It depends on what stage, but yeah it's risky.
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Investing that large of a percentage of one's portfolio in any single company is extremely risky; even if it is a large, publicly traded giant like Microsoft or Amazon. In order for the investment to be successful, not only does the company have to do well, but their sector has to do well, their country's economy has to do well, and stocks as an asset class have to do well.
If you don't have hedges to insure against those risks, you are still essentially gambling with your principal. Even a Series A/B Ycombinator company probably has a double-digit percentage failure rate.
Well the company is not A/B and it's not a large percentage of my portfolio. All I said is that it's the remainder of the money from cashing out of crypto, you're making a bunch of assumptions beyond that.
Also I agree with everything you said.
Sorry - when you said it altered your financial trajectory I assumed that to mean it represented a majority of your net assets. I'm in the process of diversifying a very concentrated portfolio (a year ago >95% of my net worth was in Uber stock) and may have projected my own concerns onto your situation.