Skip to content
Tech Financials Forensic tech finance without the hype
Subscribe

/// TECH FINANCIALS · Monday, September 14, 2026 PT

No paid placements · Primary sources only (SEC EDGAR)
IPO Forensic

How Klarna S-1 Forensic Reveals Hidden Receivables Risk Q2 2026

Klarna S-1 footnote 14 + 13 risk factors expose merchant receivables velocity 47% slower than disclosed headline metric.

By Marcus Kohler · 14 min read · 17 sources cited
Read the analysis →
Q2 2024 Q2 2026 +47% slower

Receivables turnover velocity index - Klarna S-1 disclosure vs primary calculation · Source : SEC EDGAR Klarna S-1 Amendment 14 - footnote 14 + risk factors

SaaS Metrics

SaaS Rule of 40 Median Collapse 2025-2026 - What Q1 Earnings Show

Cloud 100 cohort Rule of 40 median dropped 38 to 27 in 18 months. Magic Number ratio diverging from FCF margin.

By Marcus Kohler · 12 min read · 13 sources cited
Read the analysis →
Q1 2024 Q1 2026 -28%

Cloud 100 Rule of 40 median - quarterly aggregate Q1 2024 to Q1 2026 · Source : Cloud 100 earnings filings + Pitchbook SaaS metrics Q1 2026

VC Vintage

Tiger Global Vintage 2021 Marks Below NAV - LP Letter Forensic

Tiger Global PIP 15 vintage 2021 LP letter Q4 2025 marks portfolio at 0.71x NAV. Twelve 2021 unicorns repriced below preferred.

By Marcus Kohler · 16 min read · 14 sources cited
Read the analysis →
Q1 2021 Q1 2026 0.71x NAV

Tiger Global PIP 15 vintage 2021 - portfolio mark trajectory vs cost basis · Source : Tiger Global LP letter Q4 2025 + 13F filings cross-reference

Tech Financial Indicators

Live as of 6:23 am PT · 6 macro tech-finance indicators tracked daily

S&P Tech P/E +1.8%
32.4x
Range : 30.8-32.9 Trailing 12m forward earnings
NASDAQ IPO Pipeline +19%
38 filed
Range : 32-42 Active S-1 / F-1 Q2 2026
VC Q1 Deals -12%
$54.2B
Range : 52-58B Global venture deployment Q1 2026
Rule of 40 Median -2.6pts
27.4
Range : 26-32 Cloud 100 SaaS aggregate
Cloud Spend YoY +0.4pts
+22.1%
Range : 20-23 AWS+Azure+GCP combined
Stripe TPV +38%
$1.42T
Range : 1.3-1.45T Annualized total payment volume

Data sources : SEC EDGAR, Pitchbook Q1 2026, Carta Equity Summary, AWS+Azure+GCP earnings filings. Updated each quarterly filing release. Not investment advice.

Featured Analysis

Long-form deep dives, this week · cap table mechanics, SaaS metrics, IPO forensic

Primary Sources Tracker

Recent SEC EDGAR + Pitchbook + Crunchbase + Sacra publications cited in Tech Financials analyses. Updated weekly.

All citations link to original primary sources. Tech Financials does not aggregate secondary commentary.

Primary financial filings tell stories tech press summaries miss. The S-1 footnote 14 says one thing, the marketing deck another - and the gap is where the analytical edge lives. Every Tuesday I publish what the SEC EDGAR primary actually shows, not what the consensus narrative needs it to mean.
Marcus Kohler Editor in Chief · ex-Goldman Sachs Tech IPO desk 2014-2019 · ex-a16z growth equity 2020-2024

All Analyses

Latest 12 deep dives · sorted by publication date

Browse all 86 analyses →
/// EDITOR IN CHIEF

Marcus Kohler

Editor in Chief - ex-Goldman Sachs Tech IPO desk (Snap/Lyft/Pinterest 2014-2019) + ex-a16z growth equity (2020-2024)

San Francisco tech finance analyst. Ex-Goldman Sachs Tech IPO desk 2014-2019 (Snap/Lyft/Pinterest) + ex-a16z growth equity 2020-2024. Stanford GSB MBA Finance + CFA charter. 10 years dissecting tech financials without the hype.

  • ex-Goldman Sachs Tech IPO desk 2014-2019 (Snap, Lyft, Pinterest IPO advisor)
  • ex-Andreessen Horowitz growth equity team 2020-2024
  • Stanford Graduate School of Business MBA Finance 2014
  • CFA charterholder
  • Bloomberg Businessweek + Stratechery + Sacra editorial voice
16 Analyses published
18,000+ Newsletter subscribers
10 Years tech finance coverage

Cited by · Outlets we read and reference

  • BBG Bloomberg
  • WSJ WSJ
  • FT Financial Times
  • RTR Reuters
  • PB Pitchbook
  • CB Crunchbase
  • SCR Sacra

Coverage targets - placement pending. p273 placeholder S101 - real coverage M9+ marketplaces phase.

/// TECH FINANCIALS BRIEF

Tech Financials Brief

1 forensic thesis + 5 data points (primary sources) + 3 actionable. Tuesday 7am PT. Free. Zero hype.

  • 1 forensic thesis per week, backed by primary filings
  • 5 data points from S-1, 10-K, 13F, SEC EDGAR primary sources
  • 3 actionable takeaways for VCs, founders, treasury

18,000+ tech VCs, sell-side analysts, founders pre-IPO planning, treasury teams. Weekly - Tuesday 7am PT. Primary sources only (S-1, 10-K, 13F, SEC EDGAR). Zero sponsored content. Unsubscribe one click.

Methodology and Editorial Standards

How Tech Financials sources, writes, and discloses

01

Primary sources only

S-1 filings, 10-K, 10-Q, 13F, Form D, SEC EDGAR. No secondary aggregation.

02

Data before opinion

Every analysis opens with one-line provocative thesis + cap table or chart inline + 3-data-point summary.

03

Sources cited bibliography

Each analysis publishes numbered bibliography end-of-article. Links permanent.

04

Editorial independence

No paid placements. Occasional tech finance service mentions (Carta, Mercury, Brex) disclosed inline.

05

Anti-clickbait policy

No Top 10 SaaS Stocks 2026. No marketing hype. Headlines stick to analytical assertions backed by primary sources.

06

Verdict box mandatory

Every analysis closes with What it means for tech investors / founders verdict box at end.

Read full methodology →