Cursor is reportedly in talks to raise billions at a valuation of up to $60 billion — more than doubling its $29.3B November 2025 mark. Lovable crossed $400M in ARR this week with just 146 employees. Replit raised $400M at $9B on a path to $1B ARR. In under 18 months, a category that barely existed has become one of the fastest-growing capital deployment patterns in private markets history. Meanwhile, Anthropic deepens its enterprise push via a potential Blackstone JV, and the Pentagon feud gets louder. Here's a bonus Friday Deep Dive about what this all means for private market investors.