Early money made 100x to 4,000x on paper. Late money is making 1x to 3x.
What the first priced round investors in today's AI leaders marked up, against what capital entering at scale has earned since. The gap between the two is not luck. It is access, and it is timing.
Databricks' 2013 Series A, marked against a $190B valuation in 2026.
A $50M CoreWeave stake after the 2025 IPO, roughly 250x.
Across $27B of cost in OpenAI at $852B. The same math as most late entries.
Gross valuation step up, log scale. A ceiling for the earliest investors, not a fund level return.
Entry post money to latest mark. Rounds since mid 2025 cluster at 1.0x to 2.3x.
In today's market the largest tenders sell only two thirds of what is authorized, and most secondary volume sits in a handful of names. The constraint is not money. It is a seat at the table.
Our network has provided access to generational companies including SpaceX, OpenAI, Anthropic and Reflection AI. That access is why our members see allocations that are never offered in a public round.
Solera is a private membership. If a member has referred you, complete your registration. Otherwise, write to us and tell us plainly why there is a fit.
Figures are third party market data compiled from public sources as at September 2026. Multiples are gross valuation step ups, pre dilution and pre fees, and overstate what any single investor booked. Past performance is not indicative of future results. Nothing here is an offer to buy or sell securities.