The Upside Left on the Table

Stock warrants are becoming part of how some of the world's largest companies structure strategic partnerships and share in growth. Recent agreements involving AMD, OpenAI, Meta, Google, and Amazon show how warrants are being used to secure critical commitments and align long-term incentives. Yet most companies, from startups to banks and enterprise partners, still leave substantial upside on the table. Drawing on landmark transactions, public filings, and Wrnt's proprietary warrant benchmarks, The Upside Left on the Table examines why this shift matters now, where value is being missed, and what sophisticated firms are doing differently.