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Ramp $40B. Hyperscalers' $49B tell.

Ramp is reportedly raising at a $40B+ valuation — a 25% jump in six months. Goldman Sachs flagged this week that roughly 60% of Alphabet's and Amazon's Q1 "other income," about $49B combined, came from gains on private-company equity stakes. Anthropic's CEO put Q1 growth at 80x annualized. The private market isn't just adjacent to the public one anymore. It's showing up in the earnings reports.

Paul Smalera

Artificial Intelligence

May 8, 2026

Paul Smalera

Artificial Intelligence

May 8, 2026

Mitigating counterparty risk in pre-IPO SPVs

How do you avoid exorbitant fees, counterparty risk, or outright fraud when investing in pre-IPO SPVs? The hard truth is there might not be any way to completely avoid these risks. These markets are risky, and the current frenzy for pre-IPO only exacerbates that risk. The valuations we are seeing for the top private companies are completely unprecedented, and while this creates huge opportunity for investors, it also creates incentive for bad actors.

Noel Moldvai

Company News

May 8, 2026

Noel Moldvai

Company News

May 8, 2026

Recent

Anthropic's tender priced at $350B. The market said $1T.

May 7, 2026

Anthropic's $1.5B JV with Blackstone

Enterprise Software

May 5, 2026

KKR raised $10B for AI infra

Hardware

May 1, 2026

The Microsoft-OpenAI deal reset the proxy trade

Enterprise Software

April 30, 2026

Cyrill Wiget named CEO of Augment Advisors, LLC and Augment Capital, LLC

April 30, 2026

OpenAI rewrote the Microsoft deal

Enterprise Software

April 28, 2026

SpaceX S-1: $26.5T from AI

Enterprise Software

Hardware

April 24, 2026

Power 20 Q1: OpenAI -22%, Anthropic +59%

Deep dive

April 23, 2026

Tim Cook out. Ternus gets a $4T Apple

Artificial Intelligence

April 21, 2026

Anthropic Says No to $800 Billion

Aerospace & Defense

Hardware

April 17, 2026

Artificial Intelligence

View more

Ramp $40B. Hyperscalers' $49B tell.

Ramp is reportedly raising at a $40B+ valuation — a 25% jump in six months. Goldman Sachs flagged this week that roughly 60% of Alphabet's and Amazon's Q1 "other income," about $49B combined, came from gains on private-company equity stakes. Anthropic's CEO put Q1 growth at 80x annualized. The private market isn't just adjacent to the public one anymore. It's showing up in the earnings reports.

Paul Smalera

Artificial Intelligence

May 8, 2026

Paul Smalera

Artificial Intelligence

May 8, 2026

Anthropic's tender priced at $350B. The market said $1T.

Paul Smalera

Anthropic's $1.5B JV with Blackstone

Paul Smalera

KKR raised $10B for AI infra

Paul Smalera

OpenAI rewrote the Microsoft deal

Paul Smalera

Enterprise Software

View more

The fastest SaaS company ever just doubled again

Cursor's revenue doubled to $2B ARR in just three months — the kind of trajectory that rewrites venture math. Reflection AI is reportedly seeking $2B+ at a $20B valuation just five months after its last raise. Meanwhile, Musk is cleaning house: X and xAI plan to repay $17.5B in debt ahead of a potential SpaceX IPO. And MongoDB's 24% post-earnings plunge is the latest signal that even strong growth can't save you when forward guidance disappoints.

Paul Smalera

Enterprise Software

March 3, 2026

Paul Smalera

Enterprise Software

March 3, 2026

Aerospace & Defense

View more

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 27, 2026

Paul Smalera

Aerospace & Defense

April 16, 2026

Deep Dive

View more

The Microsoft-OpenAI deal reset the proxy trade

A widely-pitched trade in private AI investing — buy Microsoft for OpenAI, Amazon for Anthropic, Tesla for xAI — dilutes the underlying bet by a factor of ten or more, with the Tesla version diluting xAI exposure by roughly 750x. Sunday's Microsoft-OpenAI restructuring just broke the cleanest example.

Paul Smalera

Deep dive

April 30, 2026

Paul Smalera

Deep dive

April 30, 2026

Power 20 Q1: OpenAI -22%, Anthropic +59%

Paul Smalera

Databricks 25x, Snowflake 12x: The NAV Trap

Paul Smalera

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

Company News

View more

Mitigating counterparty risk in pre-IPO SPVs

Noel Moldvai

Cyrill Wiget named CEO of Augment Advisors, LLC and Augment Capital, LLC

Augment Staff

$750+ Million in AUM—and why we're just getting started

Noel Moldvai

Augment closes $12M Series A as private market trading exceeds $60B

Noel Moldvai

POV

View more

What is liquidity risk in private markets—and how to manage it

Augment Staff

How Pension Funds Are Investing in Private Equity in 2026: Trends, Risks & Strategic Shifts

Augment Staff

How to sell your startup equity: a practical guide for employees and shareholders

Augment Staff

Infrastructure private equity: 5 technologies shaping the industry in 2026

Augment Staff

Hardware

Hardware

01/03/2026

Designing for the circular hardware economy

Hardware

01/03/2026

The evolution of silicon-carbide power chips

Hardware

01/03/2026

How modular hardware reduces electronic waste

Hardware

01/03/2026

The challenge of cooling high-density servers

Hardware

01/03/2026

Next-gen haptics for immersive experiences

Artificial intelligence

Artificial intelligence

01/03/2026

How AI agents are changing task automation

By 2026, the conversation has shifted from "what can AI say?" to "what can AI do?" We are moving past simple chatbots toward Agentic AI—autonomous systems capable of planning, reasoning, and executing complex workflows across multiple platforms.

Artificial intelligence

01/03/2026

Fine-tuning small language models for efficiency

Artificial intelligence

01/03/2026

The role of synthetic data in training

Artificial intelligence

01/03/2026

How multimodal ai is changing search

Artificial intelligence

01/03/2026

Why explainable ai is a business necessity

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FOR ACCREDITED INVESTORS ONLY: Under federal securities laws, private market investments on this platform are available exclusively to Accredited Investors. Verification of status required before investing. Private investments involve significant risks including illiquidity, potential loss of principal, and limited disclosure requirements. "Augment" refers to Augment Markets, Inc. and its affiliates. Augment Markets, Inc. is a technology company offering software and data services. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. Registration with the SEC does not imply a certain level of skill or training. Neither Augment Advisors, LLC nor Augment Capital, LLC provide legal or tax advice; consult your attorney or tax professional regarding your specific situation. For additional information, please refer to Augment Advisors, LLC’s Form ADV Part 2A (Firm Brochure) and FINRA BrokerCheck.

SpaceX

$588.77
+27%

Anthropic

$441.40
+59%

Anduril

$104.09
+7%

OpenAI

$687.68
-22%

Stripe

$67.61
+30%

Databricks

$222.05
+10%

Revolut

$1,712.14
+10%

Ramp

$100.51
+6%

ByteDance

$364.51
+20%

Neuralink

$130.65
+55%

Shield AI

$156.49
+61%

Cursor AI

$1,050.43
+23%

Kalshi

$543.60
+47%

Cerebras

$105.63
+173%

Canva

$1,738.97
-16%

Perplexity

$61.68
-5%

Crusoe

$132.39
+13%

Rippling

$52.00
-11%

Polymarket

$138.10
+4%

Saronic

$34.55
+57%