WHAT VCS ARE LOOKING FOR NOW: $25B+ EXITS. THE NEW "DECACORN"

Summary from the TLDR Founders newsletter

When a partner takes your Series A meeting, the exit they are picturing is now $25 billion, not one. Twenty years ago, 6 public software companies were worth that much and no private ones. Today there are 60 public and 21 private, which is why a $1B outcome no longer moves a big fund. PitchBook counts 63 US companies worth $10B or more, up from 26 in 2021, with 19 new ones in the first half of this year. Rounds of $100M or more took 87.5% of the $412.7B invested in that half. SpaceX paid $60B for Cursor in August.