Scott Wu, CEO & Co-Founder of Cognition, joins Sourcery in Paris amid the RAISE AI Summit. Cognition is the applied AI lab behind Devin, the autonomous AI software engineer, and Devin Desktop, formerly Windsurf. The company has raised more than $2.5 billion, including a $1 billion round in May 2026 at a $26 billion valuation, while growing annualized revenue from roughly $37 million to $492 million in a year. Devin now writes roughly 95% of Cognition's own code, total code shipped has grown 7x in six months, and customer usage has increased 11x to 12x.

We cover Cognition's acquisition of Windsurf, negotiated over a single weekend after Google's $2.4 billion talent deal, why Scott is keeping Cognition independent, why enterprises won't buy coding agents directly from the model labs, AI's impact on software engineering, the six-month singularity debate, and the origin story of Devin, from fixing a MongoDB error in 2023 to deployments at Goldman Sachs, Mercedes-Benz, Citi, Dell, Santander, NASA, the U.S. Navy, and the U.S. Army.

Recorded July 7, 2026, ahead of Cognition shipping SWE-1.7 on July 8 and acquiring The Interaction Company (maker of Poke) on July 23.

Scott Wu: https://x.com/ScottWu46

Molly O?Shea: https://x.com/MollySOShea

Sourcery: ?https://x.com/sourceryy

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YouTube: https://youtu.be/y1XxtvYll4s

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? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? MongoDB?Millions of developers and more than 65,200+ customers across industries, including ~75% of the Fortune 100, rely on MongoDB for their most important applications. With integrated capabilities for operational data, search, real-time analytics, & AI-powered data retrieval, MongoDB helps organizations everywhere move faster, innovate more efficiently, & simplify complex architectures. https://mongodb.com/ai

? AssemblyAI?Millions of developers use AssemblyAI to power their voice ai applications and features. One API gives you access to best-in-class speech-to-text, voice agent, and speech understanding models for both pre-recorded and real-time audio.  Granola, ClickUp & HeyGen are scaling with AssemblyAI - get $50 of free credits today at http://AssemblyAI.com/sourcery

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(00:00) Scott Wu, Co-Founder & CEO at Cognition

(01:00) The Identity crisis of building Devin

(01:42) How Cognition 7X-ed its output in 6 months

(02:55) The Metric every AI company gets wrong

(04:18) Cognition's 12x growth curve

(07:46) The Windsurf acquisition

(13:26) Scaling overnight: Cognition's hardest week

(15:11) The strategy behind the integration of Cognition products

(17:23) Cognition's merger playbook

(20:01) Why the DMV is Cognition's next big target

(22:59) Why Cognition bet against AI centralization

(25:09) Why enterprises refuse to bet on a single AI lab

(28:32) Scott's honest take on Superintelligence

(32:36) Is Silicon Valley losing its mind over the AI gold rush?

(33:26) Devin's origin story

(37:17) The question Scott thinks nobody's asking yet

(39:59) The poker match that almost closed a deal

(41:24) Scott's vision for the next year

Tony Kim is Managing Director and Head of the Global Technology Team within Fundamental Equities at BlackRock. Recorded at the RAISE Summit in Paris, where Tony spoke on 4 panels, next-gen accelerators with d-Matrix, quantum computing with PsiQuantum, optics in data center design with Lumentum, and XPU and AI chip co-design with Broadcom.

Tony breaks down the shift from a software-centric world to a compute-centric one, and why roughly $1 trillion of CapEx this year, and $10 trillion over the next 5 years, is being spent to move data centimeters and millimeters. He maps the market cap transformation, roughly $10 trillion in software, services, and internet, $20 trillion in Mag 7, and $30 trillion in non-Mag 7 chips and hardware.

We cover the RAMpocalypse and why memory intensity is skyrocketing as AI models start to mirror the human brain, the 3 to 4 year duration mismatch between fab buildouts and today's demand, and the move from copper to light inside the data center.

Tony also lays out his capital allocation framework, 90% in the 3-year AI vortex and the rest on frontier bets like quantum, orbital data centers, SMRs, and 800-volt power architectures, all converging on 2030. Plus, the coming wave of 30 to 40 Chinese robotics IPOs, mixing Chinese robot bodies with Western brains, his contrarian case for social robots addressing loneliness and aging populations, token flow as the new enterprise framework, and the mentors who shaped his career.

We cover:

? Why AI is forcing a complete rebuild of data centers

? The shift from software to compute

? Why memory becomes the next critical bottleneck

? The future of AI chip co-design

? How investors should think about AI infrastructure

? Quantum, orbital data centers and the road to 2030

? Why robotics could become AI's next trillion-dollar market

? China's robotics advantage

? The enterprise AI stack and "token flow"

? How BlackRock evaluates long-term technology investments

Tony Kim: https://www.linkedin.com/in/tony-kim-3150053/

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy

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YouTube: https://youtu.be/zXB-LI7skL8

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? MongoDB?Millions of developers and more than 65,200+ customers across industries, including ~75% of the Fortune 100, rely on MongoDB for their most important applications. With integrated capabilities for operational data, search, real-time analytics, & AI-powered data retrieval, MongoDB helps organizations everywhere move faster, innovate more efficiently, & simplify complex architectures. https://mongodb.com/ai

? AssemblyAI?Millions of developers use AssemblyAI to power their voice ai applications and features. One API gives you access to best-in-class speech-to-text, voice agent, and speech understanding models for both pre-recorded and real-time audio.  Granola, ClickUp & HeyGen are scaling with AssemblyAI - get $50 of free credits today at http://AssemblyAI.com/sourcery

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(00:00) Tony Kim, Head of BlackRock Fundamental Equities Global Technology

(01:10) Secret Location, Croissants, and the RAISE Summit

(03:52) Why Compute now rules everything

(05:17) Why old data centers can't survive AI

(07:43) Why data centers are ditching Copper for Light

(10:44) The shortage nobody saw coming: RAM

(15:20) Only three companies control memory

(16:03) Tony's Playbook for Investing in the AI Era

(18:16) The 20-year lie: "Compute is just a Commodity"

(22:38) How Hardware quietly became bigger than Software

(27:49) The Investing Rule: Will you still be cool in 5 years?

(32:41) 2030: the year every frontier technology bet converges

(38:16) Chips were never a Commodity

(41:30) Rack design, materials science, and the physical-world renaissance

(43:30) Inside the architecture of a Robot's mind

David Friedberg takes America's 250th anniversary as a starting point to ask where does the country actually stand? And how do the bottom 50% get left behind?

He argues the wealth gap is widely misunderstood, pointing to roughly $183 trillion in total US household net worth, compared to about $8 trillion held by billionaires and $4 trillion by the bottom half of Americans. His view is that the rich didn't take everything. Instead, the bottom 50% never got to own the productive assets that created the last 50 years of wealth, and.. as Friedberg puts it: "The truth is that the bottom 50% were left behind because of bad tax policy."

From there, Friedberg breaks down the policy decisions he believes created today's affordability crisis, including a tax code that taxes capital below labor, a Social Security system invested in Treasury bonds instead of equities since 1982, the shift away from pensions after ERISA, and government policies that drove housing, healthcare, and education costs higher. He argues those failures have created the conditions driving the rise of socialism in America.

"Americans should feel good about America. We just have to fix the policies."

David Friedberg: https://x.com/friedberg

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy

??????? ????

YouTube: https://youtu.be/LGkRR4ZNsEA

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) David Friedberg, CEO at Ohalo Genetics & Co-Host at All-In

(01:11) Is California functionally bankrupt?

(02:28) The real reason Americans can't afford anything anymore

(12:13) Why a wealth tax is really government theft

(21:22) Why blaming billionaires is a political strategy, not a solution

(25:33) How Socialism grows like a virus

(30:40) Inside Trump Accounts: a 401(k) for every American

(34:22) Why rational arguments can't compete with viral outrage

(40:56) Jeff Bezos's radical fix for the wealth gap

(45:47) 5 years till Social Security is bankrupt

(46:35) Is AI actually coming for your job?

(50:29) The K-shaped economy

(55:39) Five things America needs to fix to survive

(59:21) David's research process

(1:02:54) "It's about making Americans feel good again"

CJ Desai, CEO of MongoDB, joins Sourcery at the RAISE Summit in Paris. We cover why data is the downstream winner of the AI cycle, how hyperscaler capacity limits are pushing workloads back on-prem, the return of data sovereignty, & what a bank's real agentic architecture actually looks like.

"Data is the unsung hero and data is back. You cannot create an AI application without a great data layer, and your AI application is as good as your data."

"You see these hyperscalers, some of them are running out of capacity. And the hyperscaler said, 'Sorry, we don't have a capacity.' And they are one of the top 50 customers for that hyperscaler."

CJ took over MongoDB (NASDAQ: MDB) in November 2025 after Dev Ittycheria's 11-year run, with a mandate to reposition the company as the default modern database for AI applications. MongoDB carries a market cap of roughly ~$25 billion. CJ runs on a cadence of speaking to 10 to 12 customers a week, and in this conversation he brings that view straight from frontier labs, AI-native startups, and Global 2000 enterprises.

Plus prediction markets under World Cup load, the open vs closed source model debate, data centers in space, and the mentors who shaped him.

We cover:

? The 3 classes of AI customers MongoDB serves

? Why hyperscalers are telling top-50 accounts "no capacity"

? On-prem, sovereign AI, and the data-center comeback

? ElevenLabs running 50M+ agents on MongoDB

? MongoDB (OLTP) vs Snowflake and Databricks (OLAP)

? Why there is no standardization in enterprise AI models

? Auto-scaling and the death of the expensive DBA

CJ Desai: https://x.com/cj_mongodb

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy

??????? ????

YouTube: ?https://youtu.be/Ts-f5ZBwDFw

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? MongoDB?Millions of developers and more than 65,200+ customers across industries, including ~75% of the Fortune 100, rely on MongoDB for their most important applications. With integrated capabilities for operational data, search, real-time analytics, & AI-powered data retrieval, MongoDB helps organizations everywhere move faster, innovate more efficiently, & simplify complex architectures. https://mongodb.com/ai

? AssemblyAI?Millions of developers use AssemblyAI to power their voice ai applications and features. One API gives you access to best-in-class speech-to-text, voice agent, and speech understanding models for both pre-recorded and real-time audio.  Granola, ClickUp & HeyGen are scaling with AssemblyAI - get $50 of free credits today at http://AssemblyAI.com/sourcery

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(00:00) CJ Desai, CEO at MongoDB

(01:12) Top CEOs at the Raise AI Summit

(03:24) The 3 types of companies powering the AI boom

(07:25) Why on-prem is making a shocking comeback

(09:01) Hyperscalers are quietly running out of capacity

(11:06) What actually separates MongoDB from Snowflake and Databricks

(13:18) Why Frontier Labs treat MongoDB as their memory layer

(15:23) The truth about data labeling companies

(16:22) From Oracle intern to first-time CEO

(19:19) Becoming CEO during the AI chaos

(23:53) The World Cup crisis that tested MongoDB's scale

(28:19) The real complexity behind simple AI agents

(31:22) Open source vs. closed models: what customers actually pick

(34:36) CJ's honest take on data centers in space

(36:50) The mentors who shaped a first-time CEO

(40:32) MongoDB's next big bets

(41:36) Data is back?

Day 2 of RAISE Summit in Paris, the biggest AI summit in Europe. 12 founders, operators, and investors give us their hottest takes on the debates splitting the room right now: is token maxing genius or a waste, is open source dying or about to take over, and are we in a bubble.The disagreements were the best part. Dylan Patel (SemiAnalysis) loves token maxing and says open source is dying quickly, while others call token maxing the wrong approach entirely. Qasar Younis (Applied Intuition) on the opulence phase of the cycle and the pullback he sees coming. Apoorv Agrawal (Altimeter) on the four seasons of AI and planning for the climate, not the weather. Plus enterprise ROI, physical AI, petabyte-scale search, and why data is back."Open is dying quickly." - Dylan Patel, SemiAnalysis. "There are four seasons in AI. They're called OpenAI, Anthropic, SpaceX, and Google." - Apoorv Agrawal, Altimeter.Guest lineup:Dylan Patel, CEO, SemiAnalysisQasar Younis, CEO, Applied IntuitionApoorv Agrawal, Partner, Altimeter CapitalArvind Jain, CEO, GleanAriel Cohen, CEO, NavanCJ Desai, CEO, MongoDBGil Feig, CTO, MergeNikhil Benesch, CTO, TurboPufferBarak Kaufman, Chief Strategy Officer, WonderfulMax Junestrand, CEO, LegoraMarc Boroditsky, CRO, NebiusLaura Diorio, Social Media, NYSEThis episode is brought to you by Brex, MongoDB, and Assembly AI.Molly on X: https://x.com/MollySOShea????????? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery ? MongoDB?Millions of developers and more than 65,200+ customers across industries, including ~75% of the Fortune 100, rely on MongoDB for their most important applications. With integrated capabilities for operational data, search, real-time analytics, & AI-powered data retrieval, MongoDB helps organizations everywhere move faster, innovate more efficiently, & simplify complex architectures. https://mongodb.com/ai? AssemblyAI?Millions of developers use AssemblyAI to power their voice ai applications and features. One API gives you access to best-in-class speech-to-text, voice agent, and speech understanding models for both pre-recorded and real-time audio. Granola, ClickUp & HeyGen are scaling with AssemblyAI - get $50 of free credits today at http://AssemblyAI.com/sourcery??????????00:00 RAISE Summit Day 200:12 Qasar Younis (Applied Intuition)03:46 AI Trends at RAISE05:29 Applied Intuition Updates09:46 Bubble Risks and Books15:37 Self-Driving Future17:29 Dylan Patel (SemiAnalysis)22:05 Tokenmaxxing Debate24:31 Marc Boroditsky (Nebius)28:37 Arvind Jain (Glean)32:02 Laura Diorio (NYSE)35:03 Apoorv Agrawal (Altimeter): Four Seasons of AI38:23 Nikhil Benesch (TurboPuffer)42:18 CJ Desai (MongoDB): Agent Data Layer43:00 Barak Kaufman (Wonderful)45:34 Max Junestrand (Legora)49:35 Gil Feig (Merge)51:58 Ariel Cohen (Navan): Bullish on Humans54:54 CJ Desai (MongoDB): Data Is Back#podcast #investing #technology #venturecapital #entrepreneur #startup #siliconvalley

Day 1 of RAISE Summit in Paris, the most high-profile AI summit in Europe. We pulled 10 of the sharpest founders, operators, and investors aside for their hottest takes on the debates defining AI right now.Open source vs closed models dominated the room, alongside agents rewriting how work gets done, the death of the keyboard and mouse, the economics of inference, and physical AI moving from data centers into cars, devices, and even orbit. Real numbers, real disagreements, and a few pieces of breaking news, straight from the people building it."The keyboard and mouse are slowly dying." - Max Cook, Coatue. "In the next 12 months, 90% of tokens will be going to open models." - Matan Grinberg, Factory."Most of AI is just glorified data science." - Pim de Witte, General Intuition"The SpaceX IPO is going to be viewed historically as the most undervalued IPO of all time." - Philip Johnston, Starcloud"People don't even understand how transformational agentic AI is." - Mark Papermaster, AMDGuest lineup:Max Cook, Sector Head, CoatueMatan Grinberg, CEO, FactoryRodrigo Liang, CEO, SambaNovaPhilip Johnston, CEO, StarcloudMark Papermaster, CTO, AMDPim de Witte, CEO, General IntuitionRamin Hasani, CEO, Liquid AIRobin Rombach, CEO, Black Forest LabsChris Madden, CEO, Good Future MediaHenri Delahaye, CEO, RAISE SummitThis episode is brought to you by Brex, MongoDB, and Assembly AI.Molly on X: https://x.com/MollySOShea????????? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery ? MongoDB?Millions of developers and more than 65,200+ customers across industries, including ~75% of the Fortune 100, rely on MongoDB for their most important applications. With integrated capabilities for operational data, search, real-time analytics, & AI-powered data retrieval, MongoDB helps organizations everywhere move faster, innovate more efficiently, & simplify complex architectures. https://mongodb.com/ai? AssemblyAI?Millions of developers use AssemblyAI to power their voice ai applications and features. One API gives you access to best-in-class speech-to-text, voice agent, and speech understanding models for both pre-recorded and real-time audio. Granola, ClickUp & HeyGen are scaling with AssemblyAI - get $50 of free credits today at http://AssemblyAI.com/sourcery ??????????00:00 RAISE in Paris00:16 Max Cook (Coatue)01:01 Keyboard and Mouse Dying03:42 Future Interaction Models06:32 Open Source vs Closed12:20 Henri Delahaye Hosts the Night13:21 Pim de Witte (General Intuition)14:46 Mark Papermaster (AMD) on Agentic Workflows16:38 Robin Rombach (Black Forest Labs)20:31 Matan Grinberg (Factory): Droids in Europe21:03 Open Models Token Shift23:17 Philip Johnston (StarCloud): Space Bets24:01 SpaceX IPO Bull Case25:13 Chips for Space Compute26:58 Chris Madden (Good Future Media): Clipping28:23 Viral Clip Hook Secrets32:03 Ramin Hasani (Liquid AI): Physical Models34:50 Three-Axis Foundation Models38:43 Rodrigo Liang (SambaNova): $1B Raise#podcast #investing #technology #venturecapital #entrepreneur #startup #siliconvalley #ai #elonmusk #spacex

Rodrigo Liang is the CEO and Co-Founder of SambaNova. The company just announced a first close on a $1B round at an $11B valuation, led by General Atlantic with T. Rowe Price and Capital Group participating.

Rodrigo has spent 32 years building chips. We covered the 101 of semiconductors and data centers: what inference is, why it is a different problem than training, and why inference will require orders of magnitude more chips than training.

He walks through SambaNova's chip lineup from SN10 to the new SN50, why a 10 kilowatt air-cooled rack changes where AI can be deployed, and why running a trillion parameter model in a single rack matters for agents, latency, and edge.

We also covered the era of premium inference, how providers measure revenue per rack, coopetition and traffic routing across Nvidia and AMD, sovereign models, the move back to on-prem, and why tokenmaxxing is the wrong goal.

Special thank you to Brex, MongoDB, & AssemblyAI for helping make this RAISE AI Summit mini-series in Paris, France happen.

Sourcery covers the people building the future across AI, hardware, and the private and public markets, subscribe for more.

Rodrigo Liang: https://x.com/rodrigoliang?s=21 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy

??????? ????

YouTube: ?https://youtu.be/etod19D9IEg?

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? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? MongoDB?Millions of developers and more than 65,200+ customers across industries, including ~75% of the Fortune 100, rely on MongoDB for their most important applications. With integrated capabilities for operational data, search, real-time analytics, & AI-powered data retrieval, MongoDB helps organizations everywhere move faster, innovate more efficiently, & simplify complex architectures. https://mongodb.com/ai

? AssemblyAI?Millions of developers use AssemblyAI to power their voice ai applications and features. One API gives you access to best-in-class speech-to-text, voice agent, and speech understanding models for both pre-recorded and real-time audio.  Granola, ClickUp & HeyGen are scaling with AssemblyAI - get $50 of free credits today at http://AssemblyAI.com/sourcery

??????????

(00:00) Rodrigo Liang , Co-Founder & CEO at SambaNova Systems

(00:59) SambaNova?s Series F : $1B raise at an $11 billion valuation

(03:00) The Inference problem nobody saw coming

(04:52) SambaNova's chip evolution

(07:19) Running a trillion-parameter model on a single rack

(11:00) Do $100 billion data centers actually make sense?

(14:14) What "premium inference" really means

(18:28) Speed is about to become AI's biggest price tag

(20:43) Starlink, edge computing, and AI reaching every corner of the planet

(24:27) Working alongside NVIDIA and rival chipmakers

(27:49) How customers actually measure inference performance

(32:07) The biggest bottlenecks in AI's global land grab

(35:12) Justifying the billion-dollar AI valuations

(37:53) Why SambaNova refuses to build its own cloud

(41:03) The "AI sovereignty" debate

(43:48) Data privacy fears are driving the return to on-prem AI

(47:55) How to actually get ROI out of AI spend

(51:16) The one question every business should be asking about AI

(56:09) The mentors and lessons behind a 32-year career in chips 

(58:02) Unveiling SambaNova's newest chip, the SN50

"Elon Musk was really good about keeping the mission as a forefront focus for what we were doing, & just energized everyone to get it done."

Now Chief Tech & Product Officer, Senra Systems Ken Venner spent 11 years at Broadcom, joining at 1,000 people and $400 million in revenue and leaving at 10,000 employees and $8.6 billion, across 52 acquisitions. Then he became CIO of SpaceX, where Elon hired him to build the digital nervous system for a 21st century rocket company. The result was Warp Drive, the custom operating system that helped scale SpaceX from about 1 booster a year and 1,000 employees to 40 boosters and 9,000 employees.

He recently joined Senra Systems as Chief Technology and Product Officer, this is a sit-down on how he scales companies.. wish we had more time."

Scaling up & scaling out are my core skills."

We cover the Broadcom years & why process kills growth if you add it too early, the tour of the Hawthorne factory that got him to leave, working for Elon & Gwynne, why he spent two years thinking Warp Drive was a terrible idea.. & what changed in year three.

Ken also breaks down Elon's playbook: first principles thinking, "remove before automate," and the responsible engineer model where one person owns a part from requirements through post-flight with no handoffs.

Plus: why he had 175 engineers building core platforms at SpaceX and only needs 6 at Senra, the law of threes for scaling factories, why he still works after one of the largest wealth creation events ever, and his winery in Sonoma.

??????????

00:00 Meet Ken Venner

00:17 Why Join Senra

01:26 Scaling Playbook

02:08 Broadcom Growth Lessons

03:48 Broadcom Jump to SpaceX

05:16 Building SpaceX Systems

06:39 Elon Leadership Principles

07:43 Gwynne & SpaceX Culture

09:39 Why Keep Working?

11:14 Law of Threes - Scaling

11:56 AI & Automation Changing the Game

13:35 Senra Name Story

14:07 Winery Side Project (Auteur Wines - Healdsburg, CA)

14:55 Next 12 Months Outlook

Molly on X: https://x.com/MollySOShea????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time. #podcast #investing #technology #venturecapital #entrepreneur #startup #siliconvalley #spacex #elonmusk

Senra Systems has closed a $65 million Series B, bringing total funding to over $112 million. The round was co-led by Lowercarbon Capital and Interlagos, with participation from General Catalyst, Sequoia Capital, Andreessen Horowitz, Founders Fund, Dylan Field, CIV, 8VC, The Friedkin Group, Jaws Estates Capital, Sozo Ventures, and Alumni Ventures.

Jordan Black, co-founder and CEO of Senra Systems, and Ken Venner, Senra's new Chief Technology and Product Officer, join Sourcery for a full breakdown plus a walkthrough of the new 80,000 sq ft Cypress factory.

Jordan Black co-founded Senra after managing the R&D team for electronics at SpaceX, where wire harnessing was the bane of everyone's existence and 95% of it was outsourced for Falcon and Dragon. He started the company on his apartment carpet with co-founder Ben Shanahan, who helped write the application software that scaled Starlink production from day one.

Ken Venner joins as CTPO after a legendary career in manufacturing. He scaled Broadcom from 1,000 people and $400M in revenue to 10,000 employees and $8.6B across 52 acquisitions, then served as CIO of SpaceX, where he built Warp Drive, the custom operating system that helped scale production from 1 booster a year to 40.

Wire harnesses are the nervous system behind every advanced platform, from rockets and satellites to cars, missiles, and generators. They can account for 25% of a vehicle's cost, and they are still built almost entirely by hand. Senra is digitizing the process with Amp, its proprietary manufacturing operating system, and training a new workforce in weeks instead of years.

We cover the funding environment, the Redondo vs Cypress factory split, the reindustrialization macro, vertical integration, the Ken Venner hire, and the plan for Factory 3.

Jordan Black: https://x.com/jordan__black

Ken Venner: https://www.linkedin.com/in/kenvenner/

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/qsd3JNHzAY8

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Andrew Feldman, Co-Founder and CEO of Cerebras Systems, joins Molly O'Shea at the RAISE Summit in Paris.

Recorded 2 months after Cerebras went public at a $56B valuation and popped to roughly $95B on its first day, this conversation covers the $20B+ OpenAI deal, why inference is the new battleground, the state of the AI data center build-out, and Feldman's take on the circular deals reshaping the industry.

We also get into what it means to create 1,000 millionaires, how co-design between hardware and software actually works, data centers in space, and why Feldman thinks AI could mean the next generation never knows anyone who dies of cancer.

Cerebras (Nasdaq: CBRS) builds the WSE-3, a single wafer-scale chip with 4 trillion transistors and 900,000 cores, and the CS-3 system it powers.

Special thank you to Brex, MongoDB, & AssemblyAI for helping make this RAISE AI Summit mini-series in Paris, France happen.

Chapters below.

Sourcery covers the people building the future across AI, hardware, and the private and public markets, subscribe for more.

Andre Feldman: https://x.com/andrewdfeldman

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy

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YouTube: ?https://youtu.be/k9UX2fVGhsI?

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? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? MongoDB?Millions of developers and more than 65,200+ customers across industries, including ~75% of the Fortune 100, rely on MongoDB for their most important applications. With integrated capabilities for operational data, search, real-time analytics, & AI-powered data retrieval, MongoDB helps organizations everywhere move faster, innovate more efficiently, & simplify complex architectures. https://mongodb.com/ai

? AssemblyAI?Millions of developers use AssemblyAI to power their voice ai applications and features. One API gives you access to best-in-class speech-to-text, voice agent, and speech understanding models for both pre-recorded and real-time audio.  Granola, ClickUp & HeyGen are scaling with AssemblyAI - get $50 of free credits today at http://AssemblyAI.com/sourcery

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(00:00) Andrew Feldman, Co-Founder & CEO at Cerebras Systems

(00:49) Why hardware suddenly became the coolest industry in tech

(01:51) What changed at Raise AI Summit

(03:01) Inside the $20 billion Cerebras - OpenAI deal

(05:50) What actually changes two months after an IPO

(06:32) Turning 1,000 employees into millionaires

(07:52) Staying sane during an AI gold rush

(10:44) Life after the IPO plateau

(11:45) The truth about the global data center shortage

(12:56) Why data centers are borrowing jet engines for power

(14:44) Are data centers really headed to space?

(15:37) The shift to designing chips and software together

(17:39) The biggest misconception about co-designing chips and software

(18:31) Inside SpaceX's multi-billion dollar AI deals

(20:06) NVIDIA's playbook for locking out competitors

(20:54) The hidden cost behind free tokens

(22:52) Andrew's response to Karp's sovereign AI thesis

(24:18) AI's biggest win might be curing cancer

(26:50) Peptides and biohacking

(28:00) How AI could finally fix the broken education problem

(29:46) The mentors who shaped Andrew Feldman's career

Cyan Banister put her entire IronPort exit into SpaceX when the rockets were still blowing up on the launchpad. She never sold. It became the best investment of her life. She is Co-Founder and General Partner at Long Journey Ventures, spent 4 years as a partner at Founders Fund, and with her husband Scott Banister has built one of the most successful angel portfolios in the world across 20+ years of investing together: 

SpaceX. Anduril. Uber. PayPal. Affirm. Flexport. Postmates. Niantic. Opendoor. Carta. Together AI. Diamond Foundry. Crusoe. Flock Safety. Substrate. Brave. Depop. Calm. Fivetran. Zappos.

Cyan joins Sourcery at Long Journey's HQ to break down how she actually sources deals, why she refuses to chase hot rounds, and what she is buying next in nanotech and biotech. She found Niantic in a customer support inbox at Hint Water. She found Uber by asking taxi drivers what their day was actually like. Her point is that the alpha is in paying attention, and that the best investments arrive as a feeling before they arrive as a thesis.

Cyan Banister: https://x.com/cyantist

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

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YouTube: https://youtu.be/810VlN3lkqQ

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Cyan Banister, Long Journey Ventures

(01:13) Inside Long Journey HQ 

(02:17) The wild story behind the office mural

(05:32) What Cyan's actual house looks like

(08:08) What the Long Journey logo actually means

(10:41) How Cyan became one of Mafia's breakout stars

(15:42) The first time she's ever had to lie to win

(16:30) What really happens off-camera at Mafia

(18:58) The blooper reel nobody's seen yet

(22:33) The one thing Mafia is missing

(23:54) Inside Brian Singerman's $40-a-month boardgame club

(31:36) Cyan's Serendipity

(43:56) The "why" behind her biggest investments

(1:01:57) Full list of Cyan's investments

(1:04:28) All-in on SpaceX

(1:08:57) Why she never sold a single SpaceX share

(1:12:53) Top Bets: Becoming Bio + Substrate

(1:15:52) Why America's reindustrialization moment is now

(1:19:16) The mentors who shaped who she is today

(1:22:54) Manifesting Rick Rubin

(1:24:00) Real take on the Peter Thiel events

Accel Partners Arun Mathew, Miles Clements, & Matt Weigand join Sourcery to go deep into the lore of the quiet, yet legendary, Silicon Valley firm.

We go back through Accel's 40 years of history, starting with the 10% Facebook stake and the secondary they modeled at 5X, which under-shot the outcome by an order of magnitude, and how the firm now runs a global AI portfolio spanning chips, neoclouds, labs, and applications, with exposure across Cursor, Anthropic, and Nebius.

The three have invested together for 15 years, and they break down how a generalist team wins competitive deals against flashier names, why late-stage returns are starting to match early-stage top quartile, and how check sizes moved from a $480M first growth fund to single investments north of $500M and, at times, over $1B.

Topics include Matt's $150M Nebius PIPE, now up 13X, and its $26B Meta deal; the "agentic influence" thesis behind the Lovable investment; Supabase growing 350% on nearly all inbound at 9M developers; Cyera's path from Series A to the highest-valued private security company; token maxing; and three trillion dollar IPOs on the horizon.

We also get into the hot topics moving tech, AI, and investing right now: the agent economy and real enterprise adoption, the inference buildout and whether infrastructure is the rate limiter, AI optimization replacing SEO as the new distribution channel, the concentration of capital into a handful of late-stage rounds, security as an AI tailwind rather than a casualty after Mythos, the race toward $10 trillion companies, and what it means for retail when SpaceX, and others, finally hit the public markets.

Miles Clements: https://x.com/mkclements

Arun Mathew: https://x.com/ammathew

Matt Weigand: https://x.com/Mweigand13

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/mi4Cpes1dV8

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Arun Mathew, Miles Clements, Matt Weigand, Partners at Accel

(00:49) Meet the Accel growth team

(01:48) The Facebook deal almost no one believed in

(06:19) The Thesis behind every Accel bet

(09:06) The silent strategy behind Accel's biggest wins

Figma Co-Founder and CEO Dylan Field joins Sourcery behind-the-scenes at Day 0 of Config 2026, aka the ?Coachella for design,? just before 10,000 attendees arrived.

The headline going around is that ?design is dead? and AI has turned it into a commodity. Field's argument is that the market has this backwards. Anyone can prompt a model into the average, and in a world flooded with templated software the average does not stand out, so taste and a real point of view are what separate the products people actually use from everything else.

He also points to a shift in who is on the platform. Engineers now come to Figma to take what they built fast with AI and make it beautiful, and designers are giving the kind of feedback that used to come from developers. Design, in his telling, is expanding, not shrinking.

From there we get into vibe mathing and LLM psychosis, why judgment and empathy do not scale with raw IQ the way math does, why he thinks we are still stuck in a prompting age five years after GPT-3, his three losing rounds on Founders Fund's Mafia game, what the Thiel Fellowship actually gave a 20 year old founder, why he is bullish on SpaceX, and whether Elon Musk is right that a truly special product needs no logo.

Dylan Field: https://x.com/zoink 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

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YouTube: https://youtu.be/3xfMDWEVQWY

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Dylan Field, Co-Founder & CEO at Figma

(00:57) Day Zero begins: backstage at Config

(01:44) The "Coachella for Design" is real

(02:35) Why Dylan started Config back in 2020

(03:47) Why "design is dead" is completely wrong

(06:11) How Figma turned engineers into designers

(06:54) Inside Config before the crowd arrives

(07:55) The Config speakers Dylan can't wait to watch

(11:34) Inside the exclusive Pantone Lounge

(12:00) The one question every designer gets asked

(13:16) Getting killed in every single game of Mafia

(15:33) How to escape the permanent underclass of zero taste

(19:51) Why execution is cheap but taste is everything

(22:25) What actually builds a trusted brand

(25:51) How AI agents are rewiring company structure

(28:54) The AI safety debate happening right now

Ev Randle, General Partner at Benchmark, joins Sourcery to break down how AI has rewritten the rules of venture and growth investing. Ev explains why the old inverse relationship between scale and risk has collapsed, why the golden rules of SaaS now run in reverse, and how he underwrites AI companies when the spreadsheet no longer does the work.

We cover the new AI taxonomy through a P x Q x M lens, the economics of inference and agents, Claude Code at $36,000 per developer, the AI mom test for frontier versus open source demand, and the trillion-dollar question of whether frontier labs hold pricing power. Ev also walks through the coming liquidity shock from the $380B Anthropic round, why late-stage can now beat a Series C, and how venture firms became alternative asset managers.

Benchmark's AI portfolio spans Mercor, HeyGen, Decart, Manus, Gumloop, Exa, StarCloud, Reducto, Eigen, Cerebras, 11x, Sierra, Fireworks AI, Legora, and LangChain.

Everett Randle: https://x.com/EverettRandle 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Everett Randle, General Partner at Benchmark

(00:58) Coming off Benchmark's AGM

(04:05) The Golden rules of Investing are all gone

(08:58) Who actually has a handle on AI Economics?

(12:57) Why Benchmark bets on Founders, not Categories

(15:31) Brad Gerstner's "Age of Inference" Thesis

(19:07) The most important shift since the Cloud

(23:55) Inside Gumloop's AI automation canvas

(26:40) The Token Maxing problem nobody's solving

(27:25) Ev's "Mom Test" for frontier AI

(31:33) What happens when frontier models get too cheap

(34:44) Inside the new funding playbook

(40:31) Venture Capital became a product, not a firm 

(42:35) The Biggest IPO wave Wall Street's ever seen

(49:08) The secret behind Benchmark's wildly diverse bets

(52:54) The mentors who shaped him

Brian Armstrong, Co-Founder and CEO of Coinbase, sits down with Sourcery backstage ahead of the Coinbase System Update.

We cover tokenized equities, an SEC-registered AI agent advisor, and the unified global liquidity approvals that bring Coinbase's offshore and US order books together. Brian explains why 4 billion people remain unbrokered, how the Everything Exchange works, and where pre-IPO perps fit as nearly $4 trillion in new IPOs come to market.

On AI: 1,200 full-time agents now work at Coinbase, team sizes are shrinking to as few as 1 person, and intelligent routing to open source models is flattening the company's AI cost curve. Brian also gets into economic freedom, his time in Argentina, accredited investor reform, the New York Times, and the mentors he leans on.

Brian Armstrong: https://x.com/brian_armstrong 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

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YouTube: https://youtu.be/XLfNlShdATI

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Brian Armstrong, Co-Founder & CEO of Coinbase

(00:45) Backstage before the Announcements drop

(01:47) Why Tokenized Stocks never worked before until now

(03:58) Inside Coinbase Advisor: The SEC-Registered AI Investment Agent

(05:36) The real mission behind every Coinbase product

(06:55) Does the average American feel economically free?

(08:42) What Argentina taught Brian about Capitalism

(11:16) Why younger generations are drifting toward Socialism

(13:01) What Roblox reveals about the next generation

(13:57) Why no one in Argentina plans for the future

(18:17) How Crypto is rewriting financial infrastructure

(20:20) The Strategy behind Coinbase's "Everything Exchange"

(21:28) Building the most trusted brand in the Crypto Industry

(23:49) Prediction Markets, Dry Powder & Reading Market Cycles

(26:07) The Pre-IPO loophole Coinbase built for everyone else

(28:18) Why Coinbase wins the super app war

(29:40) The tweet that got 24 million views

(32:22) Will AI actually kill jobs?

(36:03) How Brian stays on top of everything

Mark Pincus, founder of Zynga and author of the newly released Life at the Speed of Play (HarperCollins, foreword by Reid Hoffman), joins Sourcery to break down the framework he?s used over the past three decades to build hit products. Pincus took games like FarmVille and Words With Friends to more than 1 billion users in 4 years and a $12.7B exit, and was an early investor in Facebook, Twitter, and Polymarket. This conversation is a tactical playbook for builders and the investors backing them.

Pincus covers separating winning instincts from losing ideas, his Proven Better New framework to increase odds of success, why consumer products win on ?day 365 retention? instead of virality, how he represents the ?dumb fucks? and uses his iPhone home screen as market research, the tech assistant model and other unscalable hiring tactics he learned from Jeff Bezos, his new enterprise AI company Hivemind, how to spot a fake CEO, the 2006 think weekend he hosted with Peter Thiel, Mark Zuckerberg, and Sean Parker, and why he is an AI maximalist who still thinks consumer AI is un-investable. Chapters below.

Get the book now on Amazon or at lifeatthespeedofplay.com, and follow Mark on X @markpinc. 

Read more and subscribe to our newsletter at sourcery.vc. for more conversations with the operators and investors building the next cycle.

Mark Pincus: https://x.com/markpinc 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/2z-sSISO9BE

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Mark Pincus, Chairman & Founder at Zynga

(01:07) Why it took so long to write the book

(01:52) Why the book starts with Elon

(07:29) How frustration becomes market research

(08:16) The gap between Airbnb and hotels

(09:14) Why people don't want flight attendants on private jets 

(13:13) The goal behind Life at the Speed of Play

(15:07) The instincts vs. ideas framework

(21:01) Do instincts improve with experience?

(22:49) A framework for building winning products

We are in the middle of the largest wealth creation event in modern history. SpaceX, OpenAI, Anthropic, Cerebras, Cursor, and more are heading to public markets or trading in secondaries, minting more millionaires and billionaires than ever on over $4 trillion dollars in expected liquidity. 

Flying private is one of the first things people want after a liquidity event, and it pulls them straight toward $75 million jets, often skipping every step the industry is used to.

Israel ?Izzy? Slodowitz is the Founder of Craft, a Part 135 charter operator that also flies supplemental lift for NetJets, Flexjet, and Wheels Up. He turned that flying fleet into something most operators can't offer: an exchange fund built for the founders and early employees whose wealth is locked in a single stock. It takes in that concentrated position tax-deferred and backs it with real aircraft, not the self-storage and real estate that prop up legacy funds. Members diversify out of one position, defer the tax, and keep access to the planes.

I joined him on one of their Challenger 350?s from Van Nuys to San Francisco to break down what this wave means for private aviation. Who is buying, what it really costs, why jets are appreciating for the first time, and why a generation whose net worth is locked in stock needs a structure the legacy ownership models were never built to offer.

In this episode:

The new-money buyer and the coming aircraft shortage

Jet categories and prices, from light jets to the Global 8000

Buy vs charter vs jet card vs fractional, and when each makes sense

Full cost of ownership: depreciation, pilots, maintenance, and downtime

Exchange fund model and why an operating business changes the tax math

Bonus depreciation, the 2025 tax bill, and the recapture trap

Starlink, hidden fees, safety standards, and selling a jet in under an hour

Video also features Captain Raz Matus.

Craft: flycraft.com

Israel Slodowitz: https://www.linkedin.com/in/israel-slodowitz 

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YouTube: https://youtu.be/BKC-6UlXtBw

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? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Gabe Pereyra is the co-founder and President of Harvey. Before Harvey, he was an AI researcher at Google Brain, DeepMind, and Meta, working on deep learning at both Brain and DeepMind in 2016 and 2017 as the field was taking off. Valued at $11B, Harvey has passed $300M ARR, 960 employees, 2,000 customers, and roughly 13 trillion tokens processed this month.

Harvey has raised over $1.2B to date from Sequoia, Kleiner Perkins, GV, Coatue, Elad Gil, the OpenAI Startup Fund, and GIC, with Sequoia and GIC co-leading the most recent $200M round at $11B.

Niko Grupen is Harvey's Head of Applied Research. Both he and Gabe led the open-sourcing of LAB, the Legal Agent Benchmark, the first open-source benchmark for measuring AI agent performance on real-world legal tasks. LAB covers 1,200+ tasks across 24 practice areas, built with agent-led data generation reviewed by Big Law attorneys. Initial frontier-model results from OpenAI, Anthropic, and DeepMind posted today, with Claude Opus 4.7 leading the leaderboard.

In this episode, Gabe and Niko sit down with Molly in Harvey's San Francisco speakeasy to break down what LAB measures, why Harvey gave the rubric to its biggest competitors, and what the early results show about long-horizon legal agents. Gabe goes deep on the token economics now hitting application-layer AI: single queries that cost $20, contract reviews that cost $20,000, and why he says Harvey is the largest embeddings consumer for some of the labs. He also covers the multi-model strategy, why open-source matters for law firm conflict risk, & the architectural shift from chat-based products to cloud agents.

Niko closes with the methodology behind LAB, how Harvey generates synthetic legal data with agent-led generation and lawyer review, and what's next for the open-source legal research community.

This is the second episode in Sourcery's Harvey series, following the last conversation with co-founder and CEO Winston Weinberg.

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YouTube: ?https://youtu.be/NpZbum0lmlI

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Winston Weinberg is the CEO and co-founder of Harvey, the $11 billion AI platform now used by 2/3 of the AmLaw 100 and 500+ in-house legal teams including HSBC, Bridgewater, Carvana, and Blue Owl.

"I think every single company is going to sell intelligence."

In this episode, Winston walks me through Harvey's San Francisco HQ and then sits down to break down the state of the business: roughly $300M ARR (up from $100M last August), 2,000 customers, 960 employees across 12 global offices, and token usage that jumped from 1 trillion in January to a projected 12-13 trillion this month.

"It feels like if you do not constantly change, you are just gonna get so behind that you die as a company right now."

Winston covers the shift to cloud agents, why Harvey's real competition is the foundation labs (not other legal tech companies), how to reinvent a company every 6 months, the future of vertical models, the billable hour problem coming for every AI buyer, and why every company will eventually sell intelligence.

Winston Weinberg: https://x.com/winstonweinberg 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/ekXJCDNEmOM

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Winston Weinberg, Co-Founder & CEO at Harvey

(00:45) Inside Harvey HQ

(03:17) Harvey by the numbers

(04:11) How Harvey expands globally

(05:16) Why Harvey employs 200+ lawyers

(06:30) The philosophy behind Harvey's office

(07:35) The loudest lunch culture in tech

(09:03) Winston's favorite room

(10:04) Eight Airbnbs before a real office

(12:58) Inside a $300M ARR company

(14:20) Tripling revenue in under a year

(15:35) What $1B+ unlocks

(17:36) Building an AI native company

(21:10) Convincing lawyers to join tech

(22:14) The biggest adjustment for lawyers in tech

(23:26) Build vs buy

(26:59) What SaaS got away with that AI can't

(28:39) Financing 13 trillion tokens

(30:05) Why the labs can't just copy Harvey

(31:18) Competing with OpenAI and Anthropic

(32:03) Will the labs start acquiring?

Claire Zau is a pre-seed and seed investor at Lightspeed and co-host of Lightwork, Lightspeed's new weekly AI podcast with CMO Josh Machiz. She also runs Zauey Talks, where she reaches 350K+ people and 10M+ monthly impressions explaining AI and startups to an audience that mostly does not work in tech.

Tech is racing to own direct distribution and auramax to save their lives. a16z acquired Erik Torenberg's Turpentine in 2025, OpenAI acquired TBPN in 2026, and Jack Altman's Uncapped joined Benchmark. Lightspeed's move was to bring in one of the strongest creators in the space and give her a dual mandate: keep building for the mainstream while investing at the earliest stages. 

Molly sits down with Claire to talk about that split role, why Lightspeed bet on it, and what Lightwork will cover. They get into the gap between tech Twitter optimism and mainstream skepticism, the AI bubble question, the jobs narrative, and which AI leaders tell the story best. Claire also breaks down the Lightspeed portfolio she's digging into, from agent infrastructure to an AI-native audit firm.

About Lightspeed

Lightspeed is a global, multi-stage, venture capital firm managing over $40B in assets. Since its founding in 2000, Lightspeed has been the first investor and an early backer of some of the most innovative companies in the world including Abridge, Anthropic, Anduril, Castelion, Databricks, Glean, Mistral, Navan, Neko Health, Netskope, Thinking Machines, Reflection AI, Rubrik, Snap, Skild AI, Vinted, Wiz, and more.

Claire Zau: https://x.com/clairejyz 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/ht_DuxWLh8M

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Justin Fishner-Wolfson is Co-Founder and Managing Partner of 137 Ventures, the firm that turned a contrarian read on private markets into a $15B platform and one of the largest SpaceX positions in venture. His firm now owns more than 1% of SpaceX, a stake worth roughly $20B at the company's $1.77T listing valuation.

He was on the SpaceX deal team at Founders Fund in 2008, left to start 137, and has since bought into the company roughly two dozen times, mostly through secondaries and tenders, without selling a share. He has been buying since SpaceX was valued at $1B. In this conversation he walks through the thesis that companies would stay private longer, why partial liquidity sharpens founder focus rather than dulling it, and how 137 concentrates capital in durable companies instead of chasing sectors.

We cover SpaceX's shift from cost-plus to fixed-price economics, the Falcon 9 reusability that made launch profitable, when Starlink became underwritable, the $240B secondary market, why he backed Cognition over the foundational models, his cash on cash discipline over ownership targets, and what he plans to do with the stake once the lockup lifts.

Justin Fishner-Wolfson: https://www.linkedin.com/in/justinfw

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube: https://youtu.be/y_JN4WNu8JY

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Justin Fishner-Wolfson, Co-Founder & Managing Partner at 137 Ventures

(00:51) The story of SpaceX

(02:50) Why companies are staying private longer

(04:15) What Liquidity actually means for Founders and Employees

(05:38) Why he left Founders Fund to start from scratch

(06:23) $240B Secondaries market

(07:01) What made SpaceX a generational bet

(07:52) How the Falcon 9 made the entire Space Industry obsolete

(10:59) When Starlink became the obvious winner

(13:29) How 137 Ventures turns Conviction into Compounding

(14:09) Backing SpaceX alumni: the Impulse investment

(14:32) Will the secondary market keep growing?

(15:15) Companies vs. Categories

Brian Singerman spent 17 years at Founders Fund, where he helped drive large concentrated investments into companies like SpaceX, Palantir, Airbnb, Stripe, Stemcentrx, Anduril, and Affirm. He recently left to co-found GPx, a new fund backing emerging managers. In this episode we break down the philosophy behind Founders Fund's concentration strategy, how a lifetime of competitive strategy gaming shapes the way he reads founders, and why he is now applying the same framework to GPs instead of companies.

"When I did get to meet Elon and learn more about SpaceX, it was extremely clear that there was nobody else like him on the planet who could actually pull something like SpaceX off."

The conversation runs from his 2008 start at Founders Fund and what he learned from Peter Thiel, to the SpaceX bet the firm staked its career on, why he has never read a financial report, and his read on genuinely authentic founders like Cyan Banister, Palmer Luckey, and Alex Karp. Plus a round of questions submitted by Max Levchin, Trae Stephens & Scott Nolan, his views on wealth taxes and asset seizure, and his bet on N-of-1 human cultural artifacts.

Brian Singerman: https://x.com/briansin 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/Il5dCTkIF_M

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Tom Mueller, Founder, CEO and CTO of Impulse Space, (aka Employee #1 at SpaceX) gives Sourcery a walkthrough of the company's Redondo Beach factory, from the avionics clean room to a live rocket engine firing in the vacuum chamber.

As SpaceX's founding employee, Tom led development of the engines for Falcon and Dragon and started the origins of what became Starship. His proudest project, the Merlin engine, still flies Falcon 9. In this episode he explains why he left to build the next layer of space infrastructure: moving payloads and cargo around once they're in orbit.

We tour Mira (the company's precision maneuvering spacecraft), Helios (the vehicle bringing same-day delivery to space), and the Deneb engine, and get into how Impulse designs and builds: extreme vertical integration, 3D-printed engines, in-house composite tanks, and a "build, test, iterate" loop.

Tom also shares where he thinks the industry is heading, on nuclear electric propulsion, data centers in space, the return to the Moon, and what it was like to work with Elon Musk.

Tom Mueller: https://x.com/lrocket 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube: https://youtu.be/WIORHdlPWAI

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Tom Mueller, Founder, CEO & CTO of Impulse Space

(00:49) Inside Impulse Space

(02:32) Avionics Bay floor

(02:59) Building rockets at home

(03:50) Mira and Helios

(08:00) Why he left SpaceX

(09:33) The Deneb Engine walkthrough

(11:42) Testing in Mojave

(12:23) Favorite part of the Engine

(13:30) How it's 3D Printed

(14:21) Why 3D Printing changes everything

(16:54) Finding Talent for COPVs

(17:28) No Modern hardware without software

(19:52) The Mill Turn explained

(22:42) Payload Deck Design

(25:28) Entering the Secret Area

(30:48) Thrust, Flow Rate, and 100 Sensors

(32:13) Collision avoidance in Orbit

(32:57) The Electric Propulsion Chamber

(34:28) Nuclear Electric is the future

(38:49) Data Centers in Space

(40:28) SpaceX and Starlink's Growth

(41:10) Working with Elon

Eric Romo, President & COO of Impulse Space, joins Sourcery on the company's manufacturing floor in Redondo Beach to break down the freshly closed $500M Series D co-led by 137 Ventures and BANNER VC that pushes Impulse past $1 billion raised.

We get into what the capital actually unlocks (hiring and production, not flashy CapEx), why "space tug" doesn?t cut it for Mira, and how a single successful flight spurred demand from across the industry. Eric explains Impulse's three products ? Mira, Helios, Caravan ? and makes the case for staged access to GEO against traditional options.

He also gets candid: reality on orbital debris cleanup, why Impulse is "closer to a fighter jet than a tugboat," and the hard lesson from his SpaceX days (he was employee #13; CEO Tom Mueller was #1) that made in-housing manufacturing non-negotiable.

Eric Romo: https://x.com/_Eric_Romo 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube: https://youtu.be/42035XPxgbA

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????

(00:00) Eric Romo, President & COO at Impulse Space

(00:58) Fueling the next phase with a $500M Series D

(04:30) Crossing the $1B funding mark

(06:00) The freedom to execute

(07:09) Why startups die from indigestion

(08:30) Building beyond SpaceX

(13:32) How defense became the real opportunity

(16:19) Impulse?s product stack: Mira, Helios & Caravan 

(23:43) The economics of urgency

(26:23) "Closer to a fighter jet than a tugboat"

(30:40) The new era of space defense

(37:33) The SpaceX DNA at Impulse

(38:27) The biggest lesson from SpaceX

(44:23) Hiring world class engineers

(45:38) If not COO, then what?

(46:43) The road to first Helios launch

Merge co-founders Shensi Ding (CEO) and Gil Feig (CTO) join Sourcery for a wide-ranging conversation on building AI infrastructure that quietly powers some of the biggest companies in tech ? including OpenAI, Perplexity, Netflix, Uber, Mistral, and Dropbox.

They break down Merge's three-product suite (Unified, Agent Handler, and Gateway), the make-or-break month that pushed them to rebuild around AI, and why they now believe "English is your programming language." Gil gets candid on the state of AI security ? supply chain attacks, agentic code flooding GitHub, and why the scariest threat is always internal. Shensi shares hard-won hiring philosophy (missionaries vs. mercenaries), her admiration for Benioff and the "beginner's mind," and a hot take on companies over-engineering their own models.

Plus: the SaaSpocalypse, the brutal reality of token-maxxing bills, governing employee AI access, headless Salesforce, and whether today's AI valuations make any sense at all.

Shensi Ding: https://x.com/shensi

Gil Feig: https://x.com/GilFeig 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube: https://youtu.be/SjrejHEAdeg

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Shensi Ding & Gil Feig, Co-Founders at Merge

(01:04) Three products. One big bet

(03:20) How Merge made the AI pivot

(04:42) The Classic Innovator?s Dilemma

(05:58) Building culture around AI

(07:10) The leverage nobody?s talking about

(08:52) Codex vs Claude Code

(09:15) The scale nobody knew about

(09:47) SaaS, Finance, and the Biggest AI Labs

(10:46) Why AI companies buy differently

(12:04) What AI sales actually looks like

(13:04) The Fastest sales cycles in the market

(14:35) Why is Cybersecurity broken

(15:59) Merge's solution to agent security

(19:16) Mythos, Wiz, and the GitHub Hack

(22:34) 1,000 Bot signups in one hour

(23:23) Real reason companies pay ransom to hackers

(25:43) The State of AI Infrastructure Costs

(26:41) Internal AI Governance is the next big problem

Jackie Reses has quietly done what almost no one in finance has pulled off ? she's been a Goldman Sachs banker, a private equity partner at Apax, Yahoo's Chief Development Officer, Executive Chairman of Square Financial Services, a board member at Alibaba, Affirm, and Nubank, and now the founder and CEO of Lead Bank, the $1.5B fintech infrastructure company quietly powering Stripe, Ramp, Walmart, Affirm, Revolut, and over 100 crypto companies.

In this episode, Jackie sits down with Molly to share the untold stories behind her improbable career ? from sitting in Alibaba board meetings with Jack Ma, Joe Tsai, and Masa Son, to brokering one of the largest value-recovery deals in corporate history for Yahoo, to running Square Capital after a 72-hour hackweek project.

She also gets candid about the hype around "de-banking," what it's really like inside the White House (her brother is VP JD Vance's Chief of Staff), how she built Lead Bank to $280M in revenue with zero sales team, and why the future of financial infrastructure is programmable, on-chain, and AI-native.

Whether you're a founder, operator, investor, or just curious about how the most powerful in American fintech actually work behind the scenes ? this conversation is a masterclass.

Jacqueline Reses: https://x.com/jackiereses 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube: https://youtu.be/0rwmXUnn7Tc

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Jacqueline Reses, CEO of Lead Bank

(01:06) The swiss army knife of Silicon Valley

(02:46) Inside the Alibaba boardroom with Jack Ma and Masa

(05:23) Being one of the only Americans on Alibaba?s board

(10:29) What Jack Ma and Masayoshi Son are really like

(12:32) The biggest lessons Jackie learned from Alibaba

(15:12) From Goldman Sachs to Silicon Valley

(17:44) Why Yahoo hired a PE investor to run HR

(22:53) Yahoo was a hot mess

(25:33) The deal that recovered billions for Yahoo

(26:31) How Jack Dorsey recruited Jackie to Square

Michel Del Buono, Chief Investment Officer of a16z Perennial (Andreessen Horowitz's multi-family office), returns to Sourcery for a deep dive into pre-liquidity event planning. 

Yes. You can earn a billion dollars.

With the SpaceX IPO on the horizon and massive secondary activity around Anthropic, OpenAI, Stripe, and Anduril, Michel breaks down the three pillars of wealth optimization: trust & estate structuring, tax-advantaged investment strategies, and philanthropy.

In this conversation, Michel and Molly cover QSBS stacking, the difference between L1, L2, and L3 SPV structures, the hidden risks in today's secondary market, the BDC liquidity gate situation, tax loss harvesting vs. trust strategies, real assets and depreciation, AI's impact on private equity, and why most founders show up to their liquidity event unprepared.

Whether you're a founder approaching IPO, an early employee considering a tender, or just want to understand how the ultra-wealthy actually structure their balance sheets ? this episode is essential listening.

We cover:

Pre-liquidity event planning

QSBS stacking strategies

Secondary market SPV risks

Trust & estate structuring

BDC liquidity gates

Tax loss harvesting

Real assets & depreciation

Michel Del Buono: https://www.linkedin.com/in/mdelbuono

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube: https://youtu.be/U_Ia9xKL0vI

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing partners with frontier AI labs to improve model capabilities in coding, reasoning, tool use, & multimodality, as well as with Fortune 500 enterprises to build & deploy end-to-end agentic AI systems in mission-critical workflows Visit: turing.com/sourcery

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. Learn more at http://GetVCX.com 

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Michel Del Buono, CIO at a16z Perennial

(01:05) The Billionaire office playbook

(02:57) Why founders lose millions to taxes

(07:55) The massive QSBS tax advantage

(11:48) The biggest mistake founders make

(12:32) Should you sell your company stock?

(14:28) Why everyone wants pre IPO shares

(17:36) The hidden risk in SPVs

(19:57) Understanding carry fees

(22:53) The SPV operator who vanished

(24:33) The private credit problem

(28:38) Why endowments are pulling back

Tanay Tandon, Co-Founder and CEO of Commure, joins Sourcery to break down the company's new $70M round at a $7B post-money valuation, led by General Catalyst with participation from Sequoia Capital, Morgan Stanley, and Kirkland & Ellis. With $750M raised to date, Commure now runs inside 500+ healthcare organizations, 3,000+ sites of care, and processes tens of billions of dollars in annual claims ? with 85%+ of revenue cycle work completed without a human in the loop.

Tanay started the company at 18 out of his Stanford dorm room. Today, Commure has 1,200 employees across seven offices, supports 200M+ patient encounters a year, and has doubled ARR three years in a row. We get into the round, the use of General Catalyst's Customer Value Fund (CVF) for non-dilutive growth capital, why he believes point solutions will be wiped out, the Augmedix acquisition, the Summa Health partnership in Akron, the JPM flip-flops story, and his IPO plans.

Topics covered:

? The $70M / $7B round and why he didn't need the capital

? CVF and non-dilutive financing for go-to-market

? Building an AI-native OS for healthcare

? HCA, Tenet, Epic, and Meditech partnerships

? Why platforms beat point solutions

? Lessons from acquiring Augmedix

? What Alfred Lin, Hemant Taneja, and Teresa Carlson taught him

? The path to IPO

Tanay Tandon: https://www.linkedin.com/in/tanaytandon 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/Vd4HHQ1l9mM

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Coatue's Chief Investment Officer of Public Investments, Jaimin Rangwalla, joins Molly O?Shea of Sourcery to unpack the most extraordinary technology cycle of his 20-year career. Jaimin walks through Coatue's spring investor update ? why OpenAI, Anthropic, and SpaceX are breaking into the world's top 25 companies before going public, how Anthropic was adding $2.5 billion in ARR every single week, and how the rise of agents launching agents is creating what he calls a "digital population explosion" that will multiply every person's semiconductor and power footprint by 1,000x.

Jaimin also breaks down Coatue's "follow the gigawatts" framework, the shift from 1 CPU : 8 GPUs to 1 GPU : 4 CPUs, why semiconductors went from career-long shorts to the most profitable sector in the market, and the "sellers of shortage vs. buyers of shortage" dynamic driving today's biggest winners. Plus: the bottlenecks no one is solving, the trillion-dollar IPOs coming, and what keeps him up at night.

Chapters below. Subscribe for more conversations with the investors and operators building the AI era.

Coatue Update Replay + Slides: https://www.coatue.com/blog/perspective/public-markets-update-2026-05-06

X: https://x.com/coatuemgmt/status/2052787367275319387?s=20 

Jaimin Rangwalla: https://www.linkedin.com/in/jaimin-rangwalla-402a21/ 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube: https://youtu.be/ygtPaOhI0ak

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev  

Follow Sourcery for the latest updates!

https://www.sourcery.vc

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Teresa Carlson, Founding CEO of the General Catalyst Institute, joins Molly on Sourcery to share the inside story of how she built AWS's public sector business from zero revenue and two people into a $10B global powerhouse ? including the legendary CIA contract that legitimized cloud computing for the entire world.

In this conversation, Teresa pulls back the curtain on what it was really like working alongside Jeff Bezos and Andy Jassy at Amazon, the brutal "no PowerPoint" writing culture, and the one-way vs. two-way door framework that shaped how she made decisions. She also draws sharp parallels between the early cloud era and today's AI explosion ? explaining why she thinks AI adoption is moving faster than any technology she's ever seen, why the U.S. urgently needs an AI framework, and what startups must do to win in Washington DC.

We also get into the General Catalyst Institute's mission to give 1,000+ portfolio companies an "unfair advantage" with policymakers, the rise of commercially-oriented government under the current administration, and why founders need to ditch the flip-flops if they want to be taken seriously on Capitol Hill.

A must-watch for founders, operators, investors, and anyone interested in the intersection of AI, policy, and the future of American competitiveness.

Teresa Carlson: https://x.com/teresacarlson  

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/rztfzehJHUw

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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(00:00) Teresa Carlson, Founding CEO at GC Institute

(01:08) The historic Kentucky Derby win

(02:38) $10B AWS blueprint

(04:56) Converting the skeptics

(12:03) Contract that changed the trajectory of AWS

(17:05) Building a world-class team

(24:01) The scaling mantra

(29:12) Lessons from Bezos & Andy Jassy

(35:33) Why is AI scaling scaring governments? 

(40:23) Surviving the AI debt trap

(44:56) Why do government deals matter?

(48:55) Founding the GC Institute

(54:49) Founders storming Capitol Hill

(59:53) The unspoken rule of DC

Uber CEO Dara Khosrowshahi joins Sourcery for a walkthrough of Uber?s newest product launches and the future of transportation, AI, delivery, travel, and autonomous vehicles.

At Uber?s Go-Get showcase in New York City, Dara breaks down how Uber is evolving from a rideshare company into a global ?go anywhere, get anything? platform. We discuss Uber?s new Expedia hotel partnership, AI-powered shopping agents, Uber?s autonomous vehicle strategy with Waymo, Zoox and Joby Aviation, and how AI is fundamentally changing the company?s operations and engineering culture.

Dara also reflects on leading Uber through one of the largest corporate turnarounds in tech history, scaling the company from billions in losses to nearly $10B in free cash flow.

Plus: how to actually raise your Uber rating.

Subscribe for more conversations with the CEOs, founders, and investors shaping the future of technology, AI, mobility, and infrastructure.

Dara Khosrowshahi: https://x.com/dkhos 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/AK4hrrlCNUA

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????

(00:00) Dara Khosrowshahi, CEO at Uber

(00:48) The biggest bet of 2026

(02:04) The accidental feature

(04:16) Your next Uber might come with a Coffee

(05:54) Uber One?s global takeover

(06:32) Growth hack to outpace rivals

(08:04) Replacing overpriced room service

(11:25) The Expedia reunion

(14:10) The 10-minute airport hack

(17:05) The $10 billion comeback

(19:00) Barry Diller?s golden advice

(22:49) Uber?s internal AI shift

(26:59) Will AI make Uber apps obsolete?

(27:36) Self-driving cars

(28:47) AI?s biggest misconception

(29:39) Hack your Uber rating

(31:36) Junior Devs coding for millions

For the first time ever, Figure is opening every door. Sourcery gets the first full tour of Figure's robotics campus with Founder & CEO Brett Adcock ? and we see everything. Figure is the first-of-its-kind AI robotics company bringing a general purpose humanoid to life, designing, building, and testing every robot in-house.

In this exclusive walkthrough, Brett takes us through all the departments on their San Jose campus: 

System integration lab where robots are stress-tested with software faults and physical pushes

Helix AI team floor where the controls and neural network engineers train the vision-language-action model that runs onboard every Figure robot

Reinforcement learning & stability testing area where Figure demos the Vulcan project ? surviving a lost knee mid-task ? and lets Molly push the robot to test its RL-trained balance

Home environment where Figure 03 autonomously tidies a living room using their Helix neural network (no teleoperation)

BotQ manufacturing facility where heads, batteries, and limbs come together on the assembly line, including the custom-built battery line and end-of-line burn-in bays

Industrial design studio ? opened publicly for the first time ? housing every generation of Figure robot ever built, including Figure 01 with its Frankenstein forearms, Figure 02, and the sleek Figure 03 that recently appeared at the White House, plus the evolution of Figure's hands and feet

Brett shares why he believes humanoid robots may achieve AGI before any other form factor, why Figure pivoted entirely from hand-coded controls to neural networks, and teases that Figure 04 will be their "iPhone 1 moment."

This is the most complete look inside Figure that has ever been filmed.

Brett Adcock: https://x.com/adcock_brett 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/ch_UM_JJU9w

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Brett Adcock is the Founder & CEO of Figure, the $39 billion company tackling one of the most ambitious challenges in technology ? building a general-purpose humanoid robot that can do the work of a human, both on the factory floor and inside the home.

About 50% of global GDP is human labor. In this episode of Sourcery, we go inside Figure's headquarters for a full tour and sit-down interview on the future of robotics, AI, and jobs.

Brett shares why humanoid robots are already working today, how Figure plans to scale from thousands of units this year to 1 million per year, and why he believes this could become the biggest business in the world. Backed by nearly $2B across rounds ? including investment from Jeff Bezos, Microsoft, Nvidia, and Amazon ? Figure 15x'd its valuation to $39B in just 18 months. We also cover Brett's decision to part ways with OpenAI, the challenges of building physical intelligence, and what it takes to solve one of the hardest problems in engineering.

We cover:? Why humanoid robots are finally real? The roadmap to millions of robots? Figure?s production ramp and demand? Why robotics is an intelligence problem? The OpenAI partnership ? and breakup? The risks of building physical AI (Capital, Economics, Valuation)? Brett?s vision for general robotics

If humanoids work, they will reshape the global economy.

Brett Adcock: https://x.com/adcock_brett 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube: https://youtu.be/g1ESjEGG1SM

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????

(00:00) Brett Adcock, Founder & CEO at Figure

(01:13) Hot take on Humanoids

(04:09) Race to a Million Robots

(06:24) Building Figure From Scratch

(08:15) Leaving Archer aviation

(09:25) Post-IPO move

(12:54) Cover, Hark & NASA's IP

(16:06) How Figure Outgrew OpenAI

(19:18) Founder performance playbook

(24:24) Learning from Bezos and Jobs

(29:19) Biggest risks to the business

(31:26) Building the World's First Physical AGI

Kyle Harrison (GP at Contrary, co-author of The Anduril Thesis) joins Molly O'Shea on Sourcery to unpack the 300-page book he just spent two years writing on the most counter-positioned company in defense.

We go deep on a 100 years of military history ? how Robert McNamara strangled America's industrial golden goose in the 1960s, why cost-plus contracting incentivizes the worst possible outcomes, and how the U.S. ended up building $13 billion programs that turn into trillion-dollar overruns. Then we map all of it onto Anduril: the Chick-fil-A founding story, why Lattice is the real product (not the drones), how the Sentry Tower beat a Lockheed contract that "defied the laws of physics," the new $22B IVAS contract, undersea warfare and the cables that move $10T a day, and why ghost sharks are being built in Australia.

Kyle also breaks down Anduril's funding history (including Contrary's Series C entry), the talent density problem (only ~40 people in America can actually sell to the government), the philosophy of conflict deterrence, and closes with a hot take that's deeply un-self-serving for a venture capitalist.

If you want to understand why Andúril is named after the Flame of the West, and why that matters for the next decade of geopolitics.. this is the episode.

? Get The Anduril Thesis by Kyle Harrison and the Contrary Research team: https://www.amazon.com/Anduril-Thesis-Kyle-Harrison/dp/B0GWLXQ7FC

Kyle Harrison: https://x.com/kwharrison13 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/HZiUlp9I1fc

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????

(00:00) Kyle Harrison, GP at Contrary & Co-Author of The Anduril Thesis

(01:22) The Anduril Thesis: A 300 Page Deep Dive

(04:52) How America lost its military edge

(07:33) The book that predicted the mess

(10:36) How bureaucracy broke the US military

(15:39) The ridiculous economics of modern war

(19:25) How Ukraine changed everything

(23:34) The Andruil thesis explained

Adam Bry is the co-founder and CEO of Skydio, the largest US drone manufacturer and, as of today, the company behind a $3.5 billion commitment to expand American manufacturing over the next five years. We spent the day at Skydio's San Mateo headquarters for a full tour of their facilities.

On the tour:

The rooftop dock array (drones as cloud infrastructure)

DFR Command, flown live

The "wind wall" stress-testing hardware 24/7

R10, the new indoor tactical drone

F10, a fixed-wing thrown and caught by a robotic arm

X10 water rescue demo with the auto-inflating rest tube

The $3.5B announcement involves a new US facility five times the size of the current one (Skydio's fifth expansion in eight years), over 2,000 new Skydio jobs, 3,000+ additional roles across the US supply chain, and more than $1 billion directed to domestic suppliers under a new program called SkyForge. Skydio already manufactures more dual-use drones than any company outside of China. This is the bet to keep it that way.

The backdrop: 60,000 drones shipped, 3,800+ customers, 1,200+ public safety agencies, every branch of the US military, and 29 allied nations. Skydio DFR now arrives on scene first 71% of the time and resolves nearly a quarter of calls without dispatching a patrol unit.

Adam Bry: https://x.com/adampbry

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????

(00:00) A flight every 30 seconds 

(00:57) Rooftop docks 

(03:26) Tour roadmap 

(04:42) Adam's RC airplane origin story 

(06:10) Flying a dock drone, live 

(10:04) The "force multiplier" moment 

(12:16) Multi-drone operations 

(14:17) Unarmed sensor platforms and the China context 

(15:29) Why community acceptance surprised Adam 

(19:31) The wind wall 

(20:40) R10, built for indoor tactical 

(23:30) Flying R10 through a barricaded-suspect scenario 

(27:30) Reading oil and gas gauges with a drone 

(29:26) F10, the fixed-wing caught by a robotic arm 

(30:40) X10 water rescue demo

Skydio announces $110M Series F at a $4.4B post-money valuation. CEO Adam Bry joins Sourcery to share Skydio?s funding process, commercial progress, & manufacturing edge at Skydio's Hayward factory. Skydio is the largest drone factory in the US at scale production.

"The most significant fact in our Series F is how little we are raising. Despite investor demand to put substantially more into the company? our capital needs are rapidly decreasing." ? Adam Bry

In this conversation:

$50M, 3,000 drone US Army contract and tripling production in 2026

R10 indoor drone and F10 fixed wing

Turning down DJI's acquisition offer in 2014

Getting sanctioned by the Chinese government in 2024

Drone as First Responder: Public Safety customers in 42/50 states, 42% auto theft reduction in SF

Built a China independent supply chain & US manufacturing at scale

Flying agentic AI & the future of autonomous robotics

Adam's hottest take on the robotics hype cycle

If you're interested in reindustrializing America, drones, AI, robotics, and fundraising in hard tech, this one's for you.

Adam Bry: https://x.com/adampbry

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????
(00:00) Adam Bry, CEO of Skydio

(00:54) Inside Skydio Factory

(01:31) Series F & Scaling

(03:17) Customers And Growth

(04:10) Origins & Reliability

(08:04) Civilian Missions Focus

(09:19) Drones For Public Safety

(12:29) Edge Compute & Partners

(14:20) Expanding Drone Lineup

(17:10) Beating China & DJI

(19:34) US Supply Chain Resilience

(21:33) Reindustrialization Timeline

(22:35) Hiring & Leadership

(27:12) AI Agentic Drones

(30:08) Metrics & Operating Model

(31:49) Hottest Take And Advice

Hemant Taneja, CEO of General Catalyst, joins Sourcery to unpack GC's first-ever quarterly Review.

We cover why he wrote it, the state of GC's $43B ecosystem, why the software buyout model is broken, Anthropic's Series G at $380B, the $5B India commitment, buying Summa Health in Akron, the Anthropic?DoW controversy, Mythos and Project Glasswing, Nikesh Arora joining the board, and his take on "Tech Lash 2.0."

Plus: Is GC going public?

HUGE thank you to Deel Co-Founder & CRO Shuo Wang for the introduction to Reggie & the GC team, I am SO happy we were able to make this happen so quickly! What a treat. 

? Read the Q1 2026 Review: https://hemant-taneja.com/

#VentureCapital #GeneralCatalyst #HemantTaneja #AI #Anthropic

Hemant Taneja: https://x.com/htaneja 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/hWI258ZHbxE

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????

(00:00) Hemant Taneja, CEO at General Catalyst

(01:21) Present state of General Catalyst

(05:08) Seed, Creation & the Customer Value Fund

(06:54) The purpose behind GC?s quarterly review

(08:53) What good tech journalism looks like

(12:26) The biggest AI themes right now  

(15:06) How AI is changing investing decisions

(19:25) Why seed and Series G require the same conviction

(22:55) Why does he holds two titles at once?

(25:17) Why Silicon Valley glorifies the wrong founders

(27:52) Building an AI-native hospital

(30:20) Managing funds through bubbles and hype cycles  

(33:13) How funds sell ownership stakes

(34:59) Why the software buyout model is broken

(38:44) Vista's new software buyout debt fund

(39:20) Global Resilience vs. American Dynamism

(41:49) GC?s $5B bet on India

(45:48) What global investing teaches you

(47:09) The four forces of tech lash

(50:12) Anthropic and the Pentagon

(54:06) Is GC going public?

(55:26) The Puka shell necklace era

Leif Abraham, Co-CEO of Public, joins Molly at the New York Stock Exchange for one of the more fun financial discussions on how Public is building the next-generation investing platform ?for those who take it seriously." Public represents the first modern alternative to Schwab, Fidelity, and Vanguard ? platforms built on decades-old infrastructure that haven't kept pace with today's investors or technology.

The results speak for themselves: millions of users, billions in assets under management, billions in trading volume, and revenue doubling annually as they continue to capture market share.

Public's differentiators include:

AI agents that automate complex investment strategies

"Generated Assets" AI-powered custom indices

Comprehensive multi-asset trading across stocks, ETFs, crypto, options, treasuries, bonds

Focus on sophisticated investors with real assets to compound

Leif and I explore how their AI-generated defense index hit 350% returns in one month (big surprise, lol), the future of financial advisors in an AI world, and why their co-CEO structure works better than solo leadership. Leif explains why they focus on the top 25% instead of chasing mass market speculation, plus his thoughts on AI, wealth inequality, and what it means for society.

For investors seeking a serious platform that combines traditional financial services with cutting-edge technology, this conversation offers valuable insights into where the industry is heading.

Leif Abraham: https://x.com/leifthunder 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube : https://youtu.be/NF-VKevrIzg

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing accelerates superintelligence by helping frontier AI labs improve model capabilities and enabling enterprises to deploy end-to-end AI systems inside mission-critical workflows. Visit: turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Most announced data centers will never get built. The ones that do are running on gas generators. And the US grid has no answer for what's coming.

Hannan Happi, CEO & Co-Founder of Exowatt, joins Sourcery for a rare facility tour of their 40,000 sq ft Miami HQ ? walking us through the tech, the team, and why the AI power crisis is far worse than the headlines suggest.

Exowatt has raised $140M from a16z, Felicis, Sam Altman, Leonardo DiCaprio, Starwood Capital, Thrive Capital, and more, all betting on a deceptively simple idea: concentrate sunlight with Fresnel lenses, store the heat in rocks at 1,000°C, and dispatch electricity on demand. 24 hours a day, no grid required.

Their P3 system is built from sand, dirt, and steel. Like a large magnified glass and a rock. No lithium. No cobalt. No China. Target cost: 1 cent per kilowatt hour.

Timestamps

(00:00) What is Exowatt? The solar backbone for AI data centers

(01:30) Why the US grid simply cannot handle what's coming

(02:00) Tour begins: Welcome to Lighthouse Miami ? 40,000 sq ft facility

(02:45) The P3 explained: three elements, one shipping container

(04:00) The founding story: Atomic venture studio and the modular hypothesis

(05:30) Why solar thermal hasn't followed solar PV's 99.6% cost decline ? until now

(07:00) North star: 1 cent per kilowatt hour and where they are today

(11:00) Inside the world's largest solar simulator ? the sun, indoors

(13:00) The Fresnel lens up close: a giant magnifying glass for the sun

(15:00) "It's rock science" ? the 5-year-old explanation of how it works

(17:30) Domestic raw materials (sand, dirt, steel) as the real competitive moat

(24:30) The phantom data center problem: most announcements won't get built

(26:00) From 100 MW to 10 GW: how data center scale exploded in 3 years

(30:00) Funding breakdown: $140M, a16z, Felicis, Sam Altman, Leonardo DiCaprio

(37:00) Lessons from Tesla: remove parts, iterate fast, build better

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit: https://merge.dev

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Max Levchin, Co-Founder of PayPal and CEO of Affirm, joins Sourcery for a wide-ranging conversation on building companies, surviving failure, and navigating one of the most important economic shifts in decades.

We start inside Affirm HQ (with a masterclass in espresso) before getting into the story behind onboarding 800,000 Shopify merchants in a week, the lessons from PayPal that still apply today, and why the team is the single biggest determinant of success. Max also breaks down how AI is collapsing the cost and speed of building software ? fundamentally reshaping company formation, competition, and the balance between labor and capital.

As intelligence becomes more accessible, he explains why weaker, more ?scammy? companies will struggle to survive in a world where both consumers and builders are more informed ? raising the overall bar for quality, execution, and truth. In parallel, the widespread availability of AI tools may effectively increase baseline capability across the population, shifting what it means to be skilled, technical, and competitive.

From reading research papers daily to staying ahead of rapid innovation cycles, he explains why this moment in AI may be even more consequential than the internet or mobile ? and what it takes to build and lead in it.

This was recorded March 30, 2026.

Topics include:

Building Affirm & scaling under pressure

PayPal lessons & talent density

Why ~85% of startups fail

AI and the collapse of build costs

Why low-quality / scammy companies will get exposed faster

AI raising the baseline capability of builders

Fintech, credit, and changing consumer behavior

Max Levchin: ?https://x.com/mlevchin?

Molly O?Shea: ?https://x.com/MollySOShea? 

Sourcery: ??https://x.com/sourceryy? 

??????? ????

YouTube : ?https://youtu.be/yC_dWibdvHY?

????????

? ?Brex??The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. ?https://brex.com/sourcery?

? ?Turing??Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. ?https://turing.com/sourcery??? VCX??VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at? http://GetVCX.com?

? ?Deel??Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: ?https://www.deel.com/sourcery?

? ?Public??Investing platform Public just launched ?Generated Assets?, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://?public.com/sourcery?

? ?Merge??The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit:? https://merge.dev?

Follow Sourcery for the latest updates!

?https://www.sourcery.vc/?

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at ?public.com/disclosures/ga?. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Max Levchin, Co-Founder of PayPal and CEO of Affirm, joins Sourcery for a wide-ranging conversation on building companies, surviving failure, and navigating one of the most important economic shifts in decades.

We start inside Affirm HQ (with a masterclass in espresso) before getting into the story behind onboarding 800,000 Shopify merchants in a week, the lessons from PayPal that still apply today, and why the team is the single biggest determinant of success. Max also breaks down how AI is collapsing the cost and speed of building software ? fundamentally reshaping company formation, competition, and the balance between labor and capital.

As intelligence becomes more accessible, he explains why weaker, more ?scammy? companies will struggle to survive in a world where both consumers and builders are more informed ? raising the overall bar for quality, execution, and truth. In parallel, the widespread availability of AI tools may effectively increase baseline capability across the population, shifting what it means to be skilled, technical, and competitive.

From reading research papers daily to staying ahead of rapid innovation cycles, he explains why this moment in AI may be even more consequential than the internet or mobile ? and what it takes to build and lead in it.

This was recorded March 30, 2026.

Topics include:

Building Affirm & scaling under pressure

PayPal lessons & talent density

Why ~85% of startups fail

AI and the collapse of build costs

Why low-quality / scammy companies will get exposed faster

AI raising the baseline capability of builders

Fintech, credit, and changing consumer behavior

Max Levchin: https://x.com/mlevchin

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube : https://youtu.be/yC_dWibdvHY

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit: https://merge.dev

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

We got rare access inside Applied Intuition?s commercial garage with Co-Founders CEO Qasar Younis and CTO Peter Ludwig, where they?re building AI systems that power cars, trucks, mining equipment, defense systems, and more.

In a never-before-seen tour to the public, Applied Intuition showcases where/how real machines across industries are being rebuilt with AI.

Valued at $15B, Applied Intuition is one of the most important companies in physical AI, powering 18 of the top 20 global automakers and deploying autonomy across automotive, trucking, construction, agriculture, and defense.

Inside this garage, you?ll see:

Self-driving cars, trucks, & heavy machinery

Autonomous mining & construction operations

Defense systems & remote-controlled fleets

A unified operating system running across every machine

Qasar and Peter break down how one platform can run everything from a car to a boat to a mining site, and why the future of AI is no longer just software, but systems that move the real world.

This is what ?atoms? looks like.

Qasar Younis: https://x.com/qasar

Peter Ludwig: https://www.linkedin.com/in/peterwludwig

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube : https://youtu.be/XhuG-xhw94A

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????

(00:00) Inside Applied Intuition physical AI garage

(03:00) Cars are a wiring mess

(04:31) Why modern architecture matters

(06:30) From simulators to autonomy

(07:50) Real-time autonomous operations

(08:34) AI solving labor shortages

(10:09) The mobile AI command center

(12:50) How defense became a core focus

(16:20) Becoming more public

(17:10) Connecting mines, ports, and roads

(19:07) Driverless trucks in Japan

(20:09) Why they don?t operate in China

(21:40) Which country is adopting fastest?

(23:00) Scaling a 1400-person AI company

(25:43) New vs old AI players

(27:49) "Bits are out, Atoms are in"

(29:40) Physical AI is just getting started

(32:06) The "Japan corner"

Qasar Younis (CEO) & Peter Ludwig (CTO) of Applied Intuition join Sourcery to break down how they?ve quietly built one of the most important AI companies in the world reaching a $15 billion valuation.

Founded in 2017, Applied Intuition is building the infrastructure layer for vehicle intelligence and physical AI, powering systems across automotive, defense, trucking, construction, mining, and agriculture. Today, 18 of the top 20 global automakers and major U.S. Department of Defense programs rely on their software.

The company has raised $1B+ in total funding, including a $600M Series F at a $15B valuation, co-led by BlackRock and Kleiner Perkins, with participation from global investors such as Franklin Templeton, Qatar Investment Authority, Abu Dhabi Investment Council, Premji Invest, Stripes, Greycroft, BAM Elevate, and 137 Ventures.

Existing investors include Fidelity Management & Research Company, General Catalyst, Lux Capital, BOND, Elad Gil, Addition, and Tribe Capital, alongside early backing from Marc Andreessen.

What makes the company especially unique: despite raising over $1B, Applied Intuition has largely not relied on that capital to fund operations, instead building a profitable, capital-efficient business with long-term customer contracts and deep integration across industries

In this conversation, we cover:

Why physical AI is fundamentally different from software AI

How breakthroughs like transformers unlocked real-world autonomy

The company?s horizontal-first strategy across industries

Why they stayed quiet for years?and why that changed

How they deploy autonomy in defense and industrial environments

What hiring looks like in the AI era

Applied Intuition isn?t building another AI app?it?s building the infrastructure for AI in the real world.

Qasar Younis: https://x.com/qasar

Peter Ludwig: https://www.linkedin.com/in/peterwludwig

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/TyLDPNTbkEA

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

David Baszucki, Founder & CEO of Roblox, has quietly built one of the largest & most complex systems on the internet: a real-time, global platform with ~150 million daily active users, 35 billion hours of engagement per quarter, and a $6.8 billion digital economy running on top of massive AI and infrastructure.

But Roblox isn?t just scale ? it?s a fully functioning economy. The platform has paid out over $1.5 billion to creators, with top 1,000 developers earning over $1.3 million on average, turning games into businesses and players into entrepreneurs. Underneath it all is a deeply engineered system.. 40+ global data centers, hundreds of thousands of servers, and hundreds of AI models powering everything from creation and discovery to safety and real-time interaction.

We go deep on how Roblox designed this economy from first principles, why AI will accelerate (not replace) creators, and what it takes to build a platform that blends gaming, social interaction, and entrepreneurship into one system. This is a curious blueprint for the future of the internet & real life where anyone can create, earn, and participate in a global digital world.

Subscribe to Sourcery for more conversations with the founders and leaders building the next generation of technology.

David Baszucki: https://x.com/DavidBaszucki 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/E0xl3PviQh4

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at https://GetVCX.com  

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery 

? Merge?The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????

(00:00) David Baszucki, Co-Founder & CEO at Roblox

(01:21) A spicy start

(03:53) The 10% global gaming ambition

(05:40) The early vision that built Roblox

(07:45) Vision vs metrics

(09:08) The most underrated part of Roblox

(10:55) Why Roblox data matters for AI

(12:55) The future of AI-powered games

(16:27) AI won?t replace creators

(20:46) Virtual concerts and the future of AR/VR

(22:28) What ?4D gaming? actually means

(24:29) Staying relevant across generations

(27:00) The viral engine

(27:58) Lessons on human behavior

Fundrise CEO Ben Miller joins Sourcery to break down the launch of the Fundrise Growth Tech Fund (NYSE: $VCX) ? one of the first publicly traded venture capital funds.

VCX debuted at roughly $700M valuation and surged to ~$6.5B within days, giving over 100,000 investors access to a portfolio of top private companies including Anthropic (~20%), Databricks (~17%), OpenAI (~10%), Anduril, Ramp, and SpaceX.

The timing reflects a broader shift: private markets are now where most value is created. VCX portfolio companies grew ~193% vs ~25% for public tech benchmarks, highlighting the gap between private and public market growth. Meanwhile, IPO timelines have stretched from ~3?5 years to 10?15+ years, meaning public investors are increasingly missing the highest-growth phase.

We discuss how VCX works as a closed-end fund, why it has traded at a premium (despite most closed-end funds trading at discounts), and how Fundrise accessed top-tier companies during the 2022?2023 venture downturn ? including buying from distressed sellers and stepping into competitive rounds.

Finally, we explore what comes next: whether public venture capital becomes a standard allocation, how cycles and volatility impact the model, and what happens if public markets begin directly funding private tech at scale.

Topics Covered

VCX launch & NYSE debut dynamics

Portfolio composition (Anthropic, OpenAI, Databricks, SpaceX)

Private vs public market growth gap (193% vs 25%)

Macro shift: value creation moving to private markets

IPO window + why companies stay private longer

How Fundrise sources and wins allocation

Closed-end fund structure, NAV, premiums/discounts

Risks: volatility, cycles, and downside scenarios

Future of venture: rise of public VC funds

Subscribe to Sourcery for more conversations with the founders, investors, and operators shaping the future of tech, markets, and capital.

Benjamin Miller: https://x.com/BenMillerise 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube : https://youtu.be/3-4AZ-p3tv8

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at https://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Michel Del Buono, CIO of Andreessen Horowitz?s multi-family office Perennial, breaks down how Silicon Valley?s top founders and investors manage wealth after massive liquidity events.

Perennial was built after Marc Andreessen and Ben Horowitz saw a major gap: traditional wealth managers weren?t delivering institutional-quality investment advice, while institutional asset managers weren?t built for taxable individuals. 

In this episode, we go deep on how portfolios should be constructed when you?re managing $50M to $1B+, including how to prepare for potential mega-events like a SpaceX IPO ? which could be one of the largest in history. 

We cover:

Why most wealth management portfolios are misaligned

The structural flaws of RIAs vs institutional asset managers

How to manage concentrated stock positions pre- and post-IPO

Why venture capital returns are driven by extreme dispersion

How taxes, fees, and structure can drive hundreds of basis points of alpha

Why volatility is one of the biggest opportunities for long-term investors

The rise of multi-family offices in Silicon Valley

Michel also explains why many founders make critical mistakes immediately after their first liquidity event ? and how to avoid them.

If you?re building, investing, or approaching a major liquidity event, this is a masterclass in how wealth is actually managed at scale.

Michel Del Buono: https://www.linkedin.com/in/mdelbuono/ 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ?????

YouTube : https://youtu.be/eiu81s0iyj8

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Steve Huffman, Co-Founder and CEO of Reddit, joins Sourcery at Reddit's San Francisco HQ for a deep dive into how Reddit became one of the strongest businesses in social media ? and why it may be even more important in the AI era.

On its 2-year anniversary as a public company (NYSE: $RDDT), we cover Reddit?s 2024 debut on the New York Stock Exchange (NYSE), including how the company brought its community along for the ride through one of the largest directed share programs in tech IPO history?allowing Reddit users to buy shares at the IPO price.

From $12M in revenue in 2015 to $2.2B in 2025, Reddit has quietly built one of the most durable social platforms on the internet. A core idea from this conversation: Reddit is built on real humans ? and as Steve puts it, there needs to be an ?ass in seat.?

As AI agents, bots, and synthetic content flood the internet, Reddit is doubling down on authenticity, human conversation, and community-driven moderation ? while also becoming one of the most valuable data sources powering top AI models.

We cover:

Reddit?s NYSE IPO and why Steve recommends going public

Why Reddit?s ad business is working while others struggle

How Reddit became critical training data for companies like OpenAI and Google

The ?ass in seat? philosophy and why human presence matters

How Reddit handles bots, agents, and AI-generated content

Why Reddit may have cracked the social media business model

Steve?s contrarian take on IPOs and building long-term companies

Reddit by the numbers:

121M Daily Active Uniques

471M+ Weekly Active Uniques

100K+ Active Communities

24B+ Posts & Comments

$2.2B Annual Revenue (2025)

If you want to understand where the internet is heading ? and why human communities may matter more than ever ? subscribe to Sourcery.

Steve Huffman: https://www.linkedin.com/in/shuffman56/  

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/iV-nhcDTvdw

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Alex Bouaziz is the co-founder and CEO of Deel, the global payroll and workforce infrastructure company that has rapidly become the #1 platform for hiring and paying employees worldwide. Founded in 2019, at only 7 years old, Deel has scaled to $1.4B+ ARR, a $17.3B valuation, and 40K+ customers across 150+ countries. 

In this conversation, Alex breaks down how Deel became one of the fastest-growing software companies in the world, building the infrastructure that allows companies to hire, manage, and pay talent anywhere globally.

We discuss Deel?s unique M&A playbook, including 10+ acquisitions used to rapidly expand payroll, HR, and compliance capabilities across markets, and how the company has built its own global payroll infrastructure across countries.

Despite its rapid growth, Deel has also achieved profitability while scaling past $1B+ in revenue, an uncommon milestone for a company growing at this speed.

Alex also discusses the company?s recent $17.3B valuation & funding round backed by Ribbit Capital, Coatue, and a16z, how Deel scaled globally, and why he believes AI and autonomous agents will fundamentally reshape the future workforce.

Topics include:

? Scaling Deel to $1.4B+ ARR

? Serving 40K+ companies across 150+ countries

? Deel?s 10+ acquisition M&A strategy

? Building a profitable hypergrowth SaaS company

? The future of global hiring and distributed teams

? How AI agents will transform the workforce

Subscribe to Sourcery for conversations with the founders and investors shaping the future of technology, AI, and global business.

Alex Bouaziz: https://x.com/Bouazizalex  

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube : https://youtu.be/Z6rW2hVczn0

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Alex Immerman, General Partner on Growth at Andreessen Horowitz (a16z), joins Sourcery to break down how one of Silicon Valley?s most influential firms is investing across AI, fintech, autonomous vehicles, and growth-stage software.

With a fresh $6.75B Growth fund, a16z Growth now manages over $22B across five Growth funds. Alex discusses how a16z evaluates category leaders, what separates private markets from public markets today, and why firms are rethinking old metrics in the AI era. He also goes deep on some of a16z?s highest-profile portfolio companies and investments including Waymo, Kalshi, Coinbase, Robinhood, Stripe, Revolut, ElevenLabs, Flock Safety, and more.

We cover:

? Why private markets now hold much of the highest-growth opportunity

? Waymo?s growth, valuation, market share, and the future of autonomous driving

? Why a16z backed Kalshi and what makes prediction markets so compelling

? ElevenLabs, voice AI, and how breakout AI companies build defensibility

? The new AI underwriting framework: growth, engagement, retention, and margins

? How a16z scaled from startup VC to capturing 18% of all U.S. venture dollars

? Why market leaders capture outsized value and how a16z thinks about winning

If you enjoy interviews at the intersection of venture capital, AI, fintech, public markets, and frontier technology, subscribe to Sourcery for more.

Alex Immerman: https://x.com/aleximm 

Molly O?Shea: https://x.com/MollySOShea 

Sourcery: ?https://x.com/sourceryy 

??????? ????

YouTube: https://youtu.be/MLXYJZAikBc

????????

? Brex?The modern finance platform, combining the world?s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

? Turing?Turing delivers top-tier talent, data, and tools to help AI labs improve model performance?and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery? VCX?VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

? Deel?Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

? Public?Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

??????????

(00:00) Alex Immerman, GP a16z

(00:53) Flock Safety: The most underrated company in America

(03:43) Private vs public market growth gap

(04:43) Do gross margins matter in AI companies?

(06:33) Waymo?s growth and $16B funding round

(08:13) The future of ride sharing and autonomous vehicles

(10:01) Where the value in self driving tech will accrue

(12:27) Tesla FSD vs Waymo?s full stack approach

(13:50) The growing brand power of Waymo

(15:43) What comes after autonomous cars? Humanoid robots

(17:41) Are people really worried about AI taking over?

(18:55) Inside ElevenLabs? $500M funding round

(22:12) The real world use cases of voice AI agents

Gili Raanan is the Founder of Cyberstarts and one of the earliest investors behind Wiz, one of the most important cybersecurity companies of the modern era and now a $32B outcome. Before founding Cyberstarts, Gili spent nearly a decade at Sequoia and earlier built and sold 2 security companies to IBM and EMC. He also helped build the first real CAPTCHA implementation and the first web application firewall.

In this conversation, Gili breaks down the Wiz story from the beginning: why he backed the team early with a $6M seed investment, how the company changed direction, what made its product market fit so powerful, and why its go to market motion scaled so unusually fast. He explains what made the founding team exceptional, what he learned from watching Wiz scale from a $66M seed valuation, and why he believes the next great cybersecurity company could be even bigger.

Beyond Wiz, Gili shares the Cyberstarts framework for investing before product, team, or code exists, why he underwrites people over ideas, and how AI agents are changing the future of cybersecurity. Today Cyberstarts has raised $1.5B+ across 7 funds, backed 30 companies, and its portfolio represents over $61B in combined value (50% of the worldwide private cybersecurity companies market).

We cover:

? The early days of Wiz and how the company evolved from seed to a $32B outcome

? Why Wiz achieved such strong product market fit

? What made Assaf and the founding team special

? How Cyberstarts picks founders before there is product or code

? Why Gili believes AI could create the darkest decade in cybersecurity

? What the next generation of $50B?$100B cyber companies could look like

Subscribe for more conversations with top founders, investors, and operators shaping technology, capital, and the future.

Gili Raanan: ?https://www.linkedin.com/in/giliraanan/? 

Molly O?Shea: ?https://x.com/MollySOShea? 

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