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The interest-rate and credit lines that pause or resume your hiring, spend and raise. Checked every Monday, with an email the day one is crossed.

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  2. /How much runway should we have before we raise?
CLOUDYTightening this week

How much runway should we have before we raise?

Commit to what protects income you have; new bets wait for cheaper money.

Money is available but pricey.

Fundraising · Do now
If you plan to raise, prepare the materials now so the timing stays yours.
Pause if
Pause the raise if risk appetite falls below 44 or funding pressure is above 76. Funding pressure is 90 now.
Resume when
Resume the full process when risk appetite is above 54 and funding pressure falls below 66.

Size cash to the safe band for the current conditions — 9 to 18 months of runway in Sunny conditions, 15 to 24 in Cloudy, 18 to 30 in Freezing — and open the raise while you are still above the band's floor.

Data as of
Oct 23, 2026
Sources
All sources live
Margin
Risk appetite 2 pts from its change line · Could change next week
Scored on
The record's inputs · Startup-market inputs would put risk appetite at 41, below its change line. They are left out because they can't be scored against past month-ends.
·How this is judged

Whether·whether.work

Compare your runway to the band

Enter cash, monthly spend and revenue in the runway planner, compare the result to the band your current conditions imply, and set the raise window the planner gives: months 4 through 8 with comfortable coverage, 2 through 5 when coverage is thin, immediately when it is critical.

Conditions are Cloudy and worsening since Sep 30; revisit decisions made on the Sep 30 reading.

Why the band moves with conditions

The band is the runway planner's model: it widens in Freezing conditions because closes take longer and rounds are fewer, and narrows in Sunny ones because capital is easier to reach. Stage widens it further — seed adds three months, Series A adds two. The band is a planning default, not a forecast: the record shows how conditions changed after each line, not what a particular round will fetch.

Company inputs to check

  • Cash in the bank and monthly spend, net of revenue.
  • The months a raise consumes: preparation, partner meetings, diligence and a delayed close.
  • Stage: the band widens by three months for seed and two for Series A.

Rules in force: fundraising and spending

What this week's guidance changes for each decision area
AreaThis weekPause lineResume line
FundraisingLines set by Funding pressure & Risk appetiteIf you plan to raise, prepare the materials now so the timing stays yours.Pause linePause the raise if risk appetite falls below 44 or funding pressure is above 76. Funding pressure is 90 now.past the lineResume lineResume the full process when risk appetite is above 54 and funding pressure falls below 66.24 pts away
SpendingLine set by Funding pressurePut a payback figure on every discretionary line before approving it; 6 months is the bar.Pause linePause new discretionary spend if funding pressure is above 76. Funding pressure is 90 now.past the lineResume lineResume new spend when funding pressure falls below 66 and the payback figures still hold.24 pts away

What would change this answer: funding pressure and risk appetite

Conditions change if: Funding pressure falls 20 pts from 90 to 70 or below, or risk appetite falls 2 pts from 52 to 50 or below.

Funding pressure90 of 100 · 20 pts above the change line
70

Change line 70

0 = easier funding · 100 = harder funding

On this signal alone: Money is tight — conserve cash, extend runway, defer big bets. Fundraising windows are narrow.

Risk appetite52 of 100 · 2 pts above the change line
50

Change line 50

0 = risk-averse investors · 100 = risk-hungry investors

On this signal alone: Markets are selectively open — prove traction before scaling; get customer evidence before making large commitments.

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Decision note to complete

Runway today: [months]. Safe band: [min] to [max] months. Raise opens: [month]. If runway falls below [min], cut burn by [amount] by [date]. Owner: [name]. Review: [date].

Fill in the company inputs before using it as an approval.

Citation

Whether Weekly Brief — 2026-10-23 Conditions: Cloudy (money is available but pricey) Margin: within reach of the line (how far the scores sit from the line where conditions change) Source note: https://fred.stlouisfed.org/series/DGS1MO Full brief: https://whether.work/

Data date: Oct 23, 2026 · freshness: Oct 25, 2026, 2:00 AM UTC.

  • The runway planner: your numbers against the band
  • Capital discipline for venture-backed companies

Next for fundraising and spending

Weekly briefPlan the weekMore direct answersHow to brief executives on market conditionsShould startups raise capital now?Startup funding climate this week