(00:00) Brian tees up a StartEngine deep dive and notes Kingscrowd own raise on StartEngine. (01:28) Teddy frames the Reg A+ at a ~$2B valuation and walks through 2024–2025 revenue, highlighting how ~82% YTD comes from StartEngine Private. (03:03) He explains the SPV model (buy secondaries, mark up ~25%, sell into a fund) and why GAAP records gross sales as “revenue” while the true economics are the spread. (06:13) Scott zooms out: secondaries fueled 2025, but that pace may be cyclical; the core portal model struggles without scale, pushing platforms toward private, services, and consolidation. (11:48) The team reviews line-item revenues and market data: fewer new Reg CF offerings but higher average dollars; Reg A+ accelerating. (24:15) Looking ahead: success hinges on bigger, better issuers, clearer settlement/transfer, and investor-friendly valuations. (31:40) Diligence takeaway—read filings closely; watch how “revenue” is defined. (32:51) Wrap and reminder about kingscrowd’s StartEngine offering.