The rate of founders who pull through from Seed to Series A just fell from ~50% to ~25%. @jason: "This data actually scared me." If you're not an AI company, you're not going to raise a Series A right now. But there's a third path emerging as well… AI-native startups that skip the round entirely, raise less (or don’t raise at all), and own the cap table. Jason calls them "alicorns."