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Stunning stat: "Anthropic’s investors are expecting the company to reach a valuation of $2tn when it goes public in the coming weeks. Add in SpaceX, which began trading at $2tn after its IPO in June, and OpenAI, which is considering raising money privately at $1.2tn ahead of a public listing next year, and these companies alone could be worth well north of $5tn. Now compare that with the entire history of IPOs from 1980 to 2025. The 3,365 tech companies that went public in that period were worth a combined $4.1tn when they started trading." While I've written much about AI's transformative potential across sectors, I've always been dubious about how much value hyperscalers can seize enabling that transformation. As I dissect in my recent report on "The AI Trade" ( it's not about user acquisition. OpenAI claims to have over one billion active users across its services and two million businesses using its AI models. Anthropic has claimed to have more than 300,000 business customers. The question is not whether they can bring users to their services, but rather how much average revenue they can generate per customer relative to the price of building and maintaining their models. The cost of compute is inflating at the same time competition is depressing token pricing power. That's a precarious dynamic when so much hinges on the success of two companies. To again quote the report: "It’s hard to overstate how much hinges on these IPOs. As mentioned in the Executive Summary, OpenAI and Anthropic will account for 13% of AWS revenue and 27% of Google Cloud revenue this year. As for Microsoft, OpenAI alone accounts for roughly 70% of its AI-specific revenue ($24.1 billion out of an estimated $34 billion total for the fiscal year ending in June 2026). OpenAI has committed to tens of billions of spending on chips from the likes of Nvidia and Broadcom. Deepening circularity concerns, tech giant earnings growth has been increasingly driven by paper gains in the private-market valuations of Anthropic and OpenAI. In Q2, Amazon, Alphabet, Nvidia, Meta, and Microsoft reported $160 billion in cumulative “other income”, trouncing the $69 billion in “other income” reported in Q1. To quote the FT: “These one-off valuation boosts, derived in large part from enthusiasm around AI, risk distorting the financial picture at a time when investors are closely scrutinizing tech earnings.” If either Anthropic or OpenAI stumble in their IPOs, it’ll hit tech giants on multiple balance-sheet fronts and likely ripple through the US and global economy. A pin-prick popping of the AI bubble may not be our base case, but if a pin is out there, it’s likely the revenue versus spending trajectories of Anthropic and OpenAI." FT link:

There's a ton of changes we've been working on for @TheSendersClub that'll fundamentally alter how launchpads work. Biggest transformation since PumpFun landed on the scene Add giving up to 100% creator rewards to the list Yes, you'll have the potential to earn 100% of all fees

.@elonmusk's employees are built different. Ex-SpaceX CIO Ken Venner: " I don't have to work." "Having left Broadcom, I didn't have to work anymore. I left SpaceX, I really didn't have to work anymore." "I like interesting problems with interesting people trying to make a change that benefits mankind." "Senra was just that unique opportunity for me to come in and take a dormant market that I think is critical to what's about to happen in the US economy, or the worldwide economy, and really make a transformational change."

About $30 *BILLION* of proceeds 💵... and >1,000x returns for the earliest investors 📈. Let's break down the winners and losers of the Cursor Acquisition by SpaceX 👇: *1) We have to start with the only loser:* Alameda, or rather the nutcases who sold its stake for 1.0x. They handed over a >1,000x return to the buyers of that stake, less than 3.5 years later. A gloriously stupid move. I would love to know if anyone managing that estate still has a job? *2) The largest winners in $ terms: a16z and Thrive:* The three consecutive rounds which they led / participated in (Series A / B / C) created ~$14bn of proceeds. A job well done. The lesson here: when venture growth works, nothing else truly compare in the sheer $ returns in generates. Put a lot of $'s in, get a mega amount of $ out. *3) Early investors: hitting a total home run:* NEO (Ali Partovi), OpenAI Startup Fund, and many angels (Nat Friedman, Patrick Collison, Jeff Dean, BoxGroup, Arash Ferdowsi and many more...) are sitting on hundreds of times their money. While I'm sure it was not on Elon's bingo cards to wire a few billions to OpenAI, this is an angel's wet dream come true for the individual investors involved. NEO & Ali Partovi at >1,000x notably on a decent check is likely pocketing ~$1.5bn in the transaction. *4) Nearly ~$30bn of total proceeds to investors, a blended 8x+ return on ~$3.3bn invested* The magnitude of this exit dwarfs many large tech IPOs. For Funds involved, LPs, and early angels, this is a transformational outcome - and it will have positive repercussions on the whole ecosystem. Congrats to @martin_casado, @JoshuaKushner, @apartovi and all involved. This is what venture is all about!

Maram Al Johani, Chief of Staff and Secretary General to the Board at PIF, remarks on the 2025 Annual Report, celebrating achievements and a future of opportunity that is shaping the global economy while driving Saudi Arabia’s transformation.

Something to ruin your Sunday - I have just come across evidence that proves the Government plans to continue welcoming illegal migrants until 2039. 2039. And we have the proof. This is an absolute scandal. Read on… The Home Office is advertising for ‘a long-term transformation programme in the delivery of asylum support and accommodation services.’ Basically bringing all the existing contracts together. They call it a 'transformative re-procurement'. They are searching for suppliers who can do the following... - Accommodation provision - ‘to meet the varied needs of asylum seekers’ and to support ‘community integration’. - Accommodation management - to ensure a ‘safe, suitable, and responsive living environment for asylum seekers.’ - Transport - provide a 24/7/365 transportation service that is ‘timely’ with ‘professional drivers’. - Sustenance - receive appropriate ‘cash’ and a ‘payment card’ is provided. - Safety and Security - ensuring the ‘safety and security’ of the illegals. - Audit and Assurance services - for inspections and reviews to identify areas ‘for improvement’. - Service User Assistance - support ‘throughout their asylum journey’ ‘from initial application and arrival at accommodation to integration into the community’. Helping the illegals to ‘access’ local services. - Wellbeing and Safeguarding - ‘specialist safeguarding staff’ 'must' be deployed. The contract start date? 1st September 2029. End date, 31st August 2036, with a ‘possible extension’ to 2039. 2039. Think about that. The illegals are going to keep coming and coming, and our rotten establishment is planning to accommodate them until AT LEAST 2039. Traitorous. I want to be really clear about what a Restore Britain Government will do. Every illegal migrant arriving will be deported, immediately - man, woman or child. Every illegal migrant living in Britain will be deported - man, woman or child. Those politicians/officials who are signing off on these contracts will be investigated, and prosecuted/imprisoned where appropriate. We will abolish the entire asylum system. There will be no more asylum seekers. Restore Britain has published the most comprehensive deportation policy ever produced in our country. We’ve done our homework. We will stop the boats, we will deport the illegals, we will make Britain safe again.