Goodfin Wire 15 - AI Coding Market, The IPO Clock, & Advisor Bias

The AI coding market just got an enterprise price tag.

AI coding has emerged as one of the hottest categories in private markets, with Cognition AI in talks at a $25 billion valuation and SpaceX moving to acquire Cursor (a two-year-old coding tool) at a reported $60 billion — signaling that the sector is shifting from a venture story to an M&A story.

This edition puts you in the pulse, from our AI investment event and Tech IPO Summit to liquidity through LP swaps. Let's go 🚀

→ SpaceX moves to acquire Cursor at $60B—More than a bet on the product, this is a clear statement about where enterprise infrastructure is heading.
→ Goodfin on the Road—Goodfin demos live on the main stage at FinovateSpring in San Diego and hosts a discussion on investing in AI in LA. Join us. The rooms are full of signal.
→ HumanX $1000 Prize Winner—A HumanX attendee gets his bag. The IPO clock is next.
→ Liquidity through LP Swaps—Exit early or step into an established position at current market pricing.
→ Member Poll—How are members respond to upcoming IPOs?

Female Investors Club (FIC) and Goodfin are bringing together investors and allocators for a focused session on investing in AI while actively using it to source, evaluate, and deploy capital. The evening features an investor panel with Gina Sanchez, CEO & Founder, Chantico Global & CNBC Contributor; Anna Joo Fee, CEO & Co-Founder, Goodfin; Jenn Byrne, Founder of FIC & Partner at Grit Capital Partners; and Petra Griffith, Founder & Managing Director, Wedbush Ventures. Expect tactical insights, real market perspectives, and a curated group of people who are leaning in, not watching from the sidelines. Approval required to attend. 

Mark your calendar! Goodfin’s Tech IPO Summit is coming to New York in June as part of NY Tech Week. Presented by a16z, NY Tech Week is a massive, week-long decentralized festival celebrating the New York startup, venture capital, and technology ecosystem. Tech IPO Summit will bring together investors, advisors, and operators at the intersection of private and public markets to unpack the most anticipated IPOs—and what it signals for the future of capital markets, investor access, and the next generation of private companies. We can’t wait to share more details soon. Request to attend and be the first to know.

Congratulations to Kerry K., the winner of our HumanX Place Your Chip $1000 cash prize giveaway. Kenny was selected among HumanX attendees who entered the giveaway by making calls on which pre-IPO tech company will IPO first.

For everyone else who participated, the clock starts for the bonus round when the first liquidity event happens. Five winners will be selected from the pool of correct IPO guesses. Stay tuned and good luck!

You invested in a top-tier private company two years ago. The company is performing. The thesis is intact. But your circumstances have changed — and there's no exchange to sell your position on.

Until now.

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To sell your position, simply go to your Dashboard and click the "Express Interest to Sell" button on a deal you invested in. If there is demand from buyers, we’ll facilitate the exchange.

The signal that matters surfaced for you. Here's what our AI pulled from the noise this week:

→ SpaceX IPO hits its next milestone. SpaceX held closed-door meetings with Wall Street analysts and institutional investors from April 21 through April 23, laying out the long-term growth strategy ahead of its expected summer listing. The public S-1 filing is expected between May 15 and May 22, with the roadshow set to kick off June 8. Up to 30% of the share sale could go to retail investors, a massive departure from the typical 5-10% allocation. At a target valuation of $1.75T, this would be the largest IPO in history by a wide margin. Read More

→ SpaceX moves to acquire Cursor for $60B, disrupting a $2B funding round already in motion. Cursor was on track to close a $2 billion funding round this week but halted discussions after SpaceX offered a $10 billion collaboration fee and a path to a $60 billion acquisition. SpaceX is delaying the potential acquisition until after its IPO this summer to avoid updating its confidential financial filings. Cursor hit $2B in annualized revenue earlier this year and projects a $6B+ run rate by year end. The deal signals that the AI coding market is no longer just a venture story. It is an M&A story.  Read More 

→ Cognition AI in talks at a $25B valuation, more than doubling in seven months. Cognition is in early talks to raise hundreds of millions at a $25 billion valuation, up from $10.2 billion set just months ago. The Devin maker's growth accelerated after acquiring Windsurf last summer, and its customer list now includes Goldman Sachs, Citi, Dell, Cisco, and Palantir. ARR surged from $1 million in September 2024 to $73 million by June 2025, and the Windsurf bolt-on pushed combined enterprise revenue even higher. AI coding is the hottest category in venture right now, and Cognition is one of the companies setting the ceiling. Read More

→ Fintech VC: more dollars, far fewer deals. Global venture to fintech reached $12B across 751 deals through early April, per Crunchbase. That is up 5% in dollars but down 31% in deal count versus the same period last year. The story is concentration: larger rounds, fewer winners, and capital flowing toward companies that can credibly absorb it. Late-stage funding alone hit $6.9B in Q1, up 8% YoY. The theme threading through 2026 deal flow is vertical AI applied to regulated finance workflows: tax prep, Medicare navigation, commercial insurance underwriting, and B2B procurement. Read More 

→ Q1 2026: the largest venture quarter ever recorded. $300B deployed into 6,000 startups globally, an all-time high, up 150%+ quarter over quarter and year over year. AI accounted for $242B, or 80% of total funding. Four companies (OpenAI, Anthropic, xAI, Waymo) collectively absorbed $188B, or 65% of global VC. The implication is clear: the IPO market now carries real pressure to reopen. SpaceX is targeting June. OpenAI is targeting Q4. How those listings perform will set the tone for every pre-IPO company watching from the sidelines. Read More

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A three-way split across AI infrastructure, robotics & physical AI, and biotech & digital health. Goodfin members aren't chasing a single theme — they're positioned across the next wave of foundational industries.

A study published in the American Economic Review, analyzing 27,000 meetings between financial advisors and clients, found that women were more likely to be guided toward in-house investments that made money for banks and were less likely to receive fee rebates on the funds they invested in.

New research further highlights advisor bias - both male and female advisors treated female clients as less financially sophisticated and adjusted their recommendations accordingly, using outdated assumptions about women and money. Read More

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