the 33222 path is no longer a "growth story"; it’s the minimum table stakes for a series a.
in 2026, the 17.5x entry multiple at a $100M post is where the math starts to break for the fund.
with public multiples sitting at a "new normal" of 6x–7x, you aren't just betting on execution—you’re betting on generational efficiency.
if you aren't hitting a rule of 40 with AI-native margins (85% gross), the IRR simply doesn't justify the risk premium over a diversifyed index.
we're moving from "growth at all costs" to "growth with a terminal exit in mind."