It is always so odd how fixated investors/press are on the last private round price Whether ANT IPOs at $1.2T or $2T --> it is an insanely impressive act of value creation within 6 years *AND*, most of the value of companies ends up getting created after they are public

This is a LP letter that we recently wrote with our lessons on spotting talent from a decade of investing at the frontier. The most common thing you hear about early stage investing is that "It is 90% about the founder". We agree but have always been unsatisfied by the lack of falsifiability, specificity, and repeatability of that statement. What are the dimensions of excellence? How do they translate into companies? It was a pleasure to collaborate with @gopalkraman on this.

If I’m investing in frontier AI I would underwrite it mostly on new discovery and its applications like medicine because coding and most of knowledge work is quickly being saturated by sub-frontier models.

demo nights are back! join us next Thursday, November 5 for our next @spc demo night, featuring: - training Super Smash Bros-playing models @ericyuegu - frontiers of real-to-sim @frncswllms - autonomous biotechs, and much more... link below :)

One weird effect of being max AI pilled is that I have started to really treasure IRL time with my family and my friends. Put on some techno, dance with friends, take your kids to the park. Let the agents cook (or not). But dear god, celebrate humans.

America’s capital markets are an underrated strategic weapon. Anduril CEO Brian Schimpf on turning that edge into a tool for national priorities: "The US capital market structure is, it's not like it's 10% better than anyone else, it's like several thousand times better than anyone else. Like it is just wildly better." "If you're leaning into that and saying, 'Hey, we actually have great capital allocators that know how to underwrite companies and lean in on these things.' Great, let's just use the capital stack in a way that is aligned with national priorities around certain industries, certain capabilities, things like that." "Where else could you finance $200 billion of data center investments with like basically no real revenue to show for it? Like it's crazy." @SchimpfBrian @eriktorenberg

"Capitalism created the possibility of the win win win. It used to be a zero sum game where somebody won, somebody else lost. The biggest mistake people make they still think we're in a zero sum world. They're obsessed with some billionaires because Bernie Sanders thinks that @JeffBezos and @elonmusk somehow stole the money from the people. They don't understand that it's this prosperity machine that's creating more, not just for those billionaires, but for everything that they're touching. They're creating value for their customers, they're creating value for their employees. Their suppliers are flourishing, their investors are seeing their capital go up. It can be reinvested and compound. All philanthropy ultimately comes from business. That's where the profits are. Where does all the taxes come from? It ultimately comes from business as well. This is the engine that's lifting humanity out. The entrepreneurs are the drivers of that engine. Somebody like Elon Musk, he gets a very, very, very tiny sliver of the value that he creates for the whole world." — @iamjohnmackey

A common misconception is that if you are super rich, you can get unlimited access to the world's best doctor/lawyer/creative-professional etc. The reality is that the world's leading cancer doctor will still see you for 20-30min if you have cancer no matter how much money you have. This is why AI is so crazy. It both democratizes access AND it makes the amount of time available unlimited for every individual. This is the practical effect of intelligence too cheap to meter.

America turned 250 years old earlier this year. India turns 80 today...80 years young. Building countries is really hard. 80 years in...America was struggling with a civil war. Indians should be damn proud of the country they have built. Like America, India wants more. She wants to be better and stronger and more successful. She will get there.

Today we’re announcing SPC Fund IV: $575M to help founders find their life’s work. A decade of guiding founders through -1 to 0 brings @SPC to $2B in AUM and, more importantly, a 1200 member community of the world’s most talented technologists. We strongly believe that: → The person comes before the idea. At -1, generational founders are often busy reading, prototyping, discarding, and earning the right to their own conviction. → Ambition is social. The people you surround yourself with in the early days play a big part in inflecting your ambition. → Patience compounds. It is better to work on something you have deep conviction in rather than simply sprint at the first idea. The quiet months we protect at the beginning have produced three funds in the top 10% of their vintages, and companies like @baseten, @GammaApp, @render, @GoodfireAI, @LumaLabsAI, and @tryprofound. We are proud to have worked with all these founders in their -1 phase and beyond. While we defined -1 to 0, we're no longer bound by it. Fund IV allows us to partner with companies well beyond launch. We're doing this now because we've never seen a wider gap between what's possible and what's being attempted. Intelligence is abundant. The cost of trying ideas keeps falling, and problems that seemed insurmountable a few years ago are quickly becoming solvable. To our members, to the founders who trusted us before anyone else did, and to the LPs who had conviction in our own -1 journey: thank you. This milestone belongs to you as much as to us. To the builders looking to find your life’s work: let’s get started.