The tape shows 8 priced rounds across the past 7 days, $3.1B in disclosed capital. Front of the tape: Harvey (Later Stage VC, $550M, led by Diffusion / Lightspeed Venture Partners (co-led)); Listen Labs (Series C (SIGNED THEN ABANDONED - never closed), $125M, led by Menlo Ventures (set to lead)); Covenant (Later Stage VC, led by Andreessen Horowitz). AI absorbed the most capital.
Disclosed round capital in the window. Undisclosed amounts count as zero.
Disclosed rounds in the window · every bar opens the company's live page.
The tape shows 8 priced rounds across the past 7 days, $3.1B in disclosed capital. Front of the tape: Harvey (Later Stage VC, $550M, led by Diffusion / Lightspeed Venture Partners (co-led)); Listen Labs (Series C (SIGNED THEN ABANDONED - never closed), $125M, led by Menlo Ventures (set to lead)); Covenant (Later Stage VC, led by Andreessen Horowitz). AI absorbed the most capital.
| Date | Company | Round | Amount | Valuation | Lead | Sector |
|---|---|---|---|---|---|---|
| 2026-09-09 | Harvey | Later Stage VC | $550M | $16B | Diffusion / Lightspeed Venture Partners (co-led) | Legal Tech |
| 2026-09-09 | Listen Labs | Series C (SIGNED THEN ABANDONED - never closed) | $125M | $500M | Menlo Ventures (set to lead) | Artificial Intelligence |
| 2026-09-09 | Covenant | Later Stage VC | — | — | Andreessen Horowitz | Defense |
| 2026-09-09 | Lightfield | Series A | $47M | — | Andreessen Horowitz | Artificial Intelligence |
| 2026-09-09 | Cymphony | Series A | $25M | — | Sequoia Capital | Cybersecurity |
| 2026-09-09 | Metacognition | Seed | $10M | — | Main Sequence | Artificial Intelligence |
| 2026-09-08 | Cognition | Later Stage VC | $2.0B | $48B | Andreessen Horowitz / Accel / Founders Fund / General Catalyst / Avenir (co-led) | AI |
| 2026-09-04 | Gimlet Labs | Series B | $300M | $3.0B | Andreessen Horowitz | AI |
Where the window's activity sits on the funding ladder: deal count (solid) against disclosed capital (faded) per stage, with the companies behind each cluster. Stages come from the reported round labels; undisclosed amounts count as zero capital.
Most active leads in the window: Andreessen Horowitz (4 deals), Andreessen Horowitz / Accel / Founders Fund / General Catalyst / Avenir (co-led) (1 deal), Diffusion / Lightspeed Venture Partners (co-led) (1 deal).
| Lead Investor | Deals | Disclosed Capital |
|---|---|---|
| Andreessen Horowitz | 4 | $394M |
| Andreessen Horowitz / Accel / Founders Fund / General Catalyst / Avenir (co-led) | 1 | $2.0B |
| Diffusion / Lightspeed Venture Partners (co-led) | 1 | $550M |
| Andreessen Horowitz (with Founders Fund, Lux, 8VC, Aleph, Lightspeed) | 1 | $250M |
| Menlo Ventures (set to lead) | 1 | $125M |
| Sequoia Capital | 1 | $25M |
| Main Sequence | 1 | $10M |
6 acquisition headlines crossed the wire — sourced links below.
Funding headlines from outside the tracked book — sourced links, not QL data.
The largest recent private rounds ($100M+) across the tracked book — 2030 ranked. Full board: quantlogix.ai/mega-rounds.
Biggest overnight changes in the graded company score — scores only move when disclosed data moves, and every repricing grades the score that was standing.
| Company | Score | Δ |
|---|---|---|
| Cognition | 58 → 72 | +14 |
| Harvey | 62 → 70 | +8 |
The Silicon Valley Private Market Daily — the 8pm PT desk close: qualified raises, roster re-rates and sector velocity from the QL private-market pipeline.
The private market is characterized by significant capital concentration in AI, exemplified by Cognition's $2B raise at a $48B valuation. Despite high-profile mega-rounds, there is underlying uncertainty and sensitivity regarding data sharing and ethical deployment, particularly as smaller startups like XDOF command billion-dollar valuations within months of stealth exit. Regional robotics and manufacturing innovation remains active, but systemic reliance on capital-intensive AI remains a primary risk factor.
🗂️ Dataset updated: no new closed rounds to add; list holds at 2,372.
100 tracked names flagged for markdown risk — 122 scored nightly, 2247 left unscored (no comp bridge). Down rounds are recorded in the open ledger — receipts only work in public. Live boards: markdown-watch · down-round-ledger.
| # | Company | Sector | Risk Score | Band | Vs Comps | Last Mark | Last Round |
|---|---|---|---|---|---|---|---|
| 1 | Linktree | SaaS | 86 | High | +467% | $1.3B | 54 mo ago |
| 2 | Replit | Data / Infra | 86 | High | +232% | $9.0B | 41 mo ago |
| 3 | Xendit | Financial Services | 80 | High | +1958% | $2.7B | 52 mo ago |
| 4 | Forter | Fintech | 80 | High | +1011% | $3.0B | 64 mo ago |
| 5 | Greenlight | Fintech | 80 | High | +644% | $2.3B | 65 mo ago |
| 6 | Betterment | Fintech | 80 | High | +457% | $1.1B | 41 mo ago |
| 7 | Cross River Bank | fintech | 80 | High | +229% | $3.0B | 53 mo ago |
| 8 | Pump | SaaS | 75 | High | +1510% | $1.5B | 27 mo ago |
Nightly score: comp-bridge premium (45%) · round staleness (30%) · IPO-readiness drag (15%) · funding deceleration (10%). Companies without a computable public-comp bridge stay unscored — never guessed.
52 markdowns detected all-time · 10 flagged beforehand · 42 missed · hit rate 19.2%
| Company | Detected | Event | Mark | Called? |
|---|---|---|---|---|
| ChargeBee | 2026-09-07 | Mark cut −6.7% | $3.8B → $3.5B | ✗ Missed |
| Increase | 2026-09-07 | Mark cut −7.4% | $5.4B → $5.0B | ✗ Missed |
| Aurora Solar | 2026-09-07 | Mark cut −9.1% | $4.4B → $4.0B | ✗ Missed |
| Razorpay | 2026-09-07 | Mark cut −25.3% | $7.5B → $5.6B | ✗ Missed |
| Immutable | 2026-09-07 | Mark cut −28.6% | $3.5B → $2.5B | ✗ Missed |
| Zepto | 2026-09-07 | Mark cut −35.7% | $7.0B → $4.5B | ✗ Missed |
| Neuralink | 2026-09-07 | Mark cut −39.5% | $15B → $9.0B | ✗ Missed |
| Gong | 2026-09-07 | Mark cut −40.0% | $7.5B → $4.5B | ✗ Missed |
Down-round & valuation headlines scraped at publication from Google News, Hacker News, CNBC, Yahoo Finance and the wider tech press.
Cognition priced a Later Stage VC at $2.0B in AI. If you are raising in the same lane, that round is the live comp your next term sheet gets measured against.
$2.3B of the window's disclosed capital landed in AI. Investor attention clusters — pitch where the momentum already is, or explain clearly why you sit outside it.
100 tracked names sit on Markdown Watch — Linktree tops the board at 86/100 (High risk). Secondary pricing leads primary pricing — stale marks eventually clear, in one direction or the other.
Tomorrow’s edition re-reads the tape at 6:30am PT. Rounds land unevenly — judge the week, not the day.