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Future Sharks
The new business publication for the founders building what comes next.
Their llms.txt
The beginning of the file, from our validated copy saved 2026-10-21T04:49:59.336Z. Cached copy · Source on futuresharks.com
# Future Sharks
> The new business publication for the founders building what comes next.
Site: https://futuresharks.com
## Posts
- [Ashley Tyrner-Dolce Walked Away From Term Sheets, Skipped Her Own Salary and Sold FarmboxRx Without Outside Investors. The '$47.5M Exit' Headline Is Not Quite the Story.](https://futuresharks.com/ashley-tyrner-dolce-farmboxrx-bootstrapped-sale-47-5m-investment/): Ashley Tyrner-Dolce turned down term sheets and a meal-kit pivot, stretched vendor terms and sold FarmboxRx to Pyx Health. What the $47.5M figure really is.
- [Liquidation Preference Explained: Who Gets Paid First When a Startup Sells](https://futuresharks.com/liquidation-preference-explained-for-founders-2026/): A liquidation preference is the right of preferred stockholders — your investors — to be paid a set amount from sale proceeds before common stockholders, meaning founders and employees, see anything. The standard deal is 1x non-participating: the investor takes the greater of their money back or their as-converted share, never both. Cooley's Q1 2026 report of 165 financings found 98.2% had a 1x preference and 96.4% were non-participating. Participating preferred (preference plus a share of the rest) and stacked seniority are the terms that shift real money away from common holders in mid-sized exits, so they are the ones to model before signing.
- [Brendan Foody Built Mercor From a Hiring Marketplace Into a $10 Billion AI-Training Supplier. Then Came a Lawsuit, a Breach and a Fight Over What 'Revenue' Means.](https://futuresharks.com/brendan-foody-mercor-revenue-that-is-not-revenue/): Brendan Foody's Mercor went from a hiring platform to a $10 billion supplier of expert trainers for AI labs. What the numbers do and don't say, and the risks.
- [In One Week in 2023, RevenueCat's Bank, Series B Investor and Servers All Failed. Two Years Later, Jacob Eiting's Company Was Valued at $500 Million.](https://futuresharks.com/jacob-eiting-revenuecat-bank-investor-servers-failed-week/): Jacob Eiting's RevenueCat hit a Series B 'fantasy' valuation, stalled growth, then lost its bank, investor and servers in one week. Here's the comeback.
- [SAFE vs. Convertible Note: How Startups Raise Money Before a Priced Round](https://futuresharks.com/safe-vs-convertible-note-for-startups-2026/): A SAFE and a convertible note both let a startup take investor money now and settle the share price later, when a priced round happens. The difference is that a convertible note is debt — it accrues interest and has a maturity date by which it must be repaid or converted — while a SAFE is not debt, has no interest and no maturity date, and simply converts into preferred stock when a priced round closes. With a post-money SAFE, the valuation cap is measured after all SAFE money is counted, so an investor's percentage is just their check divided by the cap — which makes the dilution from several stacked SAFEs easy to add up before you sign the next one.
- [A $285 Billion AI Pani
…
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