Tinfoil
Cactus
Deal by deal
You decide on each company, one at a time. A fund asks you to trust its manager for ten years. Here you judge the deal in front of you, every time.
Investments led by Ten6 and its partners
Not every company shown is a Ten6 vehicle.
In two years, the market repriced.
A 10–12 year fund cycle cannot respond at this speed. Revenue and valuations are both accelerating.
| Company | Valuation | Revenue |
|---|---|---|
| OpenAItender | $29B → $908B | ~$1B → $12B+ ARR |
| AnthropicC → H | $18.4B → $965B | ~$1B → $65B+ run rate |
| CursorA → exit | ~$400M → $60B | ~$100M → ~$4B ARR |
| ElevenLabsB → D | $1.1B → $22B | ~$90M → ~$500M ARR |
| PerplexityB → E | $1B → $22.6B | ~$80M → ~$450M ARR |
- OpenAI31×
- Anthropic52×
- Cursor150×
- ElevenLabs20×
- Perplexity23×
$100M$1B$10B$100B$1T
- OpenAI12×
- Anthropic65×
- Cursor40×
- ElevenLabs5.6×
- Perplexity5.6×
$100M$1B$10B$100B
2024 to 2026; windows vary by company. OpenAI and ElevenLabs are secondary-market marks; Cursor spans its Series A to the SpaceX close. Not Ten6 positions.
Why it is happening
Demand is committed, not forecast. The largest buyers have already contracted the capacity, on a baseline scaling toward $1.6T a year by 2031.
Revenue is compounding underneath. Valuations are rising on revenue already booked, not on narrative. The sector is scaling about three times faster than any prior IT wave.
Cheaper inference has already been tested. January 2025’s DeepSeek shock priced in the fear that efficiency kills demand. It failed. Cost per token is down 99.7% since 2023, while capex rose 77% in 2026 alone.
Acquirers are already active. Strategics are buying earlier, compressing the traditional 10 to 12 year path to liquidity. The leaders of a new industry are decided in its first cycle.
$410B → $760BHyperscaler and neocloud AI capex, 2025 to 2026. The buildout is accelerating, not peaking.
$175B run rateAnnualized generative AI revenue, mid-2026. The category barely existed in 2022.
180 days → 2 daysIn 2023 the industry took 180 days to add $1B of cumulative revenue. Today it takes two.
Sources: company disclosures, 2024–2026; Exponential View, The State of the AI Economy, June 2026; Data Gravity, Who Captures Value in AI Infrastructure, July 2026.
How we work
Each investment is a separate investment, with its own terms.
Access
Positions are sourced through operating relationships across the enterprise AI market, before rounds circulate. By the time a deal reaches you cold, the terms are already set.
Active
Commercialization capital: engaged after the investment to drive enterprise revenue, not to attend board meetings.
Investments typically made through Ten6 Ventures pooled vehicles. See full disclosures.
Where we invest
The market is enormous and still accelerating. We underwrite the layers inside it where value accrues: margin tracks how replicable a layer is, not the dollars flowing through it.
- Inference and serving
- Enterprise workflows
- Sovereign deployment
- Data and evaluation
- Power and cooling
- Interconnect
- Silicon and hardware
- Compute
- Photonics
Our process
Every deal runs the same way. You see the company and the memo before any capital moves.
01
We find it and vet it
A company from the list we track, examined down to the technology.
02
You get the memo
Ten6 writes the deal memo for every vehicle, with terms attached.
03
You meet the founder*
A founder showcase call before any decision, stage permitting.
04
You decide, deal by deal
Participate or pass. Nothing is committed in advance.
* Founder access depends on the stage. It is standard at seed and Series A; in late-stage and pre-IPO secondaries it is rarely available, and the memo and diligence stand in its place.
Who we work with
Family offices
Decide on each investment yourself, with no fund to commit to.
Designed for families investing $10M+ annually Request access →Funds & co-investors
Back the companies your fund has to pass on for ownership or valuation reasons. Offer your LPs allocation alongside.
Request access →Syndicate leads
Bring your backers deals with the technical diligence already done. The work continues after the round closes.
Request access →Angels & operators
Join deals a single check could not open, pooled with other operators.
Request access →Questions
Structure, horizon, liquidity, and eligibility.