HashiCorp Series E

The Series E for HashiCorp lands in that uncomfortable middle ground where you can't call it genius or catastrophe. GGV Capital, Redpoint are deploying $175M at $5.1B, which feels like a price negotiated by people who read the same three analyst reports and decided to split the difference. infrastructure nostalgia—that's literally what they're betting on. The enterprise thesis makes sense on a whiteboard, but the execution risk is substantial and the competitive moat is more of a competitive puddle. Will this work? Maybe. Will early investors get liquidity? Eventually. Will anyone remember this deal in five years? Absolutely not.