Lawsuits, Listings, & Launches

📈 Portfolio Pulse

🚀 SpaceX: S&P 500 Fast-Track Takes Shape

S&P Dow Jones is weighing rule changes that would accelerate SpaceX's index entry after its IPO. SpaceX is reportedly eyeing a Nasdaq listing at a $1.75 trillion valuation, potentially as early as June. Under the proposed fast-entry rules, the company could join the index within weeks of going public, triggering forced buying from the roughly $24 trillion in funds that track the S&P 500. Bloomberg

⚔️ Anduril: Two Big Wins This Week 

Anduril is acquiring ExoAnalytic Solutions, a space surveillance firm that operates a network of 400 telescopes globally to track spacecraft and support missile defense programs, directly aligned with Trump's Golden Dome initiative. The deal more than doubles Anduril's space defense headcount. Separately, the DIU and U.S. Navy selected Anduril for the XL-AUV program, tasking the company with a 4-month prototype demonstration of the Dive-XL autonomous submarine. Anduril | Anduril

🛡️ Anthropic: Fighting on Three Fronts 

Anthropic filed two federal lawsuits against the Trump administration after the Pentagon designated it a supply chain risk, a label that bars defense contractors from using Claude and puts more than $150M in annual recurring revenue immediately at risk. At the same time, Anthropic launched the Anthropic Institute, a new think tank led by co-founder Jack Clark studying AI's economic and societal impacts. And the company unveiled the Claude Marketplace, giving enterprises access to Claude-powered tools from partners including GitLab, Replit, Harvey, and Snowflake - with Anthropic taking no commission cut. Reuters | The Verge | Claude

🔍 Perplexity: The Always-On AI Agent 

After months of relative quiet on the product front, Perplexity has been on fire the last two weeks with several back-to-back announcements - and this one is the biggest yet. Personal Computer is a platform that turns a spare Mac mini into a 24/7 AI agent with access to your files, apps, and sessions. Available to Max subscribers at $200/month, it merges local compute with Perplexity's cloud infrastructure and is launching with a waitlist. Perplexity

 Kraken: Wall Street Meets Web3 

Nasdaq has partnered with Kraken to build tokenization infrastructure enabling 24/7 trading of tokenized equities. Kraken will distribute one-to-one tokenized versions of public company stocks to customers in Europe and international markets, with token holders retaining the same voting and dividend rights as traditional shareholders. The infrastructure is expected to go live in the first half of 2027. Reuters

🤖 OpenAI: Acquires AI Security Startup 

OpenAI is acquiring Promptfoo, an AI security testing platform used by more than 25% of Fortune 500 companies and 130,000 active developers per month. The tools help enterprises catch prompt injections, jailbreaks, and data leaks before deployment. The technology will be integrated into OpenAI Frontier and will remain open source. OpenAI

👀 Watch List

💻 Replit: $9B in 6 Months 

Replit raised a $400M Series D at a $9 billion valuation, tripling from $3 billion just six months ago. The AI coding platform has 40M+ users, generated $240M in revenue in 2025, and is targeting $1B ARR by year end. TechCrunch

🎮 ModRetro: Palmer Luckey's $1B Nostalgia Play 

Palmer Luckey (Oculus, Anduril) is seeking a $1 billion valuation for ModRetro as the company prepares to launch the M64, an FPGA-based N64 clone that plays original cartridges at 4K for $199. A spring 2026 launch window is expected. Tom's Hardware

🧠 Thinking Machines: Gigawatt-Scale Nvidia Deal 

Mira Murati's AI startup struck a gigawatt-scale compute partnership with Nvidia, committing to deploy Nvidia's next-generation Vera Rubin chips starting in early 2027. Nvidia also made a significant undisclosed investment in the company. Thinking Machines raised $2B in July 2025. Times of India

💬 Prompt

What can I help you with?

Give me 10 startup ideas by combining [industry A] with [completely unrelated industry B]. Not the obvious intersections. The weird ones that make me uncomfortable because they might actually work.

Explain why each one isn't as crazy as it sounds.

📚 Content

🧠 The Antidote to Anxiety

Naval on why unresolved problems create anxiety and how a little perspective fixes most of it.

🤖 The “DeepSeek of the West”

Reflection AI co-founder Ioannis Antonoglou says the startup aims to build the “DeepSeek of the West.” Backed by Nvidia, the company is betting on open-weight models as a path to AI sovereignty and faster scientific progress. The roadmap centers on reinforcement learning and agentic systems built for coding.

☢️ Inside Aalo Atomics

Aalo Atomics shared a new video showing progress testing liquid sodium, the metal they use to move heat through their reactor. We are recent investors alongside many of you, and this work brings the company closer to turning on its first test reactor by July 4, 2026 and eventually powering large AI data centers with nuclear energy.

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