The Float Private Markets Research

2026 Edition

———— FREE GUIDE · NO PITCH

Know where AI capital actually goes before you commit any of yours.

The four layers of the AI stack

L01 · Where 2026 capital is going

Compute & Hardware

Longest lead times, hardest access.

L02

Cloud & Infrastructure

Mostly public, priced accordingly.

L03

Models

Capital-hungry, winner-concentrated.

L04

Applications

Thin margins, fast displacement risk.

This page and the accompanying guide are provided for general educational purposes only. Nothing here is investment, legal, or tax advice, and nothing constitutes an offer to sell or a solicitation of an offer to buy any security.

A straight comparison of the nine real ways to get exposure to private AI companies what each costs, who can use it, and what you actually end up owning.

$700B+

2026 hyperscaler capex

Access mechanisms

$75B

Largest IPO on record

Ongoing pre-IPO market intelligence

Guide subscribers get first access when it's ready — no additional signup needed.

Coming soon

What's actually inside

No filler, no ML explainers. Just the mechanics of how capital reaches AI companies before they go public.

Secondary marketplaces, registered funds, SPVs, crowdfunding, tender offers, SPACs — who qualifies, typical minimums, and what you actually end up owning.

The nine access mechanisms, compared

Last-round marks, 409A valuations, secondary data, fund NAVs — and why the number you see reported is usually the least informative one.

How private companies get priced

The questions that separate a durable AI business from a thin wrapper around someone else's model. Mechanics, not hype-detection.

A real evaluation framework

Illiquidity, NAV premiums, dilution, and the fee math that quietly erodes returns — laid out plainly, not buried in a footnote.

The risks nobody puts in the brochure

Aperture

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