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    Technology

    Sourcery

    Interviews with the top Investors, CEOs, & Founders

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    Latest Episodes:
    (Exclusive HQ Tour) Inside Opendoor on Earnings Day Feb 25, 2026
    Show notes

    On Q4’25 earnings day, I went inside Opendoor’s San Francisco headquarters for an exclusive behind-the-scenes look at how the company operates in real time.

    CEO Kaz Nejatian gave us a full office tour — from dashboards and war rooms to earnings prep and the team packing merch ahead of the livestream. We sat in on a product discussion, watched the team prepare their live earnings broadcast, and saw firsthand how the culture operates under pressure.

    I also spoke with Michael Judd, Head of Investor Relations, $OPEN investor relations lead, and one of the longest-standing Opendoor employees (joined in 2016). He shares what it’s been like to see Opendoor move through multiple chapters — from early markets, to stock decline, to what the team calls a “second birth.”

    In this episode, we cover:

    • Why Opendoor livestreams earnings — including streaming on Robinhood

    • How the $OPEN Army became part of the company’s public narrative

    • Innovating on investor relations in a digital market • Weekly velocity and compressed execution cycles

    • What a public company “second act” looks like internally

    • The mission behind making homeownership more accessible

    This is a rare inside look at earnings day inside a public company — the people, the pace, the pressure, and the product.

    If you want more, check out our full interview with Kaz.


    Kaz Nejatian: https://x.com/nejatian

    Michael Judd: https://x.com/michaeljudd321

    Molly O’Shea: https://x.com/MollySOShea

    Sourcery: ⁠https://x.com/sourceryy


    𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

    YouTube: https://youtu.be/IMN9tOz4erY


    𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

    • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

    • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

    • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

    • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

    Follow Sourcery for the latest updates!

    https://www.sourcery.vc/

    Disclosure

    Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.


    𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

    (00:00) Inside Opendoor HQ

    (00:57) Earnings day energy with CEO Kaz

    (03:42) Why is there a sword in the conference room?

    (04:58) Retail investors, capitalism, and leading in wartime

    (08:08) Michael Judd on a decade of rise and reset

    (10:25) Reinventing earnings with live streams

    (13:38) Keeping up with Kaz

    (14:16) The $Open Army

    (15:07) From $0.50 share price to resurrection

    (18:07) Closed doors at Opendoor?

    (19:38) Inside a live product meeting with Kaz & team


    Inside Thrive Capital: Investing in OpenAI, Wiz, Cursor, Nudge, Physical Intelligence Feb 18, 2026
    Show notes

    Thrive Capital Partner Philip Clark joins Sourcery to break down how one of the most concentrated and influential firms in tech evaluates founders, builds conviction, and partners with companies that reshape the world.


    “Josh always had a line to me when I joined Thrive, which is that the people who win deals are the ones who want to win them most.”


    In this episode, we go deep on Thrive’s investments in OpenAI, Cursor, Wiz, Nudge, Physical Intelligence, and why Philip believes we’re entering a golden era for hardware — powered by cheaper sensors, software intelligence, and a new generation of engineers trained at SpaceX, Anduril, and Neuralink.


    Philip tells the inside story of:

    Seeing an early demo of OpenAI’s GPT-4 before launch

    Why Thrive flew into an active war zone to close the Wiz deal

    Cursor’s explosive growth from a small pivot to a multi-hundred-million ARR product

    How Nudge is engineering the human brain using ultrasound

    Why hardware’s barriers are falling and why the biggest companies of the next decade may be physical


    If you want to understand the future of AI, hardware, and the next generation of “counterfactual companies,” this is the episode.


    Philip Clark: https://www.linkedin.com/in/philip-clark-883a41126/

    Molly O’Shea: ⁠https://x.com/MollySOShea⁠

    Sourcery: ⁠https://x.com/sourceryvc


    𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

    YouTube: https://youtu.be/niosgDC-QHU


    𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒


    • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery


    • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery


    • Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights


    Follow Sourcery for the latest updates!

    https://www.sourcery.vc/


    𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

    (00:00) Who is Philip Clark? How he joined Thrive Capital

    (02:45) From physics to investing: becoming a technologist–optimist

    (04:00) How semiconductors led him to Thrive

    (06:00) Deep dive: Mesh Optical & the data center interconnect opportunity

    (07:45) Inside Cursor’s explosive growth and why AI is “speed chess”

    (09:15) How Philip first met Cursor’s founders during a pivot

    (11:30) Path to partner & Thrive’s “full-stack investor” model

    (13:45) The Wiz story: flying into an active war zone

    (17:15) Why Wiz closed six-figure deals in weeks — the rare “fast + big” enterprise combo

    (19:30) Why hardware is back: sensors, software, and SpaceX-trained talent

    (21:45) The rise of Nudge and engineering the human brain

    (26:30) Neuralink & Nudge: read to stimulate

    (31:15) Why Thrive concentrates instead of “spray and pray”

    (36:00) Inside OpenAI: seeing GPT-4 before launch

    (40:45) What comes after SaaS — and the companies unlocked by AI


    Sam Altman’s Answer to Bots Feb 16, 2026
    Show notes

    Alex Blania (CEO of Tools for Humanity, Co-Founder of World, and Co-Founder of Merge Labs) joins Sourcery to explain why the internet is heading toward a breaking point: bots, deepfakes, scams, and autonomous agents are scaling faster than trust.


    “99.9% of internet traffic will be AI driven.”

    “It’s not about combating the bots because that will be a lost cause.”


    World is trying to build a “real human network” a proof-of-human layer for the AI era, and the numbers are getting serious:


    • 38,374,194 World App users across 160 countries

    • 17,832,402 verified unique humans

    • 970,885,726 wallet transactions


    We talk about: how proof-of-human actually works, what happens when bots outnumber people online, why identity becomes the bottleneck for markets and platforms, and what a “verified human internet” could look like.


    Then we go deeper into Alex’s second frontier bet: Merge Labs, a brain–computer interface research lab that raised $252M seed round at an $850M valuation, backed by Bain Capital Ventures, with OpenAI as an investor and research collaborator, plus Gabe Newell. Merge Labs is pursuing less-invasive, higher-bandwidth BCIs, exploring ultrasound-based modalities and molecular approaches to interface with more of the brain without implants.


    The bot era is here. The question is: how do you prove you’re human online, and what happens when you can’t?


    Alex Blania: ⁠https://x.com/alexblania⁠

    Molly O’Shea: ⁠⁠https://x.com/MollySOShea⁠⁠

    Sourcery: ⁠⁠https://x.com/sourceryvc⁠


    𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒


    YouTube: ⁠https://youtu.be/7PnaQzw_K8E⁠


    𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒


    • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery


    • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery


    • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery


    • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery


    Follow Sourcery for the latest updates!

    ⁠https://www.sourcery.vc/⁠


    Disclosure

    Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.


    𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒


    (00:00) Alex Blania

    (01:27) World Explained: ID, Chain, App — The Full Stack

    (04:47) World Card, Stablecoins & Encrypted World Chat

    (08:22) 37M Users, 17M Verified — And It’s Still Not Enough

    (11:02) “Fail-Safe Privacy” — Why This Can’t Break

    (12:18) Where Proof of Human Actually Wins: Social, Dating, Gaming

    (14:04) Stop Fighting Bots — Label AI vs Human

    (16:49) How Alex Met Sam Altman

    (22:25) Operating with Sam While Building Two Companies

    (24:39) Inside Merge Labs — Why It Took 18 Months

    (24:58) “Last Innings Before Superintelligence”

    (32:38) Launching Merge Labs – $252M Seed Round

    (34:01) OpenAI Funding

    (37:30) Brain–Computer Interfaces 101 — Why Bandwidth Matters

    (42:14) Mind Control? Privacy? The Real BCI Misconceptions


    Jake Paul Is Coming for VC Feb 11, 2026
    Show notes

    Jake Paul and Geoffrey Woo join Molly O’Shea on Sourcery to break down their venture strategy, Anti Fund, and the operator-to-investor flywheel Jake has built across sports, consumer, media, and venture.

    With companies like: W, Betr, Anti Fund, Most Valuable Promotions, Boxing Bullies, Celsius, Dog Haus, & his new ranch, Jake explains how his broader empire building strategy centers on ownership, distribution, and long-term compounding rather than one-off wins.

    Specifically, we go inside Anti Fund (~$65M+ AUM, currently deploying a ~$30M vehicle) and explain why they avoid rigid “seed-only” or “growth-only” mandates—writing small entry checks to build conviction, then scaling into larger positions as companies prove out. In an AI-accelerated market where timelines compress quickly, adaptability becomes the edge.

    Jake shares why investing has become his “first love,” giving him proximity to frontier founders, including a close relationship with OpenAI. He reflects on helping shape the viral Sora moment and on lessons learned from Sam Altman around speed, decisiveness, and eliminating wasted time—while Geoffrey argues that as AI commoditizes execution, culture, taste, and distribution become the true moats.

    The episode captures a new venture archetype built on cultural gravity and direct access. With Logan Paul joining the partnership, Anti-Fund is positioning itself to compete with top firms while backing long-horizon themes like AI infrastructure, applied AI, robotics, and defense tech. Jake measures performance with numbers, but defines success more simply: having fun while competing at the highest level.

    Anti Fund® is an investment firm that invests in technology companies. Past investments include OpenAI, Anduril, Ramp, Cognition, Polymarket, Physical Intelligence, Flock Safety (via Aerodome), Chronosphere among many others.

    Anti Fund was founded upon two foundational axioms:

    1. the future is forged at the intersection of tech 🤝 culture.

    2. the best founders are “anti” by definition, as their companies must be highly disruptive to the status quo


    Jake Paul: ⁠https://x.com/jakepaul⁠

    Geoffrey Woo: ⁠https://x.com/geoffreywoo⁠

    Molly O’Shea: ⁠https://x.com/MollySOShea⁠

    Sourcery: ⁠⁠https://x.com/sourceryy⁠



    𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

    Youtube: ⁠https://youtu.be/SMzYK_kqm8M⁠



    𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

    • ⁠Brex⁠—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. ⁠https://brex.com/sourcery⁠

    • ⁠Turing⁠—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. ⁠https://turing.com/sourcery⁠

    • ⁠Deel⁠—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: ⁠https://www.deel.com/sourcery⁠

    • ⁠Public⁠–Investing platform Public just launched ⁠Generated Assets⁠, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://⁠public.com/sourcery⁠

    Follow Sourcery for the latest updates!

    ⁠https://www.sourcery.vc/⁠


    Disclosure

    Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at ⁠public.com/disclosures/ga⁠. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.


    $4.5B Brain-Inspired AI Chip Company Feb 07, 2026
    Show notes

    Unconventional AI recently emerged from stealth with $475M in seed funding at a $4.5B valuation, led by Andreessen Horowitz and Lightspeed, with participation from Sequoia, Lux Capital, DCVC, Future Ventures, Jeff Bezos, Playground Global, and others. Naveen is also personally investing $10M into the company.

    Recorded at Playground Global in Palo Alto and hosted by Peter Barrett, General Partner, this Sourcery conversation features:

    - Naveen Rao — CEO & Co-Founder, Unconventional AI (founder of Nervana, acquired by Intel for $400M+, and MosaicML, acquired by Databricks for $1.3B; former Chief AI Officer at Databricks)

    - Konstantine Buhler — Partner at Sequoia Capital

    - Molly O’Shea — Founder of Sourcery (Moderator)

    Unconventional AI is building a new computational substrate designed for biology-scale efficiency — running neural networks directly on the nonlinear physics of silicon instead of simulating them through traditional digital abstractions.As AI demand accelerates, computation is approaching a collision with global energy supply. Unconventional’s thesis: achieving step-function efficiency gains requires rethinking compute itself.

    Instead of forcing stochastic neural networks onto deterministic digital machines, the company is engineering silicon circuits with similar nonlinear dynamics — effectively creating a “silicon wind tunnel” for intelligence.In this conversation, we cover:- Why energy — not capital — is becoming AI’s true bottleneck- The return of analog-inspired computing- What it takes to build a new computing paradigm- How investors underwrite formation-stage deep tech- Where the AI supercycle goes next

    Molly on X: https://x.com/MollySOShea

    Naveen on X: https://x.com/NaveenGRao

    Brought to you by:Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, and travel.

    As a Sourcery subscriber you get: 75,000 points after spending $3,000 on Brex card(s). Plus, white-glove onboarding, $5,000 in AWS credits, $2,500 in OpenAI credits, and access to $180k+ in SaaS discounts. On top of $500 toward Brex travel, $300 in cashback, plus exclusive perks (like billboards..) visit → brex.com/sourcery

    Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance, and enable enterprises to turn those models into powerful, production-ready systems. Visit: turing.com/sourcery

    Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: deel.com/sourcery

    Public-–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. Seriously, you can type in anything, from “AI-powered supply-chain companies with positive free cash flow” to “defense tech companies growing revenue over 25% year-over-year.” With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. Try it today: public.com/sourcery

    Follow Sourcery for the latest updates!

    https://www.sourcery.vc/

    #podcast #investing #technology #venturecapital #entrepreneur #startup #siliconvalley


    Inside $6.8B+ AUM Fund Behind 80+ Public Companies, 165+ M&A Feb 05, 2026
    Show notes

    Deedy Das, Partner at Menlo Ventures and former founding team member at Glean, joins Sourcery to unpack a major shift reshaping venture capital: the move from rigid investment theses toward founder-led conviction.

    With 48+ years of experience, 80+ public companies, 165+ mergers and acquisitions, and $6.8B+ under management, Menlo Ventures is partnering with Anthropic through the $100M Anthology Fund to back the next generation of AI startups.

    Deedy explains how the firm identifies infrastructure companies early — often before the broader market recognizes their importance — and why iconic outcomes rarely emerge from predefined theses. He breaks down what distinguishes durable AI businesses from short-lived momentum plays, and how top investors evaluate founders capable of building enduring companies.

    We also explore the rapid evolution of the AI stack — from internet-scale training to reinforcement learning, agentic systems, and the pursuit of the economic Turing test.


    Topics Covered:

    • The strategy behind Menlo + Anthropic’s Anthology Fund

    • Why “anti-thesis” investing wins

    • Founder traits that predict generational companies

    • AI infrastructure gaps still waiting to be built

    • Product taste as a competitive moat

    • The danger of overfunding startups

    • Why Deedy became one of tech’s most followed voices on X


    Deedy Das: https://x.com/deedydas

    Molly O’Shea: https://x.com/MollySOShea

    Sourcery: ⁠https://x.com/sourceryy



    𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

    YouTube : https://youtu.be/Gjw0oBznXuQ


    𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

    • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

    • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

    • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

    • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery


    Follow Sourcery for the latest updates!

    https://www.sourcery.vc/


    Disclosure

    Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.


    AI vs Humans: Math, Physics, KGB Psyops, UAPs | Shaun Maguire, Sequoia Feb 02, 2026
    Show notes

    Sequoia Capital Partner Shaun Maguire returns to Sourcery for a conversation with Molly O’Shea on math superintelligence, physics, and the limits of human understanding.

    Specifically, Shaun explains his and Andrew Reed’s investment in Harmonic, the new AI company founded by Robinhood CEO Vlad Tenev, and why math + reinforcement learning may unlock the next major breakthrough in artificial intelligence. Breaking down Harmonic’s differentiated strategy using Lean, formalized proofs, and reinforcement learning to train AI systems that reason rigorously about math, outperforming far larger labs with a fraction of the spend.

    We also get into Shaun’s physics worldview from loopholes in the laws of nature, to time travel, vacuum energy, UAPs, Bayesian probability, information warfare and why he believes we understand far less about reality than we think.

    The conversation expands into UAPs (UFOs), Palmer Luckey, probability, scientific humility, and how frontier intelligence, human or artificial, might reshape what’s possible in math, physics, and reality itself.

    In an exclusive cut for X, Shaun discusses free speech, narrative power, and why platforms like X matter in an era of global information conflict (Sequoia invested $800M in the take-private) – making the case that much of today’s political and media chaos is the downstream effect of Cold War–era KGB psychological warfare tactics that never actually stopped — they just changed hands.



    Shaun Maguire: https://x.com/shaunmmaguire

    Molly O’Shea: https://x.com/MollySOShea

    Sourcery: ⁠https://x.com/sourceryy



    𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒


    https://youtu.be/7-kTsCkKfUw


    𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

    • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

    • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

    • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

    • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery


    Follow Sourcery for the latest updates!

    https://www.sourcery.vc/


    Disclosure
    Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.


    Exclusive: Brex’s $5.15B Capital One Acquisition | CEO Pedro Franceschi Jan 30, 2026
    Show notes

    Brex CEO Pedro Franceschi joins Molly O’Shea for an exclusive breakdown of the $5.15B Brex x Capital One M&A deal—from the first serious conversations to finalising the deal in ~40 days, making this one of the largest bank–fintech deals in history. Pedro shares why Capital One paid up, why he believes the “exit” mental model is wrong, and how Brex stays founder-led with a “butterfly” operating model inside a $150B platform powered by $6B in marketing and $6B in R&D.

    We break down the full deal timeline (term sheet on Dec 22, announcement tied to Capital One’s Jan 22 earnings), the 50/50 cash–equity structure, and why Capital One committed ~$950M in integration + retention to accelerate Brex’s trajectory. Pedro also walks through Brex’s valuation reset—from a $12B peak to a ~$4B employee repricing, and now a ~13.4x gross profit acquisition multiple at the top end of fintech public comps.

    Pedro also explains how Brex is staying in war mode—shifting its real competition from fintech peers to JPMorgan, Amex, and the largest U.S. banks. With Capital One’s scale behind it, Brex is aggressively pushing to win enterprise market share, out-execute legacy incumbents, and become the dominant financial platform for modern companies.

    Brex today serves 1 in 3 U.S. startups, supports 300+ public companies, and powers spend for top AI labs—including TikTok, Toast, Robinhood, Anthropic, Zoom, DoorDash, and Canva. After closing, Brex is expected to become the #3 corporate card platform in the U.S., accelerating enterprise expansion, AI agents, and next-generation financial automation.

    This may be the only full public, founder-level breakdown of a major M&A deal ever shared right after signing. Hope you enjoy!


    Pedro Franceschi: https://x.com/pedroh96

    Molly O’Shea: https://x.com/MollySOShea

    Sourcery: ⁠https://x.com/sourceryy


    𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒


    https://youtu.be/3a3omxYXqK4



    𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

    • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

    • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

    • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

    • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

    Follow Sourcery for the latest updates!


    https://www.sourcery.vc/

    Disclosure


    Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.


    How Elon Builds Trillion-Dollar Companies Jan 28, 2026
    Show notes

    Elon Musk has built more category-defining companies than any founder alive — and Sequoia Capital and Partner Shaun Maguire have backed five of them: SpaceX, xAI, Neuralink, The Boring Company, and X.

    In this episode of Sourcery, Shaun breaks down how Elon builds trillion-dollar companies, why SpaceX may be the greatest company, largest IPO and wealth creation event of all time, and why he believes Elon is still massively underrated despite his global impact.

    We dive into SpaceX’s IPO, Starlink’s explosive growth, data centers in space, direct-to-cell from orbit, xAI, and the unique way Elon builds long-term potential energy before unleashing scale.

    Shaun also explains why SpaceX could become the biggest wealth creation event in history, how liquidity will reshape the tech ecosystem, and why Elon’s approach to power, infrastructure, and speed gives him an unmatched edge.

    This is a deep look inside Elon’s operating system — from one of the most technically fluent investors in Silicon Valley.


    Shaun Maguire: https://x.com/shaunmmaguire

    Molly O’Shea: https://x.com/MollySOShea

    Sourcery: ⁠https://x.com/sourceryy


    𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

    YT: https://youtu.be/lPXYqPXo_R0


    𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

    • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

    • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

    • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

    • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery


    Follow Sourcery for the latest updates!

    https://www.sourcery.vc/


    Disclosure


    Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

    𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒


    (00:00) Shaun Maguire, Partner at Sequoia Capital

    (01:10) SpaceX Upcoming IPO & data centers in space

    (05:00) The math behind space-based data centers

    (07:05) Breaking down Starlink from first principles

    (12:10) Economics of Starlink vs legacy telecom

    (14:41) Starlink + self-driving cars and the future of mobility

    (16:29) Starship, direct-to-cell, and the next decade roadmap

    (19:38) SpaceX investment size and returns so far

    (20:25) Why is Elon still underrated?

    (21:33) How SpaceX went from contrarian to consensus

    (25:39) Why does Elon keep a tight investor circle?

    (27:06) Why does the market still underestimate xAI?

    (29:47) AI capex, liquidity cycles, and why spending is rational

    (32:11) Staying private vs going public: what makes more sense

    (35:47) Mission-driven cultures vs post-liquidity slowdown

    (37:53) Preparing founders psychologically for liquidity events

    (40:33) Why this may be the healthiest wealth creation cycle


    How AI is Reaching the Most Extreme Parts of the World Jan 26, 2026
    Show notes

    Filmed at the Reagan National Defense Forum at the Reagan National Library, Molly walks with Dan Wright, CEO of Armada, to unpack why the next era of AI infrastructure will not live only in hyperscale cloud campuses – it will move into the physical world.

    Armada calls itself the hyperscaler for the edge. The company builds modular AI factories that bring compute, connectivity, storage, and real world AI into environments where latency, security, and reliability are mission critical. Dan shares how Armada started with SpaceX as an early point of entry, why Starlink fundamentally changed what is deployable around the globe, and how Armada is pairing connectivity with infrastructure to bring the most powerful AI models to places that have never had access before.

    The conversation spans Armada’s partnerships with Microsoft, OpenAI, and Skydio, plus what it takes to deploy in extreme environments, from U.S. Navy operations at sea to the Saudi desert with Aramco Digital, and all the way to Alaska for real time disaster response. Dan also lays out the geopolitics of AI infrastructure, why he believes the world will run on either the U.S. AI stack or the Chinese AI stack, and why exporting infrastructure to allies is central to winning that race.

    We also go long on space. Dan explains why data centers in space are coming, why Starship is a prerequisite for lunar and planetary industry, and why compute becomes unavoidable once you imagine robots building bases on the Moon and later Mars. He also reacts to the ongoing SpaceX IPO speculation for 2026 and why broader access to SpaceX would matter if it happens.

    Armada has raised $200M+ to date, backed by investors including Founders Fund, Dragon Global, Lux Capital, Shield Capital, 8090 Industries, Microsoft’s M12, Overmatch, Silent Ventures, Felicis, and Marlinspike, with later strategic participation including Pinegrove, Veriten, and Glade Brook.


    Dan Wright: https://x.com/danwrightSF

    Molly O’Shea: https://x.com/MollySOShea

    Sourcery: ⁠https://x.com/sourceryy


    𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

    YT: https://youtu.be/iCD8nuxSgKw


    𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

    • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

    • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

    • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

    • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

    Follow Sourcery for the latest updates!

    https://www.sourcery.vc/


    Disclosure

    Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.


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