TJC Debrief with Paulo Passoni: Only 4 US Companies Can IPO

Paulo Passoni, Managing Partner at Valor Capital, and Olga Maslikhova break down Claude 4.6, Brex’s $5.15B sale to Capital One, and why only 4 US companies can IPO right now. This is the April 2026 edition of TJC Debrief — a monthly show covering tech, venture, and capital markets for Latin American founders and investors.We cover why Claude 4.6 was a bigger “aha moment” than the original ChatGPT for building companies and how it’s rewiring CTO roles, org design, and the question of what a moat even is anymore, how Nubank, Revolut, Tether, and Plata are reshaping consumer finance and why Paulo thinks regional US banks are an “aberration” that shouldn’t legally exist, the Brex x Capital One deal, Ramp’s software multiple, and what the prof stack saving late-stage LPs means for every fintech exit going forward, Brazil’s IPO window cracking open and Mexico’s sudden flood of Sequoia, Founders Fund, and a16z capital, why Paulo thinks many employees are already “worse than AI” and why every salary should now come with a token budget, how he built a working marketplace in three hours on Perplexity Comet without writing a line of code, and the coming collapse of low-ROI universities and what it means for talent in LATAM.Subscribe to The J Curve Insider newsletter for deeper insights and follow Olga on LinkedIn and Instagram.