📈
Growth >20% YoY
Revenue acceleration signals structural demand, not cyclical.
🛡️
Defensible Gross Margin
Must be appropriate for business model — foundries differ from software.
🏰
Identifiable Moat
Technology lock-in, switching costs, network effects, or IP barriers.
👤
Credible Management
Founder-led preferred. Long-tenured operators with skin in the game.
🤖
AI/DC Revenue >25%
Or demonstrably accelerating toward it. Pure-play preferred.
⚖️
Reasonable Valuation
Valuation relative to growth. Not cheap, but not euphoric.