01 · Exits & Liquidity
How SpaceX's staged IPO lockups released 911.5 million shares, why the stock rose anyway, and what founders should map before calling an IPO a liquidity event.
Exits & Liquidity
Calculate 1x non-participating, participating, multiple, and senior liquidation preferences before a sale turns the headline price into a very different common-stock payout.
9 min read · July 29th, 2026
Artius II raised $220 million, found no merger by its deadline, and chose liquidation. Here is what expires, who gets cash, and what target founders should learn.
A $465 million sale that paid the founders zero, a court that called it entirely fair, and the arithmetic that turns a decade of your life into a below-market engineering salary.