SpaceX, Saronic, and the New Era of Defense Tech Investing | Trading Places Podcast Ep31

I Read the 308-Page SpaceX S-1 So You Don’t Have To

Aman read all 308 pages of the SpaceX S-1 so you don't have to. This week we break down every major number, surprise, and buried Easter egg in the filing — plus the biggest IPO week in recent memory across the AI holy trinity. SpaceX is pricing around June 12 and could open at a $2T+ valuation. We walk through all three business segments (Connectivity, Space, AI), the $28.5 trillion TAM claim, Elon's compensation plan that pays out $583B if he colonizes Mars, the unusual staggered lock-up structure, and the two breadcrumbs in the S-1 that suggest a SpaceX-Tesla merger could be coming. We also cover Anthropic's monster quarter ($10.9B in Q2 revenue, profitable, raising at $900B), OpenAI rushing to beat them to IPO after winning the Musk lawsuit, NVIDIA's $81B print growing 85% YoY, Mercury's $200M Series D at $5.2B, the US government taking equity stakes in quantum companies, and Nasdaq Private Markets suing Hiive over secondary market plumbing. A lot happened this week. 00:43 - [ tech news and vc ] 08:04 - Anthropic profitable, $900B looks cheap 🤯 13:38 - OpenAI rushes to IPO after courtroom win 🏃‍♂️‍➡️ 17:53 - NVIDIA $82B print $80B buyback 💰🫲 22:20 - Mercury $200M Series D @ $5.2B 🏦 25:35 - US Govt = Quantum VC ⚛️ 29:05 - NPM sues Hiive over 2ndry plumbing 🪠 30:58 - [ val corner: 308 page SpaceX S-1 ] 31:06 - SpaceX S-1 highlights 📸🔦 35:56 - $28T TAM includes Martians 🌎🌍🌏🌖✨ 37:00 - 3 core biz units: Connectivity, Space, AI 3️⃣ 47:05 - SpaceX-Tesla merger? 🤔 50:10 - board members revealed 👤 53:48 - unusual staggered lock-up period 🔐 1:01:00 - Dave sings a whole new Mars 🎶 [ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ] Thank you for watching #spacexs1 #spacexipo #spacex #secondaries #venturecapital

$900B Anthropic, SpaceX IPO Date, and the SPV Wild West w/ Clara Vydyanath | Trading Places Pod EP35

IPO season is here — and private markets are breaking at the seams. This week on Trading Places: Cerebras just had one of the best IPOs in years, pricing way above range and popping 68% on day one. SpaceX is targeting June 12th for its Nasdaq listing — and the prospectus drops next week. Anthropic raised $30B at a $900B valuation (up from ~$350B just three months ago) — and then told SPV operators to back off. And Anduril closed a $5B round at $61B, doubling its valuation in under a year. Then Dave and Aman sit down with Clara Vydyanath, a secondaries veteran who's spent eight years at Forge and Hiive, to break down what's actually happening in the SPV market — who's legit, who's a scammer, and what CFOs should be doing right now. Plus: retail VC part two, where Aman pits AngelList's USVC (Naval Ravikant + Ankur Nagpal) against Cathie Wood's Ark Ventures. One of them has a track record problem. Timestamps: cold open [ tech news and vc ] 00:53 - Warsh confirmed as new Fed chair 🪑 03:32 - Hormuz "you shall not pass" 🚢🧙‍♂️ 07:05 - Cerebras blockbuster IPO 📈 12:28 - SpaceX IPO date around June 12 🚀 15:56 - Anthropic raises $30B @ $900B valuation 💰 28:30 - Anduril closes $5B @ $61B 🛫 30:07 - [ intvw: Clara Vydyanath, 2ndry advisor ] What she learned at Hiive & Forge 🧠 33:52 - SPVs and Anthropic ✋ 39:43 - What will happen after IPO summer 🔮 44:20 - Wild West of 2ndries is only beginning 🤠 46:00 - CFOs tender offer playbook 📕 58:50 - [ val corner: retail VC part 2 ] Closed end funds: AngelList & Ark Invest 📝 1:00:33 - AngelList USVC portfolio breakdown 😇 1:02:35 - ARKK Ventures Ark Invest portfolio breakdown 🌈 1:05:10 - Portfolio strategy and fees faceoff 🥊 1:06:00 - Ankur Nagpal vs Cathie Wood 🤺 1:10:10 - second takes 😂 [ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ clara vydyanath = https://www.linkedin.com/in/clara-vydyanath-cfa-cpa-14287316/ | https://x.com/ClaraVydyanath ] [ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ] Thank you for watching #tradingplacespodcast #SpaceX #ClaraVydyanath #davemcclure #SpaceXIPO

Anthropic's $44B Revenue Run Rate, SpaceX's $75B IPO Problem, and the Retail VC Trap | Ep 34

Anthropic is now reportedly running at a $44B ARR pace, secondary markets are valuing it north of $1T, and demand is turning into full-scale FOMO. This week on Trading Places, Dave McClure and Aman Verjee break down: 00:00 — cold open 00:39 — [ tech and vc news ] 01:53 — Markets ATH during Iran war 💥 06:45 — SpaceX + Anthropic $4B deal 🤝 10:51 — New NASDAQ rules benefit SpaceX 🔔 15:21 — Anthropic raising $50B @ $900B, ARR accelerating 📈 18:20 — Sam and Elon courtroom drama 🍿 23:21 — Cerebras IPO 20x oversubscribed 🥊 25:14 — SaaS-pocalypse continues ⛈️📉 27:47 — [ valuation corner: retail VC part 1 ] Non-accredited investors want private stock 🙏 29:11 — Robinhood Ventures w/ Sarah Pinto & Vlad Tenev 1️⃣ 30:15 — Fundrise w/ Ben Miller 2️⃣ 33:00 — D/XYZ w/ Soheil Prasad 3️⃣ 36:39 — Which would Dave pick? 🤔 41:35 — [ VC secondary 101 w/ dave mcclure ] What is secondary? 🌈 43:03 — Size of the market 📈 44:53 — Why people buy/sell 🤷‍♂️ 47:41 — What are Secret Stallions 🐴 48:45 — Three deal strategies 🧠 [ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ] Thank you for watching #tradingplacespodcast #secondary101 #vcsecondary #davemcclure #anthropicstock

Anthropic at $900B, OpenAI Slipping | Sacra & Augment Power 20 Private Companies | Cohere Valuation | Ep 33

Anthropic is accelerating at a pace the tech world has never seen. In Episode 33 of Trading Places, Dave McClure, Aman Verjee, Marcelo Ballvé (Sacra), and Adam Crawley (Augment) break down the AI valuation frenzy, OpenAI’s growing pressure, hyperscaler spending, Cohere’s international AI strategy, and whether SpaceX’s trillion-dollar valuation has completely detached from fundamentals. Timestamps: [ tech and vc news ] 00:53 – Iran hits markets 💥 05:00 – Hyperscalers $700B AI CapEx 💸 12:31 – Anthropic raises $50B at $900B+ 🚀 13:51 – Musk vs Altman courthouse battle 🥊 18:22 – OpenAI eyes 2027 IPO 👀 21:35 – Cerebras IPO imminent 🏁 23:18 – Founders Fund $6B with 25% GP commit 😮 25:41 – Sierra raises $950M at $15.8B 🚀 29:16 – GameStop bids $56B for eBay 💰 31:39 – [ intvw: Marcelo Ballve @ SACRA + Adam Crawley @ Augment ] 33:16 – Why Anthropic beat OpenAI 🏆 35:35 – Defense tech crashes the top 20 🛡️ 41:06 – SpaceX at $2T — vibes or fundamentals? 🚀 47:35 – Most stretched valuation on the list 😬 54:51 – Retail VC fund trap 👎 1:02:24 – AGI in 18 months? 🤖 1:04:23 – [ valuation corner: Cohere @ $7B ] 1:05:40 – Canadian roots and team 🇨🇦 1:09:45 – Aleph Alpha German acquisition 🇩🇪 1:10:01 – The anti-US & anti-China play 🙅‍♂️ 1:13:08 – second takes 😂 [ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ adam crawley = https://www.linkedin.com/in/adam-crawley-b2146753/ | https://x.com/adamcrawley1 ] [ augment = https://augment.market/ ] [ marcelo ballvé = https://www.linkedin.com/in/marceloballve/ | https://x.com/ballve ] [ sacra = http://sacra.com/ ] [ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ] Thank you for watching **Please note: Inclusion in the Augment Power 20 does not predict future performance and should not be considered investment advice. For informational purposes only. Augment Markets, Inc. is a technology company offering software and data services with securities-related services offered through its wholly-owned but separately managed subsidiary Augment Capital, LLC, Member of FINRA/ SIPC. Read our full disclosure statement here. #tradingplacespodcast #sacra #augmentmarkets #davemcclure #cohere

Anthropic Hits $1T, OpenAI Struggling, Elon Reloads with $60B Cursor Deal | Trading Places Podcast E32

Anthropic just crossed a $1 trillion valuation… and may have officially passed OpenAI. Meanwhile, Elon Musk is making moves—SpaceX is partnering with (and possibly acquiring) Cursor in a $60B deal, while OpenAI races to stay competitive with new releases like GPT-5.5 and Images 2.0. This week on Trading Places, Dave McClure and Aman Verjee break down one of the wildest weeks in AI, venture capital, and secondary markets: — The Fed shakeup and what it means for interest rates — Iran war tensions and global market implications — Anthropic’s meteoric rise past OpenAI — SpaceX’s massive AI bet with Cursor — OpenAI’s latest product push — AngelList opening venture capital to retail investors — The rise of prediction markets like Polymarket and Kalshi Plus: a deep dive into Cursor—the fastest-growing SaaS company ever—and why SpaceX wants it. 00:00 – cold open [ tech and vc news ] 01:22 – Warsh fed chair moves Up 🪑 03:52 – Iran war ends when 🤔 06:15 – Anthropic $1T valuation 💰 08:10 – Cursor & SpaceX engage 👰‍♀️ 14:21 – OpenAI launches GPT 5.5 + images 2.0 🚂 17:54 – AngelList launches USVC 💸 25:11 – Polymarket & Kalshi double down 🎲 29:25 – [ valuation corner: Cursor @ $50B ] what is Cursor 🤖 31:24 – CEO & MIT team 👥 33:12 – Why SpaceX wants Cursor & vice versa 💍💒 38:23 – early investors a16z + Thrive 🤑 39:56 – Sam Bankman-Fried almost won big 🙅‍♂️ [ spv: Equitybee ] 44:27 – why we invested in Equitybee 🐝 46:15 – how you can join the SPV 👍 46:53 – spinal cap debut 🎶 [ links: ] [ equitybee SPV invest = https://practicalvc.com/eb ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ aman verjee = https://www.linkedin.com/in/aman-verjee/ | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ] #cursorspacex #spacexcursor #venturecapital #secondarymarkets #secondaries