Liquidity is returning in a big way to the broader startup and venture ecosystem. I vibe coded a website as folks start to think about their Bay Area centered giving. Tons of great multi-generational institutions that make SF special. Check it out! regal-blossom-551.side.host/

The Immigrant Bet, by @UnshackledVC open.substack.com/pub/unshac…

👀 Kall Morris Inc.’s REACCH system capturing a target object during testing on the ISS. Instead of a single small satellite test, the team completed 172 test runs, validating the system for debris removal and in-orbit relocation: ow.ly/gyO050Z5kji #SpaceDebris #ISS

This survey of professionals in legal, tax, accounting and other white-collar fields finds that they are pretty bullish on AI. Which I believe shows the job apocalypse for white-collar work is nowhere in sight, at least in the short term. Long-term? Who knows.

Yes, most office buildings are deep underwater. But some might find it surprising that there is demand for the most modern and up-to-date office buildings. But for anything built in the 80s, ouch.

This is an excellent chart that puts the SpaceX IPO into context relative to other blockbuster IPOs. Surprising to see that most were under $50B revenue except for GM was close to $200B in revenue when it went public.

This is a very cool chart of the top 10 of the S&P 500 over time. What’s striking is we went from a diverse mix of oil, autos, and consumer goods in 1985 to an absolute monoculture of tech infrastructure monopolies today.

Are emerging managers in venture capital back? Well sort of. According to this data from @cartainc there are now 78 new US venture funds in their database, which is the highest it’s been in three years and just barely beats 2020. And I remain hopeful that this number will go up even more because 2026 isn’t over yet. Likely due to folks getting ahead of the upcoming liquidity wave and also potentially more spin outs.

After looking through this @dealroomco report on top tech ecosystems, the thing that stands out is that the SF Bay Area is number one no matter how you slide up the data.

No one wants to talk much about crypto. The excitement is clearly with AI. And I get it. But here is a somewhat contrarian take, the least ideological product has had the most adoption. Most successful: - Stablecoins - Coinbase - Prediction Markets - Tokenized Assets - Cross-Border Payments - 24/7 Markets - Self-Custody Least successful: - NFT Art Collections - DAOs - Meatverse Land - Web3 Social Networks - Utility Tokens - Play-to-Earn Gaming - Blockchain Everything

Grateful to announce our $300 million Series C. Firepower to accelerate our mission.

Anthropic has confidentially submitted a draft S-1 registration statement to the Securities and Exchange Commission. Pending completion of SEC review, this gives us the option to pursue an initial public offering. Read more: anthropic.com/news/confident…

This chart helps put the SpaceX IPO in context. The largest completed IPO was Saudi Aramco at $29.4B. SpaceX is targeting $75 billion in its June 2026 debut under SPCX, which would more than double the previous record.

Every week, I have the same conversation with a diff early stage founder in our portfolio: you need more pipeline than what you think you need. Once you have PMF, the immediate next problem to solve is: repeatable, scalable, high slope pipegen.

Pitchbook ran a full analysis of the SpaceX S-1. And they created a great chart that shows the relative weight of the 3 key business segments by: - Share of TAM - Share of S-1 narrative - Share of 2025 revenue - Share of 2205 FCF

I don’t think this is the indictment of AI that some portray it as. The cost of compute will come way down over the medium-term. And Microsoft just moved their team to their tools like GitHub CoPilot, which incorporates model routing to lower costs.

The SaaS-pocalypse is over. Some SaaS stocks, like those in security, are already back to all-time highs. Yes, the market for SaaS has changed, and not every SaaS stock that is down will be a winner. But I agree that most organizations won’t be vibe coding lots of apps. They will probably be vibe coding very few, if any at all, but they likely use AI to speed up their roadmap.

The most important innovation is the SaaS hardware model. In the old days, it was "just sell a box, once." Investors hated it. Founders struggled to find a new hit each time. But now, selling hardware plus a recurring software subscription can make it a killer business.

54% of Anthropic's new enterprise logos in 2026 came through self-serve. Self-serve enterprise. Real ACV. Real terms of service. No AE in the loop. Anthropic's Head of Industries Eleanor Dorfman walked through at SaaStr AI 2026 last week how they rebuilt the entire sales org in 30 days after Claude Opus 4.6 broke their demand curve in December. 👉The constraint: couldn't 3x or 4x the sales team fast enough without lowering the recruiting bar. The thesis: don't buy a new stack. Thread Claude through the one you already have. What they kept: 1⃣ Clay for enrichment 2⃣LeanData for routing 3⃣ @salesforce as system of record 4⃣@Gong_io for call coaching 5⃣Ironclad for contracts 6⃣@slackhq for everything else What they added: Claude as the connective tissue between all six. The four moves: 1/ Killed the PLG vs SLG orthodoxy. Launched enterprise self-serve in January. Intercom Fin guides the buyer through the journey. Now 54% of new enterprise logos. 2/ Threaded Claude through the existing stack. Every AE starts the day with a "morning brief" Skill that pulls context from Gmail, Gong, Slack, Salesforce, @intercom, Greenhouse. 3/ Made Slack the front door for every support function. Slack ticket in, Jira ticket out. Claude triages and resolves inline if it matches precedent. Escalates with full context if not. 4/ Codified what the best reps do as Skills. Every new rep gets a sales plug-in with 5 Skills: morning brief, call prep, customer follow-up, competitive intel, create-an-asset. Anthropic didn't replace anything. They invested in the stack they already had and let Claude be the seam between everything. Most companies will spend 2026 evaluating AI-native sales platforms. But Anthropic did it with its current stack Claude. Almost none of it required new software.