Keep pulling the thread on Henry Ward.
Total funding for private companies tracked by Carta is on track to be 50% higher in the current year compared to 2023.
Despite a projected 50% increase in total funding, the headcount at private companies tracked by Carta is declining.
Valuations in the private markets are currently almost double those in the public markets for comparable companies.
The best private companies no longer need to go public to access capital, as it is readily available in the private markets.
The primary deterrent for companies considering an IPO is the punitive nature of public markets, where a company's valuation can be severely damaged by a single misstep.
Henry Ward predicts that AI will eventually replace Salesforce.
Carta is actively lobbying on Capitol Hill for a policy change that would allow employees to contribute their private company equity compensation into their 401(k) retirement accounts.
The primary barrier for retail investors to invest in top private companies like OpenAI is not the accredited investor rule, but the fact that these companies can and do choose their shareholders.
Carta's next strategic focus is to expand its infrastructure services from the venture capital market to the private equity and private credit markets.
After 12 years and 172 consecutive months of unprofitability, Carta has now become a profitable company.
The average amount of venture capital raised per employee at private companies is now almost double what it was in 2022 and 2023.
The increase in dollars raised per employee is driven by capital-intensive AI startups that have high costs for compute tokens, which now compete with payroll as a major expense.