TLDR Tech / Founders
What VCs Are Looking For Now: $25B+ Exits. The New "Decacorn"
When a partner takes your Series A meeting, the exit they are picturing is now $25 billion, not one. Twenty years ago, 6 public software companies were worth that much and no private ones. Today there are 60 public and 21 private, which is why a $1B outcome no longer moves a big fund. PitchBook counts 63 US companies worth $10B or more, up from 26 in 2021, with 19 new ones in the first half of this year. Rounds of $100M or more took 87.5% of the $412.7B invested in that half. SpaceX paid $60B for Cursor in August.
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