Goodfin Wire - Vol. 11

This was a week where private markets didn't whisper. They shouted.

OpenAI closed $110 billion. Cerebras quietly filed for an IPO. Stripe hit $159 billion without going public. NVIDIA printed $68 billion in a single quarter. And if you blinked, you missed half of it.

That's the whole point of the Wire. We're here to cut through the noise and hand you the signal that actually moves the needle—funding rounds, IPO intel, tax strategies, and deal access you won't find in your morning scroll.

This edition is packed. Let's get into it 🚀

→ Goodfin Deal Room: Inside Dyme—Omnipod's founding team is building the next insulin pump. Members can participate in their Series A2
→ Goodfin on the road—Future Proof Citywide, Fintech Meetup, and YC Demo Day. Connect with us if you're attending
→ Wealth Management featured Goodfin GO—a deep dive into our agentic AI platform and what it means for private markets
→ QSBS Essentials recap—new $15M exclusion, SAFE eligibility, Section 1045 rollovers, and state-by-state conformity. Recording live
→ Cerebras files confidentially for a U.S. IPO—targeting Q2 2026 at $22B+
→ Member Poll: AI is coming for the org chart. Lean teams or overhyped narrative? How are you thinking about it?

The $400B diabetes market has had one patch pump leader for 20 years. Competitors have spent over $1B trying to challenge Omnipod—and failed.

Chris Hanson, CEO & Co-Founder of Dyme, is joining us for an intimate Deal Room. His CTO co-founded and invented Omnipod. The team built a pump ¼ the size, ½ the height, ⅓ the weight—with the same insulin capacity. 510(k) path. No clinical trials. Commercial launch by 2028.

We'll unpack the competitive moat, the regulatory path, the exit landscape ($3.7B acquisitions, $20B+ IPOs), and how Goodfin members can participate in their Series A2.

This is members-only. Approval required.

We’re hosting a curated evening with Goodfin members in San Francisco - a gathering around a private Michelin-starred table for dinner, conversation, and exchange of signals. The format is simple: good food, the right people, and conviction. Limited spaces available. This is exclusively for Premium and Reserve members only.

Anna is hitting three major events this month. If you're attending any of these, reach out—we'd love to connect.

Future Proof Citywide (Mar 8–11 | Miami Beach) — The largest AI-native community in finance takes over South Beach. 4,000+ attendees, three content stages, and conversations happening everywhere from rooftops to the Versace Mansion. If you're in fintech, wealth, or AI—this is the room.

Fintech Meetup (Mar 30 - Apr 1 | Las Vegas) — Where senior leaders from thousands of banks, fintechs, and investors gather for 50,000+ curated one-to-one meetings. The most productive event in fintech, period.

YC Demo Day (Mar 24 | SF) — The Winter 2026 batch presents. If history is any indicator, some of the next generational companies will emerge from this stage. We'll be watching closely.

Jonathan Fish and Carolyn Linkov from CapGains walked us through the QSBS landscape after the One Big Beautiful Bill Act reshaped the rules.

The headline: every shareholder can now exclude up to $15M in capital gains—completely tax-free at the federal level. That's a potential $3.57M federal tax savings per person.

They broke down the company-level vs. shareholder-level requirements (and why you need to track both), used a real Goodfin portfolio company as a case study to show how QSBS eligibility is assessed at each stage, addressed whether SAFEs can qualify as QSBS (short answer: it's possible but not a slam dunk—it depends on where the instrument falls on the debt-to-equity spectrum), covered Section 1045 rollovers (60-day window to defer gains into new QSBS stock), and walked through state conformity: New York conforms. California doesn't. The map is shifting.

The sharpest takeaway: don't wait until exit to figure out your QSBS status. The companies and investors who plan early are the ones who capture the full benefit.

The full recording is live on the platform.

Anna joined Slava Rubin on the Smart Humans podcast to talk about the state of pre-IPO investing, why 2026 could be a landmark year for IPOs, and how AI is creating a paradigm shift in how investors access and evaluate private market opportunities. She also unpacked why traditional SaaS companies may struggle in this evolving landscape and what flexibility means for individual investors navigating it.

Wealth Management published a deep dive into Goodfin GO and how we're rethinking private market investing from the ground up. The piece covers our 30+ specialist agent architecture, the 4:1 agent-to-human model, how GO was stress-tested by CFA-certified advisors before launch, and the collective intelligence layer that pulls anonymized sentiment from the Goodfin community. Anna walked them through the full vision—from the NYU Stern collaboration to what's next as we expand into broader wealth management.

The industry is watching. And we're just getting started.

We're excited to introduce two new perks available to Goodfin Premium and Reserve members. Fly semi-private with Aero at a special member rate — 20-minute check-ins, Starlink WiFi, open bar, and elevated in-flight dining from partners like Erewhon, Spago, and Sadelle's. Plus, your membership now includes two day passes to a members-only social space in San Francisco, with a premium coworking lounge, private meeting rooms, café, and breathtaking views.

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

→ OpenAI raises $110B at a $730B valuation. Amazon ($50B), Nvidia ($30B), and SoftBank ($30B) anchor the round—one of the largest private raises in history. The round remains open. OpenAI is committing to 3GW of Nvidia inference capacity and 2GW of training on Vera Rubin systems. The AI infrastructure arms race just entered a new phase. Read more

→ Cerebras files confidentially for a U.S. IPO. The AI chipmaker is meeting with prospective investors ahead of a potential Q2 2026 listing. After pulling its S-1 in late 2025 over national security concerns tied to UAE-based investor G42, Cerebras is back—with G42 no longer listed among investors and a valuation north of $22B. One to watch. Read more

→ Stripe hits $159B valuation in latest tender offer. Up 74% from last year's $91.5B. Thrive Capital, Coatue, and a16z are participating. Stripe processed $1.9T in total volume in 2025—roughly 1.6% of global GDP. No IPO plans. The Collisons are in no rush. Read more

→ NVIDIA posts record Q4: $68.1B revenue, up 73% YoY. Data Center revenue hit $62.3B. Full-year revenue crossed $215.9B. Jensen Huang declared the agentic AI inflection point has arrived. Q1 FY27 guidance: $78B. The demand curve isn't slowing down. Read more

→ Anthropic blacklisted by the Pentagon after refusing unrestricted military use of Claude. Trump ordered all federal agencies to phase out Anthropic's technology within six months. Defense Secretary Hegseth designated the company a supply-chain risk—a label typically reserved for foreign adversaries. The dispute: Anthropic drew a line at mass domestic surveillance and autonomous weapons. Claude surged to #1 on the App Store in the aftermath. Revenue run rate has nearly doubled to $19B. Read more

→ OpenAI lands Pentagon deal hours after Anthropic was cut off—then scrambles to revise terms. Altman admitted the deal was "rushed" and "looked opportunistic and sloppy." OpenAI added explicit language barring domestic surveillance of U.S. persons and confirmed its tools won't be deployed by intelligence agencies like the NSA. The contract now includes restrictions on autonomous weapons and mass surveillance—the same red lines Anthropic asked for. Read more

We got more signal waiting for you inside Goodfin.
Sign in to the platform and never miss a beat.

Goodfin is growing the engineering team. Two roles, both in SF, both high-impact:
→ Staff AI Engineer
→ AI Engineer

Know someone who'd be a fit? Referrals that lead to a hire get $20K—as a Goodfin investment or cash. Your call.

Vote and you're automatically entered to win exclusive Goodfin merch. We'll randomly select voters and send you something special.

40% voted Full bubble 👀 The rest split evenly across cautious optimism, first-inning conviction, and 1999 vibes. The takeaway? Even in a room of sophisticated investors, nobody's calling this cycle the same way.

We are 100% with Peter on this 💯

Until next time,

Sharath Kuruganty
Founding Community Lead
Goodfin

P.S. – Have feedback on Goodfin Wire? Hit reply. I read everything.

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