑fueled competition, tighter fundraising conditions, and a rising initial public offering (IPO) bar that is pushing founders to pursue scale through strategic consolidation. We also highlighted the shifting power dynamic in dealmaking, with

By Louis LehotKey Takeaways

  • Several key factors influenced the IPO market in 2025, including policy-aligned sectors and valuation resets, and these dynamics are expected to remain important throughout 2026.
  • Companies in AI, space tech, crypto, fintech, and defense dominated the IPO market last year, reflecting both investor appetite and the priorities of the current administration.
  • Several

Friends,In last month’s newsletter, we highlighted how private equity accelerated exits amid rising liquidity pressure and how venture-backed startups leaned into record levels of founder-led mergers and acquisitions (M&A) to compete in an artificial intelligence (AI)‑intensified market. Both trends underscored the need for resilience under compressed timelines, with consolidation and creative liquidity tools becoming