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Databricks 25x, Snowflake 12x: The NAV Trap

Six private mega-caps trade at 2–3x public comps. The evergreen funds marking NAV off those prints are running a feedback loop, not price discovery. Four IPO catalysts in 120 days will break the loop or prove it right.

Paul Smalera

Aerospace & Defense

April 16, 2026

Paul Smalera

Aerospace & Defense

April 16, 2026

Anthropic's Mythos Just Broke Cybersecurity's Business Model

Paul Smalera

SpaceX IPO S-1 Teardown: The Filing Nobody's Seen, Reverse-Engineered

Paul Smalera

The world's largest software buyer says the market is wrong about AI

Paul Smalera

When ”markets” and gambling mean the same thing

Paul Smalera

Vibe coding is the new AI infrastructure trade

Paul Smalera

The private market access trade is getting its first real stress test

Paul Smalera

The AI infrastructure boom has legs. Literally.

Paul Smalera

The $100 billion market nobody can measure

Paul Smalera

Wall Street just bought the private markets. Here's what that means for you.

Paul Smalera

What a discount actually tells you

Paul Smalera

From $68B to $11B: Figma's lesson for private investors

Paul Smalera

What GameStop Got Wrong (And Private Markets Got Right)

Paul Smalera

Is SpaceX a rocket company or an ISP? Yes.

Paul Smalera

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