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Vibe coding is the new AI infrastructure trade

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.

Paul Smalera

Deep dive

March 17, 2026

Paul Smalera

Deep dive

March 17, 2026

The AI business model war just went live on national television

Paul Smalera

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