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Legion

Legion

207 posts

Legion

@uselegion

Eyes on private markets.

uninvitedcapital.substack.com

Joined March 2026

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Legion
@uselegion
Aug 28
Want to know where private investors are placing their biggest bets? This week: Humanoid robots, AI assistants, autonomous freight, superhot geothermal, fraud prevention, and women's basketball. Full breakdown in the thread below 👇
1
Legion
@uselegion
Aug 26
OpenAI and Anthropic could become two of tech’s largest IPOs. Both took aim at secondary trading venues, and clean traditional pricing disappeared soon after. Tokenized venues are the only place still trading both daily according to our data
1
Legion
@uselegion
Aug 20
Only 5 of 12 IPOs priced above their last private valuation. We tracked every venture-backed IPO where the last private mark is verifiable to a primary source. Offer price against that mark: Cerebras 2.45x · mark was 3.3 mo old Rivian 2.41x · 3.6 mo Klarna 2.25x · 38 mo Figma
1
Legion
@uselegion
Aug 17
"We're getting rid of all of that. Literally all of it." That was Vlad Tenev on Feb 20, talking about the four things keeping retail out of private markets. Five months later, Fund II: 0% carry → 20% 3.5% sales load → 4.5% 33⅓% leverage cap → 66⅔% They did fix two
Legion
@uselegion
Aug 13
Most SPV fraud comes down to one thing: nobody can verify who owns what. Programmable SPVs make ownership provable without making it public. @matty_ explains what they are and how they work, in 3 minutes.
Matt O'Connor
@matty_
Aug 13
Founders want control over their secondary market. LPs want proof they're not being scammed. GPs want to offer secondaries without burning the company. Programmable equity gives all three at once. In this video: what programmable SPVs are, how they work, and what they fix.
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