Forget the hype. What’s really happening in tech right now?

In this piece, we’ll explore three real signals from the field. In AI, crypto, and robotics, we’re seeing significant valuations, institutional dollars, and business models that might actually stick. 

I’ll break down what these moves could mean for accredited investors like you.

The following content is intended only for accredited investors and is for informational purposes. It does not constitute an offer, solicitation, or recommendation to invest in any securities. Private investments are speculative, illiquid, and involve a high degree of risk, including the potential loss of your entire investment. Past performance is not indicative of future results.

† For information about StartEngine’s services, duties, and conflicts of interest, please review our Form CRS and Reg BI disclosure.

Artificial Intelligence: Velocity You Can Feel

The euphoria around general-purpose AI models is translating into hard capital. A vivid illustration is Perplexity AI, the answer-engine that marries retrieval with generation. In just 18 months, its valuation has sprinted from $520 million at the start of 2024,¹ to $3 billion by June,² $9 billion by December,² and — according to a new Bloomberg report — an estimated $18 billion today.³

Valuations referenced are from private placements and do not represent a public-market price. These securities are illiquid, and any future trading, if available, may occur at materially lower prices than these valuations. This information was reported by a third party and has not been publicly confirmed by the company involved or independently verified by StartEngine Primary, LLC. See footnote 3 for more info.

See sources for this chart in footnotes 1, 2, and 3

Why the stampede? Perplexity converts raw model horsepower into sticky, subscription revenue (on pace for $100 million this year) while keeping monthly infrastructure spend below traditional search incumbents.⁴ The chart below tracks that valuation arc; the slope tells the story better than words.⁴ ⁵ ⁶

See sources for this chart in footnotes 4, 5, and 6

StartEngine previously offered Series Perplexity, providing exposure to Perplexity for accredited investors. Review other pre-IPO opportunities on StartEngine Private. Investments are indirect. See footnote 7. Learn More »

Cryptocurrency: Infrastructure in the Spotlight

Investor optimism in crypto this cycle is shifting from volatile tokens to the rails beneath them. Circle, an issuer of USDC stablecoin, went public on June 5, raising $1.05 billion at an $8 billion valuation.⁵ 

Just weeks later, renewed regulatory clarity around stablecoins⁸ helped push the market cap of USDC to $60 billion, the second-largest stablecoin behind Tether’s USDT.⁹ As of July 29, USDC’s market cap has remained steady at $62.6 billion, still the second-largest among global stablecoins.¹⁰

See sources for this chart in footnotes 5 and 11

The takeaway: institutions want exposure to dependable, dollar-linked plumbing rather than speculative alt-coins. Volume in the newborn iShares Bitcoin Trust supports that view,¹² but Circle’s reception shows the equity markets could be ready to underwrite core infrastructure as well.

Robotics: Hardware Becomes Investable Again

If 2023–24 belonged to software, 2025 is reminding us that atoms still matter. Austin-based Apptronik closed an oversubscribed $403 million Series A in March, bringing on Mercedes-Benz, Google, and ARK Invest to speed production of its general-purpose humanoid Apollo.⁶

See sources for this chart in footnote 13

Valuations referenced are from private placements and do not represent a public-market price. These securities are illiquid, and any future trading, if available, may occur at materially lower prices than these valuations.

For investors, Apptronik could be a proof-point that robotics can clear the same growth-plus-gross-margin hurdles as SaaS, only with defensible hardware moats.

StartEngine previously offered Series Apptronik, providing exposure to Apptronik for accredited investors. Review other pre-IPO opportunities on StartEngine Private. Investments are indirect. See footnote 7. Learn More »

Why the Optimism Feels Different

What unites these three stories isn’t hype; it’s the arrival of durable business models: usage-based AI, regulated payment rails, and contract-manufactured humanoids. Each is now attracting institutional-scale checks, not experimental seed bets.

The first chart highlights the size of those checks; the second shows how fast value can accrete when product-market-fit meets capital efficiency. If that cadence holds, the next 18 months could be just as catalytic — for founders and for investors hunting for companies innovating the spaces that Perplexity, Circle, and Apptronik are disrupting.

Important Disclosures

This article may contain forward‑looking statements and projections. These are not guarantees; actual outcomes may differ materially.

Investing in private, pre‑IPO companies is highly speculative and illiquid. Such investments are intended only for accredited investors who can bear the risk of total loss. Past performance does not guarantee future results. Consult a financial advisor before investing.

Securities offered through StartEngine Primary, LLC, member FINRA/SIPC. This is a general investment recommendation for accredited investors under Regulation Best Interest; it is not personalized investment advice. Review our Form CRS and Reg BI disclosure to understand our services and conflicts.

StartEngine Private: The underlying companies held by StartEngine Private Funds LLC, and StartEngine Private LLC (together, “StartEngine Private”) are not participating or involved in the offering. The availability of company information does not indicate that the company has endorsed, supports or otherwise participates with StartEngine Private or any of its affiliates. StartEngine Crowdfunding LLC purchases shares from current and former employees, early investors, and advisors of the companies and sells the shares to StartEngine Private for each offering. When you make an investment in a company on StartEngine Private, you are purchasing an interest in a series of StartEngine Private Funds LLC or StartEngine Private LLC, each a Delaware limited liability company (together the “Series LLCs”), which were created to hold shares of privately held companies. An investor will not directly own or hold shares of the private company but instead will own member interests in a series of the Series LLCs, which either directly or indirectly, will hold shares in the company. There may not be a one-to-one economic parity on the value of the Series LLCs interests and the underlying shares.

1. Source: Krystal Hu & Pritam Biswas, “Search Startup Perplexity AI Valued at $520 Mln in Funding From Bezos, Nvidia,” Reuters, January 4, 2024

2. Source: Shirin Ghaffary, “AI Startup Perplexity Closes Funding Round at $9 Billion Value,” Bloomberg (via Yahoo! Finance), December 18, 2024

3. Source: Shirin Ghaffary, “AI Startup Perplexity Valued at $18 Billion With New Funding,” Bloomberg, July 17, 2025; The company has not publicly confirmed this report, and there is no guarantee that this information is accurate. This information is provided for informational purposes only and should not be relied upon in making your investment decision.

4. Source: Hayden Field, “Perplexity AI Wrapping Talks to Raise $500 Million at $14 Billion Valuation,” CNBC, May 12, 2025

5. Source: Pritam Biswas & Manya Saini, “Stablecoin Issuer Circle Raises $1.05 Billion in Upsized US IPO,” Reuters, June 4, 2025

6. Source: Apptronik, “Apptronik Closes Additional Series A Funding,” Press Release, March 18, 2025

7. The underlying companies held by StartEngine Private Funds LLC, and StartEngine Private LLC (together, “StartEngine Private”) are not participating or involved in the offering. The availability of company information does not indicate that the company has endorsed, supports or otherwise participates with StartEngine Private or any of its affiliates. StartEngine Crowdfunding LLC purchases shares from current and former employees, early investors, and advisors of the companies and sells the shares to StartEngine Private for each offering. When you make an investment in a company on StartEngine Private, you are purchasing an interest in a series of StartEngine Private Funds LLC or StartEngine Private LLC, each a Delaware limited liability company (together the “Series LLCs”), which were created to hold shares of privately held companies. An investor will not directly own or hold shares of the private company but instead will own member interests in a series of the Series LLCs, which either directly or indirectly, will hold shares in the company. There may not be a one-to-one economic parity on the value of the Series LLCs interests and the underlying shares.

8. Source: Hannah Lang, “US Senate Passes Stablecoin Bill in Milestone for Crypto Industry,” Reuters, June 17, 2025

9. Source: Jona Jaupi, “Circle’s Market Cap Surges to $66 Billion, Flips USDC,” The Defiant, June 23, 2025

10. Source: Dominic Basulto, “USDC by Circle Is the Second-Largest Stablecoin by Market Cap. Can It Ever Catch Up to Tether?,” The Motley Fool (via Nasdaq), July 29, 2025

11. Sources: Forge Global, “Circle IPO: Funding History Chart,” Accessed July 30, 2025; Bram Berkowitz, “Circle Is Up About 700% Since Its IPO. Should You Still Buy the Stock at a Monster Valuation?,” The Motley Fool (via MSN), June 24, 2025

12. Source: Jeffrey Neal Johnson, “Why Billions Are Flowing into IBIT, BlackRock's Bitcoin ETF,” MarketBeat, July 20, 2025

13. Source: Forge Global, “Apptronik IPO: Funding History Chart,” Accessed July 30, 2025