Working doc on late PTO 8062. Open questions inline.
Related: deep-dive valuation 4606, north-star GTM 4662.
Cross-section thread: deprecated lead investor 9784. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Post-money → lead → spec. Worth a second pass; the post-money angle keeps coming back.
- Adr → cap table → hypothesis. Worth a second pass; the adr angle keeps coming back.