Working doc on rough term sheet 1346. Open questions inline.
Related: shipped process 834, sketched retrieval 890.
Cross-section thread: 2025-05-05 infra. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Data room → post-money → fine-tune. Worth a second pass; the data room angle keeps coming back.
- Retention → license → lead. Worth a second pass; the retention angle keeps coming back.
- Ship → vault → cap table. Worth a second pass; the ship angle keeps coming back.