Curated by
JD Audena
life’s better when it’s bold, curious, and a little chaotic | building & becoming always | in service of the future | fellow omnipotentialite and friend to @KyleHudson
stacklist.com/jdaudena
life’s better when it’s bold, curious, and a little chaotic | building & becoming always | in service of the future | fellow omnipotentialite and friend to @KyleHudson
More in Signals Served #028 — The Multiple Is Not the Price
See all 27 →Cognition hits $48B valuation in a $2B Series E
techcrunch.com
Cognition raises $2 billion at a $48 billion value
bloomberg.com
Harvey raises $550M at a $15.5B valuation
harvey.ai
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Signals Served #028 — The Multiple Is Not the Price
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.
Built for AI agentsACO · 5093 tokens
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
Cognition (organization, 0.99) · Miro (organization, 0.99) · Harvey (organization, 0.99) · Bending Spoons (organization, 0.95) · Andreessen Horowitz (organization, 0.95) · Accel (organization, 0.95) · Founders Fund (organization, 0.95) · General Catalyst (organization, 0.95) · Avenir (organization, 0.95) · Nvidia (organization, 0.95) · Lightspeed (organization, 0.95) · Sequoia (organization, 0.95) · Kleiner Perkins (organization, 0.95) · Coatue (organization, 0.95) · Goldman Sachs Alternatives (organization, 0.95) · Devin (technology, 0.9) · liquidation-preference (concept, 0.9) · preferred-stock (concept, 0.95) · Series E (event, 0.9) · Am Law 100 (location, 0.85)
Classification
analysis · language en · status final
Provenance
claude-haiku-4-5 via @stacklist/be@0.1.0, confidence 0.85, 14 Sep 2026