Sourcery

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/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐄𝐏𝐈𝐒𝐎𝐃𝐄 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/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐄𝐏𝐈𝐒𝐎𝐃𝐄 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/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐄𝐏𝐈𝐒𝐎𝐃𝐄 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/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐄𝐏𝐈𝐒𝐎𝐃𝐄 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/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐄𝐏𝐈𝐒𝐎𝐃𝐄 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

a16z General Partner David Ulevitch joins Sourcery to break down the real state of American Dynamism, their $600M fund, across defense, energy, mining, robotics, manufacturing, public safety, and national security.We discuss America’s supply-chain exposure to China, why deterrence—not parity—defines the future of U.S. defense, and how new companies are rebuilding core capabilities in nuclear, missiles, autonomy, grid reliability, materials, mining, and industrial operations.David highlights key a16z portfolio companies including Anduril, Radiant Nuclear, Base Power, Exowatt, Apex, Skydio, Flock, Long Eye, and Mariana Minerals, and shares why the best founders are magnetic attractors of capital and talent.We also dive into Anduril’s authenticity-first marketing philosophy (“no renders” - Palmer Luckey), the “Don’t Work at Anduril” campaign led by Snap Alumn Jeff Miller, the importance of real test footage, and why mission-driven cultures are fueling the next generation of frontier companies.A broad, detailed look at the future of American reindustrialization and the companies shaping it.Select Portfolio Companies & Areas:• AI: Applied Intuition, Ambient AI• Defense: Anduril, Saronic, Shield AI, Castelion, • Energy: Radiant, Base Power, Exowatt, RigUp• Aerospace: SpaceX, Apex, Northwood, Aerodome, Air Space Intelligence (ASI), Astro Mechanica, Astranis• Manufacturing: Hadrian, Senra• Public Safety: Flock Safety, Long Eye, Skydio• Supply Chain: Zipline, Flexport, • Minerals: Mariana Materials, KoBold MetalsDavid Ulevitch: https://x.com/daviduMolly 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) America’s supply-chain vulnerability(03:28) Most investable wedges: robotics, automation & lights-out factories(04:11) Rebuilding U.S. minerals & mining capacity (lithium, copper, steel)(04:29) Applying software to legacy sectors (lumber, metals, production)(05:20) Energy: Radiant’s microreactor & first new U.S. design in 50+ years(06:23) Grid resiliency & storage: Base Power, Exowatt(07:12) Defense innovation: Anduril, Saronic, Castelion(08:28) Public safety tech: Flock Safety, Long Eye & Skydio(13:30) Anduril’s “no renders” rule & authentic product culture(14:27) Inside the “Don’t Work at Anduril” campaign(19:11) Talent density: references, hiring, firing & magnetic teams(20:45) Lessons from building OpenDNS: reinvention, team rebuilds & decade-long “overnight success”(26:00) Kalshi’s growth & future of prediction markets

David Ulevitch, General Partner at Andreessen Horowitz (a16z), who co-leads the firm’s American Dynamism practice with Katherine Boyle joins Sourcery to break down America’s comeback. With the encouragement of Marc Andreessen and Ben Horowitz, the $600M fund was founded around 2020 to invest in companies that support the national interest: aerospace, defense, public safety, education, housing, supply chain, industrials, and manufacturing.David shares how American Dynamism evolved from a meme to a movement within a16z, inspired by Marc and Ben’s early conviction at Netscape that the next wave of great technology companies would serve the national interest.From early investments like Anduril, Flock Safety, and Hadrian, to a16z’s growing policy arm in Washington D.C., David reveals how the firm is bridging the gap between Silicon Valley and the national mission, and why he believes private capital must lead the next American resurgence.We discuss:​The story behind American Dynamism’s rise​The private capital boom powering national resilience​JP Morgan’s $1.5T “Security & Resiliency” initiative​AI’s role across defense, logistics, and manufacturing​Why venture capital must “fund freedom like our lives depend on it.”Key Points​Why Marc & Ben backed David & Katherine for a national mission. American Dynamism was born from the belief that Silicon Valley’s greatest founders should again build for the public good, across defense, energy, manufacturing, & more.​From meme to $600M fund. What began as a thesis between David Ulevitch and Katherine Boyle became a $600M dedicated fund and a defining pillar of a16z’s vision for national resilience.​Private capital is America’s new resource. a16z’s model funds R&D independently while enabling the government to buy finished products, accelerating innovation & cutting red tape.​AI is reshaping the foundations. From Anduril’s Eagle Eye headset to swarm drones and AI-powered logistics, technology is redefining how America powers, protects, and scales.​The reindustrialization flywheel is spinning. With JP Morgan’s $1.5T initiative and growing investor conviction, national resilience is no longer niche, it’s a generational investment frontier.David Ulevitch: https://x.com/daviduMolly 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/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) David Ulevitch(01:54) The origin story of American Dynamism(05:23) Why Marc Andreessen & Ben Horowitz backed the idea early(03:30) Partnering with Katherine Boyle, from rivals to co-leads(06:14) From meme to movement(07:00) Why venture returns exist in defense, energy, & infrastructure(07:11) The new supply-and-demand moment for American industry(11:00) Building a policy bridge between D.C. & Silicon Valley(15:29) Fixing defense procurement, the “bake-off” model(17:15) Private capital as America’s innovation engine(20:02) JP Morgan’s $1.5T commitment & what it signals(20:30) China, supply chains, & the race for energy independence(22:12) The new late-stage capital environment for defense tech(24:05) How AI is transforming defense, logistics, and public safety(27:42) Closing reflections, why Marc, Ben, & David see this as a generational project

Alex Karp, CEO of Palantir, joins Molly O’Shea for a rare look inside Palantir (physically, inside their office). We go deep into their values, vision, and the moral foundation of technology in the AI era.Fresh off Palantir’s record-breaking earnings, nearly hitting a $500 billion market-cap milestone, and the release of a new biography The Philosopher in the Valley, this episode explores how Palantir evolved from an outsider idea into one of the world’s most influential software companies.Karp breaks down how Palantir’s Artificial Intelligence Platform (AIP) has become the operating system for the AI era – shortening sales cycles and giving companies premium analytical and decision-making capabilities. Today, AIP is helping U.S. defense, industrial, manufacturing, and commercial enterprises compete to win the global AI race.Reflecting on the artistry behind innovation, Karp also describes how creating products at Palantir mirrors the creative process itself.. tapping into ideas ahead of their time, resisting conformity, and building with conviction over consensus. He explains how his lifelong dyslexia shaped a non-linear approach to thinking, decision-making, and leadership, allowing him to build a company that thrives on meritocracy, intuition, and rapid iteration instead of rigid hierarchy.And more importantly, amid a severely unpredictable AI boom, Karp argues that Palantir’s purpose is bigger than software. It’s about helping Americans win, from empowering soldiers and engineers to giving “venture-style returns to retail investors” and “private-equity outcomes to enterprise clients.” The conversation connects philosophy and business, revealing how Palantir’s DNA: equal parts artistry, pragmatism, and moral clarity, has produced one of the most resilient and valuable companies of the 21st century.Molly O’Shea: ⁠https://x.com/MollySOShea⁠⁠ ⁠Sourcery: ⁠https://x.com/sourceryvc⁠𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒⁠⁠Brex⁠⁠—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. ⁠⁠https://brex.com/sourcery⁠⁠⁠⁠Turing⁠⁠—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/sourcery⁠⁠⁠⁠Carta⁠⁠—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/sourcery⁠⁠⁠⁠Kalshi⁠⁠—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: ⁠⁠https://kalshi.com/sourcery⁠⁠Follow Sourcery for the latest updates!⁠⁠https://www.sourcery.vc/⁠𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Inside Palantir with Alex Karp(00:01) Early days & Palantir’s outsider beginnings(02:16) Building without hierarchy — the anti-playbook culture(05:00) Artistry & conviction in product creation(06:45) Ignoring consensus & betting on vision(08:45) Helping Americans win — soldiers, workers, investors(11:00) Moral conviction & the foundation of Palantir(13:00) Meritocracy, realism, & Western values(15:41) The Eisenhower Award & moral leadership(19:45) Dyslexia, intuition, & leading through instinct(22:38) Value creation vs. hype in the AI boom(26:19) Launching AIP — Palantir’s turning point(28:30) AIP as the operating system for the AI era(33:15) Rosita — family, grounding, & perspective(39:55) Cupcake

Ryan Serhant is one of the most successful and well-known real estate entrepreneurs in the world, with over $20 billion in lifetime sales. After leading one of New York City’s top-ranked brokerage teams to more than $4 billion in transactions, he founded SERHANT., a next-generation real estate company built at the intersection of media, technology, education, & sales.In this episode, Ryan joins Molly O’Shea to share the full SERHANT.​The Future of NYC​Media as the Business Model (Brokerage 3.0)​S.MPLE’s $45M Seed Round & AI-Driven Sales​Authenticity, Community, & Brand Building​The Netflix Flywheel: Media → Distribution → SalesRyan breaks down the strategy behind S.MPLE, his proprietary AI platform backed by a $45 million seed round led by Camber Creek, with participation from Left Lane Capital. S.MPLE acts as an “AI chief of staff” for agents automating workflows, orchestrating tasks, and saving more than 15,000 hours of work this year alone.From the success of his Netflix series Owning Manhattan to his philosophy that “authenticity beats virality,” Ryan reveals the systems, mindset, and scale strategy behind his $20 billion sales empire.. and why he believes the future of real estate will belong to founders who treat media and AI as infrastructure, not accessories.Ryan Serhant: https://x.com/RyanSerhant Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠https://x.com/sourceryvc 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​⁠Kalshi⁠—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: ⁠https://kalshi.com/sourcery⁠Follow Sourcery for the latest updates!⁠https://www.sourcery.vc/𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) The Full Ryan Serhant(01:32) NYC politics and real-estate resilience(07:00) Running a city like a CEO(08:14) Building the SERHANT. platform(09:14) From Bravo to media entrepreneur(12:29) Reframing: a media + tech company that sells real estate(15:00) Authenticity vs virality in building community(17:00) $308M deal born from brand awareness(19:45) Owning Manhattan and the Netflix effect(22:33) Casting talent and shaping culture(25:00) Season 2 preview & evolution of real-estate TV(30:15) Inside S.MPLE — AI as agent co-pilot(36:00) How AI transformed every department(42:00) Recruiting the next-gen, mobile-first agent(43:30) Raising $45M and scaling SERHANT nationally(52:21) Daily Routines and Personal Insights

Alfred Lin, Partner at Sequoia Capital and three-time #1 Midas List investor, has backed some of the most transformative companies of the past two decades. His portfolio spans early bets on Airbnb, DoorDash, Uber, Zipline, Kalshi, and Commure to growth-stage partnerships with OpenAI and Citadel Securities, consistently identifying founders and businesses that redefine entire markets.He continues this track record today with next-generation category creators like Profound, which is building AI-powered brand visibility, Nominal, which is powering mission-critical engineering with a unified data stack, and Clay, which evolved into a go-to-market engine by relentlessly adapting to innovation.In this conversation, Alfred shares his philosophy on founder-market fit, resilience, and backing visionaries who create new categories. He reflects on Airbnb’s near-collapse during COVID, DoorDash’s rise, and Sequoia’s landmark investment in Citadel Securities, while breaking down how he evaluates IPOs, valuations in the AI era, and why the next decade will be defined by reimagined consumer experiences.Alfred Lin: https://x.com/Alfred_LinMolly 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​Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Alfred Lin, Sequoia(01:31) Why technology cycles move at 3-month speeds(03:55) Why markets often consolidate to 2–3 leaders(05:07) “Build for the world, not San Francisco”(07:14) Airbnb’s COVID crisis and Brian Chesky’s leadership(13:15) Culture under stress: resilience in tough times(15:45) The essence of founder-market fit(16:20) Motion ≠ progress: why velocity matters(17:55) Resetting company culture in the AI era(19:55) Clay’s pivot into a go-to-market engine(21:10) Profound and the rise of AI-powered brand visibility(25:15) Breaking through to invest in Citadel Securities(29:45) IPOs, exits, and what makes a public company(33:05) Performance metrics: numbers behind the numbers(33:58) AI premiums, valuations, and when they turn reckless(39:45) OpenAI’s $500B valuation and trillion-dollar potential

Sequoia Partner Alfred Lin joins Sourcery to share how one of the world’s most iconic venture funds, which has distributed over $43B to investors since 2020, continues to back outlier founders at the earliest stages. Sequoia just launched its latest early stage funds: Seed Fund VI: $200M and Venture Fund XIX: $750M, to continue partnering with the next generation of outlier founders at the start of their journey. Sitting at Number 1 on the Midas list two years in a row, Alfred goes deep to share Sequoia’s company-building philosophy with stories from OpenAI, DoorDash, Kalshi, Commure, Zipline, and more.Alfred explains how Sequoia thinks about partnering with founders four standard deviations above the mean, why efficiency matters more than capital, the role of pivots in scaling, and how to distinguish quality revenue from experimental revenue in today’s AI-driven market.Topics include:Sequoia’s founder-first investing philosophyHow Alfred helped Kalshi navigate regulatory battlesDoorDash’s efficiency playbook vs. Uber EatsZipline’s “Big P” pivot to medical drone deliveryRevenue quality, AI hype cycles, and Sequoia’s outlookAlfred Lin: https://x.com/Alfred_LinMolly 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• Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/(00:00) Alfred Lin, Sequoia(02:37) What makes an “outlier founder”(04:15) Bespoke founder support: lessons from Airbnb & DoorDash(07:10) Stories from Kalshi: regulation, elections & more markets(14:00) Little “p” pivots vs. Big “P” pivots(14:17) Zipline’s dramatic pivot to medical drones(18:00) DoorDash vs. Uber: efficiency as a weapon(19:49) When to pour capital into growth(20:07) Growth vs. true product-market fit(22:19) The race to $100M revenue – healthy or not?(25:55) Pilot/experimental revenue vs. real ARR(27:26) Breaking down revenue quality: SaaS vs. hardware vs. services(29:00) AI cycle, hype, and founder pressure(31:36) Why Sequoia expects more from this generation of founders(34:21) Closing thoughts: measuring company velocity, not just revenue

Michael Barton, Sector Head at Coatue, joins Sourcery to unpack how one of the world’s largest hedge funds is navigating tectonic shifts in markets. From the Gamestop meme stock saga and the rise of retail investors, to Coatue’s $70B multi-strategy platform across public equities, privates, and credit, Barton shares a behind-the-scenes view into how ideas are generated, trades are sized, and risks are managed.We cover Coatue’s unique approach, sitting at the intersection of public and private tech investing. And why AI is the biggest tech wave yet, bigger than Web1, Web2, or mobile. Barton explains where he sees value accruing in the AI stack, how retail sentiment now drives price action, and why the next hedge fund edge comes from integrating data science, practitioner insights, and AI-native workflows.This conversation reveals how Coatue is positioning itself for the future of markets, and what founders, investors, and institutions should learn from these shifts.KEY POINTS​Coatue’s Scale & Strategy: ~$70B AUM, with ~$25B in public equities, alongside private and credit strategies​Rise of Retail: Gamestop and Reddit proved retail investors can move markets—forcing funds to adapt new risk frameworks​Idea Generation & Investing Discipline: Successful investments at Coatue require both deep analysis, differentiated insights and the ability to distill a pitch into a few sentences that win buy-in from the team​AI’s Impact: Advertising is the first major AI use case driving revenue growth; Coatue sees AI as the largest tech wave yet, reshaping companies, investing processes, and even their own hedge fund workflows​Winners & Losers: Value will accrue differently across the AI stack (labs, agents, infrastructure, cloud); the challenge is identifying which layer ultimately dominatesMichael Barton: https://www.linkedin.com/in/michael-lord-barton-jr-390b4145/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.As a Sourcery Listener you get: 75,000 points after spending $3,000 on Brex card(s), white-glove onboarding, $5,000 in AWS credits, $2,500 in OpenAI credits, & access to $180k+ in SaaS discounts. On top of $500 toward Brex travel, $300 in cashback, plus exclusive perks (like billboards..) visit → 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. Visit: 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. Visit: https://carta.com/sourcery• Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/

Elad Gil joins Sourcery to unpack the story behind Brain Co, his new AI incubation venture with Jared Kushner (Affinity Partners) and Eric Wu (Opendoor).Brain Co was founded to solve a glaring problem: Fortune 100s and government institutions desperately want AI adoption but lack the engineering depth and infrastructure to make it real. Backed by a $30M Series A led by Gil Capital and Affinity Partners, Brain Co is already pulling in some of the sharpest AI minds and heavyweight backers across tech and finance.We dive deep into:The origins of Brain Co & why Jared Kushner approached EladEric Wu’s role after Opendoor and why he’s the right leaderWhy enterprise AI adoption is broken & how Brain Co fixes itThe $30M Series A and the powerhouse angels behind it (Databricks, Stripe, Coinbase, OpenAI leaders, Naval, Reid Hoffman, & more)How Elad thinks about incubation vs. investingElad Gil: https://x.com/eladgilMolly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠https://x.com/sourceryvc⁠Brought to you by:• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel.As a Sourcery Listener you get: 75,000 points after spending $3,000 on Brex card(s), white-glove onboarding, $5,000 in AWS credits, $2,500 in OpenAI credits, & access to $180k+ in SaaS discounts. On top of $500 toward Brex travel, $300 in cashback, plus exclusive perks (like billboards..) visit → 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. Visit: 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. Visit: https://carta.com/sourcery• Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/Chapters:(00:00) Elad Gil(01:32) The “rule of 3” in markets: why industries collapse to 2–3 winners(04:56) From investor to incubator: why Elad started Brain Co(05:16) The “Brain” naming story & Braintrust origins(06:15) Meeting Jared Kushner & aligning on enterprise AI problems(06:54) Why Fortune 100s can’t adopt AI alone(07:13) Recruiting Eric Wu and assembling Brain Co’s founding team(08:29) Skipping SMB/mid-market → going straight to enterprise(08:51) Brain Co’s dual strategy: platform + bespoke apps(10:50) MIT study on AI pilots—why most fail & how Brain Co differs(12:26) Lessons from internet & mobile waves on long adoption cycles(15:30) Who are the real early adopters in enterprise AI?(16:38) The $30M Series A: Elad + Kushner co-lead, full angel investor list(18:47) Why Brain Co attracted top-tier operators & angels(19:23) Eric Wu post-Opendoor & Brain Co’s vision(20:47) Redemption stories & second acts in tech(22:54) Headlines vs. reality—what media gets wrong(27:18) Worst advice ever & “culture = winning”(29:04) Managing context switching & long-term planning(32:03) Lightning predictions: AGI, Mars robots, aliens(35:39) Outro & wrap-up

Elad Gil, of Gil Capital and Gil & Co, aka one of Silicon Valley’s most influential investors, sits down with Molly O’Shea to unpack it all.. from the 1999 IPO boom to the AI bubble, and what it really takes to build durable companies across cycles.Elad has backed more than 200 companies, from Stripe, Airbnb, and Coinbase to next-gen AI leaders like Perplexity, Harvey, and Decagon. Today, he runs Gil Capital, a multi-stage investment firm potentially managing “billions,” and continues to be one of the most insightful voices on technology, capital, and company-building. Did we mention he’s a bit of an enigma?Portfolio includes: Abridge, Airbnb, Airtable, Anduril, Applied Intuition, Braintrust, Brain Co, Brex, Character, Checkr, Coinbase, dbt Labs, Deel, Decagon, Figma, Flexport, Gitlab, Gusto, Harvey, Instacart, Mistral, Navan, Notion, Opendoor, PagerDuty, Perplexity, Pika, Pinterest, Retool, Rippling, Samsara, Saronic, Square, Stripe etc.In this conversation, Elad reflects on:Lessons from the 1999 IPO Boom: 2,000 internet companies went public, and only a handful remain. What does that mean for today’s AI rush?​AI Bubble? Why Elad believes technology waves are always “overhyped and underhyped” at the same time.​How to Spot the Next Amazon or Stripe in AI: What separates short-term success from long-term durability.​When Founders Should Sell: The four real reasons companies get acquired, and why sometimes it’s the smartest move.​Bottlenecks in AI: Why energy and regulation may shape where global training hubs are built.​Forever Private Companies: Stripe, SpaceX, and the new trend of companies that never go public.​Building a Trillion-Dollar Company: The markets, founder traits, and timing needed to reach that scale.Elad Gil: https://x.com/eladgilMolly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc⁠Brought to you by:• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel.As a Sourcery Listener you get: 75,000 points after spending $3,000 on Brex card(s), white-glove onboarding, $5,000 in AWS credits, $2,500 in OpenAI credits, & access to $180k+ in SaaS discounts. On top of $500 toward Brex travel, $300 in cashback, plus exclusive perks (like billboards..) visit → 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. Visit: 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. Visit: https://carta.com/sourcery• Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/Chapters:(00:00) Elad Gil(02:00) Elad’s career arc: Google, Twitter, Color, angel investing(02:30) Technology as a force for good(03:20) Why Elad is building monuments(09:09) From angel investing to a potentially multi-billion-dollar fund(11:03) Inside Gil Capital’s small but focused team(11:45) Thesis-driven vs. opportunistic investing(12:43) Backing 200+ companies across waves(15:15) Stripe, Airbnb, Figma, Instacart & investing across competition(17:08) Why every software company is now an AI company(18:47) AI’s biggest bottleneck: energy & geopolitics(22:10) Policy, crypto regulation, and AI’s political risks(26:14) Lessons from the 1999 IPO boom & what it means for AI(34:29) What it takes to build a trillion-dollar company

AI has eaten the internet, data labeling is so over, and $30 trillion of human work is on the verge of automation. Jonathan Siddharth, Founder & CEO of Turing, joins Sourcery to break down the power shift in AI training — from commodity data labeling to expert research — positioning Turing apart from AI data providers like Scale AI, Mercor, & Surge.Turing has become a hidden force in the AI race, hitting $300M in ARR in 2024 (~3x YoY), achieving profitability, and raising $111M at a $2.2B valuation in March. That growth cements its position as one of the fastest-growing AGI infrastructure companies. Today, frontier labs like OpenAI, Anthropic, Meta, Google, Microsoft, Nvidia, & Amazon rely on Turing for the frontier data that pushes AI forward across the four pillars of superintelligence:• Multimodality• Reasoning• Tool use• CodingWe explore Turing’s expansion into the enterprise, closing the “gap” – where Fortune 500s in finance, insurance, and pharma are racing to build proprietary intelligence on their own data, creating durable moats in the $30T knowledge work economy.PS Jonathan also explains how labs like OpenAI train models:• Pre-training on filtered internet corpora (Common Crawl, GitHub, books, video)• Post-training with supervised fine-tuning (human Q&A datasets)• Reinforcement learning (RLHF + verifiable domains) to align models with human preferences• Model-breaking data from Turing’s 4M+ engineers to close gaps and advance systems like GPT-51. Jonathan Siddharth: https://www.linkedin.com/in/jonsid/2. Molly O’Shea: ⁠https://x.com/MollySOShea⁠3. Sourcery: ⁠https://x.com/sourceryvc⁠Brought to you by:• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel.As a Sourcery Listener you get: 75,000 points after spending $3,000 on Brex card(s), white-glove onboarding, $5,000 in AWS credits, $2,500 in OpenAI credits, & access to $180k+ in SaaS discounts. On top of $500 toward Brex travel, $300 in cashback, plus exclusive perks (like billboards..) visit → 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. Visit: 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. Visit: https://carta.com/sourcery• Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/(00:00) AI Ate The Internet (00:49) Training superintelligence: the race to AGI (02:31) Viral tweet (03:24) What Turing actually does (04:43) The internet data is “used up” — where will new data come from? (05:34) Four pillars of superintelligence: multimodality, reasoning, tool use, coding (06:07) Automating $30T of global knowledge work (09:18) The $1B revenue opportunity(10:59) Why Turing is a research-first accelerator, not a data labeler (13:45) Jonathan’s Stanford AI Lab roots and founding DNA (17:57) How models are built: pre-training vs. post-training (20:14) RLHF, reinforcement learning, and “breaking the models” (25:19) GPT-5 and the myth of rapid takeoff (30:46) Safety debates and human-in-the-loop systems (34:53) Closing Enterprise Gap: finance, insurance, & pharma (39:23) Why proprietary enterprise data is the next moat in AI