One of the most important investors sequoia, managing roelof bother’s pair, see other cycle alerts to the most advanced efforts in the most sophisticated efforts, where the most sophisticated investors will be able to grow.
He sent a Palm in x On Thursday, write, “We keep going to repeat the most recent investors of the latest air capital, but only 3 years.” (He checked by the post with an explosion emoji.)
The last cycle is completely bad. In 2022 years, the VC market that overheated 2021 crash. The Falalut still continues, with 2025 is expected to be another year the biggest from the beginning of failure.
Botha is a special warning about a special purpose vehicle (SPVs) – structure allowing an opening investor to sell access to the shares for the shares for others. But the new investors do not actually buy stock at first; they’re buying Stocks from SPV, often for a large price of inflationSee rankings-. That means the expert must be lit for some SPV stock owners.
SPV becomes mainly common in AI investment, where some starters are producing astronomy. Search Seciling sec found in At least nine SPVs tied to an anticropic since 2024 himself. The company is reported in speech to raise another $ 3.5 billionSee rankings-.
Ai attempt to return $ 1.5 billion is also reported full of SPV, each The informationSee rankings-. Remember, there are no companies in the portfolio of Sequoia.
The trend is not limited only some companies. Nearly every major AI multi-billion company has an investor that offers SPV. And if the Firm Firm Big-Big – says, Sequoia’s Archrival Andressenen Horowitz – they are the result, the name can only temporarily temporarily buy the buyer.
One person involved in the Secondaries market described this spv-laden offer: “She tells all the hats that can not find the best VC investor, ‘although the worst company cannot produce money from traditional VCS.”
Botha’s message to this will be investors? “Don’t buy.”
Sequoia is not directly in response to a more complete request.
