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Lyt når som helst, hvor som helst 

Jason Calacanis

Jason Calacanis covers startups, tech, markets, media, and all the hottest topics in business and technology. He also interviews the world's greatest founders, operators, investors, and innovators.

This Week in Startups

This Week In Startups is made possible by:
 

 
Northwest Registered Agent https://northwestregisteredagent.com/twist
 
Vanta https://www.vanta.com/twist
 
Sentry https://sentry.io/twist
 

 
Today's show:
 
*There are $100 trillion in global assets sitting on top of what Hanover Park co-founder/CEO Chris Hladczuk calls "human duct tape": armies of accountants in offices patching together work from various legacy tools (QuickBooks, Excel) that are holding funds' own data hostage. Can all of this be replaced with AI? Find out how their startup went from overseeing $1B to $20B in assets in just 15 months.
 
PLUS, we flash back to March 2020, when Jason and Figma co-founder/CEO Dylan Field broke down the design tool's initial go-to-market strategy, made some WILDLY inaccurate COVID predictions, and considered anxiety about "SaaS burnout" years before the category went full apocalyptic.
 
Guests:
 
Chris Hladczuk on X: https://x.com/chrishlad
 
Hanover Park: https://www.hanoverpark.com/
 
Dylan Field: https://x.com/zoink
 
Figma: https://www.figma.com/
 

 
Relevant Links:
 

 
Turner Novak on X: https://x.com/TurnerNovak
 
Banana Capital: https://www.bananacapital.vc/
 
Emergence Capital: https://www.emcap.com/
 
Lux Capital: https://www.luxcapital.com/
 
Susa Ventures: https://susaventures.com/
 
Bill.com: https://www.bill.com/
 
METR: https://metr.org/
 
Granola AI note taker: https://www.granola.ai/
 
Vanta: https://www.vanta.com/
 
Foo Camp on YouTube: https://www.youtube.com/c/foocamp
 
TechCrunch Mahalo coverage: https://techcrunch.com/2014/01/27/inside-mobile-news-launch/
 

 
Timestamps:

 
0:00 Hanover Park & the fund admin problem
 
3:32 Why funds outsource instead of building
 
5:44 Why fund accounting is so complex
 
10:38 The "one-click migration" goal
 
10:48 Northwest Registered Agent - Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist
 
13:51 Context vs. intelligence gaps
 
16:11 No PMs, No Designers
 
20:46 Vanta - Get $1000 off your SOC 2 at https://www.vanta.com/twist
 
23:18 This is a $100T opportunity
 
25:36 Flashback w/ Dylan Field of Figma
 
29:15 Sentry - Your team should be focused on shipping features — not chasing down bugs. New users can get $240 in free credits when they go to https://sentry.io/twist and use the code TWIST
 
31:22 Pre-AI enterprise security worries
 
36:30 SaaS overload and SaaS burnout
 
37:30 The evolution of Figma pricing
 
42:38 The rise and fall of Mahalo dot com
 
51:38 The work-from-home revolution begins
 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
Check out the TWIST500: https://www.twist500.com
 
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
 
Follow Lon:
 
X: https://x.com/lons
 
Follow Alex:
 
X: https://x.com/alex
 
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 
Thank you to our partners:
 
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Check out all our partner offers: https://partners.launch.co/
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis
 
Follow TWiST:
 
Twitter: https://twitter.com/TWiStartups
 
YouTube: https://www.youtube.com/thisweekin
 
Instagram: https://www.instagram.com/thisweekinstartups
 
TikTok: https://www.tiktok.com/@thisweekinstartups
 
Substack: https://twistartups.substack.com

$100T is managed by "human duct tape" | E2308

This Week In Startups is made possible by:
 

 
CLA - www.claconnect.com/withyou
 
Northwest Registered Agent - www.northwestregisteredagent.com/twist
 
Agree.com - www.agree.com
 

 
Today's show:
 
Forget the triple-triple-double-double-double; the new bar for startups hoping to raise venture capital has reached the stratosphere, though our venture panel is worried that startups are focusing too much on today's problems that may not become companies tomorrow. During a lively VC roundtable, Cowboy's Aileen Lee, Floodgate's Mike Maples, and Lerer Hippeau's Ben Lerer joined Alex to dig into exiting pre-AI startups, rising valuations, token spend, why they are keeping their funds small, and whether the government just tripped OpenAI and Anthropic!
 

 
Guest Links:
 
Aileen Lee https://x.com/aileenlee
 
Cowboy VC https://cowboy.vc
 
Mike Maples https://x.com/m2jr
 
Floodgate https://www.floodgate.com
 
Bene Lerer https://www.linkedin.com/in/benjlerer
 
Lere Hippeau https://www.lererhippeau.com
 

 
Timestamps:
 
0:00 Aileen Lee, Mike Maples, and Ben Lerer join the show
 
5:13 Venture liquidity returns: what SpaceX/Stripe distributions mean for LPs
 
9:13 Bending Spoons prices IPO at $29/share, roughly $18.4B valuation
 
10:31 Agree.com - Stop chasing invoices and automate your entire contract-to-cash stack. Go to https://agree.com and tell them Jason sent you to get 50% off for life!
 
12:09 "Companies get bought, not sold" — Ben on taking first offers seriously
 
17:41 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
 
19:34 Mutiny's burn-the-boats AI pivot with Jaleh Rezaei
 
20:19 Northwest Registered Agent - Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://www.northwestregisteredagent.com/twist
 
22:15 Mike's KeepSafe story: the "rule of 70" and profit-first companies
 
25:12 The new growth bar: 5x, 4x replaces triple-triple-double-double
 
28:55 Fund size is your strategy: why Floodgate and Lerer Hippeau stay small
 
30:11 CLA - Innovation takes balance. CLA's CPAs, consultants, and wealth advisors can help you get from startup to where you want to end up. Get started now at https://www.claconnect.com/withyou
 
37:39 The $100M Series A: Starcloud, General Intuition, Scale Cognition, Scout AI
 
40:35 King-making rounds and why mega-seeds destroy optionality
 
54:11 Open-weight models: the GLM-5.2 moment and going model-agnostic
 
55:30 Why fine-tuning open models is a treadmill, with Cursor/Kimi as an example
 
1:03:28 Grading the Trump administration on Mythos and Fable
 
1:06:33 Rising anti-AI sentiment, the wealth gap, and lessons from social media
 
1:11:43 Raising kids in the post-intelligence era
 
1:12:35 Where to find the panel and what each firm is investing in
 

 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
Check out the TWIST500: https://www.twist500.com
 
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
 
Follow Lon:
 
X: https://x.com/lons
 
Follow Alex:
 
X: https://x.com/alex
 
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 
Check out all our partner offers: https://partners.launch.co/
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis
 
Follow TWiST:
 
Twitter: https://twitter.com/TWiStartups
 
YouTube: https://www.youtube.com/thisweekin
 
Instagram: https://www.instagram.com/thisweekinstartups
 
TikTok: https://www.tiktok.com/@thisweekinstartups
 
Substack: https://twistartups.substack.com

Why the VC Hype Cycle Always Gets It Wrong | VC Roundtable | E2307

This Week In Startups is made possible by:
 
Plaud
 https://Plaud.ai/twist
 
Shopify
 https://shopify.com/twist
 
LinkedIn Jobs
 https://LinkedIn.com/twist
 
Northwest Registered Agent
 https://northwestregisteredagent.com/twist
 

 
Today's show:
 
*It's another All Star Summer, as we welcome back some of our favorite guests from throughout "This Week in Startups" history.
 

 
Chamath Palihapitiya's development platform 8090 just raised $135 million, and he's using it to go after a $4 trillion market: the software maintenance, migration, and middleware spending that's currently "pure waste" for enterprises.
 

 
Find out why the All-In Podcast bestie says every company should use AI to build custom software the way that Google, Facebook, and Meta already do, then go inside Software Factory, the "system on a chip" organizational model, and why Chamath believes AI will allow every human on Earth to start their own company.
 

 
Guest:
 

 
Chamath on X: https://x.com/chamath
 
8090: https://www.8090.ai/
 
Learn With Me on Substack: https://chamath.substack.com/p/learn-with-me
 
Drink With Me: https://www.drinkwithme.com/age-verify.html
 
All-In Podcast: https://allin.com/
 
Social Capital: https://www.socialcapital.com/
 

 
Relevant Links:
 

 
8090 Series A announcement: https://x.com/chamath/status/2071571183665881515
 
Salesforce Ventures: https://salesforceventures.com/
 
Craft Ventures: https://www.craftventures.com/
 
The Production Board: https://www.tpb.co/
 
WNDR: https://www.wndr.vc/
 
LAUNCH: https://www.launch.co
 
Coatue Management: https://www.coatue.com/
 
Jack Dorsey: "From Hierarchy to Intelligence": https://block.xyz/inside/from-hierarchy-to-intelligence
 
Thomas Keller's The French Laundry: https://thomaskeller.com/tfl/
 

 
Timestamps:
 
0:00 It's TWiST All-Star Summer!
 
0:44 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
 
3:21 Chamath's origin story
 
7:54 Tom Sawyer entrepreneurship
 
11:29 Shopify - Turn those What If's into sales with the ecommerce platform powering millions of businesses. Sign up for your $1-per-month trial today at https://shopify.com/twist
 
16:25 The $5 trillion software market
 
21:06 LinkedIn Jobs - Hire right, the first time. Post your first job and get $100 off towards your job post at https://LinkedIn.com/twist
 
25:00 Building "a co-founder for every human"
 
31:51 Northwest Registered Agent - Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist
 
35:00 How product development lost its way
 
45:00 Regulated industries are the beachhead
 
50:00 Raising the $135M Series A
 
55:00 8090's "System on a Chip" model
 
1:04:44 What to tell your kids about AI
 

 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
Check out the TWIST500: https://www.twist500.com
 
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
 
Follow Lon:
 
X: https://x.com/lons
 
Follow Alex:
 
X: https://x.com/alex
 
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 

 
Check out all our partner offers: https://partners.launch.co/
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis
 

 
Follow TWiST:
 
Twitter: https://twitter.com/TWiStartups
 
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Instagram: https://www.instagram.com/thisweekinstartups
 
TikTok: https://www.tiktok.com/@thisweekinstartups
 
Substack: https://twistartups.substack.com

Chamath on why young people need more agency, risk, and adventure

This Week In Startups is made possible by:
 
Plaud - https://Plaud.ai/twistSentry - https://sentry.io/twistNorthwest Registered Agent-https://northwestregisteredagent.com/twistDigitalOcean - https://do.co/twist
 

 
Today's show:
 
F1 teams spend up to a third of their budgets on aerodynamics, often utilizing wind tunnels to simulate what happens on the track.
 
But Lyall Davenport of SKN Systems created a sensor-embedded tape that sticks directly to race cars as they drive around the real world, generating 420M data points per hour. And it comes in at roughly 95% less cost than running a full simulator.
 
Hear about how Lyall's background in racing helped him develop the concept, plans to expand from motorsports to drones and defense, and his experiences going through Jason's various programs.
 
PLUS OpenAI's new models are so good, you can't use them. Why Apple's Vision Pro chief defected to OpenAI (and why their laptops and devices are getting more expensive). A look at the world's most annoying data center in Sterling, Virginia. And Jason remembers iconic and influential tech journalist Om Malik.
 

 
Guest:
 

 
Lyall Davenport: https://x.com/Lyalldavenport
 
SKN Systems: https://www.skn.systems/
 

 
Timestamps:
 
0:00 How SKN uses tape to generate aerodynamic data
 
4:04 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
 
6:17 How SKN uses tape to generate aerodynamic data
 
9:55 Sentry - Your team should be focused on shipping features — not chasing down bugs. New users can get $240 in free credits when they go to https://sentry.io/twist and use the code TWIST
 
17:20 F1 teams are worth HOW MUCH?
 
19:42 Northwest Registered Agent: Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist
 
20:35 Future markets beyond motorsports
 
30:03 DigitalOcean - Want to see what building on a true AI-native platform looks like? Head to https://do.co/twist to start building on DigitalOcean's AI-Native Cloud today — and cut your AI workload costs by up to 50%.
 
32:45 GPT-5.6 is banned for now
 
43:46 Vision Pro chief makes for the exit
 
51:24 Apple raises their prices
 
56:05 The data center you're allowed to hate
 
1:06:04 Zuck's new prediction market app
 
1:08:42 RIP Om Malik (1966-2026)
 
1:19:50 Streaming and camera recommendations
 
1:28:06 All about eFoiling
 

 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
Check out the TWIST500: https://www.twist500.com
 
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
 
Follow Lon:
 
X: https://x.com/lons
 
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 

 
Check out all our partner offers: https://partners.launch.co/
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis
 
Follow TWiST:
 
Twitter: https://twitter.com/TWiStartups
 
YouTube: https://www.youtube.com/thisweekin
 
Instagram: https://www.instagram.com/thisweekinstartups
 
TikTok: https://www.tiktok.com/@thisweekinstartups
 
Substack: https://twistartups.substack.com

Why F1 Teams are Replacing Wind Tunnels with Smart Tape | E2305

This Week In Startups is made possible by:
 

 
Deel - deel.com/twist
 
Northwest Registered Agent - northwestregisteredagent.com/twist
 
LinkedIn - linkedIn.com/twist
 

 
Today's show:
 

 
Jason sits down with Brynn Putnam, CEO and founder of Board, to learn more about her company's tabletop gaming console. The pair talks about how to raise capital for yet-to-launch hardware projects, the screen-time debate, and how Board is approaching building or buying IP for its family-friendly games. Next, Alex got Heremus's AJ Piplica on the horn to chat hypersonic, autonomous jets. The startup's technology bridges the gap between rockets and airplanes, and may represent the future of warfare, yes, but also fast freight!
 

 
Guest Links:
 

 
Brynn Putnam https://x.com/BrynnPutnam
 
Board https://board.fun/
 
Board Series A announcement https://techcrunch.com/2026/06/02/board-the-new-game-startup-from-mirror-founder-brynn-putnam-raises-20m-has-already-sold-thousands/
 
Mirror https://www.lululemonstudio.com/
 
AJ Piplica https://x.com/AJ_Piplica
 
Heremus https://www.hermeus.com/
 
Heremus Series C announcement https://www.prnewswire.com/news-releases/hermeus-reaches-1-billion-valuation-with-350-million-raise-to-build-todays-fastest-aircraft-for-the-american-warfighter-302735273.html
 

 
Timestamps:
 

 
0:00 Board's Brynn Putnam joins the show
 
2:54 Board's proprietary AI software stack
 
6:43 Why Board manufactures in Mexico (not China)
 
9:21 LinkedIn: Thanks to our partners at LinkedIn! Post your job for free at https://linkedIn.com/twist then promote it to get access to LinkedIn Jobs' new AI assistant.
 
9:42 How to raise a Seed round for hardware without a finished product
 
15:26 Brynn's daughter and the mermaid example
 
17:09 Can Board limit screen time fears?
 
18:47 Northwest Registered Agent: Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist
 
22:54 Selling the first 10,000 units
 
28:38 Deel - Founders scale faster on Deel. Set up payroll for any country in minutes, hire anyone anywhere, get visas handled fast, and get back to building. Visit https://deel.com/twist to learn more.
 
29:42 Why Board is steering away from simple ports toward native IP experiences
 
35:32 Hermeus's AJ Piplica joins the show
 
35:32 What is Dark Horse?
 
43:48 Commercial applications: Cargo, organs, flowers, and trans-Atlantic in 90 minutes
 
47:47 Commercial applications: Cargo, organs, flowers, and trans-Atlantic in 90 minutes
 
57:00 Dark Horse range and the "reusable first stage" analogy
 
58:42 Dark Horse range and the "reusable first stage" analogy
 
1:02:42 $350M Series C led by Khosla; total funding now exceeds $500M
 
1:03:39 The SpaceX model: get customers to fund your R&D
 
1:07:47 Closing: the American Dynamism pitch
 

 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
Check out the TWIST500: https://www.twist500.com
 
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
 
Follow Lon:
 
X: https://x.com/lons
 
Follow Alex:
 
X: https://x.com/alex
 
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 
Check out all our partner offers: https://partners.launch.co/
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis
 
Follow TWiST:
 
Twitter: https://twitter.com/TWiStartups
 
YouTube: https://www.youtube.com/thisweekin
 
Instagram: https://www.instagram.com/thisweekinstartups
 
TikTok: https://www.tiktok.com/@thisweekinstartups
 
Substack: https://twistartups.substack.com

Why the Future of Video Games is Moving Back to the Dinner Table

This Week In Startups is made possible by:Agree - https://agree.comQuo - https://quo.com/TWiSTSuperhuman - https://superhuman.comToday's show:In this double-header, Jason and Lon chat with Louis Phillips, founder of the gamified running app INTVL, which turns a quick job around the block into a worldwide turf war competition. Find out how he grew the app to over 1 million downloads without any paid ads, just making videos from his home office.PLUS Alex sits down with Alice Zhang, CEO of Verge Labs, which pivoted from making drugs to building the AI infrastructure that helps pharma companies develop their own treatments. Find out how they accumulated one of the world's largest proprietary brain datasets and why brain tissue is the "LiDAR of neuroscience."Guests:INTVL: https://www.intvl.com.au/INTVL on Instagram: https://www.instagram.com/intvl.appLouis Phillips on Instagram: https://www.instagram.com/louisphillips12Verge Labs: https://vergelabs.com/Alice Zhang on X: https://x.com/AliceXinliZhangRelevant LinksMeta's Ad Library: https://www.facebook.com/ads/library/Strava: https://www.strava.com/Pokémon Go: https://pokemongo.com/Fitbod: https://fitbod.me/Tonebase: https://www.tonebase.co/Calm: https://www.calm.com/Hamilton Island official site: https://www.hamiltonisland.com.au/"Mr. Inbetween" trailer: https://www.youtube.com/watch?v=EooRG3QhQOYArticle: "Verge Genomics Rebrands as Verge Labs": https://trial.medpath.com/news/verge-genomics-rebrands-as-verge-labs-following-als-drug-trial-failure-pivots-to-ai-driven-target-discoveryEli Lilly: https://www.lilly.com/Chai Discovery: https://www.chaidiscovery.com/Noetik: https://www.noetik.ai/Tempus: https://www.tempus.com/Timestamps:0:00 Louis on building in Melbourne, Australia
 
7:44 Why INTVL ignores how fast you run
 
9:59 Agree - Stop chasing invoices at https://agree.com and tell them Jason sent you to get 50% off for life!
 
15:52 Using gamification for good
 
19:10 Powering INTVL's impressive growth
 
19:55 Quo (formerly OpenPhone) - Quo gives you a clean, modern way to handle every customer call, text, and thread all in one place. Try it free at https://quo.com/TWiST
 
26:16 The future of TWiST Australia
 
27:14 Will AI ever cure cancer?
 
27:54 Inside Verge's rebrand
 
30:31 Superhuman - Get AI that works where you work. Unlock your Superhuman potential at https://superhuman.com
 
32:01 Brain tissue as "ground truth"
 
36:01 Why brain tissue is so valuable as data
 
43:52 Verge's Eli Lilly partnership
 
51:34 "You're going to tell me when I'm going to die"
 
56:11 How AI could impact drug prices
 
58:19 Clinical trial FAILS and how to move onSubscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcpFollow Lon:X: https://x.com/lonsFollow Alex:X: https://x.com/alexLinkedIn: ⁠https://www.linkedin.com/in/alexwilhelmFollow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanisCheck out all our partner offers: https://partners.launch.co/Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarlandCheck out Jason's suite of newsletters: https://substack.com/@calacanisFollow TWiST:Twitter: https://twitter.com/TWiStartupsYouTube: https://www.youtube.com/thisweekinInstagram: https://www.instagram.com/thisweekinstartupsTikTok: https://www.tiktok.com/@thisweekinstartupsSubstack: https://twistartups.substack.com

The hottest running app has nothing to do with speed | E2303

This Week In Startups is made possible by:
 

 
Deel - deel.com/twist
 
LinkedIn - linkedIn.com/twist
 
Northwest Registered Agent - northwestregisteredagent.com/twistPlaud - https://Plaud.ai/twist
 
Today's show:
 

 
Anthropic stabbed Cursor in the back. Then SpaceX swooped in with $60 billion. Today, TWiST connects the dots on the biggest deal in AI since the Microsoft-OpenAI partnership, and why it's a warning sign for every startup building on top of a frontier model. Jason is joined by Bling Capital's Ben Ling, Banana Capital's Turner Novak, and co-host Alex to go deep on the future of coding models, the current golden age of venture liquidity, OpenAI's financials, and the 'Four Ds' of venture investing. The show closes with a tribute to Josh Baer, the founder of Capital Factory.
 

 
Guest Links:
 

 
Ben Ling https://x.com/bling0?lang=en
 
Bling Capital https://www.blingcap.com/
 
Turner Novak https://x.com/TurnerNovak
 
Banana Capital https://www.bananacapital.vc/
 
Show Links:
 
Hanover Park https://www.hanoverpark.com/
 
SpaceX buys Cursor https://www.cnbc.com/2026/06/16/spacex-spcx-cursor-acquisition-ipo.html
 
Cursor Composer 2.5 https://cursor.com/blog/composer-2-5
 
OpenAI financials source https://www.wheresyoured.at/exclusive-openai-financials/
 
AMD's new deskside data center https://www.amd.com/en/products/processors/desktops/ryzen/ryzen-ai-halo.html
 
Perplexity Model Council https://www.perplexity.ai/hub/blog/introducing-model-council
 

 
Timestamps:
 

 
0:00 Guest introductions
 
1:15 Guest introductions
 
2:43 SpaceX acquires Cursor for $60B
 
6:13 The golden era of M&A
 
9:13 Northwest Registered Agent: Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist
 
12:04 Cursor's negative gross margins & the compute problem
 
13:22 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
 
15:04 Rolling your own model: When does it make sense?
 
19:35 LinkedIn: Thanks to our partners at LinkedIn! Post your job for free at https://linkedIn.com/twist then promote it to get access to LinkedIn Jobs' new AI assistant.
 
22:53 The "headless product" thesis
 
28:31 Deel: Founders scale faster on Deel. Set up payroll for any country in minutes, hire anyone anywhere, get visas handled fast, and get back to building. Visit https://deel.com/twist to learn more.
 
34:22 OpenAI financials leaked: $13B revenue, $38.5B net loss
 
40:13 Where does AI value accumulate?
 
45:34 Portfolio Spotlight: Hanover Park
 
48:37 Seed stage graduation rates have fallen from 50% to 25%
 
54:59 The four Ds of venture: Deal flow, Decisions, Doubling down, Distributions
 
1:06:36 How to find 'undiscovered gems'
 
1:30:59 Snap Specs AR glasses: $2,195, and a bit chunky
 
1:39:29 Tribute to Joshua Baer, Capital Factory's founder
 

 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
Check out the TWIST500: https://www.twist500.com
 
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
 
Follow Lon:
 
X: https://x.com/lons
 
Follow Alex:
 
X: https://x.com/alex
 
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 
Check out all our partner offers: https://partners.launch.co/
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis
 
Follow TWiST:
 
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Substack: https://twistartups.substack.com

Why SpaceX Buying Cursor Changes Everything

This Week In Startups is made possible by:
 

 
Every.io - visit every.io
 
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Today's show:
 
The next SpaceX won't be building rockets; it'll build the first hotel on the Moon. Today on TWiST, GRU Space founder Skyler Chan brings a brick made from lunar soil into the studio and lays out a plan to manufacture on the Moon as early as next year. We get into the science, the business model, and the regulatory land-grab ahead!
 
Then, the US government forces Anthropic to pull Fable 5 and Mythos 5. Jason and Lon unpack what it means when a single AI model can vanish overnight, and the US government's emergency order.
 
Stick around for the winner (or winners?!) of the $5,000 AI podcast-companion bounty!
 

 
Timestamps:
 
0:00 Knicks playoff run, San Antonio & Texas BBQ (Black's vs. Terry Black's)
 
8:23 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
 
9:52 Guest intro: Skyler Chan, GRU Space — and the lunar-soil brick
 
10:29 Every.io - For all of your incorporation, banking, payroll, benefits, accounting, taxes or other back-office administration needs, visit https://every.io
 
12:14 Why the next SpaceX builds habitats, not rockets
 
15:18 NASA's $20B moon-base signal & the TRL contracting path
 
16:13 Business model: from construction contractor to owning lunar land
 
18:06 Building the hotel robotically + $1M refundable deposits
 
20:00 Sentry - Your team should be focused on shipping features — not chasing down bugs. New users can get $240 in free credits when they go to https://sentry.io/twist and use the code TWIST
 
31:09 Vanta - Get $1000 off your SOC 2 at https://www.vanta.com/twist
 
39:28 News: US government blocks Anthropic's Fable 5 & Mythos 5
 
41:34 The politics: Hegseth, Sacks, Jassy & the "conspiracy" angle
 
1:09:39 Why no single model dependency is safe (multi-model harnesses)
 
1:18:47 Bounty results: MySidecast wins $3,000
 
1:19:07 Honorable mentions: Couchverse (Lemon Slice) & Convalenz
 
1:29:44 Next bounty: the Annotated app
 
🔗 Links & Resources Mentioned:
 
Guest & company
 
Skyler Chan: Founder, GRU Space → https://www.ycombinator.com/companies/galactic-resource-utilization-space-inc-gru-space
 
GRU Space (Galactic Resource Utilization): YC startup building lunar-regolith bricks and a robotic Moon hotel → https://www.ycombinator.com/companies/galactic-resource-utilization-space-inc-gru-space
 
GRU Space lunar hotel bookings → https://payloadspace.com/gru-space-opens-bookings-for-planned-lunar-hotel/
 

 
🎙️ About the Guest:
 
Skyler Chan is the founder of GRU Space (Galactic Resource Utilization), a Y Combinator–backed startup developing a payload factory that manufactures bricks from lunar regolith to build the first robotic hotel on the Moon.
 
Follow GRU Space → https://www.ycombinator.com/companies/galactic-resource-utilization-space-inc-gru-space
 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
Check out the TWIST500: https://www.twist500.com
 
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
 
Follow Lon:
 
X: https://x.com/lons
 
Follow Alex:
 
X: https://x.com/alex
 
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis
 
Follow TWiST:
 
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Substack: https://twistartups.substack.com

The Startup Building the First Hotel on the Moon…

This Week In Startups is made possible by:
 
Plaud https://Plaud.ai/twist
 
Pilot https://pilot.com/twist
 
Agree https://agree.com
 
IM8 Health https://IM8health.com/twist
 

 
After watching Elon build out his rocket (and AI) company over the past 20 years, Jason celebrates the SpaceX IPO on a new TWiST. He explains why some investments are evaluated based on earnings and current numbers, while other stocks are bets on expensive visions for the future, and why SpaceX why likely pay off across multiple time horizons.
 
PLUS Polsia solo founder Ben Cera is back with guidance for founders on creating a "Purple Cow": a unique experience that makes their brand memorable.
 

 
Guest:
 
Ben Cera on X: https://x.com/Bencera
 
Polsia: https://polsia.com/
 
Polsia on X: https://x.com/polsia
 
Ben on TWiST E2256 (Feb 2026): https://www.youtube.com/watch?v=QCce8e02Isw
 

 
Relevant Links:
 
SpaceX: https://www.spacex.com/
 
SPCX on Yahoo Finance: https://finance.yahoo.com/quote/SPCX/
 
Starlink: https://www.starlink.com/
 
Planet Labs: https://www.planet.com/
 
Palantir: https://www.palantir.com/
 
Valor Equity Partners: https://www.valorep.com/
 
Seth Godin's "Purple Cow" on Amazon: https://www.amazon.com/Purple-Cow-New-Transform-Remarkable/dp/1591843170
 
Uber Ice Cream stunt article: https://finance.yahoo.com/news/ubers-brilliant-marketing-stunt-hail-195946535.html
 
Hillsborough Flintstones House article: https://www.sfgate.com/travel/article/The-Flintstone-House-is-now-for-rent-on-Airbnb-10420107.php
 
"19 Hours Inside the Airbnb X-Mansion" article: https://www.theringer.com/2024/05/29/pop-culture/x-mansion-airbnb-x-men-icons-experience
 
Was The Pepsi Challenge based on LIES? https://www.historyoasis.com/post/the-pepsi-challenge
 
CloudKitchens: https://cloudkitchens.com/
 
Cluely: https://cluely.com/
 
 
Timestamps:
 

 
0:00 SpaceX IPO details
 
2:12 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
 
7:21 The voting vs. weighing investment framework
 
9:41 Pilot: Focus on your product, let Pilot handle your bookkeeping. Pilot provides the most reliable accounting, CFO, and tax services for startups and small businesses. Head to https://pilot.com/twist and get $1,200 off your first year.
 
19:53 Agree - Stop chasing invoices at https://agree.com and tell them Jason sent you to get 50% off for life!
 
22:25 The media's SpaceX criticisms and "hot takes"
 
23:54 Ben Cera of Polsia is back
 
26:53 Why Jason says no to a free tier
 
29:10 IM8 Health: Start feeling like your best self every day. Go to https://IM8health.com/twist and use the code TWiST to get a free welcome kit, five free travel sachets, and 10% off your order.
 
34:27 The wisdom of Seth Godin's "Purple Cow"
 
50:37 The "Pepsi Challenge" model
 
1:05:45 Lon got a dog, Jason got routers
 
1:10:37 The YouTuber to movie theater pipeline
 
1:15:20 Jason's new favorite travel bag
 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
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Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
 
Follow Lon:
 
X: https://x.com/lons
 
Follow Alex:
 
X: https://x.com/alex
 
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 
Check out all our partner offers: https://partners.launch.co/
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis
 
Follow TWiST:
 
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Substack: https://twistartups.substack.com

SpaceX IPO Day: What Wall St. and the media missed | E2300

This Week In Startups is made possible by:
 

 
NetSuite - Netsuite.com/TWiST
 
Deel - Deel.com/TWiST
 
Squarespace - Squarespace.com/TWiST
 

 
Two days before SpaceX launches the largest IPO in history at a flat $135/share, our VC roundtable drops a scorcher: The top 1% of seed deals might actually be underpriced. Plus: the "Sequoia scam" dual-tranche controversy, tokens-for-equity deals, and whether Claude Fable 5 is a true step function.
 
Tomasz Tunguz (Theory Ventures), Michael Downing (Castalia Capital), and Paige Doherty (Behind Genius Ventures) join Alex to go deep on Seed investing, startup economics, AI spend, and the impact of smarter AI on the founder journey.
 

 
Guest Links:
 

 
Tomasz Tunguz: https://x.com/ttunguz
 
Theory Ventures: https://theoryvc.com/
 
Michael Downing: https://www.linkedin.com/in/michaeldowning/
 
Castalia Capital: https://castalia.capital/
 
Paige Doherty: https://x.com/paigefinnn
 
Behind Genius Ventures: https://www.behindgeniusventures.com
 
Show Links:
 
Anthropic's IPO announcement: https://www.anthropic.com/news/confidential-draft-s1-sec
 
OpenAI's IPO announcement: https://openai.com/index/openai-submits-confidential-s-1/
 
Bending Spoons F-1 filing: https://www.sec.gov/Archives/edgar/data/2004711/000110465926071170/tm2613674-7_f1.htm
 
SpaceX IPO filing: https://www.sec.gov/Archives/edgar/data/1181412/000162828026040364/spaceexplorationtechnologib.htm
 
Brendan Foody's post on Sequoia: https://x.com/BrendanFoody/status/2063470286515683759
 
Claude Fable 5: https://www.anthropic.com/news/claude-fable-5-mythos-5
 
OpenRouter data on Chinese models: https://openrouter.ai/rankings?view=day
 
Saronic: https://www.saronic.com/
 
MotherDuck: https://motherduck.com/
 
Nox Metals: https://noxmetals.co/
 

 
Timestamps:
 

 
0:00 Tomasz Tunguz, Michael Downing & Paige Doherty join
 
2:07 The SpaceX IPO and the IPO window
 
4:22 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
 
6:30 The new bar: 10x growth (not 3x) to raise a great Series A
 
8:46 Net-new AI budgets
 
9:46 Squarespace: Turn your idea into a beautiful website! Go to https://www.squarespace.com/twist for a free trial. When you're ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain.
 
11:09 How some founders are outgrowing venture capital
 
11:44 The power pendulum swings back to founders
 
12:46 SpaceX vs. OpenAI vs. Anthropic: Which IPO is most enticing?
 
19:53 Deel - Founders scale faster on Deel. Set up payroll for any country in minutes, hire anyone anywhere, get visas handled fast, and get back to building. Visit https://deel.com/twist to learn more.
 
26:07 Tokens-for-equity, GPU-hours-for-equity & the financialization of compute
 
28:35 Founders airing VC dirty laundry (napping VCs included)
 
29:56 Netsuite - The business landscape is very chaotic right now. That's why you need NetSuite, by Oracle. Get the free business guide Demystifying AI at https://Netsuite.com/TWiST
 
36:38 Claude Fable 5 first impressions: pricing, benchmarks & orchestration
 
45:42 Where value accrues: application layer vs. models vs. private data
 
1:00:06 Nationalization of AI labs: Bernie Sanders, Sam Altman & Trump agree?!
 
1:01:25 Portfolio spotlights: Saronic, MotherDuck, and Nox Metals
 

 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
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Follow Lon:
 
X: https://x.com/lons
 
Follow Alex:
 
X: https://x.com/alex
 
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis

Why the most expensive Seed deals are the cheapest | E2299

Todays show:
 
In the latest edition of Startup Finance Basics, Jason sits down with Scott Orn from Kruze Consulting to answer the six most important founder/startup questions around finance, accounting, and taxes.
 
*
 
Timestamps:
 
(0:00) Kruze COO, Scott Orn, joins Jason to dive into Finance Basics FAQs.
 
(1:05) How can I avoid paying payroll tax as a startup founder?
 
(6:54) How do you shut down a startup?
 
(11:33) Why do I owe Delaware $50,000 in franchise taxes?
 
(12:58) I've got my first customer lined up! How do I get paid?
 
(16:26) Can I tell VCs that implementation revenue is ARR?
 
(19:59) Should I raise venture debt when I raise my Series A?
 
*
 
Check out Kruze: https://kruzeconsulting.com Check out more Finance Basics here: THISWEEKINSTARTUPS.COM/basics
 
*
 
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
 
Check out the TWIST500: https://www.twist500.com
 
*
 
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
 
*
 
Follow Scott:
 
LinkedIn: https://www.linkedin.com/in/scottorn
 
X: https://twitter.com/scottorn
 
*
 
Follow Jason:
 
X: https://twitter.com/Jason
 
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
 
*
 
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
 
*
 
Check out Jason's suite of newsletters: https://substack.com/@calacanis
 
*
 
Follow TWiST:
 
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TikTok: https://www.tiktok.com/@thisweekinstartups
 
Substack: https://twistartups.substack.com
 
*
 
Subscribe to the Founder University Podcast: https://www.youtube.com/@founderuniversity1916

The Top 6 Startup Finance FAQ's | Startup Finance Basics w/ Kruze's Scott Orn

Lyt når som helst, hvor som helst

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