Connor 🟪

We are what we repeatedly do. Excellence, then, is not an act, but a habit.

The full Anduril film: youtu.be/BTVcwQ01fbc

The full Anduril film: youtu.be/BTVcwQ01fbc

I used to be a sneakerhead. Now I only wear Dolfie Paradise: barefoot shoes, handmade in Portugal since 2007. Small company, big future. Some pairs bought, some gifted by Dolfie Paradise. #ad

Anduril is putting $3.7bn, more than last year's sales, into a shipyard for US Navy submarine parts. It has never built one for a crewed sub. Can a company built for speed learn a trade built on caution? Not financial advice. Private company shares are high risk and illiquid.

Full film drops tomorrow, Thursday 21:00 UK.

Up to 1.3B SpaceX shares unlocked on Thu 22 Oct, two trading days after Q3 results. It's set by a lock-up timetable in the prospectus: 911.5M in Aug, five 7% steps, then 28% now. Musk's 6.4B stay locked until 12 Jun 2027. Unlocked doesn't mean sold.

OpenAI raised $122B at a $730B pre-money valuation. Add the cash and it's $852B post-money. The new investors' slice is $122B / $852B, about 14.3%, not 16.7%. Now it's reportedly in talks at about $1.4T pre-money. Always ask: pre or post?

Nscale's investors valued it at $14.6B in March. Its NYSE IPO ask is about $30B, per Bloomberg. Now some investors say buyers will pay $16-19B. CoreWeave fell 25% last week. A private price isn't a public price until the market tests it.

Filed in June. Still secret. Anthropic's IPO could value it at up to $2 trillion, Reuters reports, but its S-1 is a confidential draft. Reuters saw 261 pages, about 80 on risk. Big investors got Q3 numbers on 14 Oct. The public S-1 must land 15 days before the roadshow.

$47 billion. Then zero. WeWork was once the most valuable US startup. In 2019 its IPO was pulled and a rescue valued it at under $8B. In June 2024 every old share was cancelled for nothing. Markdowns, illiquidity, dilution, lock-ups: that is private-share risk.

SpaceX priced at $135, closed day one at $160.95 and was around $165 by early October. Anthropic wants to match or beat that size. Full deep dive: youtube.com/watch?v=s827fltR… Not financial advice. Private company shares are high risk and illiquid.

Anthropic's run-rate: about $4B in July 2025, over $65B by late July 2026. Q3 revenue: $16.8B. Full deep dive: youtube.com/watch?v=s827fltR… Not financial advice. Private company shares are high risk and illiquid.

$90 billion and still no IPO. Anduril's staff can now sell at that price. But headlines price preferred shares, and one study found they averaged 48% above fair value. OpenAI did the same in August, buying back $7B from staff. That's a tender offer.

Anthropic showed Wall Street its latest numbers. Reports put a possible listing around $2 trillion. Full deep dive: youtube.com/watch?v=s827fltR… Not financial advice. Private company shares are high risk and illiquid.