Private markets.
A closer look.

Thinking Machines Lab has investors lining up for what we understand is an oversubscribed, Accel-led round of roughly $6B at about $46B post-money.

At the lower end of the offers we’re seeing, investors can access vehicles holding shares directly on the company’s cap table for 8-10% upfront, with no management fee or carry.

Compare that with a recent offer targeting smaller checks: $52B effective entry before another 5-10% upfront and 15-20% carry.

Same company. Very different prices to get in.