Original research on the operating economics of building companies from infrastructure outward. We publish what we've learned because the industry needs more receipts and fewer victory laps.
Free to read · Quarterly cadence · No paywalls
The annual data report on the studio model — its history, current scale, IRR vs traditional VC, and what happens next as the model goes distributed.
724+ active studios worldwide. $14.2B deployed in 2024. 3.5× IRR premium over traditional seed. The category exits "boutique" and enters "infrastructure." Sourced from GSSN, PitchBook, NVCA, Crunchbase, and CB Insights. Open access. Cite freely.
Where the data ends, the thesis begins. Our founder essay establishing The Distributed Studio as the model the next decade will be built around.
Companion to the Annual Report. ~1,400 words. The thesis behind The Distributed Studio: how Stealth got to 700+ portfolio companies without breaking the traditional studio's attention ceiling — by changing the shape of the institution itself.
Eleven public-facing publications. All free to read. CC BY 4.0 licensed where applicable — cite freely with attribution.
724+ studios. $14.2B deployed. 3.5× IRR premium over traditional seed. The first-edition annual data report on the studio model, sourced from GSSN, PitchBook, NVCA, Crunchbase, and CB Insights.
A 1,400-word founder essay establishing The Distributed Studio as the model the next decade will be built around. Companion to the Annual Report.
30-page operational manual for building a distributed studio. Deep dives on the 4 pillars (Workspace, Codified OS, Credential Layer, Writing Culture), 18–36 month implementation roadmap, failure modes, cost structure, year-by-year milestones.
The four functional capabilities a venture studio needs to operate at distributed scale: workspace, codified OS, credential layer, writing culture. Working paper — open for peer feedback through December 2026.
The methodology paper for the quarterly Distributed Studio Index. Six metrics, computation formulas, weighting scheme, peer-review process. First DSI data publication: Q4 2026.
Methodology + scope brief for the quarterly CVS publication. Tracks new corporate venture studio formation across F500 R&D arms, family offices, and sovereign innovation programs. Companion to the Annual Report's CVS section.
Joint paper authored across Forkaia® Research and STEALTH Research. The shared credential layer: how the same 300–850 Score serves student credentialing on the Forkaia® side and distributed-contributor evaluation on the STEALTH side.
The mid-2026 update. Successor to Annual Letter Vol I (January 2026). Describes the moment STEALTH stopped being a studio and became an institution — the Annual Report, Manifesto, and DSI all dropped together in June.
The institutional capability statement for grantmakers, LPs, corporate partners, and government counterparties. Updated June 2026 with distributed-studio category language, 700+ portfolio claim, post-Annual-Report data.
Issue 01 of STEALTH Notes — the conversational version of the Manifesto + Annual Report. How STEALTH accidentally stopped running a workshop studio and started running something with no name until we put one on it.
Issue 02 of STEALTH Notes. The longer answer to the selection-effects question. STEALTH's actual internal performance metrics, honestly disclosed. ~1,600 words.
The second-edition annual report. Same methodology, new data, expanded sections including the DSI inaugural-year summary, expanded CVS Quarterly synthesis, and the first Vol I outcomes refresh.
The first quarterly data publication following the June 2026 methodology paper. Cross-studio benchmark across 6 metrics. Participants invited from ~10 distributed studios globally.
Looking for the institutional sales materials? CVS Sales Deck on /services · Capital architecture on /fund · Founder essays on /journal
Stealth Research publishes across four distinct tracks. Each has its own cadence, depth, and intended audience. All are free to read.
Original benchmark reports analyzing the dataset across a defined question. The flagship track — long-form, citation-heavy, written for institutional consumption.
Shorter operating arguments and sector briefs. Less data-heavy, more about the practical mechanics of how the studio model works in specific situations.
The flagship annual report on the venture studio model globally. Published January. Cited by major publications and used as the industry's anchor benchmark.
In-progress research published as drafts for community feedback before final publication. Open to peer review and critique from the venture studio community.
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One email per publication. Quarterly cadence on the benchmark reports, monthly on thesis notes, immediately on working papers. Unsubscribe with one click.