{"version":"1.0","type":"card","id":"13f4189b-282a-4e8a-aaf4-13d449dd16ff","url":"https://stacklist.com/card/13f4189b-282a-4e8a-aaf4-13d449dd16ff","title":"Signals Served #028 — The Multiple Is Not the Price","source_url":"https://www.thevcconcierge.com/insights/signals-served-028","note":"Issue #028 of Signals Served, week of September 8–14, 2026. 15 signals, each with a Founder Signal. The week's argument: a minority preferred slice and a whole company bought for cash are not two prices — the instrument sets the number.","image":{"url":"https://ucarecdn.com/85f05f89-ae53-4ade-b99a-2564bde14cfc/","alt":"Signals Served #028 — The Multiple Is Not the Price","width":1280,"height":800},"stack":{"id":"12558e62-7a4e-4321-9159-e09646f440f4","title":"Signals Served #028 — The Multiple Is Not the Price","url":"https://stacklist.com/c/finance/stack/12558e62-7a4e-4321-9159-e09646f440f4"},"created_at":"2026-09-14T17:56:14.570Z","updated_at":null,"aco":{"summary":"Signals Served #028 analyzes how valuations for preferred stock differ fundamentally from cash prices for whole companies, using Cognition's $48B Series E and Miro's acquisition as contrasting examples. The piece demonstrates that revenue multiples only correlate when the same instrument type is sold, with Harvey's $15.5B valuation supporting this thesis despite having more verifiable revenue than Cognition.","tags":["venture-capital","valuation","fundraising","preferred-stock","financial-analysis","startup-pricing","signal"],"key_entities":[{"name":"Cognition","type":"organization","confidence":0.99},{"name":"Miro","type":"organization","confidence":0.99},{"name":"Harvey","type":"organization","confidence":0.99},{"name":"Bending Spoons","type":"organization","confidence":0.95},{"name":"Andreessen Horowitz","type":"organization","confidence":0.95},{"name":"Accel","type":"organization","confidence":0.95},{"name":"Founders Fund","type":"organization","confidence":0.95},{"name":"General Catalyst","type":"organization","confidence":0.95},{"name":"Avenir","type":"organization","confidence":0.95},{"name":"Nvidia","type":"organization","confidence":0.95},{"name":"Lightspeed","type":"organization","confidence":0.95},{"name":"Sequoia","type":"organization","confidence":0.95},{"name":"Kleiner Perkins","type":"organization","confidence":0.95},{"name":"Coatue","type":"organization","confidence":0.95},{"name":"Goldman Sachs Alternatives","type":"organization","confidence":0.95},{"name":"Devin","type":"technology","confidence":0.9},{"name":"liquidation-preference","type":"concept","confidence":0.9},{"name":"preferred-stock","type":"concept","confidence":0.95},{"name":"Series E","type":"event","confidence":0.9},{"name":"Am Law 100","type":"location","confidence":0.85}],"classification":"analysis","language":"en","confidence":0.85,"provenance":{"model":"claude-haiku-4-5","tool":"@stacklist/be@0.1.0","confidence":0.85,"timestamp":"2026-09-14T17:56:24.195Z"},"token_counts":{"approximate":5093,"cl100k":4642},"content_hash":"sha256:85a4dc531472e0318619674b0eca3c418a0f4200171132eedd389b16b953f522","acp_version":"0.2","body_available":true,"body_tokens":5093,"visibility":"public","agent_accessible":true,"status":"final"},"_links":{"self":"/api/public/card/13f4189b-282a-4e8a-aaf4-13d449dd16ff.json","html":"https://stacklist.com/card/13f4189b-282a-4e8a-aaf4-13d449dd16ff","md":"/api/public/card/13f4189b-282a-4e8a-aaf4-13d449dd16ff.md","stack_json":"/api/public/stack/12558e62-7a4e-4321-9159-e09646f440f4.json"}}