STATE OF THE PRIVATE MARKETS FEBRUARY 2025

Summary from the TLDR Founders newsletter

A snapshot of who's up, who's down, and which pre-IPO darlings are winning across HR tech, security, and legal software. Also flags the fastest-growing headcounts (like AI devs) and the biggest recent layoffs. Deel's near $1B revenue run rate, Wiz's sprint toward $1B ARR, and Harvey's rocket-ship growth in legal AI top the watchlist. For founders, it's a heads-up on fundraising trends, M&A chatter, and executive hires that might hint at looming IPOs.