Term Sheet

Reed Jobs, the son of Steve Jobs, wants to prevent deaths caused by cancer. Fortune’s Allie Garfinkle sits down with the Yosemite founder to discuss his $350 million VC fund, why nearly 95% of cancer drugs fail and how philanthropic grants can reduce risk in early stages of scientific research. They also explore AI’s role in drug discovery, the potential of GLP-1s, and why Jobs says making cancer non-lethal, rather than curing it, is the key to saving lives. Learn more about your ad choices. Visit megaphone.fm/adchoices

Can the U.S. replenish weapons stockpiles fast enough for modern conflicts? Fortune’s Allie Garfinkle sits down with Anduril CEO Brian Schimpf to discuss weapons production, the challenges of scaling manufacturing, and the testing needed to make complex systems reliable in the field. They also explore AI’s role in defense, lethal autonomous weapons, and why Schimpf says human commanders must remain accountable for decisions to use force. Learn more about your ad choices. Visit megaphone.fm/adchoices

Soda is one of the hardest categories to break into, where a few legacy giants dominate shelf space. Yet Poppi, the prebiotic soda company, turned a Texas farmers' market side hustle into a $1.95 billion sale to PepsiCo. On Term Sheet, Fortune's Allie Garfinkle sits down with co-founder Allison Ellsworth to unpack how she cracked the Gen Z code, how she turned three-day TikTok trends into lasting demand, and why incumbents are still struggling to win over the next generation of soda drinkers. Learn more about your ad choices. Visit megaphone.fm/adchoices

A hidden market for shares of the world's hottest private companies has quietly grown to an estimated $112 billion, and most of it happens off the books. As SpaceX, OpenAI, and Anthropic edge toward going public, the investors who poured billions into pre-IPO shares may not actually know what they own. Larry Aschebrook founded G Squared in 2011, when trading secondaries made you a "bottom feeder" who got cease-and-desist letters. Today the firm manages north of $8 billion and holds stakes in SpaceX, OpenAI, and Anthropic. Fortune's Allie Garfinkle sits down with Larry to talk about the shadow market behind the biggest names in tech, why layered SPVs could leave investors with nothing, and the reckoning he sees coming when these companies finally go public. 0:00 The $4 Trillion Problem Nobody's Talking About 0:56 Hot IPO Summer Is Here 1:58 They Wouldn't Return His Calls 3:15 His First Trade? Twitter Stock 6:06 What Secondaries Actually Are 7:26 The SPV Trap: Fees Stacked on Fees 14:27 The Doctors and Dentists Problem 18:55 Back When This Was Taboo 21:35 What Facebook's Lockup Should Teach You 23:56 "SpaceX Could Force a Reckoning" Learn more about your ad choices. Visit megaphone.fm/adchoices

An automated assembly line inside a Wonder kitchen can churn out 500 customized burrito bowls with zero order errors. This is a system CEO Marc Lore views as merely the baseline for his $9 billion food-tech enterprise. Fresh off acquiring Sweetgreen’s robotic kitchen technology, Wonder told Fortune's Allie Garfinkle it might go public early next year. Listen to Term Sheet to find out more. 4:06 — The Biggest Risk Isn’t Taking a Risk 6:16 — Why NBA Teams Could Be the Ultimate Investment 10:40 — The Billion-Dollar Bet on the Future of Food 17:37 — Inside Wonder’s Radical New Management System 22:12 — AI Could Turn Anyone Into a Restaurant Owner 24:39 — The “Infinite Bowl Machine” Is Coming 26:06 — Millions of People Could Soon Own Their Own Restaurants 28:17 — The Future of Food Delivery Is Coming From the Sky 30:43 — The M&A Mistake That Can Cost Companies Millions Learn more about your ad choices. Visit megaphone.fm/adchoices