GPUs, GTMs, & Gigawatts

LFG Ventures presents a weekly newsletter delivering private market (pre-IPO) insights and signals across tech and frontier industries.

AuthorAuthor

Rob Madelmayer & Chris Bordeaux
October 10, 2025

Before we dive in this week, a quick note on why we write this newsletter.

We usually share one deal a month, but many of you have asked for more frequent updates. Something simple, curated, and focused on the companies in our portfolio and the ones we’re tracking. In short, you’ve asked to see more of what we’re seeing.

This newsletter is our way of doing that. It helps us stay connected and gives you a closer look at what we’re focused on, what’s moving in the market, and how we operate.

If you have questions, want us to chase down access to a specific company, have suggestions, or just want to say hi, reply to this email. Chris and I are humans first, and we read every note.

Alright, lets get into it.

This week’s Radar is packed with power moves across AI infrastructure, fintech, and energy. Nvidia is betting $2B on xAI as it doubles down on full-stack AI dominance. AMD inks a multi-year GPU deal with OpenAI. Ramp quietly acquires an AI team to boost engineering velocity, while Intercontinental Exchange makes a $2B play on prediction markets through Polymarket. And in Austin, Base Power raises $1B to bring home energy storage to the mainstream. Capital is flowing fast, and the themes are starting to converge.

Let’s go!

📡 Radar

🧊 ICE Bets $2B on Polymarket

Intercontinental Exchange just dropped $2B into Polymarket, sending its stock up and signaling a big bet on prediction markets as the next frontier in financial infrastructure. The NYSE owner’s move puts ICE right at the intersection of Wall Street and Web3 and hints at a future where betting markets sit alongside traditional ones. Investors clearly liked the play, with ICE shares ripping on the news. CNBC

We’re working on access to Polymarket now. If that’s of interest, reply to this email and we’ll keep you posted.

🤖 Ramp Acquires Jolt AI Team

Ramp just pulled in the full Jolt AI team in a small but strategic acquihire. Jolt had pivoted into an AI coding assistant, and this move gives Ramp more firepower to help their engineers build faster. It’s not about shipping a standalone AI product, it’s about embedding technical horsepower directly into the stack. Ramp continues to show what it looks like when a fintech company operates like a product-first tech company. Crunchbase

We are also working on access to Ramp based on significant demand from this group.

🚀 AMD Rockets on OpenAI Deal

AMD’s stock surged after announcing a multi-year deal to supply 6 gigawatts of AI chips to OpenAI. The pact includes a warrant allowing OpenAI to acquire up to 10 percent of AMD if milestones are met. It’s a clear signal that AMD wants a bigger seat at the AI table, and OpenAI is willing to back them. Yahoo Finance

🔋 Base Power Raises $1B

Base Power just raised a massive $1B Series C to take home battery deployment national, marking a major milestone for the residential energy storage space. The Texas-based company is expanding beyond its core market and doubling down on U.S. manufacturing to meet demand. As more Americans rethink grid reliability, this round validates home batteries as critical infrastructure, not just a luxury. It’s a big bet on energy independence at scale. And with HQ in Austin, it’s a huge win for the Texas startup ecosystem too. Yahoo Finance

💰 Nvidia Backs xAI with $2B

Nvidia is reportedly eyeing a $2B investment in Elon Musk’s xAI, signaling a strategic move beyond chips into full-stack AI infrastructure. The capital will help build out xAI’s Colossus 2 data center in Memphis, packed with Nvidia’s own GPUs. It’s a smart vertical play that makes Nvidia both supplier and investor. With xAI’s valuation now at $200B, this deal reinforces the thesis that AI infrastructure companies are the new oil wells of tech. Yahoo Finance

💬 Prompt

What can I help you with?

Generate 10 different ways to say ‘As per my previous email’ ranging from polite to savage.

📡 Wisdom

✈️ ATX Visit

Rob will be in Austin from 10/12 to 10/14 visiting Capital Factory and a bunch of their portfolio companies. If you’re around and want to link up, let me know. A few of us are heading to Comedy Mothership on Sunday night.

📊 From Silicon to Stakeholder

Nvidia isn’t just in the game, it is the game. It builds the picks and shovels, backs the miners, and owns the map. Its chips power the AI frontier, and now it’s writing checks to the companies shaping that future. When you fund the leaders and provide the infrastructure, you’re not just along for the ride. You’re compounding the outcome.

👀 Sora

We’ve been playing around with Sora this week, generating fun content and testing what could be the next frontier of social. Staying relevant on socials is a young man’s game, but it’s been fun to skate where the puck is headed. Maybe the beginning of something big? Either way, expect more content like this from us.

We have one more Sora invite to give out. Hit us up if you want to try it out.

🤝 Get in the Room

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Have a great weekend!

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The content presented in The Markup is for informational purposes only and does not constitute an offer or solicitation by LFG Ventures to buy or sell any securities. Nothing in this publication should be interpreted as investment advice, a recommendation, or an offer to provide brokerage services. Any offers or solicitations will be made only through official offering documents and subject to their specific terms, risks, and conditions.