Deeper dive into how we thought about our initial and continuing investment in @CowboySpaceCorp . We are long on all types of new tech+energy investments from bridging the gap created by data center demand to monitoring aging systems to non-traditional forms of energy to continued battery development. Stay tuned for more! cc @constructcap #foundationalindustries# #earlystage#

Early-stage Web3 ventures need more than capital to grow; they need the right partnerships and support to reach their potential. @JulietSu, Partner at @NewTribeCap, joins the Unchained Summit India speaker lineup, bringing experience across venture capital, marketing, business development and international partnerships. Through her work with founders and investors, Juliet supports emerging blockchain ventures and ecosystem development, bringing an investor’s perspective on opportunities across the digital asset industry. 📍 Courtyard by Marriott, Mumbai | 5–6 November 2026 Get your pass for Unchained Summit India at @AeternumInc #AnEventbyAeternum# #UnchainedSummit# #JulietSu# #NewTribeCapital# #Web3#

Early-stage deep tech startups can be seen as a big risk to investors. @EikeGerhardt explains how @DemetriMxm used credibility signals throughout Nephrogen’s Startup Battlefield pitch to overcome it. More pitch advice on the latest Build Mode.

Early-stage, made accessible. @SPintoPeyronel, Head of Robinhood Ventures + President of $RVII, unpacks the tectonic shift of AI, early-stage innovation, and the Y Combinator ecosystem. @RobinhoodApp | $RVII

Early Alpha： @appexprotocol - early (defi) @SportexChain - sport marketplace @txscope_ - multisig tx on sol @usetipora - web3 fundraising @KotoFifun - launchpad @Chainfunded_io - onchain prop trading @polysagetool - layer for prediction @Alfa_or_Not - degen @ratatosk_ai - prediction market @GaslessSOL - degen @_tempocalypse - tempo nft @hushpay_xyz - private TX @notional_xyz - early @attentiondotme - socialFi @solframe_ - website into stable @Lynx_Pay - tempo protocol @Pota_Tao - TAO dex @pussycattech - degen @chumponbase - marketplace on base @TenchiOG - gameFi @valiqai_ - AI @pulseaiexe - AI bot trading @GeomarketBet - prediction market @predictswap - swap prediction @KutroDeFi - early (defi) Early-stage projects carry both risks and opportunities. Please exercise caution in your judgment and invest prudently.

The early-stage #BTC# Bull Market Re-Accumulation Range in 2023 developed slightly above the 2022 inverse Head and Shoulders Accumulation Pattern In this cycle, the ~$82500 level is the analogous level to the very top of the 2022 Accumulation Pattern Turn $82500 into support -> Bitcoin would likely start building out its new ReAccumulation Range Note: it's not yet clear where the top of that Range would be but its bottom would likely be $82500 or slightly above it (i.e. in 2023 it was slightly above the analogous level to $82500) Fail to turn $82500 into support however and there’s a chance Bitcoin reverts back into the $60k - $80k Range and retraces within it That intra-range pullback could take place in an effort to build out a Right Shoulder, if the intent is for Bitcoin to replicate an inverse Head and Shoulders Accumulation Pattern similar to 2022-2023 (and this is an assumption based on emerging market structure) These are conditional scenarios based on $82500 as a technical level because it is the pivot point for the next phase in the cycle Of course, if $82500 holds as support then the breakout from the ~$60k-$82500 Macro Range will be confirmed, obviously invalidating a reversion back into the Range But for as long as $82500 fails to hold as support, that Right Shoulder to a potential inverse Head & Shoulders becomes quite compelling (there's a good chance that the Right Shoulder would be a little higher than the Left Shoulder, like in 2023) Attached are charts from the prior cycle where I clearly outlined the 2022 bottom at ~$15500 via downside deviations below the 200-week SMA (which kickstarted the Head of the inverse H&S in that cycle) and another couple of charts outlining the full development of the Right Shoulder and its bottom in 2023 Based on those charts and same guiding principles, the analogous levels are outlined in today's chart What's interesting about a potential future Right Shoulder development is that it could coincide with a mid-term retest of the Macro Downtrend (black; we've only seen such a mid-term retest in 2015) In sum: Is Bitcoin entering a future Re-Accumulation Range? Or does price still have a chance at entertaining a low still within the Macro Accumulation Range? Either Bitcoin transitions into a new Re-Accumulation Range by keeping $82500 as support... Or we could see one final pullback in an early-stage Bull Cycle into what could be a Macro Higher Low (Side note: equal lows would be compelling but are less likely, and Lower Lows admittedly are the low probability event, but not absolutely impossible should a Black Swan take place. And if a Black Swan takes place in Q4 and BTC drops to new lows, then it would resynchronise with the 4-Year Cycle. Again, low probability but not absolutely impossible) Overall, Bitcoin is showing signs of macro trend transition and so if the transition into an early-stage Bull Market is indeed occurring, then the main trend will of course be upside for the next few years But in saying that, it's always wise to strategise ways on how price could perform a Bull Market pullback, especially whenever price is at key technical junctures like ~$82500 $BTC #Bitcoin#

5 Early-Stage Names With the Cash to Back Up the Story $ONDS $ABCL $SMR $JOBY $QS $ONDS — The defense and autonomous systems story here has been one of the fastest-scaling in the space, and the balance sheet backs it up. Ondas ended Q2 with roughly $1.4 billion in cash, cash equivalents, restricted cash, and short-term investments, alongside a $757 million backlog that grew 66% sequentially. Revenue is scaling fast too — Q2 came in at $83.8 million, up more than 13x year-over-year, with full-year guidance raised to $525–$550 million. The bear case worth knowing: a chunk of that cash pile has already been earmarked for recent acquisitions (DZYNE, CyberHawk), so the fortress balance sheet is partly a function of equity raises funding a roll-up strategy — worth watching how disciplined that stays. $ABCL — A biotech name with a genuinely clean balance sheet: over $565 million in cash and marketable securities, plus access to roughly $110 million in committed government funding, giving management a stated runway of at least three years. Two new partnerships with Jazz Pharmaceuticals and Vertex added over $110 million in non-dilutive upfront cash this year alone — a good sign that the platform is monetizing without constant capital raises. The lead program, ABCL635, already delivered its Phase 2 catalyst on August 10 — a single dose cut moderate-to-severe hot flash frequency by 83% versus 33% for placebo at week 4, hitting statistical significance with a clean tolerability profile. Next catalyst to watch is ABCL575 Phase 1 data, expected Q4 2026. $JOBY — This is the standout on pure balance sheet strength: roughly $2.3 billion in cash and short-term investments as of the end of Q2. That's real ammunition heading into what's shaping up to be the most important stretch yet — first eVTOL passenger flights targeted for later this year, alongside continued FAA certification progress. The offset: cash burn is heavy, with the company using about $202 million in the quarter, so the runway is strong but not infinite. $SMR — Liquidity here has ballooned to about $1.9 billion in cash, cash equivalents, and investments, up roughly $900 million in a single quarter. Revenue is essentially nonexistent right now (a byproduct of project timing, not demand), so this is a pure binary-catalyst setup — the whole thesis hinges on ENTRA1 closing a definitive agreement with the Tennessee Valley Authority. If that lands, the cash position gives NuScale the ability to execute immediately without needing to raise into a potential re-rate. $QS — Total liquidity of $859 million, split between cash/equivalents and marketable securities, funds continued scaling of the Eagle Line production process and expansion into new verticals including AI data center batteries (QSDC) and defense/aerospace (QSAS). Management has guided full-year Adjusted EBITDA loss of $250–$275 million, so the cash pile is a multi-year runway rather than a war chest for aggressive expansion — still, it removes near-term financing risk while the company works toward commercialisation. each of these names can fund its own roadmap for years without going back to the well, which takes one major risk off the table for early-stage exposure. That doesn't remove execution risk — cash doesn't guarantee contracts, certifications, or clinical data — but it does buy time for the thesis to play out without shareholders getting diluted along the way. Not financial advice.