Colonies, Creative, & Consolidation

👋🏽 Welcome to the Team

Zach Rakowski joined our team as our Director of Operations.

Zach is CPA, day-one LP, and Chris’ friend of 20 years. He invested in LFG’s first deal, has witnessed our evolution from the start, and is now ready to go all in. Zach will be handling investor onboarding, closings, tax docs, distributions and everything in between. With several IPOs on the horizon, we're pumped to have him running the machine.

📈 Portfolio Pulse

🚀 SpaceX's Interplanetary Incentive Plan

SpaceX's board has approved a pay package that would grant Elon Musk 200 million super-voting shares if he builds a permanent Mars colony with at least one million residents and SpaceX hits a $7.5T valuation. The details surfaced via SpaceX's confidential SEC filing ahead of their expected June IPO, which could target a $1.75T valuation and raise over $50B. Additional tranches of 60.4 million shares are tied to orbital data centers delivering 100 terawatts of compute. The timeline is open-ended as long as Musk stays CEO. NYPost

💳 Strike Merging into Twenty-One Capital

Tether proposed a merger between Twenty-One Capital (XXI), Strike, and Elektron Energy to create what they're calling the "premier listed Bitcoin company in the world." Strike, founded by Jack Mallers, brings a profitable Bitcoin financial services platform across 100+ countries. Elektron adds 50 EH/s of mining capacity (roughly 5% of the Bitcoin network) with all-in production costs below $60k per bitcoin. Tether plans to recommend Elektron's Raphael Zagury as President. This one's a serious consolidation play across treasury, mining, and financial services. Tether

🤖 Anthropic Gets Creative

Anthropic launched connectors for Blender, Adobe, Autodesk, Ableton, Splice, and more, positioning Claude as a tool for creative professionals. The pitch is that AI won't replace taste or imagination but can handle the repetitive work and expand what's possible. Anthropic also joined the Blender Development Fund as a patron and is partnering with RISD, Ringling, and Goldsmiths on curricula. This is a play for a new user base beyond developers and knowledge workers. Anthropic

🔬 PsiQuantum Partners with UTokyo and Mitsubishi

PsiQuantum, the University of Tokyo, and Mitsubishi Chemical announced a partnership to train Japan's quantum workforce. Backed by NEDO under Japan's Post-5G program, this is a six-month training program that's already enrolled 80+ participants from 20+ companies. Attendees will use PsiQuantum's Construct platform for designing fault-tolerant quantum computing algorithms. Later phases will focus on joint R&D in chemistry and materials science. Japan is serious about quantum talent, and PsiQuantum is positioning itself as the platform. PsiQuantum

📈 Kalshi Gets Into Perpetual Futures

Kalshi and Polymarket are both launching "perpetual futures," a crypto-native instrument that lets traders bet long or short on an asset indefinitely. Unlike traditional futures, perps have no expiration date. Traders settle up a few times a day based on price movements. This has been a massive market offshore ($80T+ in global trading volume last year) but hasn't been authorized in the U.S. until now. The CFTC is opening the door. Kalshi is betting this brings more liquidity and keeps them competitive as prediction markets mature. Marketplace

🔁 OpenAI and Microsoft Rewrite the Deal

OpenAI and Microsoft amended their partnership agreement. The big changes: Microsoft's license to OpenAI's models is now non-exclusive through 2032, OpenAI can serve products across any cloud provider, and Microsoft stops paying OpenAI a revenue share. The economics are capped and simplified. The AGI clause that used to complicate everything is no longer central. This gives OpenAI the flexibility to scale across AWS, Oracle, and others while Microsoft keeps its equity stake and first-shot Azure access. The Neuron

🤖 Apptronik Stacks the C-Suite

Apptronik just made a statement hire: Daniel Chu, former CPO at Waymo, joins as Chief Product Officer. They also brought in Kevin Garell from Boston Dynamics, Chirag Shah from Amazon (Kindle/Alexa+), and Dave Perry from Paramount+. This follows their $935M Series A at a ~$5.3B valuation. The company also teased a new humanoid robot beyond Apollo. CEO Jeff Cardenas called this "a defining moment in robotics where the technology has finally met the magnitude of the mission." The talent war is heating up. Forbes

👀 Watch List

🤖 Stripe's 288-Launch Week

Stripe held its annual Sessions conference and announced 288 products and features. The headline: they're building the economic infrastructure for AI. The Agentic Commerce Suite now includes partnerships with Meta and Google, agent wallets via Link, and a new "Machine Payments Protocol" that lets AI agents transact autonomously. They also announced digital asset accounts with stablecoin support (Ramp, Deel, and DoorDash are already building on it), expanded Treasury to function like a full-stack bank, and launched Checkout Studio for building high-converting checkouts in clicks. Patrick Collison: "AI is the biggest platform shift for the economy since the internet." We're watching this one closely. Techloy

💬 Prompt

What can I help you with?

If someone read only my calendar and email for the last 90 days, how would they describe what I care about? Write that description. Then tell me where it diverges from what I actually care about.

📚 Content

🎧 The Anduril Thesis

Molly O'Shea interviews Kyle Harrison from Contrary about the 300-page book he and Sachin Maini spent two years writing on Anduril. They cover 100 years of military history, why cost-plus contracting is broken, how the U.S. would run out of munitions in 11 days in a China conflict, and why Lattice (not the drones) is the real product. Essential listening if you want to understand defense tech.

📺 The Audacity

New Silicon Valley satire from a Succession alum. The premise: a flailing tech CEO spirals after a deal falls apart, dragging his therapist and everyone around him into a mess of fraud, data exploitation, and AI delusion. Zach Galifianakis is perfectly cast as a grumpy tech veteran. Already renewed for Season 2. We are watching.

🧵 Naval on Why Pure Software Is Uninvestable

We're big fans of Naval Ravikant's mental models, and this thread unpacks his recent podcast take that "pure software is uninvestable." The argument: AI coding agents are collapsing the difficulty of building software, which means your product moat is disappearing. What survives? Distribution, network effects, data flywheels, hardware, and vertical depth. Apple, most SaaS companies, and anyone whose moat is "our product is just better" are on the clock. The bullish flip: solo founders can now operate with the velocity of a 50-person team. The next billion-dollar company might have one employee. Worth the read if you're building anything right now.

🤝 Get in the Room

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We are a curated network of exceptional angels, VCs, family offices, founders, and industry experts investing in pre-IPO companies. We back sharp operators and high-leverage deals. We move fast. We bring value. We don’t miss around the edges. Deals don’t wait. Neither do we.

*Vibes and values must be aligned. Must be an "accredited investor."