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Today, SpaceX goes public! For investors and enthusiasts alike, this is an opportunity to own a piece of the company that will continue to take space exploration and humanity to the next level.

Happy @SpaceX IPO day! For the first time, everyday retail investors will be able to directly own a piece of a company whose mission is the most ambitious in human history. Congrats to the whole SpaceX team. Ad Astra! 🚀

Tomorrow is going to be a historic day (June 12, 2026) The world's most ambitious company is going public: SpaceX For the first time, everyday investors have a chance to own a piece of the company that changed the trajectory of space forever After years of building the future of space travel, reusable rockets, Starlink, and the path to Mars, SpaceX is stepping into the public markets This is a company that has completely redefined what’s possible in space, and now everyday investors can be part of it From Starship to Starlink to the future of humanity's multiplanetary life, SpaceX is the key that unlocks the door Tomorrow marks a new chapter

Masayoshi Son has been right twice in a way that changed the world and he is making the same call again (Save this). Alibaba, $20 million in 2000 turned into $130 billion. ARM, bought for $32 billion in 2016 when the market thought it was a smartphone chip business, now the architecture underneath every major AI chip being built today. Now he is saying AI is 50 times bigger than the dot-com era and he is not concerned about corrections. He says if there is one, that is the best buying opportunity of the decade. When asked where the next trillion-dollar company comes from, he says it's in physical AI and in robotics. Masa has spent three years assembling every piece of the stack required to own this category. SoftBank holds 90% of ARM, the architecture inside every major AI chip deployed globally today, including Nvidia's Vera CPU, Amazon Graviton, Google Axion, and Microsoft Cobalt. Every robot running edge inference will almost certainly run on ARM. SoftBank completed a $40 billion investment into OpenAI in late 2025, making it the largest external backer of the company building the cognitive layer that physical robots will run on. In October 2025, SoftBank acquired ABB Robotics for $5.4 billion, one of the most mature industrial robot manufacturers in the world, deployed across thousands of factories globally. SoftBank then created Roze AI, consolidating its robotics investments with a target $100 billion IPO already in process with Goldman Sachs, JPMorgan, and Morgan Stanley as underwriters. The market is beginning to confirm the thesis. The humanoid robot market was roughly $3 billion in 2025 and Barclays projects it reaches $200 billion by 2035 at a 48% compound annual growth rate. SoftBank is the most complete expression of the physical AI thesis available in public markets today, ARM for the chip royalties, OpenAI for the cognitive layer, ABB for manufacturing, Roze AI for the robotics platform, and Stargate for the compute infrastructure underneath all of it. Son has not just identified the next wave and has built the stack to own it before the market agrees with him. Come join Milk Road Pro and get our full physical AI breakdown which names we're watching across the robotics stack and our full AI thesis. Link below

Great to be back at Microsoft Build today. For us, it is not about any one piece of technology or even the platform. It is about how we can build a frontier intelligence ecosystem together. Sharing some of our big announcements today ...

Today a crazy quantum story just got wilder. On March 31, the Google Quantum AI team published a landmark result on Shor's algorithm for elliptic curve cryptography. Technically, the paper was a bombshell: a dramatic 10x improvement over the state-of-the-art. As a stunt and wakeup call to the blockchain space, those optimisations were illustrated on secp256k1, the elliptic curve underlying Bitcoin and Ethereum signatures. But perhaps the most striking part of the paper was sociological, not technical. Instead of following standard academic process, the optimisations were kept secret, hidden behind a zero-knowledge (ZK) proof. Google's accompanying blog post mentions they "engaged with the U.S. government". The ZK proof demonstrates the existence of algorithmic improvements without leaking details. Academic censorship with ZK, a historic first! As a co-author of the Google paper I witnessed some of the context surrounding this censorship. To be honest, multiple aspects of that context don't sit well with me. As much as I believe the general public ought to know more, I am limited in my ability to whistleblow. Though let me be clear about one thing: the Google team's professionalism has been absolutely exemplary, and they deserve nothing but praise. Censorship has a way of backfiring. The Streisand effect, where an attempt to bury something only draws more attention to it, is exactly what's unfolding today. First, Google's key optimisation has been rediscovered by the French. And in a thrilling turn of events, a collaborative Shor-at-home challenge just launched. The initiative, available at ecdsa[.]fail, breached a new Shor world record in a matter of hours. Let's start with the rediscovery. Just two months after Google's paper, French quantum expert André Schrottenloher cracks the main secret optimisation. His paper, titled "Optimized Point Addition Circuits for Elliptic Curve Discrete Logarithms", landed on the arXiv today. Big congrats to André, who beat several other nerdsnipped experts to it. In a blog post also published today, Craig Gidney, the world expert on Shor optimisations, revealed that he'd been sitting on this very optimisation for a whole year under censorship pressure. Interestingly, André missed a handful of minor optimisations, both from Google's original publication and from improvements found since. It's plausible there's still plenty of juice left to squeeze out of Shor, and this is exactly what the ecdsa[.]fail challenge is about. The verifier program developed for the ZK proof does double duty, automatically filtering for valid submissions. Dozens of compounding small and micro improvements are rolling in. As of the time of writing there's an 8.4% improvement to Google's circuit, as measured by the product of logical qubit count and Toffoli gate count. Nice! The nerdsnipping ran deeper than anyone expected. Over the last few weeks it became clear it extended well beyond André and other quantum experts. Behind the scenes, a small army of amateurs quietly got to work. Inspired by Karpathy-style autoresearch, they turned AI on Shor. Ironically, the verifier program for the ZK proof makes an ideal reward function for AIs. The barrier to entry for this modern style of research is refreshingly low, with several non-experts, even a teenager, finding nice optimisations. Get in touch if you'd like to join a Telegram group with fellow autoresearchers :) Part 2: neutral atoms and qday The story doesn't end with Google. On the same day Google went public, a stealthy startup called Oratomic published its own Shor paper in a coordinated release. It made a splash, ultimately becoming the most upvoted paper on scirate[.]com, a website ranking arXiv papers. Oratomic's claim was wild. By building on Google's logical optimisations and applying custom physical optimisations for neutral atoms, they claimed just 10K physical qubits were sufficient to run Shor's algorithm on secp256k1. That number is mind-bogglingly low. Knowing essentially nothing about neutral atoms when Oratomic's paper landed, I was intrigued and decided to learn more about the tech. I fell straight down the rabbit hole and spent a couple hundred hours on the topic. I got a little obsessed and watched every YouTube video I could find and spoke to a bunch of experts. My conclusion? The tech is real, very real. Even Google recently decided to start a neutral atom lab, a notable pivot from their sole focus on superconducting qubits. If you care about qday, i.e. the day a quantum computer will break the first piece of cryptography in production, neutral atoms demand your attention. I shared some of my learnings on Shor and neutral atoms in a 30min talk at the ZKProof cryptography conference. You can find it on YouTube by searching "zkproof neutral atom". Here's an interesting observation about this duo of breakthrough papers: neither Google nor Oratomic say a word about what their results mean for qday. No timelines. Zero. Nada. That is especially baffling given that the whole point of whitehat quantum cryptanalysis is to inform qday estimations and help the general public make good decisions. So let me attempt to partially fill the silence, similarly to what Scott Aaronson did in his April 29 post. Given everything I know, including scary non-public information, I now put the odds of qday by 2032 at 50%. 10% by 2030. Anecdotally, the US government has its own date: 2035. Originating at the NSA and later adopted by NIST, it's when branches of the US government will be disallowed from using quantum-vulnerable cryptography. In plain language: with hindsight, that date is a joke and should be discounted entirely. I don't see how NIST avoids being forced to pull it forward by years. Part 3: post-quantum cryptography There are good reasons to sound the alarm today, but please do not panic. Rushing carelessly towards immature post-quantum cryptography is a recipe for disaster. IMO a good target date for migration is 2029, roughly 3.5 years out. 2029 happens to be the date selected by Google, Cloudflare, and the Ethereum Foundation. These days most of my time goes to safely migrating Ethereum towards post-quantum cryptography as part of the broader lean Ethereum effort. There's a lot to do. We need to rip out and replace BLS signatures at the consensus layer, KZG commitments at the data layer, and ECDSA signatures at the execution layer. The plan to get there is compelling, and is based on hash-based cryptography. Within the Ethereum Foundation we've developed a Swiss army knife called leanVM (github[.]com/leanEthereum/leanVM) powered by the magic of hash-based SNARKs. Thanks to truly exceptional work by Emile, Thomas, and others, its performance is derisked. Regarding security, leanVM is a jewel, a minimal zkVM crafted for end-to-end formal verification and maximum security. Want to help? There are two $1M initiatives. First, the Proximity Prize (proximityprize[.]org). Solve a long-standing mathematical conjecture in coding theory, improve hash-based SNARKs, and go home a millionaire. Second, the Poseidon Initiative (poseidon-initiative[.]info), offers $1M for breaking Poseidon, the SNARK-friendly hash function.

Leave No Doubt. If you are going to a VC today... You should not leave a single piece of doubt in their mind. You leave that doubt, Your valuation will immediately drop. You can't give excuses: "you will be doing this, you will be doing that." The bar for the competition has gone way up.