Vercel Series D

This is the kind of deal that makes you question whether the VCs actually know something or if they're just really good at convincing each other they do. Vercel's Series D at $2.5B feels like it was priced by someone who still believes 2021 multiples are coming back. GV, Greenoaks, Bedrock Capital are putting up $150M for what amounts to frontend hosting cult. The fundamentals here are actually not terrible—there's real revenue, real customers, and a real moat—but the valuation assumes everything goes right for the next decade. In a world where interest rates exist and competition is real, that's a lot of faith. Still, compared to most deals crossing my desk, this one at least makes mathematical sense if you squint hard enough.