Week of March 27, 2026

Cursor (Anysphere) doubled its annualized revenue to $2 billion in three months, per Bloomberg. The company has roughly 300 employees, putting revenue per employee near $6.7 million — more than 10x the SaaS industry median. Source →

Lovable reported $400 million ARR with 146 full-time employees, adding $100 million in a single month. At $2.74 million ARR per employee, the vibe-coding platform has already surpassed the $2 million RPE threshold that Gartner projects will define a new class of unicorns by 2030. Source →

Decagon completed its first employee tender offer at a $4.5 billion valuation, a 3x increase from its $1.5 billion valuation nine months earlier. The AI customer-support company allowed its 300-plus employees to sell vested shares, with the secondary led by Coatue, Index Ventures, and a16z. Source →

Cap table gridlock is emerging as a structural constraint for late-stage startups, per Fortune. Many of the most valuable private companies now carry multiple classes of preferred equity, layered liquidation preferences, and shareholders with competing time horizons — making the ownership structure itself the bottleneck, not capital. Source →

PitchBook reported that US venture secondary transaction volume hit $106.3 billion in 2025 ($91.7B direct, $14.6B GP-led), an 83% increase from Q4 2024 levels. For the first time, secondaries are operating at a scale comparable to IPOs ($119.6B) and acquisitions ($140.7B) as exit channels. Source →

Carta reported that startups on its platform conducted 396 tender offers in 2025, up 62% from 2024. Nearly 20% came from Series E or later companies; 61% involved Series C or later. The median stock-buyback tender capped eligible employee sales at 25% of holdings. Source →

Fyxer AI grew from $1 million to $30 million ARR in 2025 and is targeting $100 million ARR by end of 2026 after raising a $30 million Series B led by Madrona. The London-based AI productivity company had 48 employees at the time of the raise, projecting roughly $2.1 million RPE at its year-end target. Source →