Clear winners and losers by company type and transaction structure. 2019 was a reckoning for the new category of mega-cap startups. The...

Special Cases Worthy of Note Lyft If there was a tangible moment to mark the beginning of the IPO shakeout of 2019 it was April 1st,...

Other ways to look at winning and losing It’s all about money. Issuers want capital at reasonable prices, private investors want...

Slack was the biggest loser of them all If issuers win by raising the most capital at the best price, and investors win by buying stocks...

Negative “pops”: overall, despite short-term gains for investors, issuers got the better of the pricing process Venture capitalists love...

The winner (and loser) is… Uber. And… Zoom. Despite its directional uniformity and clear dispersion, the chart below of 2019’s tech IPOs...

Oh man, check out this investor deck WeWork posted the other day (and Matt Levine flagged yesterday). They had the good stuff all along...

Much prognosticating this week about the closing of the tech IPO window, but the table below tells a different story. Normal tech...

We filed a new S-1 today addressing only the most outrageous aspects of its voting and governance structure. For example, the founder's...

See? They CAN do it if they want to. Turn to pages 63 and 64 of Peloton's S-1 if you want to see something extraordinary. Churn! And...

"WeWork prospectus fails to come clean on future profits. Diabolical sleight of hand obfuscates whether costs will outpace revenue."...

By filing to go public and also raising a fund to take even more risk on the underlying real estate it rents out, both in the same 10-day...

Now that Uber is safely at the bottom of a smoking crater, how do we think about Morgan Stanley’s role in putting it there? On the one...

For those of you who have time and inclination for a read that runs to more like 10 minutes than the usual three, we have compiled an...

Two points make a line. And now we know that whatever the relative quality differential between Lyft and Uber, the jury is in that large,...

For those of you who had better things to do than listen to the Lyft 1Q conference call all the way to the end, you might have missed the...

"Uber’s enormous, vague IPO prospectus is an outrage. The 431-page document highlights what is wrong with the US public markets." These...

Here’s one way to think about Uber (and Lyft) and Amazon and… Kozmo.com The analogies between Uber and Amazon are not terrible but have...

With a 5.02 Triton Score, Jumia was one of the lowest Scores ever, the 4th percentile. The Company loses $172m of EBITDA on $150m of...

In a recent sample, tech IPOs that carry a higher Triton Score outperform IPOs with lower Triton Scores by about 3x over about a year...

When Uber files an amended S-1 with its price range later this week or early next we’ll know two things that we don’t know now: Are the...

Pinterest and Snap run the same kind of mousetrap. They aggregate large groups of online users, whose attention they sell to big brand...

For those sitting at their desks this past week paralyzed by dread of reading Uber's 395-page S-1, it wasn't always like this....

Many are busy reading the chicken guts of the Lyft IPO and making dire predictions that it's an ill omen for coming tech IPOs.  The gods...

NIO - Triton Score of 5.93 NIO priced at $6.25, the bottom of the price range of $6.25 - $8.25.  NIO opened trading at $5.80 and closed...

Triton’s look-back for the last quarter and the year-to-date is available here. Link to deck here It’s been busy and promises to stay...

It’s crazy. The chart below says it all: Small indications of sanity: The 2018 cohort finished day one right in line with the historical...

Carbon Black’s Triton Score of 6.02 places it in the 35th percentile of tech IPOs Scored by Triton, which is a tie with Smartsheet (6.02)...

You know the end times are coming for the American legal system when a company can be paid more than half a billion U.S. Dollars a year...

What if the Zuora playbook worked just a little less well across the board? What if the basic venture-backed saas proposition was the...

Technology companies are supposed to be growth companies. And in theory technology companies go public to raise money so they can grow....

Five deals done and five on file $3.75 billion of issuance in 1Q from five deals IPOs with high Triton Scores saw aggregate market cap...

Yawn.  It’s so predictable. Another running of the playbook for venture-backed enterprise saas platforms in which we take a manager from...

If you liked Zynga and King Digital, you will love Bilibili. Singular hit game titles: Zynga had FarmVille. King Digital had Candy...

What would Netflix look like if it was started today, and didn't evolve from a mail-order DVD rental business? When it launched the only...

Dropbox is a closed-loop ad network.  Or said differently Dropbox is a single-advertiser social publisher built on user-gen content. The...

Zscaler was the 101st tech IPO Triton has Scored so we performed a detailed correlation analysis to address one question: do Triton...

Triton, the developer of a financial data and analysis platform that uses technology to power data-driven investment and acquisition...