Impossible got repriced.
Corgi: $4B on $45M ARR. 88x revenue. Traditional insurtechs trade below 1x.
Not excess. AI moved a whole category of problems from unsolvable to solvable. Those don't belong on old comp sheets.
Insurance found its answer.
Supply chain is next.
@ycombinator thinks the gap between Shenzhen and the US is iteration speed.
It's not.
It's fast because 40 years of manufacturing knowledge tells you what's wrong before you build it.
Speed is the byproduct. Knowledge is the product.