$320B
Private markets became the center of gravity
US venture deployed $320 billion in 2025, up 51% year over year. AI captured 65.4% of deal value, and 859 active unicorns hold $4.34 trillion in aggregate value.
NVCA 2026 Yearbook
Investor Relations · Capital Markets · Technology
Your story, clearly told.
Your value, better understood.
We build the story, the materials and the market relationships a technology company needs — so your team can stay on the innovation.
The North Star for technology companies in the capital markets
Music: “Aphelion” by Scott Buckley — CC BY 4.0
01 — The gap we close
Companies arrive with world-class technology and a story the market cannot yet read.
Many of the most interesting technology companies are built in the universities or home offices in the United States or elsewhere. Wherever they start, their technology travels further than their story does. US investors reward category ownership, unit economics, disclosure discipline and a narrative that survives translation — and the wrong angle can cost a company its valuation for years.
Foreign issuers were 24.2% of US IPOs in 2021, 41.8% in 2023 and 28.0% in 2025 — against a 12.3% average from 1980–2025. Chinese issuers fell from 19.4% to 2.2% over the same period: the growth is in non-China cross-border issuers.
Jay R. Ritter, Foreign Companies Going Public in the US, 1980–2025
02 — The shift
Visible years before its public debut.
Technology companies become globally visible years before they can be publicly valued. The gap between attention and understanding is where value is won or lost.
12 years
Private valuations scale in months, while the listing process has barely moved.
Time to a $1B valuation has compressed from decades to months. Yet the median technology IPO in 2025 was 12 years old — above the 8-year average since 1980.
Reference Capital, 2026 · Jay R. Ritter, IPO Initiative
~30%
The marginal buyer is now retail
Retail investors account for roughly 30% of US equity trading volume, with about $12 trillion of self-directed capital and equity assets equal to roughly 10% of US market cap.
Goldman Sachs, 2026
03 — How we work
Five modules, assembled for what the company needs now.
One team, one point of accountability. Every engagement is assembled from the same five modules, so the work compounds instead of resetting every quarter.
01
Communication & Strategy
We build the narrative and prepare the CEO for the questions it will attract, so that one version of the story is told everywhere.
02
Content
Decks, data rooms, releases, quarterly materials, the website and the social presence: everything the market reads comes from one story and stays current.
03
Contacts
Investor targeting and warm introductions — plus an independent framework for choosing banks, counsel and advisors.
04
Community
Founder and operator community, owned events and retail engagement.
05
Crossing — private to public
Private to public as one program: narrative reset, education, deal review, vendor selection, listing and the first year.
04 — Examples
Four examples, each a different problem.
Financing
From technical proof to an investor narrative
A deep-tech company had the science and no story. Four weeks later it had a deck, a Q&A playbook and a CEO who could tell the story without either.
M&A / de-SPAC
Choosing the right bank and counsel
A company evaluating a de-SPAC needed to compare banks and counsel — and to understand the disclosure standard it would have to meet on day one.
Digital presence
An audience map before a website
Before redesigning anything, we mapped who actually needed to find the company — investors, customers, talent, media — and built the site and the content system around them.
05 — Field notes
What we are watching.
The visibility-to-listing gap
Companies become globally visible years before they can be publicly valued. That gap is where stories get mispriced.
The 30% retail flow
Retail is now the marginal buyer. For micro-caps, that changes what “investor relations” has to mean.
The market is deciding about your company either way.
Let’s make sure it decides with the right story, told to the right audience, at the right moment.
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