Sourcery

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

Michael Mignano, Partner at $30B VC firm Lightspeed, and the co-founder of Anchor, a podcast creation, hosting, and monetization platform acquired by Spotify in 2019, joins Sourcery to discuss the next era of creation & technology investing.In this episode, Michael shares how his background building consumer media products informs the way he invests today, with a focus on AI and creativity-driven companies. We discuss his portfolio, including investments in xAI, Neuralink, Suno, Pika, Granola, and Macroscope, and how he evaluates AI businesses when incumbents can move quickly.The conversation digs into what makes AI companies defensible today, from retention-driven moats to why ARR metrics can be misleading. Michael shares his reaction to the Sora launch and avatars, and what these changes could mean for creators. We also touch on evolving early-stage check sizes, lessons from Spotify’s Daniel Ek, his work on Obo, and thoughts on potential IPO candidates.Michael Mignano: https://x.com/mignano Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube : https://youtu.be/m0lZ3JdZw7s𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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) Michael Mignano(01:06) Anchor’s pivot & podcasting’s breakout moment(02:32) Spotify’s Talk org: podcasts, video, and live audio(02:55) Why synchronous (live) formats fail online(03:27) Joining Lightspeed & portfolio overview(03:47) Investment thesis: creativity, product taste, founders(05:24) How xAI & Neuralink fit Lightspeed’s strategy(06:56) Is OpenAI “Sherlocking” ?(08:37) Granola & retention as the real AI moat(09:52) Why ARR can be FAKE in AI startups(11:20) Seed vs Series A check sizes & AI valuation premiums(19:34) Sora, avatars, recommendation media, & creator economics(33:37) Oboe: AI education & human intelligence(40:01) Lessons from Daniel Ek & Spotify’s long-term strategy(42:55) IPO predictions & what comes next

Palmer Luckey, Co-Founder of Anduril, joins Sourcery for an unfiltered walk through some of the most controversial & speculative questions in modern defense technology, from UAPs and UFOs to invisibility tech, moon warfare, and why all of it may be running on parallel tracks to today’s human military development.Luckey breaks down what war would actually look like in space and on the moon, why spacecraft are nearly impossible to armor, and why survival off-Earth is so fragile that conflict would be “decisive and catastrophic.” He also explains Anduril’s real work on optical camouflage, why visible-spectrum invisibility is easier than people think, and why it’s largely irrelevant against modern adversaries armed with infrared, radar, and lidar.The conversation moves from the serious to the personal: Palmer’s blunt take on media coverage and testing failures, his belief that UAPs are likely not recently manufactured, his side project ModRetro (from an heirloom-grade Game Boy to the upcoming M64), and how becoming a father has—and hasn’t—changed his long-term worldview. Equal parts speculative, technical, and philosophical, this episode captures the mind of a founder who’s comfortable operating at the edge of science, industry, and culture.Palmer Luckey: https://x.com/PalmerLuckeyMolly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube : https://youtu.be/WEGJh-4Iq30𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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_insights• 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) Palmer Luckey, Co-Founder Anduril (01:26) Fury: The first autonomous fighter jet(04:28) Anduril testing failures & Press heat(11:47) What would war look like on the Moon?(14:28) Invisible drones & Why camouflaging isn't useful(18:47) UAPs are from the past?(22:16) Seabed Sentry, Sentry Tower & Ocean surveillance(24:44) Shipbuilding gap with China & Why ships matter(27:18) Palmer's garage projects: Jet engine motorcycle(30:43) Lessons from fatherhood?(32:17) The next big step for Anduril

Trae Stephens, Co-Founder & Executive Chairman of Anduril, & Partner at Founders Fund, joins Sourcery for a behind-the-scenes conversation on Anduril’s 2017 founding, when defense tech was deeply unpopular in Silicon Valley, the cultural shift that followed, and how software, autonomy, manufacturing scale, and ethics now converge in modern warfare and national security.Stephens explains Anduril’s core thesis: software-defined, hardware-enabled, and why the company is building a multi-domain autonomy strategy across sea, ground, air, and space. He also outlines the manufacturing view that “the factory is the weapon,” including Anduril’s expansion into scaled production with Arsenal-1 (a planned ~5 million sq ft campus near Columbus, Ohio) and a broader network of facilities and partners.The conversation also covers ethics and strategy: Stephens discusses Just War Theory (St. Augustine), the goal of increasing precision while removing humans from “dull, dirty, dangerous” roles, and the broader cultural shifts shaping America. He reflects on lessons from Palantir and Founders Fund, including Peter Thiel’s influence, concentration in venture, and “zero-to-one” strategy, and shares what he looks for when investing in founders.Trae Stephens: https://x.com/traestephensMolly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠⁠https://x.com/sourceryy⁠𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube : https://youtu.be/9Fdq1TShG2w𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Trae Stephens, Co-founder & Executive Chairman Anduril(01:03) Rise of defense tech & Pete Hegseth visit(03:58) Origin of Anduril & James Bond dreams(05:18) Anduril's multi-domain defense strategy(06:42) China's subsidies & US government investments(08:46) "Factory is the weapon" & re-industrialization(10:30) Arsenal-1 Ohio factory(13:44) What people get wrong about Anduril(17:08) Biggest Lesson from Palantir(19:04) Just War theory & defense ethics(22:16) Cultural shift from AI slop to good quests(23:49) How Anduril is building “Apple for defense”(27:03) Founders Fund investments: Varda, Armada, Cognition, General Matter(29:52) Why is Peter Thiel always right?𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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_insights• 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.

Matt Grimm, Co-Founder & COO of Anduril, walks us through Anduril’s headquarters in Costa Mesa—a rare, and possibly first look, inside the physical systems that turn ideas into fielded products. We tour Building A, a 200,000 sq ft R&D facility with machine shop, composites, metrology, electronic warfare test environments, and a dev-test area designed to “break things” so the team can iterate faster.Grimm explains how Anduril scaled from a ~5,000 sq ft former lost-luggage garage (with mold and no bathroom) to a global footprint of ~7,000 employees and roughly 34–35 offices, while ramping production and operations. We also get hands-on with key systems and platforms, including the Ghost Shark (XL-AUV) autonomous submarine program and Anduril’s distributed compute and command-and-control stack: Menace & Titan (in partnership with Palantir).As COO, Grimm also lays out how the co-founders divide responsibilities at scale: Palmer Luckey drives new product concepts & CONOPS while serving as Anduril’s most visible public figure; Brian Schimpf, as CEO, sets strategy & evaluates global defense programs & timing; Trae Stephens leads investor relations & owns marketing and design (Ohio State, NASCAR); & Matt Grimm runs the operational core, from facilities & security to supply chain, production, logistics, & sustainment.This is Part 2 of 4 of our interview series with Anduril’s Founders, in addition to our compiled video, check them all out!Matt Grimm: https://x.com/mttgrmmMolly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠⁠https://x.com/sourceryy⁠𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube: https://youtu.be/7rvStMD9WFU𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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_insights• 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.

Full Interview: Brian Schimpf, Co-Founder and CEO of Anduril, joins Sourcery to discuss the company’s scale, strategy, and position in the defense market. He outlines Anduril’s growth to roughly 7,000 employees, $1B+ in revenue with continued YoY doubling, and a reported $30.5B valuation (too low?), while addressing IPO speculation & these wild “fake SPVs.”The conversation covers geopolitical instability, production constraints in the U.S. defense industrial base, and how the nearly $1 trillion defense budget is actually allocated to personnel, infrastructure, and sustainment, rather than new procurement. Schimpf draws on leadership lessons from Palantir, highlighting creativity, high agency (“Artisty & Meritocracy’), and long-term alignment with military needs.Schimpf also explains Anduril’s expansion from early autonomous systems into a portfolio spanning autonomous aircraft, cruise missiles, electronic warfare, and networked sensing and command platforms, enabled by a shared software and hardware foundation built around Lattice. Emphasizing the company’s focus on a distributed, autonomous battlefield and the ability to rapidly field new capabilities.FWIW: Spending time on Anduril’s campus ahead of the final interview of the day offered such a strong view into the scale and complexity of the organization Brian is leading. Walking through the facility and meeting with the founding team made the scope of Anduril’s operations very real, but also highlighted just how complementary their skill sets are and how that translates into execution at scale. And with that, I have concluded that given the company’s growth, momentum, & market position.. Anduril may still be undervalued.Brian Schimpf: https://x.com/SchimpfBrian Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠⁠https://x.com/sourceryy⁠𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube : https://youtu.be/P5dsb28UVec𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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_insights• 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.

This is a rare, behind-the-scenes walking tour & sit-down interview inside Anduril Industries, a $30.5B defense technology company that develops and sells autonomous systems, AI-powered software, and advanced hardware for military and security applications to protect US and allied forces.. one of the most consequential defense companies of this era.In this Sourcery exclusive, we go inside Anduril’s headquarters and R&D facilities with the founding team: Palmer Luckey, Brian Schimpf, Matt Grimm, & Trae Stephens, to understand how modern defense technology is actually built.We walk through:Anduril’s R&D labs, machine shop, and test environmentsAutonomous fighter aircraft (Fury) and manned-unmanned teamingFully autonomous submarines (Ghost Shark / Dive-XL)Distributed command-and-control systems (Menace, Titan, Eagle Eye)Arsenal-1, Anduril’s upcoming 5M sq ft hyperscale manufacturing campus in OhioAnd discuss:Why manufacturing capacity is now deterrenceWhere the nearly $1T U.S. defense budget actually goesWhy legacy procurement systems struggle with speedHow Anduril beat Boeing, Lockheed, and Northrop on next-gen fighter programsThe ethics of AI, autonomy, and Just War TheoryWhy testing to failure is essential — and misunderstoodHow global instability is reshaping defense spending worldwideIt’s a candid, technically deep, historically grounded conversation about war, factories, speed, ethics, and the future of deterrence, filmed inside one of the most closed, sensitive, and technologically advanced facilities in American industry.Brian Schimpf: https://x.com/SchimpfBrianMatt Grimm: https://x.com/mttgrmmTrae Stephens: https://x.com/traestephensPalmer Luckey: https://x.com/PalmerLuckeyMolly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠⁠https://x.com/sourceryy⁠𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube: https://youtu.be/RBXXYpjs9TE𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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_insights• 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.

With great honor, Mr. Emil Michael, the Under Secretary of War for Research & Engineering (USW(R&E)) and Chief Technology Officer for the Department of War (DoW), joins Sourcery in front of a F117 at the Reagan National Defense Forum 2025 to dispel common misconceptions about the DoW, modern defense technology, & the role of companies like Palantir, SpaceX, & Anduril. Drawing on his unique path from hyperscaling Uber into a global technology company to now overseeing the DoW’s research, development, & prototyping enterprise, he breaks down how the system actually works behind the scenes.He also outlines the DoW’s 6 Critical Technology Areas — Applied AI, Scaled Hypersonics, Scaled Directed Energy, Biomanufacturing, Contested Logistics, & Battlefield Information Dominance — and explains how these priorities reflect the realities of modern warfare rather than the myths often portrayed around the sector.Bonus: Newer companies Emil Michael highlights as emerging leaders in defense innovation include Planet Labs for commercial satellite imagery, Neros as a next-generation drone company, Hadrian for AI-driven advanced manufacturing, and a broader group of frontier AI companies now engaging with the Department of War.Emil Michael: https://x.com/emilmichaelMolly O’Shea: ⁠⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube: https://youtu.be/6Lfst-RXX9k𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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/data/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://www.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.

Manny Medina, Co-Founder & CEO of Paid and former CEO of $4.4B Sales Tech company, Outreach, hosts Sourcery at their HQ in London to discuss the early development of AI agents & what this shift means for software businesses.Roughly $300 billion in SaaS revenue remains “trapped” in legacy pricing and delivery models. After scaling Outreach to 6,000 customers, 220,000 active users, and $250M in ARR, Manny saw firsthand that many SaaS monetization frameworks don’t fit agentic systems, which perform full end-to-end workflows rather than individual user-driven tasks. This gap led him to build Paid, the platform designed to help companies measure, price, & manage the economics of agents.And it's working.. early customers have reported 20–40% revenue growth within six months of adopting the platform.With $33.3M in total funding, Paid is backed by Sequoia Capital, Lightspeed Venture Partners, EQT Ventures, GTM Fund, & FUSE.Timestamps(00:00) Why Manny built Paid after Outreach(01:05) The $300B trapped revenue problem(02:00) Why seat-based pricing breaks for AI agents(03:10) How agents perform full end-to-end workflows(04:00) Early use cases: support, ops, underwriting(05:20) SaaS companies shifting to agentic models(06:15) Pricing agents on outcomes, not seats(07:10) Managing margins + model costs(08:00) Founder-led sales and early GTM(08:55) Why efficiency must start on day one(09:40) Palantir-style, forward-deployed culture(10:30) How Paid helps companies monetize agents(11:20) Education needed for SaaS pricing change(12:10) What the next 12–24 months look like for agents(13:00) Manny’s outlook on the agentic economy𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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_insights• 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.

Marc Bhargava, Managing Director at General Catalyst and head of the firm’s Creation Strategy, breaks down one of the most significant shifts happening inside venture and private markets today: AI Roll-Ups. One of the 3 largest venture players with ~$40B AUM, General Catalyst has quietly built a $1.5B AI roll-up engine dedicated to incubating AI-native companies & acquiring the fragmented services businesses they can transform — a model that sits directly at the intersection of venture creation, operational transformation, & what has traditionally been the realm of private equity.Marc explains why the firm believes the global services economy (a $16 trillion market historically defined by low margins and slow modernization) is now on the verge of being reshaped. Not by traditional software, and not by classic PE rollups, but by AI-enabled companies that combine in-house automation software with the acquisition of real distribution. These companies, built initially inside GC’s Creation Strategy, have already begun doubling EBITDA margins within 12 months, demonstrating what becomes possible when AI automation frees 20–30% of repetitive tasks and allows teams to handle significantly greater throughput.The conversation goes deep into how GC selects industries for this strategy, mapping 70 services categories down to the 10 where AI can have the most immediate impact. Marc outlines the 4 categories of work AI now reliably automates, from customer service and data entry to content generation and early-stage reasoning, and how those capabilities form the backbone of portfolio companies like Crescendo, Long Lake, Titan MSP, Eudia, & others. Marc Bhargava: https://x.com/marcbhargavaMolly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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_insights• 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. public.com/sourcery Follow 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.

Bradley Tusk joins Sourcery to discuss what he learned working closely with Travis Kalanick during Uber’s early regulatory battles, and how those experiences shaped his decision to shut down his venture fund and return to an equity-for-services model.Bradley explains why Travis was unusually fast, analytical, and willing to challenge institutions, and how that mindset influenced the way Uber approached politics and growth. He also breaks down how the current AI wave is affecting valuations, capital formation, data-center spending, and the broader regulatory environment.The conversation covers the real economics of running a VC fund, why mid-sized funds struggle, how AI is reshaping startup incentives, and what founders should understand about regulation, policy, and long-term strategy. It’s a practical, grounded discussion from someone who has worked at the intersection of tech and government for over a decade.Bradley Tusk: https://www.linkedin.com/in/btusk/Molly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• 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) Intro(01:25) How AI infrastructure spending is being driven by market narratives(03:10) DeepSeek, inference models, and compute efficiency(03:55) Where the $2T in AI data-center and energy capital is flowing(07:10) Nuclear energy and the broader implications of AI’s power demand(16:30) Zero-sum vs abundance thinking in tech and politics(17:35) How people find meaning, purpose, and balance in high-pressure work(27:00) Why Bradley invests heavily in his team and removes non-essential tasks(32:00) How Bradley’s experience with Travis Kalanick shaped his view of founders(32:35) “Travis’s Law” and turning users into political advocates(37:05) Why Bradley decided to stop raising traditional VC funds(44:30) The economics of mid-sized funds and why they’re so difficult to run(49:20) How AI valuations differ from non-AI valuations(54:40) What people misunderstand about Silicon Valley and DC(59:40) AI, unemployment risk, and why Bradley believes UBI will be necessary(01:05:50) The biggest lessons Bradley learned from Travis Kalanick

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