Technology Research
Equity research and pre-IPO analysis across SaaS, AdTech, semiconductors, space, and enterprise software. PRZC technology research with explicit price targets and thesis statements.
DeepBlue OS: Narwhal Labs and the Enterprise Agentic Layer
Narwhal Labs raises £20M to launch DeepBlue OS — an agentic AI communications platform. We assess the product thesis, regulated-sector moat, and what it signals about near-term AI value capture.
Read ReportSpaceX Pre-IPO Deep Dive: Rockets, Starlink, AI and the $1.75T Bet
Institutional-grade pre-IPO research on SpaceX. Covers the June 2026 IPO structure ($50B raise, Goldman/JPMorgan/Morgan Stanley/BofA), Starlink ($10.6B revenue, 9M subs, 54% EBITDA margin), Starship Flight 12, Falcon 9 economics, xAI merger, Optimus robotics, Mars thesis, competitive landscape, and full risk framework.
Read ReportXometry (XMTR): AI-Native Manufacturing Marketplace
BUY. Price $41.35, Target $65 (+57%). AI-native manufacturing marketplace with network effects. Revenue $686.6M (+25.9%), profitability inflection underway. Pricing strategy, supplier/buyer flywheel, and path to margin expansion.
Read ReportBraze (BRZE): Customer Engagement SaaS — Margin Inflection Play
BUY. Price $21.00, Target $35 (+67%). Customer engagement platform with 21% revenue growth and 400bps margin expansion. AI-native architecture, land-and-expand model, and profitability path analysis.
Read ReportSPS Commerce (SPSC): Supply Chain EDI Network — 25 Years of Growth
BUY. Price $59.16, Target $95 (+61%). Supply chain EDI network with 25-year consecutive revenue growth, 96% recurring revenue model, and deep network effects. Analysis of competitive moat, financial model, and long-term compounding thesis.
Read ReportNEXN: Programmatic AdTech & CTV Inflection Play
Speculative Strong Buy. Price $6.81, Target $12 (+76%). Programmatic advertising and connected TV platform positioned for Google antitrust remedy optionality. AdTech sector analysis and CTV growth opportunity.
Read ReportXiaomi: Ecosystem Platform + EV Conviction Report
Strong Buy. Target HKD 56. Full conviction report on Xiaomi's ecosystem platform thesis covering EV profitability, XRING O1 proprietary chip, MiMo LLM, SOTP valuation, and position history from 2018 IPO through March 2026.
Read ReportPhreesia (PHR): Patient Intake Platform — Deep Value Healthcare IT
BUY. Price ~$11.50, Target $28 (+144%). Patient intake SaaS with network moat, three revenue streams, Network Solutions pharma advertising layer, and profitability inflection. AccessOne acquisition and path to cash-flow breakeven.
Read ReportFive9 (FIVN): Cloud Contact Center — Genius AI Inflection
Speculative Strong Buy. Price ~$16, Target $28 (+74%). Genius AI product suite with $100M+ AI ARR, new CEO Mathradas, Genesys M&A benchmark. Probability-weighted scenario analysis for cloud contact center AI transformation.
Read ReportAI/SaaS Margin Inflection Screen: FIVN, BRZE, AMPL, QLYS, SOUN
Sector screening of AI/SaaS companies at margin inflection: Five9, Braze, Amplitude, Qualys, SoundHound. Priority rankings, macro context, and portfolio construction guidance for the SaaS profitability cycle.
Read ReportAdTech & CTV Screen: MGNI, DSP, PUBM, NEXN, DV
AdTech and connected TV sector screening covering Magnite, Trade Desk, PubMatic, Nexxen, DoubleVerify. Google antitrust remedy optionality analysis and priority investment rankings in programmatic advertising.
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