Deals, Dominance & Distribution

📈 Portfolio Pulse

🚀 SpaceX Acquired xAI in $1.25T Mega-Merger

SpaceX acquired xAI in the largest merger of all time, creating a $1.25T entity that Musk describes as "the most ambitious, vertically-integrated innovation engine on (and off) Earth." The deal comes as SpaceX filed with the FCC to launch up to 1 million solar-powered satellites functioning as orbital AI data centers, with Musk claiming space will be the lowest-cost place for AI compute within two years. Combined with Starbase getting its own police department to protect growing operations, Musk is building complete vertical integration from municipal infrastructure to orbital compute to AI models, all ahead of SpaceX's planned IPO later this year at a potential $1.5T valuation. SpaceX

🛰️ SpaceX: Starbase Cops & Orbital Compute

In other SpaceX developments, the SpaceX is moving to stand up its own police department at Starbase after its contract with the Cameron County Sheriff’s Office fell apart. At the same time, SpaceX filed with the FCC to deploy up to one million solar-powered satellites designed to function as orbital AI data centers, making the case that space could become the lowest-cost location for AI compute within two years. PC Mag / TechCrunch

🤖 OpenAI Launches Codex App, Lands Snowflake Deal

OpenAI launched a native macOS app for Codex that acts as a "command center" for managing multiple AI agents in parallel, featuring Skills for workflows, Automations for background tasks, and customizable agent personalities to compete directly with Claude Code. Separately, Snowflake signed a $200M multi-year deal to embed GPT-5.2 directly into its Cortex AI platform, giving 12,600 enterprise customers access to frontier models on their own data. This mirrors Snowflake's December deal with Anthropic, confirming that data platforms will pay nine figures to become the distribution layer for AI models. OpenAI / Snowflake

👀 Watch List

🎙️ ElevenLabs Triples to $11B in Voice AI Feeding Frenzy

Voice AI startup ElevenLabs raised $500 million at an $11 billion valuation, more than tripling its worth in just one year. Sequoia led the round, with a16z quadrupling its investment and ICONIQ tripling down. The company hit $330 million ARR in 2025 and grew from $200M to $300M ARR in just five months. ElevenLabs is doubling down on ElevenAgents (conversational voice AI for enterprise) and expanding internationally across 14 cities. The company powers voice for Meta, Epic Games, Salesforce, and MasterClass, reaching over 1 billion users. Voice AI is officially a mega-category. Reuters

🚙 Waymo Closes Record $16B Round at $126B Valuation

Waymo raised $16 billion at a $126 billion valuation, the largest autonomous vehicle investment ever. The round was led by Sequoia, DST Global, and Dragoneer, with Alphabet maintaining majority ownership. Waymo tripled its ride volume to 15 million trips in 2025 and now operates 400,000+ weekly rides across six US cities. The capital fuels expansion to 20+ new cities in 2026, including first international markets in Tokyo and London. This valuation jump from $45 billion just 15 months ago signals investors betting big that robotaxis are moving from research project to commercial reality. CNBC

💬 Prompt

What can I help you with?

Tell me about something you've been "thinking about doing" for months but haven't started. I'll ask you 5 quick questions, then tell you whether you actually want to do it or if you just like the idea of wanting to do it.

Sometimes the most useful thing is knowing what to stop pretending you care about.

📚 Content

✈️ LFG Visits xAI

We were at xAI’s HQ in Palo Alto on Tuesday, just one day after the SpaceX acquisition was announced. The energy in the building was palpable. Everyone was dialed in, moving fast, and heads down. The place was buzzing. It was exactly what you’d want to see at a moment like this.

📺 Anthropic Ad Wars

The meta move here is hard to ignore. Spending millions on ads to announce you won’t run ads, right as your closest competitor is gearing up to do exactly that, is a very intentional flex. Credit where it’s due, Anthropic’s marketing team knew exactly what they were doing.

🦞 Moltbook

Over the weekend, a group of bots spun up their own social platform called Moltbook. The real takeaway isn’t the novelty, it’s how unprepared the broader market is for what happens when bots start organizing, coordinating, and forming their own belief systems and languages.

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