Sourcery

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 misalignedThe structural flaws of RIAs vs institutional asset managersHow to manage concentrated stock positions pre- and post-IPOWhy venture capital returns are driven by extreme dispersionHow taxes, fees, and structure can drive hundreds of basis points of alphaWhy volatility is one of the biggest opportunities for long-term investorsThe rise of multi-family offices in Silicon ValleyMichel 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 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube : https://youtu.be/eiu81s0iyj8𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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/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.

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 publicWhy Reddit’s ad business is working while others struggleHow Reddit became critical training data for companies like OpenAI and GoogleThe “ass in seat” philosophy and why human presence mattersHow Reddit handles bots, agents, and AI-generated contentWhy Reddit may have cracked the social media business modelSteve’s contrarian take on IPOs and building long-term companiesReddit by the numbers:121M Daily Active Uniques471M+ Weekly Active Uniques100K+ Active Communities24B+ 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 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/iV-nhcDTvdw𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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/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.

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 workforceSubscribe 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 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube : https://youtu.be/Z6rW2hVczn0𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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/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.

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 winningIf 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 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/MLXYJZAikBc𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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/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 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 likeSubscribe 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 Sourcery: ⁠⁠https://x.com/sourceryy⁠ 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube : https://youtu.be/yTlEfdo4MVM𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• ⁠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/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.

Alfred Lin, Partner & new Co-Steward of Sequoia Capital and #1 investor on the Midas List, joins Molly O’Shea on Sourcery for a conversation on AI, founder-market fit, enduring companies, and what Sequoia is seeing in this moment of accelerating technological change.For more than five decades, Sequoia has backed many of the most consequential companies in technology, from Apple and Nvidia to Airbnb, DoorDash, Stripe, and more. But as Alfred explains in this conversation, Sequoia does not think about the 54-year-old firm the way many others do. Rather than optimizing around AUM, Sequoia focuses on DPI and being a net liquidity provider to LPs. Since 2020, the firm has distributed more than $43 billion back to investors (as of Oct 27, 2025).In this conversation, Alfred breaks down why AI is the biggest paradigm shift of his career, why the narrative that “AI will kill SaaS” is too simplistic, why startups are reaching meaningful scale faster than ever, and why the most vulnerable companies are the ones that fail to embrace change.They also discuss what’s happening in boardrooms right now, how moats evolve during platform shifts, why the next generation of great companies may be dramatically larger than the last, and how Sequoia identifies outlier founders across companies like Airbnb, DoorDash, Kalshi, Zipline, Clay, Commure, Nominal, OpenAI, and Citadel Securities.Recorded live February 26th at the Upfront Summit 2026.Topics include:Why AI is accelerating startup growth and product velocityWhy “AI kills SaaS” is the wrong frameworkHow moats change during paradigm shiftsWhat Alfred is hearing in boardrooms right nowWhich companies are most vulnerable in the AI eraFounder-market fit and the importance of a founder’s “spike”Why the next generation of companies could be much bigger than today’s giantsSubscribe to Sourcery for more conversations with the people building the future of technology, finance, and markets.Alfred Lin: https://x.com/Alfred_Lin Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube : https://youtu.be/2aySakMh1mQ𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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.

Thomas Laffont, Co-Founder of $70B AUM Coatue, joins Sourcery to break down how AI is reshaping both private and public markets—from Coatue’s investment in Anthropic’s $30B Series G at a $380B Valuation to the growing volatility AI is introducing across SaaS and the broader tech complex.Recorded live at the Upfront Summit 2026 in Los Angeles on February 25th, 2026, Laffont shares his take on the Citrini “Global Intelligence Crisis” paper, why boardrooms are rapidly expanding AI spend, and which private companies could emerge as the next “Magnificent 7.”We discuss:• Coatue leading Anthropic’s latest funding round (recently hit $19B ARR)• Why AI coding tools are spreading rapidly inside organizations• The Citrini paper and how investors should interpret it• Why SaaS valuations are being repriced• The “Next Mag 7” candidates in private markets• Coatue’s philosophy of Big Idea Investing or (“BFI) and risk managementThomas Laffont: https://www.linkedin.com/in/thomas-laffont-02430914/ Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/otqg7UaZb4E𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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) Thomas Laffont, Co-Founder Coatue Management(01:18) The rapid rise of Claude Code(04:15) Anthropic’s revenue growth and trajectory(05:25) Where capital is flowing: private vs public markets(08:10) The Cetrini paper and AI market volatility(10:15) Are new Claude releases hurting SaaS companies?(17:22) Will AI reduce the number of engineers?(19:38) The ATM analogy for AI and jobs(21:02) Could autonomous agents automate investing?(23:18) How Coatue got conviction on Nvidia(24:18) Why TAM does not matter(26:43) Running Coatue with his brother Philippe

Nominal is now valued at $1B after closing an $80M B-2 Acceleration Round led by Founders Fund, with participation from Sequoia, Lux Capital, and General Catalyst — just 10 months after Nominal’s $75M Series B led by Sequoia.In this episode of Sourcery, Cameron McCord (Co-Founder & CEO, Nominal) and Trae Stephens (Partner, Founders Fund; Co-Founder & Chairman, Anduril) break down why the round was preemptive, what Founders Fund was tracking from inside its portfolio (including Anduril), and why Nominal is becoming core infrastructure for teams building mission-critical hardware — from aerospace and defense to autonomy, energy, and advanced manufacturing.We get into the “GitHub for software-defined hardware” analogy, what’s broken in the current federal testing stack (yes: Excel + MATLAB + PDFs), how Nominal can cut major test campaigns by 50–60%, and why the real competition is bureaucracy + legacy incumbents. Cameron also shares how Nominal thinks about TAM expansion, dual-use strategy (and why Trae hates the term), strategic M&A, hiring 120–140+ people in 2026, and how AI changes the hardware engineering workflow (from post-test analysis to agentic parallelization).All Systems Nominal.Trae Stephens: https://x.com/traestephens Cameron McCord: https://x.com/CameronLMcCord Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube : https://youtu.be/iPl4oYhhPjY𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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) Trae Stephens & Cameron McCord(01:11) Nominal raises $80M from Founders Fund(03:32) Why Founders Fund made the investment(05:22) From Palantir to Anduril: Trae’s investor-operator journey(07:14) Nominal: the GitHub for hardware testing(12:33) Why Sequoia believed Nominal’s TAM was much bigger(15:36) Inside Nominal’s growing defense customer base(17:32) Why government hardware testing still relies on Excel and MATLAB(22:22) Cutting hardware testing time by up to 60%(26:55) How AI changes hardware development(37:22) Why the government is backing new defense tech companies(33:35) Nominal's sales strategy(45:44) Competing with legacy software giants(46:24) Recruiting top engineers(50:56) Early Anduril stories from the desert

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