Andreessen Horowitz's $15B raise signals structural VC consolidation and category reallocation from SaaS to infrastructure/defense. Reorders founder capital access and builder strategy within 12-month planning windows.

Goldman Sachs exit, Chase entry marks Apple's transition from proprietary fintech infrastructure to mainstream banking partnerships. 24-month transition window creates competitive positioning urgency and signals expansion potential.

While broad VC fundraising hits a 10-year low, Lux Capital just closed its largest fund ever on defense tech and AI bets that paid off. The message is clear: specialization and thesis-driven investing now command premium capital.

Discord's SEC filing pins March 2026 IPO target with Goldman Sachs and JPMorgan underwriting—compressed 60-day window forces immediate investor allocation decisions. Market conditions remain the critical wildcard.

Jeff Bezos and peers converted paper gains to cash through pre-arranged plans in 2025. This is portfolio rebalancing, not market inflection—and investors need to stop conflating routine insider sales with risk signals.