Kimi K3 Is the Largest Open-Weight Model Ever. Why Does That Matter for Anthropic and OpenAI?
Moonshot AI's Kimi K3 is the largest open-weight model ever released, ranking #1 on the Frontend Code Arena. Here is what the open vs closed model divide means for Anthropic and OpenAI's IPO valuations. ARTICLE
Australia's Most Promising Private Startups to Watch
From $1B sovereign space capabilities to an $11B global fintech giant, Australia’s private tech ecosystem is rapidly maturing toward public listings. Here is what six top-tier Australian startups mean for pre-IPO investors.
Humanoid Robotics in 2026: Where the Real Investment Bets Are
Global humanoid robotics investment hit $6.95 billion in China alone in Q2 2026, while Korea, Japan, Norway, and the US all moved simultaneously. Here is what is happening across the stack right now.
Physical AI: The $263 Billion Category That Didn't Exist Ten Years Ago
Physical AI and robotics has overtaken fintech as the second-largest category among top 100 US private companies. Robotics raised $55.8 billion in H1 2026 alone. Here is what it means for private market investors.
Why Private Markets Are Becoming the Home of Deep Tech
The most consequential deep tech companies of the decade spent their highest-growth years entirely in private markets. Here is what that means for investors trying to get exposure before the IPO.
Is AI Replacing Workers? What the Labour Market Data Shows
AI adoption is accelerating and layoffs are rising, but the data on whether AI is actually replacing workers is more complicated than the headlines suggest. Here is what the labour market data shows.
$510 Billion, One Week, One Acquisition: What H1 2026 Says About Where Private Capital Is Going
Global venture funding hit $510 billion in H1 2026, with OpenAI and Anthropic taking 43% of it. Then SpaceX bought Cursor for $60 billion four days after its IPO. Here is what it all means for private market investors.
Why Defence Tech Is Now a Private Market Asset Class: The Quantum Systems $1.2 Billion Signal
Quantum Systems raised $1.2 billion at an $8 billion valuation on July 2, co-led by Blackstone and Airbus. Here is what it signals about defence tech as a private market asset class.
Anthropic Is Spending $21.6 Billion on Australian Data Centres. Here Is What It Means.
Anthropic is seeking A$21.6 billion in Australian data centre capacity ahead of its October IPO. Here is what the deal means for infrastructure investors, pre-IPO holders, and the unresolved copyright question.
How to Read a Private Company Valuation: A Framework for Wholesale Investors
A private company doesn't have one valuation. It has several, and they measure different things. Here's what the post-money figure, the 409A, and the secondary price each actually tell you, why the headline number overstates by an average of 48%, and how to read any valuation properly.
How SpaceX Split the AI IPO Timeline for OpenAI and Anthropic
OpenAI is delaying its IPO to 2027, but Anthropic is racing toward an October 2026 listing. Both cite SpaceX's post-IPO decline. Here is what the data shows and what it means for pre-IPO investors.
The Magnificent 8, the 10X Paradox, and What Coatue's Thomas Laffont Got Right About Private Markets
Coatue's Thomas Laffont presented data showing centacorns have a 31% chance of a further 10x return. Here is what his Magnificent 8 thesis got right, and what the past month of SpaceX trading and OpenAI's IPO delay have revealed since.
NonPublic Launches Secondaries Marketplace for Wholesale Investors
NonPublic's Secondaries Marketplace is now live. Existing investors can list eligible positions for sale and buyers can acquire them directly, giving Australian wholesale investors a regulated pathway to trade private market positions.
What Securitize's NYSE Listing Means for the Future of Private Market Infrastructure
Securitize is listing on the NYSE as SECZ on 29 June 2026. Here is what the first regulated tokenisation platform going public means for private market infrastructure and thesis-driven investing.
SpaceX, OpenAI and Anthropic IPOs in 2026: What Pre-IPO Investors Need to Know
SpaceX's record Nasdaq debut, and the confidential IPO filings from OpenAI and Anthropic, explained for wholesale investors weighing pre-IPO exposure and what PitchBook's valuation research reveals about each company before listing.
How to Invest with NonPublic: A Step-by-Step Guide
From signing up to your first investment, here's exactly how NonPublic works. A practical step-by-step guide to accessing pre-IPO deals as a wholesale investor in Australia.
The Energy Problem Behind the AI Boom
AI is becoming an infrastructure problem. This piece examines the relationship between AI investment, data centre expansion, and US energy supply, and what it means for private market investors.
The Private Stock Market Boom: Why Secondaries Are Becoming a Primary Exit Route
Secondary markets reached $226 billion in 2025 and now compete with IPOs as a liquidity channel. Here we look at the mechanics, industry perspectives, and what it means for wholesale investors.
The Distribution Waterfall: How Private Equity Profits Actually Get Divided
A fund can report an A$80 million profit while paying investors A$64 million of it. The distribution waterfall explains the gap. Here's how private equity profits get divided, traced dollar by dollar through all four tiers, with the terms that change what you actually keep.
The Intelligence Layer: How Polymarket and Nasdaq Are Opening Private Markets to Everyone
Polymarket and Nasdaq Private Market recently launched the first real-time, crowd-sourced pricing layer for private companies. Here's what the early prices on SpaceX, OpenAI, and Anthropic actually show, and what it means for Australian investors building pre-IPO exposure.