
GP @firstmarkcap; former @socialcapital, @dropbox biz dev, @twitter and @stanfordbiz
New York, USA
Joined November 2010
- Tweets1.8K
- Following1.1K
- Followers3.1K
- Likes16K
Adam Nelson retweeted
We raised $550M at an $8.8B valuation.
A cap table tells you how a company intends to build. We built this round around investors with a long time horizon: established long-term holders, plus institutions that work with law firms and in-house legal teams every day and have a close view of where legal work is heading.
@Atreidesmgmt / @GavinSBaker led. @BaronCapital, @CapitalGroup, @Fidelity, @GladeBrookCap and @jpmorgan are new. Every major existing investor is in again.
Short-horizon money asks for growth at any price. Long-horizon money asks whether the business holds up. We’d rather deliver on the second question. ARR is past $200M, and the next $100M took us less than six months. Gross margin is healthy and the cost structure gets stronger as we scale. Patient investors let us keep it that way, because nobody is asking us to trade one for the other.
Thank you to every investor who joined, and to the customers and team who bet on us.
Adding a picture from when we signed the term sheet.
Back to work. LFG!
Adam Nelson retweeted
Excited and honored to be speaking at the @CFTC Frontier Forum next week! Looking forward to talking about compute and more broadly about how SI is rapidly changing our financial markets.
Super intelligence is poised to transform our financial markets.
Through the @CFTC's inaugural Frontier Forum, we are bringing together leaders at the intersection of technology and finance to explore the opportunities and risks of super intelligence and help shape the next frontier of American financial innovation.
Read more about our first Frontier Forum on October 28:
cftc.gov/PressRoom/PressRele…
Adam Nelson retweeted
Thrilled to double down at @daytonaio: @ivanburazin, @JukicVedran and team are building one of the iconic companies of the AI era. We're grateful that they let us lead the Series B, after leading the Series A earlier this year.
We just raised a $60M Series B at a $1B valuation to build @daytonaio into the Agent Cloud.
@FirstMarkCap led the round, with all key existing investors and angels doubling down.
We're also thrilled to welcome the founders of some generational companies aboard, including @patrickc (Stripe), @tobi (Shopify), @AravSrinivas (Perplexity), @BrendanFoody (Mercor), @oliveur (Datadog), @adamdangelo (Quora) and @ericsyuan (Zoom)
We're a 35-person team. But that's about to change; we're hiring across the board, and we'd love for you to join us.
Adam Nelson retweeted
Tom was years ahead of the curve building infrastructure for companies to seamlessly support arbitrary transaction types and funds flow
Very cool to see that work coming to fruition and enabling the agentic economy
Fragment is automating commerce.
We think there are millions of businesses that haven't been invented yet. Not because folks lack imagination, but because it's too hard to build the financial systems that run them. Fragment removes that constraint.
Today, people run companies. With Fragment, they'll run on their own.
fragment.dev/v2
Adam Nelson retweeted
an agent's workflows are seldom the same; the next step an agent takes is not determined until the last one's been taken.
@neckelthomas and the Fragment team has taken a first principles approach to financial systems for agents...and making serious progress...
Fragment is automating commerce.
We think there are millions of businesses that haven't been invented yet. Not because folks lack imagination, but because it's too hard to build the financial systems that run them. Fragment removes that constraint.
Today, people run companies. With Fragment, they'll run on their own.
fragment.dev/v2
Adam Nelson retweeted
One thing I learned at Stripe is that moving money is only part of the problem. Knowing where it came from, where it went, and why is just as important.
As agents start making financial decisions and moving money autonomously, that infrastructure becomes more critical.
Excited to see Fragment building the financial primitives for this next era of commerce. Congrats to @neckelthomas and the team on the $12M raise!
Fragment is automating commerce.
We think there are millions of businesses that haven't been invented yet. Not because folks lack imagination, but because it's too hard to build the financial systems that run them. Fragment removes that constraint.
Today, people run companies. With Fragment, they'll run on their own.
fragment.dev/v2
Fragment is building the infrastructures to make agents financial actors. Excited to be leading their Series A and partnering with @neckelthomas
fortune.com/2026/10/14/fragm…
More on our investment here: firstmark.com/story/finance-…
Adam Nelson retweeted
Fragment is automating commerce.
We think there are millions of businesses that haven't been invented yet. Not because folks lack imagination, but because it's too hard to build the financial systems that run them. Fragment removes that constraint.
Today, people run companies. With Fragment, they'll run on their own.
fragment.dev/v2
Adam Nelson retweeted
I came to compute from credit, and the first thing I saw was how it gets paid for. An AI company signs a three-year contract and puts 20 to 30% down, out of the money it just raised. The fastest-growing industry in the world has been funding its most important input with its most expensive capital.
Today we announced a $250M prepayment facility with K8. Buyers finance the deposit against the contract instead of paying it from equity, and every draw is verified by us before it funds. Oil producers have borrowed against forward sales for decades. Compute couldn't, because there was no standard contract and no price to mark it against. Now there is. This is the first structure, not the last. There is a lot more coming from the @liquidcompute team, and the industry is going to look different for it.
Everyone wants to trade compute. Not many want to do the hard work of financing it. We do, because financing is where every real market starts, and we're building the rest of it: the index to price compute, the venue to trade it, and the exchange to hedge it.
If you buy compute and are tired of paying deposits from equity, or you allocate capital and want in on GPU-backed lending, whether asset-based or through this facility as it grows, reach out. Our inbox is open.
Liquid Compute and K8 announce a $250M prepayment facility to help compute buyers fund prepayment capacity commitments.
This facility makes compute financeable the way every other commodity already is, and we are already finalizing our first deployments with a few large inference clouds.
We're proud to build this with K8 as we bring the discipline of commodity finance to compute.
Adam Nelson retweeted
Almost every AI company or inference cloud we talk to has the same problem: they raise a round, sign a handful of large compute contracts, and a big chunk of the money goes straight into a deposit before a single GPU is turned on. Equity is the most expensive capital a startup has, and it's being spent on a bill that comes due in months. No other commodity has been so reliant on a single source of funding.
Today that changes. Alongside K8, we've launched a $250M prepayment facility that lets AI companies and inference clouds finance their compute deposits against the contract instead of paying them out of their round. The operator still gets paid upfront. The buyer keeps its equity for research, hiring and product.
It's the first financial product we've built on top of our physical exchange, and it won't be the last. Thank you to the K8 team for underwriting something that hadn't been done before.
Liquid Compute and K8 announce a $250M prepayment facility to help compute buyers fund prepayment capacity commitments.
This facility makes compute financeable the way every other commodity already is, and we are already finalizing our first deployments with a few large inference clouds.
We're proud to build this with K8 as we bring the discipline of commodity finance to compute.
Adam Nelson retweeted
Buying compute is often a lot more than just agreement on commercials between a neocloud and AI company. We wanted to offer a simple general overview of how compute actually gets built and how financing is the biggest bottleneck.
Adam Nelson retweeted
I’m excited to share that today @liquidcompute emerges from stealth with a $15 million seed round. We are announcing pending applications before the CFTC for Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) status to build the first regulated orderbook to trade both cash and physically settled contracts on compute.
The reality of compute is that it is heterogeneous and cannot be stored, functioning much like electricity rather than oil. Our approach focuses on developing a highly efficient short-term market to underpin a cash-settled derivatives layer, operating similarly to PJM or ERCOT sitting below liquid derivatives markets.
Over recent months, I’m also happy to announce that Liquid Compute has collaborated with leading financial firms like Susquehanna International Group, @BGCGroupInc and @wintermute_t to facilitate liquid OTC trading for AI startups, neocloud providers, and lenders.
This round was co-led by @chemistry and @FirstMarkCap , with participation from K8 Cap, Night Capital, @ufo_holdings, @TrueBridgeCP, Brainchild Holdings (@kalvepuri), @ycombinator, and angels such as Dmitry Balyasny, @taro_f , @JdotJdotF, Ethan Lin and others from companies like CoreWeave, Jane Street, OpenAI
Compute has plenty of prices, but it doesn't have a Price.
Ask five vendors for an H100 hour and you'll get five quotes. Same silicon. The market clearing the largest infrastructure buildout in history still runs on Slack and handshakes.
Thrilled to co-lead @LiquidCompute's $15M seed with @ChemistryVC to build the financial infrastructure for this market.
More on why we invested and what gets us so excited about @ronitrjain and team here:
firstmark.com/story/a-market…
And thanks to @WSJ team for the coverage here: wsj.com/pro/private-equity/f…
Adam Nelson retweeted
Introducing Finality: Chargebacks for Stablecoins
Trillions of dollars are transacted today without a way to dispute a single payment.
Finality is the first to give enterprises dispute resolution to their customers without reversing blockchain transactions.
We're inviting payment providers, LPs, and arbitrators to help shape the network ahead of broader access.
Adam Nelson retweeted
Our latest piece at @liquidcompute discusses the term structures that impact how GPU capacity trades today. Please feel free to reach out or leave a comment if you would like to discuss!
Two years ago I told @HenryAI_cre's founders not to build their company. Too tough a market.
Last fall I led their $16.5M Series A.
I wasn't wrong about the history. CRE brokers' only inventory is time, and every tool ever sold them asked for more of it. Labor was the software.
I was wrong that this was a fact about the market instead of the products. The moment AI could do the work instead of organize it, the vehicle changed. And I underestimated Sammy and Adam.
150+ firms. Four of the five largest US brokerages. 20K+ deliverables behind $150B in deal value. 15 hours of work down to 30 min of review.
One broker told @UpstartsMedia: "Part of me now is like, 'I don't want too many people to know about this.'"
Just getting started and so excited to work with @TheCRE_Deck_GUY and Adam (the guy behind the deck guy 😅)
Full article from the fantastic @alexrkonrad upstartsmedia.com/p/startup-…
And more detailed thoughts from me in our @FirstMarkCap blog: firstmark.com/story/from-bus…





















