The full article → https://www.axios.com/newsletters/axios-pro-rata-4a63a79b-85c7-4e0b-ab5d-9cef1f368a9d.html
"Stacked SAFEs from recent years will keep converting and, in some sectors, expose valuation gaps and ownership uncertainty that force selective cap-table clean-ups." — Kristen Ostro, Strut Consulting