Insights
Guides on private equity, valuation methods, tax planning, and negotiation. Written for startup employees — no jargon, real numbers.
Featured
Company deep-dive
What is your OpenAI equity worth in 2026?
A deep-dive into OpenAI's $852B valuation: how PPUs work, secondary market signals, and what the path to liquidity looks like for current employees.
2026-04-15 · 8 min read
Equity educationPPUs explained: how OpenAI's Profit Participation Units work
OpenAI doesn't grant RSUs or options — they grant PPUs. We explain what they are, how they vest, and critically different the tax treatment is from normal equity.
2025-04-28 · 6 min read
Tax guideThe ISO AMT trap: how a $0 tax bill became a $200k liability
Exercising ISOs triggers the Alternative Minimum Tax, even if you can't sell the shares. We explain the trap with a real-number example and strategies to avoid it.
2025-04-25 · 10 min read
Market analysisPrivate market valuations in 2025: what secondary prices are saying
Secondary market prices for top unicorns are diverging sharply from their last primary round valuations. We analyse the gap and what it signals about IPO timing.
2025-05-01 · 9 min read
Equity educationThe complete guide to unicorn startup equity in 2026
Everything a startup employee needs to know about equity at late-stage private companies: how it's structured, how to value it, how to access liquidity, and how to avoid the most common mistakes.
2026-05-10 · 12 min read
Tax guideStartup equity taxes: the complete guide for 2026
A practical guide to the tax implications of RSUs, ISOs, NSOs, and PPUs at private companies — covering vesting, exercise, and liquidity events.
2026-02-15 · 10 min read
Market analysisPrivate market outlook 2026: what falling rates and AI valuations mean for your equity
The macro environment for private company equity in 2026: falling interest rates, AI valuation premiums, secondary market volume, and what it all means for when to sell or hold.
2026-05-15 · 7 min read
Company deep-dive
Anthropic Series G: what the $380B valuation means for your RSUs
2026-03-01 · 7 min read
SpaceX at $1.25 trillion: what the xAI merger means for employee equity
2026-03-10 · 9 min read
Stripe at $159B: the 2025 tender and what comes next
2026-02-01 · 7 min read
Databricks at $134B: the Series L and the road to IPO
2026-03-28 · 8 min read
xAI merged into SpaceX: what it means for legacy equity holders
2026-04-01 · 6 min read
Cursor (Anysphere) equity: $29.3B and growing fast
2025-12-20 · 6 min read
Mistral AI equity: BSPCEs and why France is different
2025-10-15 · 7 min read
Perplexity equity in 2026: what your ISOs are worth at $14B+
2026-05-01 · 6 min read
Anduril equity in 2026: defense tech ISOs at a $28B valuation
2026-05-02 · 7 min read
Starlink IPO: what it means for SpaceX employee equity
2026-04-20 · 8 min read
Cursor reaches $500M ARR: what it means for employee equity
2026-04-28 · 5 min read
Equity education
ISO vs NSO: which matters more at a private company?
2025-04-10 · 8 min read
What is a 409A valuation and why does it determine your strike price?
2025-03-25 · 5 min read
Vesting cliffs explained — and why the 1-year cliff protects both sides
2025-03-05 · 4 min read
RSUs vs options: which would you rather have at a private company?
2025-04-18 · 7 min read
Selling private company shares on Hiive and Forge: a guide for employees
2025-02-20 · 8 min read
Early exercise and the 83(b) election: high risk, high reward
2025-02-10 · 9 min read
How to read a Form D filing — what startup equity data the SEC reveals
2026-04-10 · 6 min read
What happens to your startup equity when your company is acquired
2026-03-25 · 8 min read
Liquidation preferences explained — why your equity might be worth less than the headline valuation
2026-03-20 · 6 min read
The vesting cliff: how it affects your decision to change jobs
2026-01-15 · 5 min read
The 409A gap: why your official company valuation is always lower than what investors pay
2026-01-10 · 6 min read
Tax guide
NSOs and ordinary income tax: the complete guide
2025-04-08 · 7 min read
QSBS: the $10M tax-free exit many startup employees don't know about
2025-03-30 · 8 min read
Tender offers and taxes: what to expect when your company buys back shares
2025-03-12 · 6 min read
Form 3921: what it means when you exercise your startup ISOs
2026-03-10 · 5 min read
Salary negotiation
How to negotiate your equity offer at a private company
2025-04-20 · 7 min read
Equity refreshes: how to ask for more before your vesting runs out
2025-03-18 · 5 min read
How to compare two job offers with different equity packages
2026-04-01 · 7 min read
Equity refreshes and retention grants: how they work and what to negotiate
2026-01-25 · 6 min read
Market analysis
AI company valuation multiples in 2025: how high is too high?
2025-04-30 · 8 min read
Defense tech valuations: why Anduril and Palantir get such different multiples
2025-04-12 · 7 min read
Record secondary market volume in 2025: what it means for private equity
2025-04-02 · 6 min read
What the secondary market bid-ask spread tells you about your equity
2026-04-05 · 5 min read
How secondary market prices move relative to primary rounds
2026-03-15 · 6 min read
What is a secondary market fund — and how do they affect your company's secondary price?
2026-02-20 · 5 min read
How secondary market pricing actually works at Hiive and Forge
2026-02-10 · 7 min read
How-to
How to read your cap table and understand your ownership percentage
2025-03-22 · 6 min read
Your post-termination exercise window: 90 days vs extended windows
2025-03-08 · 5 min read
Preferred vs common stock: why investors and employees aren't equal at exit
2025-02-28 · 7 min read
Dilution explained: how new funding rounds reduce your ownership
2025-02-15 · 5 min read
How to use the PrivatePulse calculator to model your equity
2025-05-05 · 4 min read
When to sell your private company equity — a framework for the decision
2026-05-12 · 8 min read