Sourcery

Courtney and Carter Reum, Co-Founders of M13, join Sourcery for a deep dive into building one of LA’s most prized early-stage venture firms.With $1.9B AUM across three funds, 200+ direct investments, 54 exits, and 15 unicorns seeded or backed at Series A, M13 has built a reputation for pairing venture math with hands-on execution. Portfolio investments include companies like Lyft, Pinterest, Ring, Bonobos, Matterport, Shake Shack, Solana, and emerging leaders like Rho, Prepared, OpenFX, Arena Club and Niural AI.  The firm is ranked Top 20 globally in the HEC-Dow Jones Venture Capital Performance Ranking and was named one of TIME’s Top 100 US VCs for 2025.M13 targets 30–35 core investments per fund, aims for ~20% ownership, and structures its portfolio around power-law outcomes — not incremental 3x bets. Over the last three years, companies behind M13-led rounds have raised ~$800M in follow-on capital, reached Series B ~30% faster, and at ~25% higher valuations than the median.We cover:• Why M13 targets 20% ownership• How they generate alpha in a hype-driven AI market• The second and third wave of AI opportunities• Portfolio construction & power law math• Stablecoins and the future of money• LA’s evolving tech ecosystem• Talent wars in the AI era• Founder execution vs idea quality• Biohacking, longevity, and performance• Lessons from pro sports, Goldman Sachs & culture“M13 is one of the brightest star clusters in the northern sky. It’s full of remarkable individual stars. But when those stars come together, they create something that’s truly greater than the sum of its parts. That’s the M13 advantage.”Subscribe to Sourcery for more conversations with the world’s top investors and founders.Courtney Reum: https://www.linkedin.com/in/courtneyreum Carter Reum: https://www.linkedin.com/in/carterreum Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube : https://youtu.be/FDOW60Yp_hw𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Welcome to the Pod House: M13’s LA Origins(01:10) $1.9B AUM & 54 Exits — What M13 Focuses on Now(02:20) Early Wins: Ring, Lyft, Pinterest & 15 Unicorns(04:10) Alpha vs Multi-Stage Capital — Two Sports of VC(06:00) Avoiding AI Hype & Sticking to Venture Math(08:40) Why M13 Increased Ownership to 20%

Revel just raised $150M at a $1.005B valuation — only 15 months after founding. In this episode of Sourcery, I sit down with Scott Morton, Founder & CEO of Revel, to unpack how he went from designing high-consequence launch control systems at SpaceX to building the unified software platform modernizing hardware test and command systems across aerospace, defense, robotics, and advanced energy.The $150 million in Series B funding is aimed to accelerate its expansion across aerospace, defense, robotics, and industrial markets. The round was led by Index Ventures, with major participation from Redpoint Ventures and returning investors Thrive Capital, Felicis, and Abstract Ventures, as well as prominent angels such as Dylan Field, Figma's co-founder and CEO.Revel replaces decades-old infrastructure — much of it built in the 1980s and 1990s — with a modern platform that enables engineers to visually configure hardware systems, monitor live telemetry, and issue commands safely in real time.We cover:Why Index Ventures led a preemptive $150M Series BThe SpaceX “T-minus 1 minute” moment that shaped Revel’s philosophyHow Revel helped Impulse increase rocket engine testing frequency by 5–10xThe difference between Revel Test and Revel C2 (Command & Control)Lessons from Elon Musk on pushing engineers beyond perceived limitsWhy Dylan Field (Figma) is a key investor and strategic sounding boardRevel is now working with companies like Impulse, Radiant Nuclear, Astro Mechanica, and others building mission-critical infrastructure for the autonomous age.This is the story of modernizing the software layer behind physical systems — where one character of code can mean total success… or no launch site.Subscribe to Sourcery for more deep dives into the founders building the next industrial era.Scott Morton: https://x.com/scottgmorton Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/1MkfF1KrD7M𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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. 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Scott Morton, Founder & CEO at Revel(00:40) Raising $150M at a $1.005B valuation in just 15 months(02:58) What Revel actually builds(05:23) 10x faster engine testing by replacing legacy systems(07:26) Designing Falcon 9’s propellant load sequence(09:12) T-1: When every line of code has to be perfect

On Q4’25 earnings day, I went inside Opendoor’s San Francisco headquarters for an exclusive behind-the-scenes look at how the company operates in real time.CEO Kaz Nejatian gave us a full office tour — from dashboards and war rooms to earnings prep and the team packing merch ahead of the livestream. We sat in on a product discussion, watched the team prepare their live earnings broadcast, and saw firsthand how the culture operates under pressure.I also spoke with Michael Judd, Head of Investor Relations, $OPEN investor relations lead, and one of the longest-standing Opendoor employees (joined in 2016). He shares what it’s been like to see Opendoor move through multiple chapters — from early markets, to stock decline, to what the team calls a “second birth.”In this episode, we cover:• Why Opendoor livestreams earnings — including streaming on Robinhood • How the $OPEN Army became part of the company’s public narrative • Innovating on investor relations in a digital market • Weekly velocity and compressed execution cycles • What a public company “second act” looks like internally • The mission behind making homeownership more accessibleThis is a rare inside look at earnings day inside a public company — the people, the pace, the pressure, and the product.If you want more, check out our full interview with Kaz.Kaz Nejatian: https://x.com/nejatian Michael Judd: https://x.com/michaeljudd321 Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/IMN9tOz4erY𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Inside Opendoor HQ(00:57) Earnings day energy with CEO Kaz(03:42) Why is there a sword in the conference room?(04:58) Retail investors, capitalism, and leading in wartime(08:08) Michael Judd on a decade of rise and reset(10:25) Reinventing earnings with live streams(13:38) Keeping up with Kaz(14:16) The $Open Army(15:07) From $0.50 share price to resurrection(18:07) Closed doors at Opendoor?(19:38) Inside a live product meeting with Kaz & team

On the day of earnings, Opendoor CEO Kaz Nejatian joins Molly O’Shea on Sourcery to break down the public turnaround of a company that was trading around $0.50 per share, facing delisting risk, and fighting for survival in full view of the market, with the backing of the $OPEN army behind it.Kaz stepped in after Opendoor’s market cap had collapsed to the low hundreds of millions and the iBuying model was widely written off. Instead of managing optics, he focused on fundamentals. He reviewed every employee and every invoice, cut millions in consulting spend including a $5M engagement he believed degraded quality, restructured workflows that once required 11 human touchpoints, brought the company back in person within days, and rebuilt incentives around a $1 salary and a performance based equity package worth up to $2.8B if long term targets are met.This conversation is primarily about what it actually takes to attempt a public company turnaround in real time. We discuss speed as a learning mechanism, the power of a founder mentality, conviction under scrutiny, and the discipline required to build something durable when the stock price is disconnected from the underlying business.In this episode, we cover:• The psychology of running a turnaround with quarterly earnings pressure • What it means to optimize for what things are, not what they look like • Why most public companies misprice long term growth • The loneliness and pressure of being a founder type CEO • Lessons from Toby Lütke at Shopify on applying a near zero discount rate to future growth • Refusing to sacrifice long term compounding for short term stock movements • How to build conviction while everyone is watching in public marketsIf you enjoy these deep dives, subscribe to Sourcery for weekly interviews with the founders, CEOs, and investors shaping technology and markets.Kaz Nejatian: https://x.com/nejatian Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube: https://youtu.be/lifm020YjcU𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Kaz Nejatian, CEO Opendoor(01:11) Near delisting and stepping in at a $0.50 share price(04:20) Obsessing over Opendoor and planning to take it private(07:00) Running a Public company without playing the Headline Game(09:09) The $1 salary and being fully levered to the mission

Thrive Capital Partner Philip Clark joins Sourcery to break down how one of the most concentrated and influential firms in tech evaluates founders, builds conviction, and partners with companies that reshape the world.“Josh always had a line to me when I joined Thrive, which is that the people who win deals are the ones who want to win them most.”In this episode, we go deep on Thrive’s investments in OpenAI, Cursor, Wiz, Nudge, Physical Intelligence, and why Philip believes we’re entering a golden era for hardware — powered by cheaper sensors, software intelligence, and a new generation of engineers trained at SpaceX, Anduril, and Neuralink.Philip tells the inside story of:Seeing an early demo of OpenAI’s GPT-4 before launchWhy Thrive flew into an active war zone to close the Wiz dealCursor’s explosive growth from a small pivot to a multi-hundred-million ARR productHow Nudge is engineering the human brain using ultrasoundWhy hardware’s barriers are falling and why the biggest companies of the next decade may be physicalIf you want to understand the future of AI, hardware, and the next generation of “counterfactual companies,” this is the episode.Philip Clark: https://www.linkedin.com/in/philip-clark-883a41126/Molly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/niosgDC-QHU𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insightsFollow Sourcery for the latest updates!https://www.sourcery.vc/𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Who is Philip Clark? How he joined Thrive Capital(02:45) From physics to investing: becoming a technologist–optimist(04:00) How semiconductors led him to Thrive(06:00) Deep dive: Mesh Optical & the data center interconnect opportunity(07:45) Inside Cursor’s explosive growth and why AI is “speed chess”(09:15) How Philip first met Cursor’s founders during a pivot(11:30) Path to partner & Thrive’s “full-stack investor” model(13:45) The Wiz story: flying into an active war zone(17:15) Why Wiz closed six-figure deals in weeks — the rare “fast + big” enterprise combo(19:30) Why hardware is back: sensors, software, and SpaceX-trained talent(21:45) The rise of Nudge and engineering the human brain(26:30) Neuralink & Nudge: read to stimulate(31:15) Why Thrive concentrates instead of “spray and pray”(36:00) Inside OpenAI: seeing GPT-4 before launch(40:45) What comes after SaaS — and the companies unlocked by AI

Alex Blania (CEO of Tools for Humanity, Co-Founder of World, and Co-Founder of Merge Labs) joins Sourcery to explain why the internet is heading toward a breaking point: bots, deepfakes, scams, and autonomous agents are scaling faster than trust.“99.9% of internet traffic will be AI driven.”“It’s not about combating the bots because that will be a lost cause.”World is trying to build a “real human network” a proof-of-human layer for the AI era, and the numbers are getting serious:• 38,374,194 World App users across 160 countries• 17,832,402 verified unique humans• 970,885,726 wallet transactionsWe talk about: how proof-of-human actually works, what happens when bots outnumber people online, why identity becomes the bottleneck for markets and platforms, and what a “verified human internet” could look like.Then we go deeper into Alex’s second frontier bet: Merge Labs, a brain–computer interface research lab that raised $252M seed round at an $850M valuation, backed by Bain Capital Ventures, with OpenAI as an investor and research collaborator, plus Gabe Newell. Merge Labs is pursuing less-invasive, higher-bandwidth BCIs, exploring ultrasound-based modalities and molecular approaches to interface with more of the brain without implants.The bot era is here. The question is: how do you prove you’re human online, and what happens when you can’t?Alex Blania: ⁠https://x.com/alexblania⁠Molly O’Shea: ⁠⁠https://x.com/MollySOShea⁠⁠Sourcery: ⁠⁠https://x.com/sourceryvc⁠𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube: ⁠https://youtu.be/7PnaQzw_K8E⁠𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!⁠https://www.sourcery.vc/⁠DisclosurePaid 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.𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Alex Blania(01:27) World Explained: ID, Chain, App — The Full Stack(04:47) World Card, Stablecoins & Encrypted World Chat(08:22) 37M Users, 17M Verified — And It’s Still Not Enough(11:02) “Fail-Safe Privacy” — Why This Can’t Break(12:18) Where Proof of Human Actually Wins: Social, Dating, Gaming(14:04) Stop Fighting Bots — Label AI vs Human(16:49) How Alex Met Sam Altman(22:25) Operating with Sam While Building Two Companies(24:39) Inside Merge Labs — Why It Took 18 Months(24:58) “Last Innings Before Superintelligence”(32:38) Launching Merge Labs – $252M Seed Round(34:01) OpenAI Funding(37:30) Brain–Computer Interfaces 101 — Why Bandwidth Matters(42:14) Mind Control? Privacy? The Real BCI Misconceptions

Jake Paul and Geoffrey Woo join Molly O’Shea on Sourcery to break down their venture strategy, Anti Fund, and the operator-to-investor flywheel Jake has built across sports, consumer, media, and venture. With companies like: W, Betr, Anti Fund, Most Valuable Promotions, Boxing Bullies, Celsius, Dog Haus, & his new ranch, Jake explains how his broader empire building strategy centers on ownership, distribution, and long-term compounding rather than one-off wins.Specifically, we go inside Anti Fund (~$65M+ AUM, currently deploying a ~$30M vehicle) and explain why they avoid rigid “seed-only” or “growth-only” mandates—writing small entry checks to build conviction, then scaling into larger positions as companies prove out. In an AI-accelerated market where timelines compress quickly, adaptability becomes the edge.Jake shares why investing has become his “first love,” giving him proximity to frontier founders, including a close relationship with OpenAI. He reflects on helping shape the viral Sora moment and on lessons learned from Sam Altman around speed, decisiveness, and eliminating wasted time—while Geoffrey argues that as AI commoditizes execution, culture, taste, and distribution become the true moats.The episode captures a new venture archetype built on cultural gravity and direct access. With Logan Paul joining the partnership, Anti-Fund is positioning itself to compete with top firms while backing long-horizon themes like AI infrastructure, applied AI, robotics, and defense tech. Jake measures performance with numbers, but defines success more simply: having fun while competing at the highest level.Anti Fund® is an investment firm that invests in technology companies. Past investments include OpenAI, Anduril, Ramp, Cognition, Polymarket, Physical Intelligence, Flock Safety (via Aerodome), Chronosphere among many others.Anti Fund was founded upon two foundational axioms:the future is forged at the intersection of tech 🤝 culture.the best founders are “anti” by definition, as their companies must be highly disruptive to the status quoJake Paul: ⁠https://x.com/jakepaul⁠ Geoffrey Woo: ⁠https://x.com/geoffreywoo⁠ Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠⁠https://x.com/sourceryy⁠ 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒Youtube: ⁠https://youtu.be/SMzYK_kqm8M⁠𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• ⁠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• ⁠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/sourcery⁠Follow Sourcery for the latest updates!⁠https://www.sourcery.vc/⁠DisclosurePaid 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.

Unconventional AI recently emerged from stealth with $475M in seed funding at a $4.5B valuation, led by Andreessen Horowitz and Lightspeed, with participation from Sequoia, Lux Capital, DCVC, Future Ventures, Jeff Bezos, Playground Global, and others. Naveen is also personally investing $10M into the company.Recorded at Playground Global in Palo Alto and hosted by Peter Barrett, General Partner, this Sourcery conversation features:- Naveen Rao — CEO & Co-Founder, Unconventional AI (founder of Nervana, acquired by Intel for $400M+, and MosaicML, acquired by Databricks for $1.3B; former Chief AI Officer at Databricks)- Konstantine Buhler — Partner at Sequoia Capital- Molly O’Shea — Founder of Sourcery (Moderator)Unconventional AI is building a new computational substrate designed for biology-scale efficiency — running neural networks directly on the nonlinear physics of silicon instead of simulating them through traditional digital abstractions.As AI demand accelerates, computation is approaching a collision with global energy supply. Unconventional’s thesis: achieving step-function efficiency gains requires rethinking compute itself.Instead of forcing stochastic neural networks onto deterministic digital machines, the company is engineering silicon circuits with similar nonlinear dynamics — effectively creating a “silicon wind tunnel” for intelligence.In this conversation, we cover:- Why energy — not capital — is becoming AI’s true bottleneck- The return of analog-inspired computing- What it takes to build a new computing paradigm- How investors underwrite formation-stage deep tech- Where the AI supercycle goes nextMolly on X: https://x.com/MollySOSheaNaveen on X: https://x.com/NaveenGRaoBrought to you by:Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, and travel. As a Sourcery subscriber you get: 75,000 points after spending $3,000 on Brex card(s). Plus, white-glove onboarding, $5,000 in AWS credits, $2,500 in OpenAI credits, and access to $180k+ in SaaS discounts. On top of $500 toward Brex travel, $300 in cashback, plus exclusive perks (like billboards..) visit → brex.com/sourceryTuring—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance, and enable enterprises to turn those models into powerful, production-ready systems. Visit: turing.com/sourceryDeel—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: deel.com/sourceryPublic-–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. Seriously, you can type in anything, from “AI-powered supply-chain companies with positive free cash flow” to “defense tech companies growing revenue over 25% year-over-year.” 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. Try it today: public.com/sourcery Follow Sourcery for the latest updates! https://www.sourcery.vc/#podcast #investing #technology #venturecapital #entrepreneur #startup #siliconvalley

Deedy Das, Partner at Menlo Ventures and former founding team member at Glean, joins Sourcery to unpack a major shift reshaping venture capital: the move from rigid investment theses toward founder-led conviction.With 48+ years of experience, 80+ public companies, 165+ mergers and acquisitions, and $6.8B+ under management, Menlo Ventures is partnering with Anthropic through the $100M Anthology Fund to back the next generation of AI startups.Deedy explains how the firm identifies infrastructure companies early — often before the broader market recognizes their importance — and why iconic outcomes rarely emerge from predefined theses. He breaks down what distinguishes durable AI businesses from short-lived momentum plays, and how top investors evaluate founders capable of building enduring companies.We also explore the rapid evolution of the AI stack — from internet-scale training to reinforcement learning, agentic systems, and the pursuit of the economic Turing test.Topics Covered:The strategy behind Menlo + Anthropic’s Anthology FundWhy “anti-thesis” investing winsFounder traits that predict generational companiesAI infrastructure gaps still waiting to be builtProduct taste as a competitive moatThe danger of overfunding startupsWhy Deedy became one of tech’s most followed voices on XDeedy Das: https://x.com/deedydas  Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube : https://youtu.be/Gjw0oBznXuQ𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.

Sequoia Capital Partner Shaun Maguire returns to Sourcery for a conversation with Molly O’Shea on math superintelligence, physics, and the limits of human understanding.Specifically, Shaun explains his and Andrew Reed’s investment in Harmonic, the new AI company founded by Robinhood CEO Vlad Tenev, and why math + reinforcement learning may unlock the next major breakthrough in artificial intelligence. Breaking down Harmonic’s differentiated strategy using Lean, formalized proofs, and reinforcement learning to train AI systems that reason rigorously about math, outperforming far larger labs with a fraction of the spend.We also get into Shaun’s physics worldview from loopholes in the laws of nature, to time travel, vacuum energy, UAPs, Bayesian probability, information warfare and why he believes we understand far less about reality than we think.The conversation expands into UAPs (UFOs), Palmer Luckey, probability, scientific humility, and how frontier intelligence, human or artificial, might reshape what’s possible in math, physics, and reality itself.In an exclusive cut for X, Shaun discusses free speech, narrative power, and why platforms like X matter in an era of global information conflict (Sequoia invested $800M in the take-private) – making the case that much of today’s political and media chaos is the downstream effect of Cold War–era KGB psychological warfare tactics that never actually stopped — they just changed hands.Shaun Maguire: https://x.com/shaunmmaguire Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒https://youtu.be/7-kTsCkKfUw𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.

Brex CEO Pedro Franceschi joins Molly O’Shea for an exclusive breakdown of the $5.15B Brex x Capital One M&A deal—from the first serious conversations to finalising the deal in ~40 days, making this one of the largest bank–fintech deals in history. Pedro shares why Capital One paid up, why he believes the “exit” mental model is wrong, and how Brex stays founder-led with a “butterfly” operating model inside a $150B platform powered by $6B in marketing and $6B in R&D.We break down the full deal timeline (term sheet on Dec 22, announcement tied to Capital One’s Jan 22 earnings), the 50/50 cash–equity structure, and why Capital One committed ~$950M in integration + retention to accelerate Brex’s trajectory. Pedro also walks through Brex’s valuation reset—from a $12B peak to a ~$4B employee repricing, and now a ~13.4x gross profit acquisition multiple at the top end of fintech public comps.Pedro also explains how Brex is staying in war mode—shifting its real competition from fintech peers to JPMorgan, Amex, and the largest U.S. banks. With Capital One’s scale behind it, Brex is aggressively pushing to win enterprise market share, out-execute legacy incumbents, and become the dominant financial platform for modern companies.Brex today serves 1 in 3 U.S. startups, supports 300+ public companies, and powers spend for top AI labs—including TikTok, Toast, Robinhood, Anthropic, Zoom, DoorDash, and Canva. After closing, Brex is expected to become the #3 corporate card platform in the U.S., accelerating enterprise expansion, AI agents, and next-generation financial automation.This may be the only full public, founder-level breakdown of a major M&A deal ever shared right after signing. Hope you enjoy!Pedro Franceschi: https://x.com/pedroh96  Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒https://youtu.be/3a3omxYXqK4𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.

Elon Musk has built more category-defining companies than any founder alive — and Sequoia Capital and Partner Shaun Maguire have backed five of them: SpaceX, xAI, Neuralink, The Boring Company, and X.In this episode of Sourcery, Shaun breaks down how Elon builds trillion-dollar companies, why SpaceX may be the greatest company, largest IPO and wealth creation event of all time, and why he believes Elon is still massively underrated despite his global impact.We dive into SpaceX’s IPO, Starlink’s explosive growth, data centers in space, direct-to-cell from orbit, xAI, and the unique way Elon builds long-term potential energy before unleashing scale.Shaun also explains why SpaceX could become the biggest wealth creation event in history, how liquidity will reshape the tech ecosystem, and why Elon’s approach to power, infrastructure, and speed gives him an unmatched edge.This is a deep look inside Elon’s operating system — from one of the most technically fluent investors in Silicon Valley.Shaun Maguire: https://x.com/shaunmmaguireMolly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YT: https://youtu.be/lPXYqPXo_R0𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Shaun Maguire, Partner at Sequoia Capital(01:10) SpaceX Upcoming IPO & data centers in space(05:00) The math behind space-based data centers(07:05) Breaking down Starlink from first principles(12:10) Economics of Starlink vs legacy telecom(14:41) Starlink + self-driving cars and the future of mobility(16:29) Starship, direct-to-cell, and the next decade roadmap(19:38) SpaceX investment size and returns so far (20:25) Why is Elon still underrated?(21:33) How SpaceX went from contrarian to consensus(25:39) Why does Elon keep a tight investor circle?(27:06) Why does the market still underestimate xAI?(29:47) AI capex, liquidity cycles, and why spending is rational(32:11) Staying private vs going public: what makes more sense(35:47) Mission-driven cultures vs post-liquidity slowdown(37:53) Preparing founders psychologically for liquidity events(40:33) Why this may be the healthiest wealth creation cycle

Filmed at the Reagan National Defense Forum at the Reagan National Library, Molly walks with Dan Wright, CEO of Armada, to unpack why the next era of AI infrastructure will not live only in hyperscale cloud campuses – it will move into the physical world.Armada calls itself the hyperscaler for the edge. The company builds modular AI factories that bring compute, connectivity, storage, and real world AI into environments where latency, security, and reliability are mission critical. Dan shares how Armada started with SpaceX as an early point of entry, why Starlink fundamentally changed what is deployable around the globe, and how Armada is pairing connectivity with infrastructure to bring the most powerful AI models to places that have never had access before.The conversation spans Armada’s partnerships with Microsoft, OpenAI, and Skydio, plus what it takes to deploy in extreme environments, from U.S. Navy operations at sea to the Saudi desert with Aramco Digital, and all the way to Alaska for real time disaster response. Dan also lays out the geopolitics of AI infrastructure, why he believes the world will run on either the U.S. AI stack or the Chinese AI stack, and why exporting infrastructure to allies is central to winning that race.We also go long on space. Dan explains why data centers in space are coming, why Starship is a prerequisite for lunar and planetary industry, and why compute becomes unavoidable once you imagine robots building bases on the Moon and later Mars. He also reacts to the ongoing SpaceX IPO speculation for 2026 and why broader access to SpaceX would matter if it happens.Armada has raised $200M+ to date, backed by investors including Founders Fund, Dragon Global, Lux Capital, Shield Capital, 8090 Industries, Microsoft’s M12, Overmatch, Silent Ventures, Felicis, and Marlinspike, with later strategic participation including Pinegrove, Veriten, and Glade Brook.Dan Wright: https://x.com/danwrightSF Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YT: https://youtu.be/iCD8nuxSgKw𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.

Snowflake CEO Sridhar Ramaswamy joins Sourcery to discuss Snowflake’s long-term path toward iconic scale, drawing on his firsthand experience scaling Google Ads from ~$1.6B to ~$100B+ in revenue — including the moment Eric Schmidt challenged his team to write a $100B revenue plan as a thought experiment in compounding growth.Rather than declaring a Snowflake revenue target, Sridhar explains how sustained ~30–35% compound growth, discipline, and execution can transform a company over time — and how Snowflake (NYSE: SNOW) is positioning itself in the AI data platform arms race to build toward that level of impact.We cover:Snowflake’s role in the AI supercycleCompeting with Databricks, hyperscalers, and frontier AI platformsScaling ambitions inspired by Eric SchmidtLessons from Frank Slootman’s leadership and Sutter Hill’s influenceThe strategic logic behind the Observe acquisitionIPO lessons from one of the largest software debuts in historyAnd Sridhar’s personal “monk mode” operating style — optimizing for focus, discipline, and long-term executionThis episode is about compounding growth, enterprise AI, and what it takes to build a truly iconic company over decades.Sridhar Ramaswamy: https://x.com/RamaswmySridhar Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YT: https://youtu.be/1ahhYmSFShQ𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.

Zipline CEO Keller Rinaudo Cliffton gives Molly a rare full tour inside Zipline’s factory + HQ—including the ROCC (Remote Operating Command Center), live flight monitoring, the HITL hardware-in-the-loop simulator lab, reliability testing, and the production line.DISCLAIMER: This is a LIVE factory, it is noisy, audio can be inconsistent at times. Enjoy :)Watch our full sit-down interview with Keller for more information behind their latest $7.6B valuation & financing round.Zipline is nearing 2,000,000 total deliveries and operates what Keller describes as a global system where “every one of those aircraft is out making delivery somewhere in the world.” The company says it has achieved 125 million commercial autonomous miles with zero safety incident, and it’s scaling fast: ~15% week-over-week growth with operations running ~17 hours/day today and moving toward 24/7.Inside the ROCC, Keller walks through how Zipline manages fleet oversight at scale, including FAA approval to fly at ratios of “one human to 30 aircraft” (and pushing beyond that). He also shares site ramp dynamics: the first Dallas site took ~110 days to reach 100 deliveries/day, while newer sites can hit 100 deliveries/day in ~2 days—and in some cities Zipline says 50%+ of homes are ordering.On the engineering side, Zipline’s HQ team spans autonomy, powertrain, safety/reliability, systems test, embedded, mechanical, and industrialization—part of a workforce of ~1,300 people, including ~800 in the U.S., with “more than half” in engineering. Keller also explains Zipline’s Tesla-like approach to vertical integration: designing core systems in-house (including motors) and even building internal manufacturing software—“the only other companies…that do that…Tesla.”You’ll see how Zipline maintains high engineering velocity while prioritizing safety: a major global software update every six weeks (typically ~60 bug fixes and ~25–30 performance improvements), tested across simulation and real-world flights before rolling out over-the-air.Keller R. Cliffton: https://x.com/Keller Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YT: https://youtu.be/_qbbwichFIk𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.

Zipline CEO Keller Rinaudo Cliffton joins Sourcery from Zipline’s drone factory to break down the company’s $600M+ funding round at a $7.6B valuation, a clear step up from Zipline’s ~$5B valuation in 2024, as the company enters a major U.S. and global scaling phase.The round includes participation from leading investors Fidelity Management & Research Company, Baillie Gifford, Valor Equity Partners, and Tiger Global, underwriting Zipline’s expansion across manufacturing capacity, fleet CapEx, and metro-level infrastructure as demand accelerates.Zipline has now surpassed 2 million commercial deliveries and flown 125M+ commercial autonomous miles, making it the world’s largest autonomous delivery system. The company operates on four continents, serves 5,000+ hospitals and health facilities, and delivers food, retail, and healthcare products directly to customers’ homes in minutes. Zipline’s zero-emission aircraft have delivered more than 20 million items with no serious injuries and are saving 10,000+ lives per year in the process.In the U.S., Zipline is scaling at exceptional speed. U.S. deliveries have grown by approximately 15% week over week for the last seven months, and Keller shares that Zipline now does more deliveries in the United States than the rest of the world combined. In Dallas, Zipline’s first site took 10 weeks to reach 100 deliveries per day, while newer sites reached that same volume in just 2 days—a clear signal the system is moving from early adoption to everyday infrastructure.We also cover Zipline’s upcoming launches in Houston and Phoenix, where customers will soon be able to order tens of thousands of items with deliveries arriving in as little as 10 minutes, Zipline’s vertically integrated manufacturing strategy, and why Keller believes autonomous, on-demand logistics will soon be the norm across multiple U.S. states.Keller R. Cliffton : https://x.com/Keller Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/sF5Ocop7A_I𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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

Adam Goldstein, Founder & CEO of Archer Aviation (NYSE: ACHR) gives Sourcery a full behind-the-scenes of Archer’s HQ. In this conversation, Adam breaks down what Archer is building (a new category of aviation), why regulatory and political support matters, and how they’re thinking about scaling from early city deployments to a truly global aircraft business. We also get into why retail investors and Reddit became a major part of Archer’s story, and the market-sizing framework behind “20 aircraft x 1,000 markets.”One part of Archer’s progress that’s very impressive are their significant defense and strategic technology partnerships, including Anduril (hybrid VTOL and unmanned rotorcraft concepts), Palantir (AI and data infrastructure for manufacturing, operations, and airspace systems), its role as the exclusive air taxi provider for the LA 2028 Olympics, and its early expansion partnerships across the UAE.Plus, I try the simulators: first a helicopter-style experience (chaos), then Archer’s Midnight fly-by-wire system (way easier, way more fun).Archer was the first sponsor of Sourcery ever, so it was special to get a full tour!Topics we cover:What Archer is and how eVTOL air taxis workThe “first new category in aviation in 60 years” and what it takes to unlock itLA28 Olympics and the path from now to 2028EIPP and flying in US cities as soon as next yearDefense market shift toward autonomy at scale and Archer’s partnershipsGoing public early, Boeing conflict, and the role of retail liquidityWhy Adam thinks this can become a $100B+ business (and eventually bigger)Adam Goldstein: ⁠https://x.com/adamgoldstein13⁠ Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠⁠https://x.com/sourceryy⁠ 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube : ⁠https://youtu.be/kohPqi123-s⁠𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• ⁠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• ⁠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/sourcery⁠Follow Sourcery for the latest updates!⁠https://www.sourcery.vc/⁠DisclosurePaid 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.

Robinhood CEO Vlad Tenev joins Molly O’Shea from Robinhood HQ to break down the company’s record year and what powered its growth.Robinhood (NASDAQ: HOOD) stock opened 2025 under $40/share and ended the year around $113/share, a ~200% annual gain, pushing the company to roughly $120B in market capitalization. But as Vlad explains, the bigger story is under the hood.Today, Robinhood has 11 separate business lines generating $100M+ in annual revenue (!!), including prediction markets, margin, Gold subscriptions, cash sweep, crypto, and institutional infrastructure via Bitstamp. Vlad walks through Robinhood’s three long-term arcs: becoming #1 for active traders, owning wallet share for the next generation, and expanding globally into business and institutional markets.The conversation spans:Prediction markets as a new supercycle (sports, weather, insurance)Tokenized stocks and 24/7 trading in EuropeReinventing earnings calls as live, interactive experiencesUnlocking private markets and AI companies for retail investorsRobinhood Cortex, an AI financial assistant with full portfolio contextWhy retail investors today look very different than in 2021This is a deep look at how Robinhood matured alongside its users — and how Vlad thinks about the next decade of finance.Vlad Tenev:Molly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube: https://youtu.be/7cvVgxJYb-I𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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/sourceryDeel—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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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 Senra joins Sourcery for a candid conversation about the founders he’s spent nearly a decade studying, and why time, not intelligence or hype, is the only filter that actually matters. As the creator of Founders, Senra has read and analyzed hundreds of biographies of history’s most consequential builders, looking for the recurring patterns behind people who don’t just succeed once, but keep going for decades.That work led directly to his new show, David Senra. What makes the format unusual is that these aren’t traditional interviews and they aren’t random guests, they’re conversations. And the people David sits down with are often longtime listeners of Founders, super-fans of the ideas, books, and lessons his audience already cares about, who apply those lessons at an extraordinary level. The result is a rare alignment where the guests and the audience share the same reference points.In this episode, Senra reflects on conversations with founders he’s spoken with directly, including Michael Dell, Brad Jacobs, James Dyson, Michael Ovitz, & Daniel Ek, alongside the long arc of figures he’s studied deeply on Founders such as Charlie Munger, Warren Buffett, Steve Jobs, & Walt Disney. Across all of them, the common thread is durability: staying in the same game long enough for compounding to work.Rather than focusing on startups, exits, or fundraising cycles, this conversation centers on why most founders disappear, their biggest & most common regrets, how self-sabotage ends more careers than competition, and why the best builders treat problems as puzzles instead of crises. It’s a discussion about building something you can stay with for life, & why the rarest outcome in business isn’t success, but longevity.David Senra: https://x.com/davidsenra Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube: https://youtu.be/RVdwU711kP0𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.

Jeffrey Katzenberg & ChenLi Wang join Sourcery for a deep, candid conversation on how WndrCo was built, and how they think about investing, company-building, and storytelling in the age of AI.Katzenberg reflects on his third act after Disney & DreamWorks, tracing a lifelong pattern of using technology as a competitive advantage for storytelling. ChenLi shares how scaling Dropbox shaped his views on product craft, distribution, and why benchmarks often fail to capture what actually makes great companies.Together, they break down WndrCo’s hybrid model spanning builds, venture, and seed investing, and discuss how that framework has led them to back category-defining companies including 1Password, Airtable, Harvey, Abridge, Granola, and Deel — as well as internally built platforms across consumer security, health, and the future of work.They unpack why WndrCo sometimes chooses to build companies from scratch rather than invest, how they deploy capital across stages, and why real differentiation today comes from product obsession, storytelling, and hands-on operating support, not capital alone.The conversation also dives into the state of venture capital, the coming AI reckoning, what happens after $700B+ in hyperscaler capex, and why only companies delivering visible ROI and real adoption will survive the next cycle.Jeffrey Katzenberg: https://www.linkedin.com/in/jeffrey-katzenberg-4b3b47123/Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube: https://youtu.be/8ZpodkQ0rn8𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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• 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid 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.𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Welcome to Sourcery at WndrCo(01:43) What Actually Changed in AI in 2025(03:26) When AI Hype Meets Real Productivity(05:01) Is an AI Bubble About to Burst?(05:59) Companies WndrCo Is Most Excited About(09:02) The Origin Story of WndrCo(09:45) Technology as a Storytelling Advantage(12:55) Why Katzenberg Chose Venture as a Third Act(17:12) From Holding Company to Venture Platform(18:56) How WndrCo Decides to Build vs Invest(22:29) Why Longevity Became a New Build Theme(26:33) "Good Storytelling, Bad Outcomes"(29:57) What Actually Differentiates WndrCo as an Investor(35:57) Why Benchmarks Fail in the AI Era(40:16) How WndrCo Invests: Build, Venture, Seed