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 riseThe private capital boom powering national resilienceJP Morgan’s $1.5T “Security & Resiliency” initiativeAI’s role across defense, logistics, and manufacturingWhy venture capital must “fund freedom like our lives depend on it.”Key PointsWhy 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/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/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 NYCMedia as the Business Model (Brokerage 3.0)S.MPLE’s $45M Seed Round & AI-Driven SalesAuthenticity, Community, & Brand BuildingThe 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 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒Brex—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) 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/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) 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 POINTSCoatue’s Scale & Strategy: ~$70B AUM, with ~$25B in public equities, alongside private and credit strategiesRise of Retail: Gamestop and Reddit proved retail investors can move markets—forcing funds to adapt new risk frameworksIdea 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 teamAI’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 workflowsWinners & 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
At just 2 years old, Base Power has become one of the fastest-growing distributed energy companies in the U.S. Founded by Zach Dell and Justin Lopas, the company just announced a $1 billion Series C led by Addition. All other major investors are re-investing, including Trust Ventures, Valor Equity Partners, Thrive, Lightspeed, a16z, Altimeter, Stepstone, Elad Gil, 137Ventures, Terrain, and Waybury. New major investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.Zach breaks down:• How Base Power is reinventing America’s energy grid with distributed batteries.• Scaling from $200M Series B to $1B Series C in < 6 months.• Building Base Factory One in Austin and plans for more domestic manufacturing.• Why AI and data centers make energy the new bottleneck for innovation.• The culture, team, & investors powering one of America’s most ambitious startups.5 Key Takeaways1. Strategic Investor Network – Beyond top venture firms, Base Power’s backers include Lennar (homebuilding), Starwood (real estate), and university endowments like WashU. These strategic investors bring distribution channels, deployment partnerships, and institutional credibility2. Hypergrowth Trajectory – The company grew 30% month-over-month, has thousands on its waitlist, and is already doing millions in monthly revenue.3. Domestic Manufacturing – Base is building its first factory in downtown Austin, repurposing the old Austin American-Statesman printing press, with plans for a second plant already underway.4. Grid Bottleneck & AI – Energy is now the key constraint for AI/data centers. Base’s distributed battery model offers faster, cheaper deployment than traditional interconnection queue.5. Culture as Differentiator – Base Power embodies a “chop wood, carry water” culture, with IC-driven leadership, top-tier engineering hires from Tesla, SpaceX, Anduril, and a flat, hands-on team structure.1. Zach Dell: https://www.linkedin.com/in/zach-dell-a631a554/2. 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/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. Visit: 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. Visit: 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/
Andy Lowery, CEO of Epirus, & Joshua Steinman, CEO of Galvanick, join Molly O’Shea to break down the next frontier of defense, from drone swarms to industrial cyber threats.Epirus has raised over $550M from StepStone, General Dynamics, T. Rowe Price, Gaingels, and 8VC, building its Leonidas™ solid-state, high-power microwave weapon to counter drones and drone swarms. Lowery explains how Epirus is pioneering the “sixth domain of warfare”—physical cyber attacks—and how their “one-to-many” defense approach gives the U.S. a strategic edge against mass drone threats.Galvanick, meanwhile, is tackling the cyber front. Steinman, who served four years in the Trump White House on the National Security Council, breaks down why industrial control systems (ICS/SCADA) are America’s greatest vulnerability—and how Galvanick’s platform detects and neutralizes attacks that could cripple manufacturing, energy, and defense supply chains.Together, we explore:What the sixth domain of warfare means for modern conflict.How Epirus’ Gen 2 systems are extending range and production readiness.Why cybersecurity for industrial infrastructure is mission-critical.The role of defense tech in America’s reindustrialization.Where geopolitics, AI, and national security intersect in the decade ahead.This conversation is part of Sourcery’s “Made in America” Mini-Series recorded at the Reindustrialize 2025 Summit. 1. Andy Lowery: https://www.linkedin.com/in/andylowery/2. Joshua Steinman: https://www.linkedin.com/in/jmsteinman/3. Molly O’Shea: https://x.com/MollySOShea4. 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• 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) Future of Defense & Cyberattacks(01:25) Origins of Epirus & next-gen jamming roots at Raytheon(03:55) Defining the sixth domain of warfare(06:35) America’s edge: cleverness, phased arrays, & underdog strategy(08:47) Drones, consumer electronics, & the “one-to-many” defense approach(11:15) Epirus’ Gen 2 Leonidas system: extended range and readiness(15:00) Reindustrialization: manufacturing bottlenecks in amplifiers & rocket motors(19:00) U.S. talent and supply chain challenges in electronics(21:45) Epirus milestones & next Army tests(23:15) Transition to Joshua Steinman, CEO of Galvanick(24:00) Steinman’s background: Navy, Iraq, White House National Security Council(27:00) Lessons from working under Trump at the NSC(32:25) Galvanick’s mission: defending America’s industrial base from cyber threats(34:00) Real-world ICS/SCADA attack examples (Iranian steel mills)(39:15) The role of cybersecurity in reindustrialization and U.S. resilience
Astasia Myers (Felicis), Tony Wang (500 Global), & Patrick Salyer (Mayfield) joined Sourcery’s Molly O’Shea at the Startup Grind AI Summit, presented with Mayfield & Snowflake, for a conversation on what it really takes to raise from Seed to Series A in AI.Together they unpack the realities of fundraising in AI today—from what traction truly looks like, to defensibility and integration moats, to shifting stage definitions and round compression. The panel digs into:Why AI voice and agents are opening massive new TAMsHow founders should navigate inflated growth expectations & conversion rates below 20%Red flags investors watch for in ARR, pilots, and “vibe revenue”How AI is reshaping business models, talent, and even the venture model itselfThe premium (and pitfalls) in AI valuationsThis panel goes beyond the hype to share what top VCs are really looking for when backing the next generation of AI companies.Funding data provided by Carta.5 Key TakeawaysTraction Isn’t Just Revenue – For AI startups, traction is measured by engaged usage, speed of iteration, and evidence of repeatability, not just top-line growth.Defensibility Is Everything – Proprietary data, strong technical teams, and hard-to-replicate integrations are the biggest signals for Series A readiness.GTM Strategy Sets Winners Apart – Investors want to see early playbooks for distribution, not just product innovation. GTM clarity is now as critical as model performance.Red Flags to Avoid – Pitching with no moat, chasing hype, or relying entirely on third-party APIs without differentiation will stop fundraising momentum cold.Series A Is a Graduation – Moving from seed to A is about proving repeatability, durability, and clear paths to market leadership.1. Astasia Myers: https://x.com/AstasiaMyers2. Tony Wang: https://x.com/TonyW3. Patrick Salyer: https://x.com/patricksalyer4. Molly O’Shea: https://x.com/MollySOShea5. 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) Investor backgrounds(01:39) Astasia on AI voice models(04:02) ROI of voice-native apps(05:02) Patrick on AI agents & TAMs(07:27) Tony on MCP & voice agents(09:15) Growth expectations from Seed → A(11:15) Conversion rates & red flags(13:29) Patrick on stage shifts & round compression(15:36) Tony on hypergrowth traps(19:08) Astasia on fastest-growing AI companies(21:13) Patrick on AI supercycle & greenfield markets(23:23) Panel on integration moats & stickiness(25:41) How AI is reshaping business models & VC(32:57) Building AI-native teams & learning velocity(38:43) Hiring trends & younger AI-native talent(40:48) Valuations, premiums & market realities
Navin Chaddha, Managing Partner of Mayfield, has guided more than 80 companies to positive outcomes. During his venture capital career, Navin has invested in over 60 companies, of which 18 have gone public and 27 have been acquired. Creating $120B+ in equity value and over 40,000 jobs. Navin has been named to the Forbes Midas List 17 times (Top 5 in 2020, 2022, 2023, 2024), becoming one of the most respected voices in venture capital.Mayfield has $3B+ in AUM, 120 IPOs, and 225+ acquisitions.In this episode of Sourcery, we cover:Why AI is a 100x opportunity vs. past tech shiftsThe collaborative intelligence stack from semiconductors to AI teammatesThe difference between real vs. vibe revenueValuations, hype cycles, and Mayfield’s investment philosophy5 Key TakeawaysAI is a 100x wave – Unlike the PC, web, cloud, or mobile eras, AI combines conversational interfaces and reasoning/action, unlocking a truly global expansion of creators.Collaborative intelligence is the future – Humans + AI “teammates” will create a $3–6T market opportunity by augmenting knowledge workersValuations are overheated – Billion-dollar seed rounds are unsustainable; Mayfield stays disciplined by aligning on founder–VC win-winsRevenue quality matters – Durable businesses need real customers, high margins, & repeatability; “vibe revenue” isn’t enoughEntrepreneur traits beat ideas – Authenticity, teamwork, EQ, mission-orientation, & persistence are the most reliable signals for long-term success1. Navin Chaddha: https://www.linkedin.com/in/navinchaddha/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/Chapters:(00:00) Navin’s 17x Midas List Journey(02:06) What It Takes to Build a Winning Company(03:00) Why AI Is a 100x Opportunity(04:00) Conversational Interfaces & Machines That Act(06:35) The Rise of the “Vibe Era”(06:53) AI Supercycle: Early Days, High Valuations(09:23) Billion-Dollar Seed Rounds & Valuation Concerns(10:45) Mayfield’s Investment Philosophy & Win-Win Model(13:42) AI Premiums in Fundraising (Carta & NVCA Data)(18:06) Building the Collaborative Intelligence Stack(20:40) Where Value Accrues Across Hardware, Models, Apps(22:50) Business Models: Subscription → Consumption Based(24:19) The Race to $100M Revenue: Hardware, Labs, Agents(31:47) Real vs. Vibe Revenue (Margins, Repeatability)(39:08) Founder Traits: Authenticity, EQ, Team Orientation
America’s industrial base is being rebuilt by a new generation of founders at the intersection of aerospace, AI, and defense. In this Sourcery episode, host Molly O’Shea sits down with three leaders driving the reindustrialization movement, Eric Allison (Chief Product Officer, Joby Aviation), Filip Aronshtein (CEO, Dirac), and Steve Simoni (President, Allen Control Systems)Together, their stories highlight how capital-intensive, frontier-defining companies are raising billions from elite venture funds and strategics like Toyota, Founders Fund, Coatue, Craft Ventures, 8VC, Baillie Gifford, and Uber. The conversation captures the urgency, conviction, and vision behind America’s reindustrialization — from flying cars in Dubai to AI factories in New York to autonomous defense systems in Texas.This conversation is part of Sourcery’s “Made in America” Mini-Series recorded at the Reindustrialize 2025 Summit. 1. Eric Allison: https://www.linkedin.com/in/eric-m-allison/2. Filip Aronshtein: https://www.linkedin.com/in/fila/3. Steve Simoni: https://www.linkedin.com/in/stevensimoni/4. Molly O’Shea: https://x.com/MollySOShea5. 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) Flying Cars, AI Factories, & Defense Autonomy(00:20) Eric Allison on Joby’s U.S. manufacturing expansion(02:00) Why Joby doubled down on vertical integration(03:30) FAA certification and building the first commercial air taxi(05:00) Going public via SPAC with Reinvent Technology Partners(07:00) Joby’s proving flights in Dubai & quiet aircraft acoustics(10:00) What the consumer Joby air taxi experience will look like(14:00) Scaling a 2,000+ person company with AI and data systems(17:00) Filip Aronshtein on reindustrialization urgency in Detroit(22:00) How Dirac’s BuildOS automates work instructions(25:00) Launching BuildOS & massive inbound demand(28:30) On-the-ground state of U.S. manufacturing(34:00) Using AI & AGI in manufacturing software(40:00) Steve Simoni on founding Allen Control Systems(42:00) Building Bullfrog turrets: AI machine guns vs drone swarms(45:00) The future of defense: robot-on-robot warfare
Factory just raised a $50M Series B from NEA, Sequoia Capital, NVIDIA, and JPMorgan, alongside angels like Frank Slootman, Nikesh Arora, and Aaron Levie. The company is pioneering agent-native development with its flagship “Droids” — autonomous software engineering agents that can handle everything from migrations and refactors to testing, documentation, and incident response.In this Sourcery interview, Factory CEO & Co-Founder Matan Grinberg shares the journey from studying string theory at Berkeley to building one of the fastest-growing AI infrastructure companies in Silicon Valley. He explains why the shift from autocomplete to delegation is the most fundamental change in software development since the move to the cloud, and how Factory achieved real traction with Fortune 500 enterprises like EY, Nvidia, MongoDB, Zapier, Bayer, and Clari.Brought 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, $300 in cashback, plus exclusive perks (like billboards..) visit → https://brex.com/sourcery• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. Visit: https://turing.com/sourcery• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. Visit: carta.com/sourcery• Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/
Keith Rabois, Opendoor ($OPEN) co-founder & newly appointed Board Chair, Managing Director at Khosla Ventures, & a core member of the PayPal Mafia, joins Sourcery for a masterclass on talent, culture, and contrarian thinking. “You don't want to be the best in the world at what you do. You want to be the only one who does what you do.” Paraphrasing Jerry Garcia, The Grateful DeadHe shares how he scouts extraordinary individuals, why every successful startup begins as a cult, and the frameworks he’s developed to simplify complex problems into actionable advice. From the Barrels & Ammunition metaphor to building Olympian-level work cultures, Keith reflects on lessons from PayPal, Square, Opendoor, and Khosla. We also dive into his takes on stress, sleep, and performance, his potential book, and why he believes venture capital is the best job for the intellectually curious.Book Recommendations:• Upside of Stress• High Output Management• The Score Takes Care of Itself1. Keith Rabois: https://x.com/rabois2. 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• 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/