Research and reporting on tech, AI, early-stage investing and the startup ecosystem.
101 articles
SpaceX is approaching a potential IPO that could become the largest in history, positioning it among the world’s most valuable companies and redefining the upper bound of venture-backed outcomes; the business has evolved beyond satellite launches to core infrastructure, with Starlink driving recurri
AI changes the old SaaS logic that more usage always equals better value, because with token-based pricing higher employee usage can raise costs while also driving much greater output. The argument is that top performers should be allowed, and even encouraged, to spend heavily on AI tools when that
NScale’s recent funding round marks a pivotal transition as AI compute shifts from a venture-backed experiment into a mature, institutional infrastructure asset class. By attracting major private equity and hedge fund investors like Point72 and Citadel, the company is proving that GPU clusters now r
The U.S. Department of War designated Anthropic a national security supply chain risk after negotiations over a $200M Pentagon contract collapsed. The dispute centered on Anthropic’s refusal to remove guardrails preventing its AI from being used for mass domestic surveillance or lethal autonomous we
The Watt-Bit Swap is a cross-commodity derivative designed to capture the "Watt-Bit Spread," which is the significant margin between the cost of electricity (Watts) and the market value of the AI compute (Bits) it produces. Much like the "spark spread" allows power plants to hedge the difference bet
Agents like OpenClaw may reduce hiring pressure by absorbing recurring operational work that historically justified incremental headcount. Instead of expanding payroll, teams can scale variable token spend, allowing smaller groups to operate with higher leverage while delaying permanent hiring commi
There is a fundamental shift in venture capital from a "growth-at-all-costs" software model to a more disciplined, asset-heavy approach focused on sectors like AI infrastructure, energy, and defense. We argue that today’s most consequential companies are grounded in real-world physics and capital in
This little bugger just broke the internet. Who is he?
Most founders focus on valuation, but in later-stage venture rounds the real shift happens in the terms. Warrants and covenants change how upside, risk, and decision-making are allocated once checks get larger and timelines tighten. Understanding them is the difference between raising growth capital
Founders often over-index on simple valuation metrics while ignoring the complex "legal DNA" of preferred rights, which ultimately dictate the distribution of control and economics. Because these terms compound across funding rounds, early concessions in seed rounds create a permanent, structural ba
2026 is shaping up as a turning point where AI shifts from a standalone product to a layer embedded across products, workflows, and the physical world. As adoption accelerates, compute and energy constraints move from IT concerns to strategic bottlenecks that shape what can scale. At the same time,
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