We’re seeing a structural increase in economic dynamism. Economic data: • US non-employer new business applications are up 24% YoY in the first quarter of 2026. • The number of solopreneurs earning over $100,000 per year has increased a third since 2022. • New business registrations are up 40% in Finland, 75% in France, 40% in the Netherlands. Stripe data: • @Atlas incorporations in the first quarter of 2026 were almost double the same period in 2025. • As of the first three months of the year, our Atlas ‘2026 class’ is tracking (in aggregate) to 5x the revenue of the ‘25 class. • Five years ago, 11.6% of companies on Stripe earned most of their revenue outside their home country. That number has since doubled to 22.9%. • The top 100 AI startups on Stripe sell into a median of 55 markets within their first year. The median earns most of its revenue outside its home country.
