Adept AI Series B

$350M at $1B for Adept AI's Series B. I've seen some deals in my time but this one feels like General Catalyst, Spark Capital collectively decided to LARP as 2021 Tiger Global. agents of disappointment—that's the pitch. That's the whole pitch. The ai thesis made marginal sense when money was free, but we're now in an environment where actual business fundamentals matter, and fundamentals are precisely what's missing from this deal. The best case scenario is an acqui-hire. The base case is a long, slow bleed. The worst case involves lawsuits.