A down round is when a startup raises capital at a lower valuation than its last round, diluting founders and employees while triggering investor anti-dilution protections globally.
The global financing stage, dominated by US crossover funds and sovereign wealth funds, that sets valuations and gates which technology companies reach IPO scale.
Platforms where founders, employees, and early investors in private companies sell shares before IPO, unlocking liquidity in a US$4 trillion global private-equity universe.
Private companies valued at US$1 billion or more; the US and China host three-quarters of the world's 1,600 unicorns as of 2026, making valuations a bellwether for global risk appetite.