Bennett Siegel(@BennettSiegel):The definition of a bubble is asset prices rising with no relationship to their fundamentals. Multiple tranched financing rounds closed over the last few weeks where the second tranche is at a meaningfully higher valuation than the first. In most cases, the investors blend their capital and ownership, so it doesn’t affect them. The rationale is that the company can now issue larger equity dollar packages to compete for talent with OAI, Anthropic etc. Prospective hires should beware.

Bennett Siegel

@BennettSiegel

Co-founder @A_StarVC. Previously Partner @coatuemgmt

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Bennett Siegel@BennettSiegel

2025.11.06 20:08

The definition of a bubble is asset prices rising with no relationship to their fundamentals. Multiple tranched financing rounds closed over the last few weeks where the second tranche is at a meaningfully higher valuation than the first. In most cases, the investors blend their capital and ownership, so it doesn’t affect them. The rationale is that the company can now issue larger equity dollar packages to compete for talent with OAI, Anthropic etc. Prospective hires should beware.