Insights
Guides on private equity, valuation methods, tax planning, and negotiation. Written for startup employees — no jargon, real numbers.
Featured
What is your OpenAI equity worth in 2025?
A deep-dive into OpenAI's $157B valuation: how PPUs work, secondary market signals, and what the path to liquidity looks like for current employees.
PPUs 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.
The 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.
Private 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.