Filings, Factories, & Fleets

📈 Portfolio Pulse

🚀 SpaceX: Equity Hints & Orbital Factories

SpaceX added a line to the risk factors in its amended IPO filing warning it may issue "significant" equity in future transactions, language widely read as prep for a possible Tesla merger after its reported $75B Nasdaq listing. It already bought xAI last year and holds an option on Cursor for $60B in stock post-IPO. Musk's 10-votes-per-share Class B stock keeps his control intact through any dilution. Separately, the FAA cleared two test reentries of Starfall, SpaceX's disk-shaped uncrewed capsule built for in-space manufacturing and point-to-point cargo, pitched as a "proliferated successor" to the ISS. One company, two bets: the largest IPO in history and a factory in orbit. TechCrunch | SpaceNews | Gizmodo

🧠 Anthropic: S-1 Filed, Glasswing Widens

Anthropic confidentially filed a draft S-1 with the SEC, setting up an IPO after reportedly raising $65B at a near-$1T valuation. It also expanded Project Glasswing to roughly 150 new organizations across more than 15 countries, after partners used Claude Mythos Preview to surface over 10,000 high- and critical-severity flaws. A new report mapping 832 banned cyber accounts onto MITRE ATT&CK found attackers increasingly using AI deeper in the attack chain, not just to break in. And the Claude Partner Network added a tiered Services Track, with 40,000+ firms applied and 10,000+ consultants certified. Busy week for a company about to go public. Anthropic | Anthropic | TechCrunch

🏗️ OpenAI: Stargate Breaks Ground in Michigan

OpenAI and Oracle broke ground on their Stargate campus in Saline Township, Michigan, a roughly $7B, 1+ gigawatt site nicknamed "The Barn." Three 550,000-square-foot buildings on 250 acres, built by Related Digital, powered by DTE Energy on existing transmission capacity, cooled by a closed loop. It is the newest node in the $450B+ Stargate buildout spanning Texas, New Mexico, Wyoming, Wisconsin, and now Michigan. OpenAI is also handing $45M in Codex credits to 400,000 Michigan students. The compute land grab now comes with a union jobs pitch and 2,500 construction roles. OpenAI | CNBC | Data Center Dynamics

📊 Kalshi: $17B Month, Eyes on Wall Street

Retail traders pushed Kalshi past $17B in volume in May alone, up more than 2,500% from a year ago. Now the prediction market is courting institutions: a data deal with Tradeweb, clearing infrastructure with FIS, approved margin trading, and waived fees on block trades of 100,000+ contracts through September 1. The pitch is hedging, letting firms bet directly on a binary outcome instead of trading derivatives around it. Bernstein sees prediction market volumes hitting $1T by 2030. Retail built the casino. Wall Street wants a seat. CNBC | PYMNTS

🚢 Saronic: Marauder Hits the Water

Saronic launched its first Marauder, a 180-foot autonomous medium unmanned surface vessel, and began on-water trials. The hull went from design to water in under a year, a pace the company says American shipbuilding hasn't seen since World War II. Marauder runs 25+ knots with a 5,400 nautical mile range and 150 metric tons of payload, configurable for up to four 40-foot containers. It was built at Saronic's $500M+ Franklin, Louisiana shipyard, which is targeting 20 hulls a year by the end of 2026. A direct shot at the Navy's MUSV program, built to turn prototypes into a fleet. Naval News

👀 Watch List

🛰️ Impulse Space: $500M for the Last Mile

Impulse Space raised a $500M Series D at a $4.26B valuation, co-led by 137 Ventures and BANNER VC, with Founders Fund and Lux back in. Founded by Tom Mueller, SpaceX's first employee, the company builds orbital transfer vehicles that move satellites after launch. Its Mira tug has flown three missions; the larger Helios kick stage targets a 2027 debut, promising same-day trips to GEO that normally take six to ten months. Total raised now tops $1B. Notably, leadership is hiring 200 engineers rather than handing the work to AI. Launch is solved. Everywhere else is the opportunity. TechStartups

🧲 WestMag: Reshoring the Actuator

WestMag (Western Magnetics) is attempting something almost no one in America does: mass-produce the electric motors and actuators that make robots move, drones fly, and weapons work. China makes most of them. Founders David Hansen and Jordan Sanders are rebuilding that supply chain piece by piece in South San Francisco, backed by an $11M Andreessen Horowitz-led seed with Founders Fund, Lux, and Menlo, plus a Nat Friedman pre-seed. The thesis is simple: aggregate demand across robotics and defense customers, then make enough units that the cost drifts toward raw materials. Target is tens of thousands of motors a month by year-end. Humanoids and missiles are downstream of actuators. Right now, so is China. Core Memory

💬 Prompt

What can I help you with?

Take my five biggest "no's" of the last year (the deals, jobs, relationships, or invitations I turned down). Tell me which one I'll regret most by 2035 and why. Be specific.

📚 Content

🔒 The Glasswing Blueprint Goes Federal

On June 2, the White House signed an executive order setting up a voluntary framework where AI developers can give the government early access to frontier models, up to 30 days before release, so trusted partners can pressure-test their cyber capabilities first. If that sounds familiar, it should: it is essentially Project Glasswing written into federal policy. Sandbox first, deploy second is becoming the national posture.

🚀 Starship's Greatest Hits

Musk dropped a Starship highlights reel this week, and it lands as a reminder of just how far the hardware has come. The biggest flying machine ever built, caught, stacked, and flown again. It is the engine room behind the IPO numbers, and the montage makes the case better than any S-1 line item could. SpaceX builds in public, blows things up in public, and gets better in public. That is the whole model working as designed.

🏠 Blame the Zoom, Not the Bot

Everyone keeps blaming AI for the youth unemployment spike. A new New York Fed paper says look again: remote work explains roughly 64% of the rise in unemployment among young college grads since the pandemic, and the surge predates ChatGPT. The mechanism is mentorship. Juniors learn by sitting next to someone, and distance kills that feedback loop. A convenient story for the AI-jobs panic, and an inconvenient one for the return-to-office holdouts.