A plain guide to how young companies raise money, and what they give up for it.

People who work in the field say the direction is clear, even if the timing is not.

For buyers, the practical question is simple: what does this cost, and what does it replace?

What to watch

• How fast others follow.
• What it does to prices.
• Who gains and who loses ground.

What matters most is not the headline number, but how steady it stays over time.