VC Avengers

According to the FT, private markets are starting to mirror the Magnificent Seven dynamic—with a venture twist. Instead of public equities dominating indices, a handful of private companies are dominating capital formation. The current Avengers lineup: SpaceX, OpenAI, Anthropic, Stripe, Databricks and Waymo. Each is now valued north of $100bn, and, more importantly, each is absorbing a disproportionate share of new capital. This isn’t just a valuation story; it’s a flow story. LPs and crossover investors aren’t spreading bets; they’re concentrating into the closest thing private markets have to “inevitable winners.” Mega-rounds are getting bigger, but narrower. Names like Anduril and Cursor are circling, with $50bn+ ambitions and clear “seventh seat” energy. But breaking into the franchise is another matter entirely. Roll the credits.