Founders in Europe think Christmas has come early.

Why?

32% in 12 months - that's how fast US investors just inflated European seed round sizes.

Months-old companies with no product are now clearing $1 billion valuations in Europe.

But founders in Europe need to play this smarter.

US investors price European deals using US exit assumptions. European M&A multiples, IPO frequency, and acquirer appetite are structurally different.

A $1 billion seed valuation implies a $10 billion exit. In the US, that's improbable. In Europe, you’re more likely to have tea with the Loch Ness Monster.

The money is real but the valuation is real. The exit that pays it back is not.