Merkle aside, what startups have raised at billion dollar valuations where founders have conceded they’re still searching for PMF?

I like running, poker and oysters | Founder, Social Forensics (SocialForensics.com) | Berkeley & UPenn | Learning to listen

Sure, but would argue they feel clear on PMF

Onchain startups. /rebase, /basedjobs and more

Likely to be in this bucket though, no? https://warpcast.com/geoffgolberg/0x497c63fe

If they did, why bother with the gigantic grant programs?

Distinction I am making is founders publicly conceding they are searching for PMF.. vs. spinning a different narrative publicly (even if deep down they believe they are still searching for PMF)

token market fit was clear for any "high-profile l1/l2 founder"