Executive Summary
- Global capital formation has migrated from public listings to a hyper‑financialized, opaque pre‑IPO secondary market dominated by AI, space, and defense super‑unicorns.
- Access is increasingly mediated by SPVs, continuation vehicles, forwards, and PVFs that embed heavy fees, structural leverage, and acute counterparty and legal risk for late‑stage participants.
- Family offices and sovereign investors are treating private tech as an inflation hedge while under‑allocating to real‑asset infrastructure, creating a systemic “hedging paradox”.
- The coming wave of mega‑IPOs will stress‑test trillion‑dollar private marks and the entire secondary ecosystem’s mark‑to‑model assumptions.
- Disciplined barbell architecture and direct, infrastructure-anchored exposure on institutional platforms like Bancara are essential for managing legacy rather than chasing momentum in this environment.
Pre‑IPO secondary markets for UHNW investors
The center of gravity in global capital formation has migrated decisively from public exchanges to private markets, with pre‑IPO secondary transactions in late‑stage technology issuers now functioning as a parallel capital system for the ultra‑wealthy and institutional allocators. This regime centers on a select group of super-unicorns. Companies like SpaceX, OpenAI, Stripe, Anthropic, ByteDance, Anduril, and Databricks command private valuations comparable to the market capitalization of crucial public corporations. These entities largely bypass the disclosure requirements imposed on listed markets.
For Ultra‑High Net Worth Individuals (UHNWIs), family offices, sovereign wealth funds, and global macro hedge funds, exposure to this universe is now treated less as an option and more as an existential mandate to participate in the upside of artificial intelligence, commercial space infrastructure, and defense‑technology convergence.
Yet the dominant access routes, specifically Special Purpose Vehicles, GP-led continuation funds, synthetic forward contracts, and bespoke derivatives such as Pre-Paid Variable Forwards, inherently introduce structural frictions, counterparty risk, and valuation opacity. Secondary participants frequently misprice these embedded factors.
This article dissects the architecture of the 2026 pre‑IPO technology ecosystem, the shadow liquidity complex that surrounds it, and the macro‑market consequences of funneling trillions of dollars into illiquid, mark‑to‑model assets. It then outlines a barbell portfolio framework tailored to institutional‑scale private clients, emphasising direct infrastructure exposure, rigorous legal due diligence, and an explicit illiquidity budget rather than momentum‑driven allocation.
Bancara operates within this landscape. It is a global multi-asset brokerage and private investment platform. The platform is engineered specifically for longevity, precision, and elite service. Bancara combines low-latency execution, deep liquidity, and cross-border market access. It provides concierge-level support for a high-net-worth life. Its infrastructure and tiered VIP architecture provide an institutional‑grade environment in which disciplined allocators can implement multi‑jurisdictional pre‑IPO and public‑market strategies without sacrificing control, regulatory integrity, or operational resilience.
Rise of private tech super‑unicorns and valuation gravity
The defining feature of the current cycle is not merely elevated technology valuations but the emergence of multi‑hundred‑billion‑dollar private issuers that behave like quasi‑sovereign entities. These firms command capital flows, shape industrial policy, and anchor multi‑trillion‑dollar thematic trades well before they ever file a prospectus.
SpaceX, OpenAI, Stripe, Anduril and the new capitalisation regime
By early 2026, SpaceX, OpenAI, Anthropic, ByteDance, Stripe, Databricks, xAI, and Anduril collectively represent a new capitalization architecture for global technology and defense.
| Company | Core focus | Indicative 2026 private valuation | Key valuation drivers |
| SpaceX | Space economy, defense tech | 1.1-1.7 trillion; 1.5 trillion IPO target | Starlink cash engine, 2025 revenue and EBITDA scale, xAI acquisition, AI‑space convergence |
| OpenAI | Foundational AI models | 730–840 billion | 110 billion mega‑round, hyperscaler syndicate, 5 billion run‑rate revenue, 200 billion 2030 revenue target |
| Stripe | Global payments infrastructure | 140–159 billion | Six‑monthly tender offers as quasi‑permanent liquidity program, 1.9 trillion total payment volume |
| Anduril | Defense technology and autonomy | 30.5–60 billion | Defense‑tech convergence, attritable mass doctrine, Arsenal‑1 gigafactory, high‑margin commercial model |
SpaceX alone is preparing for what could be the most consequential listing in modern financial history, with a prospective valuation around 1.5 trillion and a targeted primary raise exceeding 50 billion. OpenAI’s funding architecture is equally unprecedented: a 110 billion round anchored by Amazon, Nvidia, and SoftBank, implying a 730 billion pre‑money valuation and pushing secondary pricing toward 840 billion.
Stripe, in contrast, has operationalised a permanent private alternative to the IPO by running recurring tender offers roughly every six months at valuations north of 140 billion, with some secondary blocks clearing at 159 billion.
Anduril is fundamentally reshaping the defense industry. The company merges rapid venture-style product development with Department of Defense programs. These programs specifically require attritable mass. This means a focus on large numbers of low-cost, AI-enabled systems instead of a limited number of expensive, sophisticated platforms.
How delayed IPOs reshape the tech ecosystem
Historically, public markets were the engine of scale, with companies listing to access growth capital and broaden ownership.
Today, they increasingly function as exit venues of last resort, while exponential value creation is captured almost entirely in the private domain.
This inversion is facilitated by:
- Abundant late‑stage capital from sovereign wealth funds, mega‑VCs, and strategic corporates willing to fund multi‑billion‑dollar rounds.
- Corporate bylaws and transfer restrictions that keep cap tables tight and delay the need for public disclosure.
- Structured tender offers that provide employees and early investors with periodic liquidity without surrendering control or inviting activist scrutiny.
The result is a bifurcated market in which a narrow cluster of super‑unicorns absorb vast pools of private capital, while public markets are starved of fresh high‑growth issuance until valuations have already been pulled to near‑terminal levels.
Murky financial structures: SPVs, synthetic exposure and PVFs
Because direct allocations into the cap tables of these issuers are heavily constrained, secondary access is intermediated through a hierarchy of legal structures and bespoke derivatives. Each layer introduces fees, complexity, and risk that must be explicitly priced by sophisticated allocators.
SPVs and the structural drag of 2/20 economics
The Special Purpose Vehicle is the standard mechanism for pre-IPO access. This standalone legal entity aggregates capital from accredited investors for a single holding in the target company. Investors hold limited partnership interests in the SPV, which then owns the underlying shares in companies such as SpaceX or OpenAI.
Most SPVs are priced on hedge‑fund or private‑equity economics:
- A 2 percent annual management fee on committed capital.
- A 20 percent performance fee (carried interest) on profits above a hurdle at exit.
Given that late‑stage private companies are remaining private for five to seven years or longer, a 2 percent fee, compounded over that horizon on illiquid capital, creates profound performance drag.
The underlying asset must realise substantial appreciation, often 30-40 percent or more, merely for investors to break even on net returns after accounting for fees, financing costs, and slippage.
Forward purchase agreements and synthetic pre‑IPO exposure
Where issuers deploy aggressive Rights of First Refusal (ROFR) or outright prohibit direct secondary transfers, intermediaries increasingly resort to forward purchase agreements as a way to create synthetic economic exposure.
In a typical structure:
- An existing shareholder agrees to deliver shares (or the cash equivalent) to a buyer at a future date tied to a liquidity event.
- The shares remain on the issuer’s ledger in the name of the original holder until settlement, theoretically sidestepping transfer restrictions.
- The buyer tenders payment immediately or across specific milestones, fully accepting the risk associated with the seller’s ability and authorisation to fulfill the contractual obligations.
This introduces several non‑trivial risks:
- Counterparty credit risk: bankruptcy, divorce, or regulatory action against the seller can render performance impossible.
- Corporate‑action risk: recapitalisations, down‑rounds, stock splits, or changes in share class can radically alter economics before settlement.
- Legal enforceability: highly bespoke contracts, often negotiated without clearinghouse oversight, may be difficult to enforce across jurisdictions.
Pre‑Paid Variable Forwards and insider liquidity engineering
At the insider level, Pre‑Paid Variable Forwards (PVFs) have become a primary tool for extracting liquidity against concentrated private stock positions without triggering immediate taxable disposals.
In a standard PVF:
- The insider pledges private shares as collateral.
- An investment bank advances 75-85 percent of the current estimated value in cash.
- The contract specifies a future settlement range; above a ceiling, upside participation is capped, while a floor protects against downside beyond a threshold.
PVFs are powerful tools for founders and early executives seeking diversification and downside protection.
However, their proliferation further obscures true supply‑demand dynamics and masks the extent to which insiders are systematically hedging exposure to their own companies’ private valuations.
The shadow market for pre‑IPO equity and its infrastructure
These instruments collectively underpin a global shadow market in which pre‑IPO equity trades externally to primary funding rounds and well ahead of any listing. That market has rapidly scaled from a niche practice into a central pillar of contemporary capital formation.
Secondary volumes, GP‑led versus LP‑led flows
According to UBS and Jefferies, global secondary market transaction volumes in 2025 surged to the 200-240 billion range, implying year‑over‑year growth of roughly 48-50 percent.
Projections for 2026 suggest that volumes will comfortably exceed 250 billion as pent‑up demand for pre‑IPO allocations continues to build.
Within this aggregate, the market is bifurcated into two structurally distinct segments:
| Transaction type | 2025 estimated volume | Primary drivers | Strategic rationale |
| LP‑led | approx 118 billion | Programmatic selling by institutional LPs seeking liquidity amid muted IPO and M&A distributions | Free up capital, rebalance portfolios, manage vintage concentration |
| GP‑led | approx 104 billion | GP‑sponsored continuation vehicles centered on prized assets such as OpenAI or Stripe | Provide liquidity to existing LPs while retaining control and fee streams, extend holding period of crown‑jewel assets |
The proliferation of General Partner led continuation vehicles signifies a profound structural evolution. Private equity sponsors are effectively creating new funds to extend ownership of a single asset.
This strategic move crystalises the performance fee on the original investment vehicle while securing future management fees and upside from the continued asset holding.
Fragmented brokers and platform‑based liquidity
To facilitate this scale of private wealth transfer, intermediary platforms such as Forge Global, Hiive, and EquityZen have emerged as systemically important secondary market gateways.
They provide:
- Deal aggregation and matching between accredited buyers and sellers.
- Standardised documentation templates, escrow services, and KYC/AML workflows.
- Limited pricing transparency via curated order books or indicative quotes.
Yet these platforms cannot overcome the foundational illiquidity and issuer‑control dynamics of private stock:
- Liquidity is shallow and fragmented, with wide bid‑ask spreads.
- Every transaction is contingent on issuer approval; aggressive use of ROFR or transfer denials can collapse trades even after counterparties agree.
- Pricing is often anchored to the last primary funding round, irrespective of macro shifts or internal developments.
For institutional allocators, this means that platforms are infrastructure, not guarantees of execution. The real control lies with the company board and its legal architecture, not the broker interface.
Valuation illusions, liquidity traps and historical warnings
The inherent danger of the 2026 secondary boom transcends mere leverage or complexity. The true systemic weakness lies in the widespread reliance on mark-to-model valuation within markets that operate as though they were truly mark-to-market.
Preferred versus common: hidden subordination
Private valuations are established during large preferred equity financings. These rounds include robust downside protections. These protections consist of liquidation preferences, anti-dilution provisions, senior voting rights, and veto power over key corporate actions.
Secondary buyers, however, are often acquiring common stock via SPVs at prices that effectively assume parity with the preferred terms.
In a stress scenario:
- A down‑round or liquidity event below the preferred capital stack can wipe out common shareholders entirely.
- Preferred holders may receive par plus accumulated dividends, while common equity delivered through SPVs or forwards absorbs the full brunt of the repricing.
This asymmetry is rarely visible in headline valuation figures yet materially changes the risk profile for late‑stage secondary capital.
Disclosure void and information asymmetry
Unlike public issuers, private technology companies have no obligation to publish audited quarterly financials, 10‑Ks, or standardised SEC disclosures. Secondary investors are frequently underwriting valuations in the tens or hundreds of billions based on leaked run‑rate figures, selective management presentations, and aspirational forward projections.
The scarcity of information fosters a valuation illusion. Prices are typically anchored to the last funding round, not a continuous, data-rich trading process. When the market reality deviates from the prevailing narrative, as observed in previous cycles, the correction is inevitably sharp and severe.
Facebook, Uber, WeWork: lessons from the last cycle
Historical precedent provides concrete guidance:
- Facebook (2011 SPV attempt): Goldman Sachs attempted to syndicate a 1.5 billion SPV for Facebook shares, explicitly structured to avoid SEC rules that would have forced public disclosure once the shareholder count exceeded 500. Regulatory pushback forced restrictions on U.S. participation and highlighted how quickly packaged pre‑IPO access can attract scrutiny.
- Uber (2019 IPO): Extensive academic work after Uber’s IPO showed that heavy pre‑IPO secondary trading at elevated valuations effectively exhausted the marginal buyer pool; when shares finally listed, upside was constrained because the most conviction‑driven investors were already allocated privately.
- WeWork (2019 collapse): WeWork’s descent from a 47 billion private valuation to a failed IPO and value destruction remains the archetypal indictment of mark‑to‑model exuberance. Once full financials and governance practices were exposed via the S-1 filing, the market refused to validate prior private marks, inflicting large losses on late‑stage participants.
The 2026 cohort of super‑unicorns sits at a similar precipice. If SpaceX lists at a targeted 1.5 trillion capitalisation, it must execute flawlessly on Starlink cash flows, Starship commercialisation, and AI‑infrastructure integration to sustain that mark.
Any disappointment could trigger a rapid re‑rating that cascades through secondary structures.
Why family offices are racing into these deals
Despite these structural fragilities, family offices and sovereign vehicles are accelerating allocations into late‑stage private technology as if it were a default inflation hedge. The behavioral drivers of this migration are as important as the mechanics.
The 2026 Hedging Paradox and portfolio reality
J.P. Morgan’s 2026 Global Family Office Report, covering 333 single‑family offices with an average net worth of 1.6 billion, illustrates the prevailing mood:
- 65 percent of respondents identify artificial intelligence as a major generational opportunity.
- 50 percent seek increased exposure to venture and growth markets.
- 60 percent of inflation‑focused offices favor alternatives such as private credit, hedge funds, and private equity as their primary hedge.
Yet the same dataset reveals:
- 79 percent of respondents report zero financial commitment toward essential AI physical infrastructure. This includes power, advanced cooling, data centers, and logistics.
- 72 percent hold no gold; 89 percent hold no cryptocurrency.
- Public equities and private investments together account for nearly 70 percent of total portfolio allocations on average.
The “Hedging Paradox” is apparent. Allocators express concern over geopolitical risk, inflation, and currency debasement as primary threats. However, they subsequently increase concentration in growth-oriented, illiquid risk assets rather than establishing buffers in real assets or traditional safe havens.
The AI sizing disconnect: software versus infrastructure
The most acute misalignment lies in AI exposure. Capital is disproportionately allocated to secondary Special Purpose Vehicles and growth rounds for fundamental software model developers such as OpenAI and Anthropic. Meanwhile, the physical infrastructure necessary to support AI remains significantly undercapitalised.
Key dynamics include:
- The top 10 privately owned AI companies are collectively valued at over 1.5 trillion, forcing allocators into late‑stage private markets to secure software exposure.
- 79 percent of family offices surveyed report no direct allocation to power generation, thermal management, data‑center REITs, or advanced networking assets.
- If AI monetisation lags expectations or model economics compress under competition, while capex for infrastructure remains elevated, software‑only exposures will be hit asymmetrically.
In effect, many family offices are long duration, illiquid software at private‑market peak multiples while remaining structurally underweight the tangible infrastructure that generates cash flows today.
Macro‑market consequences: capital concentration, defense‑tech and regulation
The concentration of capital among a few mega-issuers is profoundly influencing venture funding dynamics, national security acquisition strategies, and regulatory focuses.
Venture capital squeeze and the circular AI economy
The $110 billion capital injection for OpenAI and Anthropic’s need for multi-billion dollar funding illustrate a wider pattern. Capital previously available for diverse early-stage ecosystems is now concentrated on a small group of foundational model platforms.
This creates a circular AI economy:
- Hyperscalers such as Amazon and Nvidia fund model developers.
- Those developers spend heavily on cloud compute and GPUs supplied by the same hyperscalers.
- J.P. Morgan estimates that more than 6 trillion may be required by 2030 to build out the global AI supply chain.
This magnitude of capital cannot remain private indefinitely. It will require eventual public listings, trade sales, or recapitalizations. This sets the stage for an unprecedented wave of liquidity events.
Defense‑tech convergence and private capital as national security infrastructure
The rise of Anduril and the militarisation of Starlink underscore a structural convergence between venture‑backed technology and defense policy.
- Anduril, with a valuation ranging from 30.5 to 60 billion, employs a commercial venture-funded model. This strategy aims to deliver autonomous systems that support the Department of Defense’s doctrine of attritable mass, which involves large fleets of cost-effective, AI-enabled platforms.
- Its Arsenal-1 facility in Ohio is designed to manufacture tens of thousands of autonomous weapons systems annually, reflecting private capital’s role in scaling military production capacity.
- SpaceX’s Starlink network has evolved into a critical communications backbone for conflict zones, with significant Pentagon contracts and strategic significance well beyond commercial broadband.
The eventual IPOs of these entities will not merely be technology listings; they will effectively transfer financing responsibility for critical defense infrastructure from concentrated private capital pools to global public markets.
SEC crackdown under Chairman Paul S. Atkins
The U.S. Securities and Exchange Commission, under Chairman Paul S. Atkins, has adopted a dual posture: marginally easing certain reporting burdens to encourage capital formation while intensifying enforcement against misconduct in private secondary markets.
Priority enforcement themes include:
- Inflated valuations and undisclosed fees: SPV sponsors misrepresenting asset values and burying transaction costs within opaque fee stacks.
- Unregistered brokers: finders and platforms taking transaction‑based compensation without proper broker‑dealer registration.
- Fraudulent title transfers: intermediaries selling synthetic exposure or future delivery of shares they neither possess nor have legal authority to transfer.
Regulators identify manufactured urgency, such as compressed timelines and high pressure sales tactics that prevent adequate legal review, as a clear indicator of abusive practices in pre-IPO offerings.
Portfolio strategy for UHNW investors and institutional family offices
For sophisticated allocators, the strategic question is not whether to engage with the 2026 super‑unicorn complex, but how to do so without subordinating long‑term capital to opaque structures and misaligned incentives.
Treating pre‑IPO equity as high‑risk satellite exposure
First, pre‑IPO secondary equity must be explicitly categorised as a high‑beta satellite allocation rather than a core portfolio component.
Key principles include:
- Illiquidity budgeting: formal limits on total exposure to assets with multi‑year lockups, including an assumption of extended lockups beyond IPO due to underwriter and regulatory restrictions.
- Scenario modeling: stress‑testing for valuation compression of 50-80 percent in adverse macro or sector‑specific shocks, especially for pure software AI names.
- Capital‑needs mapping: ensuring that no capital allocated to pre‑IPO vehicles is required for operating expenses, capital calls in core PE/real‑asset funds, or family‑governance commitments over the relevant horizon.
Direct cap‑table engagement versus intermediated exposure
Where possible, institutional‑scale investors should favor direct, negotiated transactions approved by the issuer’s board over SPVs and forwards.
This requires:
- Building capabilities to negotiate directly with early shareholders, employees, or primary investors.
- Insisting on explicit written issuer consent and clear documentation of rights, restrictions, and information‑access provisions.
- Retaining specialised legal counsel empowered to reject non‑standard NDAs that impede adequate diligence.
If synthetic structures are necessary, every element of the title chain must be thoroughly documented and verified, from the issuer’s capital table to the ultimate beneficial owner. Public regulatory filings, including Form ADV and broker‑dealer registrations, should be reconciled against the size and nature of proposed transactions; any mismatch between claimed AUM and syndication scale is a significant warning sign.
A barbell strategy: high‑risk AI software and cash‑flowing infrastructure
To resolve the Hedging Paradox and the AI sizing disconnect, UHNW and institutional portfolios can adopt a barbell architecture:
- On one side, concentrated but size‑disciplined positions in high‑growth AI software and platform names (public and select private), with clear exit paths and position limits.
- Substantial capital is allocated to cash-flowing physical infrastructure, including power generation, grid upgrades, data centers, advanced cooling, semiconductors, and critical logistics. These assets directly monetise the demand from AI and digitalisation.
This structure recognises that software narratives drive valuation premia, but infrastructure assets anchor real returns and provide a natural hedge if model economics compress.
Within this framework, Bancara’s multi‑asset global platform offers an institutional‑grade environment for orchestrating both legs of the barbell: execution in listed equities, derivatives, commodities, and FX; curated access to private placements and structured products; and advanced risk‑management tooling. Its low‑latency infrastructure, deep liquidity access, and cross‑border regulatory footprint allow CIOs to implement complex, multi‑jurisdictional strategies while maintaining a single, coherent risk view.
For Ultra High Net Worth Individuals and family offices, Bancara provides a comprehensive suite of accounts. These tiered offerings are categorised as Advanced, Premium, Exclusive, and VIP. They are designed to augment the firm’s investment architecture with bespoke concierge services. These services encompass relocation, health, aviation, and private dining. The firm recognises that portfolio construction and lifestyle management are fundamentally intertwined aspects of a single balance sheet reality.
As the firm’s founder articulates, “Our clients do not chase momentum. They manage legacy”. The Bancara platform is engineered to integrate this ethos into both market access and the daily client experience.
Future of the IPO market: four macro scenarios
The backlog of super‑unicorns ensures that late 2026 and 2027 will deliver one of the most consequential waves of new issuance in capital‑markets history. If SpaceX, OpenAI, and Anthropic list within an 18‑month window, they are positioned to raise on the order of 150 billion in aggregate primary capital.
For context, Saudi Aramco’s 29.4 billion IPO and Alibaba’s 25 billion deal each temporarily vacuumed liquidity from adjacent sectors as global indices rebalanced. A synchronised triad of mega‑IPOs would be an order of magnitude more disruptive.
Four broad macro scenarios frame the path ahead:
- New tech bull cycle ignition: Successful mega‑IPOs validate private valuations, sustain revenue growth narratives, and catalyse renewed risk appetite across technology indices. Secondary SPV participants crystallise large gains, and public markets absorb issuance with only transient dislocation.
- Pre‑IPO valuation collapse: A macro shock, AI model commoditisation, or severe semiconductor bottlenecks trigger sharp multiple compression. Companies delay listings to avoid down‑round optics, leaving secondary investors trapped in illiquid structures facing 50-80 percent drawdowns.
- Regulatory extinction event for synthetic structures: Increased SEC enforcement will eliminate key synthetic exposures, specifically uncollateralised forwards and unregistered SPV syndications. This mandatory unwinding will strain the balance sheets of intermediaries and family offices that rely most heavily on shadow liquidity.
- Capital rotation and public‑market squeeze. Mega‑IPOs proceed at ambitious but not catastrophic valuations. Funding them requires large‑scale liquidation of existing public tech holdings, depressing benchmarks such as the Nasdaq even as primary issuance succeeds. Venture capital reallocates from early‑stage into public opportunities, tightening funding for new entrants.
Allocators must size pre-IPO exposure to ensure survivability across all 4 regimes, including the most adverse, without compromising the core mandate of the family or institution.
Preparing for the stress test of trillion‑dollar private valuations
The 2026 macro environment exhibits a sharp divergence. Public markets maintain relatively efficient mechanisms for price discovery and governance. Private markets, conversely, show unparalleled exuberance focused on a limited selection of technology and defense platforms. Instruments connecting these two worlds have manufactured synthetic liquidity around fundamentally illiquid assets. These instruments include SPVs, continuation funds, forwards, and PVFs. Such structures often obscure information asymmetry, governance risk, and counterparty fragility.
As the current super‑unicorn cohort advances toward public listings, the public markets will administer an unavoidable stress test.
Either trillion‑dollar private marks will be validated through sustained cash‑flow generation and disciplined capital deployment, or they will be repriced sharply lower, with losses radiating outward through the web of secondary vehicles that has grown up around them.
Ultra High Net Worth Individuals, family offices, sovereign wealth funds, and macro hedge funds must take a clear approach. Treat pre-IPO exposure as one component within a broader infrastructure-anchored portfolio. Demand complete transparency regarding structure, fees, and legal enforceability. Avoid substituting opacity for true diversification.
True wealth preservation in this cycle will belong not to those who chase the highest notional marks, but to those who invest through robust infrastructure, avoid synthetic leverage on narrative‑driven software valuations, and align every allocation with a clear, multi‑decade legacy mandate.
Within that discipline, platforms such as Bancara provide the operational backbone. Bancara combines institutional-grade execution, multi-asset reach, and concierge-level client architecture. Private markets promise abundance but often harbor concentrated fragility.
In this era, infrastructure, governance, and restraint will define enduring wealth, not momentum.
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