Aman Verjee

[trading places @TradingVCs]

Aman worked under Peter Thiel at PayPal during the dot-com bubble. Thiel knew the crash was coming.

"PayPal was one of the survivors of the dot-com bubble. But I do remember distinctly, he was talking about a bubble in 99, 2000 and how to navigate through. So funnily enough, at the top of every bubble, there are a lot of people who are self-aware or who understand what they're going through" — Aman Verjee

🛎️ Watch the full conversation on Run the Numbers Podcast with @cjgustafson and Former Paypal CFO @AmanVerjee!

[trading places @TradingVCs]

xAI’s Colossus, the world’s largest AI supercomputer, already has 2 gigawatts of power.

To put that into perspective:

• The Hoover Dam produces ~2 GW
• The entire U.S. grid is ~1,350 GW
• 1 GW can power hundreds of thousands of homes

But in AI economics?

1 gigawatt of compute could support roughly $40B–$50B in AI revenue.

So what happens when Elon Musk controls multi-gigawatt AI infrastructure?

@AmanVerjee discusses how compute is becoming the new oil, and Colossus’ role in powering the next generation of AI whales.

[trading places @TradingVCs]

SpaceX’s board just got fully revealed for the first time, and it’s more interesting than expected.

There are 9 board members split between:

Management / insiders:
@elonmusk
@Gwynne_Shotwell
@AntonioGracias
@kimbal

Independent directors:
Veterans from Google, DFJ, Founders Fund, and early PayPal-era investors

@AmanVerjee and @davemcclure break down the architecture behind how one of the most important companies in the world is controlled.

Check out the full SpaceX S-1 discussion on Trading Places Podcast EP36!

[trading places @TradingVCs]

$583B comp if @elonmusk colonizes Mars.

A $28T TAM. Easter eggs pointing to a Tesla merger.

@AmanVerjee read the 308-page @SpaceX S-1, so you don't have to.

It's a big week. Full breakdown:

[ tech news and vc ]
00:43 - AI holy trinity DGAF ⃤
08:04 - @AnthropicAI profitable, $900B looks cheap 🤯
13:38 - @OpenAI rushes to IPO after courtroom win 🏃‍♂️‍➡️
17:53 - @nvidia $82B print $80B buyback 💰🫲
22:20 - @mercury $200M Series D @ $5.2B 🏦
25:35 - US Govt = Quantum VC ⚛️
29:05 - NPM sues Hiive over 2ndry plumbing 🪠

[ val corner: 308 page SpaceX S-1 ]
31:06 - SpaceX S-1 highlights 📸🔦
35:56 - $28T TAM includes Martians 🌎🌍🌏🌖✨
37:00 - 3 core biz units: Connectivity, Space, AI 3️⃣
47:05 - SpaceX-@Tesla merger? 🤔
50:10 - board members revealed @IraEhrenpreis @kimbal @AntonioGracias @Gwynne_Shotwell @LukeNosek @rglein @SteveJuvertson0
53:48 - unusual staggered lock-up period 🔐

1:01:00 - @davemcclure sings a whole new Mars to close the show 🎶

[trading places @TradingVCs]

💥💥

[trading places @TradingVCs]

Wall Street may have found a loophole to invest in unicorns before IPOs. 🦄

@RobinhoodApp Ventures and @fundrise are turning private startup portfolios into publicly traded stocks.

And here’s the crazy part: Some investors are willing to pay 5x–20x above the net asset value just to get exposure to these names.

@AmanVerjee and @davemcclure discuss how this kind of premium access changes today's market.

Check out the full conversation on Trading Places EP34!

[trading places @TradingVCs]

"I think there are a couple of issues where Elon's case could really still fall apart on the technicalities." -@AmanVerjee

@elonmusk's lawsuit against OpenAI and @sama centers on allegations that the company abandoned its original nonprofit mission in favor of commercial interests.

Week 1: momentum leaned toward Elon, especially after diary entries raised questions for OpenAI.

Now? It’s looking more like a 50–50 fight.

Aman Verjee provides inside baseball on the biggest tech courtroom battle, and where it could actually end.

[trading places @TradingVCs]

Check out the full discussion on Trading Places Podcast EP34!

https://t.co/9woZckkhoS

[trading places @TradingVCs]

What the hell is the secondary market?

It can get confusing, but in simple terms: Instead of investing directly into startups, buyers purchase shares from existing holders:

💼 Employees
🧑‍💼 Founders
💸 Early investors
💰 Venture funds

@davemcclure explains how secondary markets work and why it's an important part of the Silicon Valley ecosystem.

[trading places @TradingVCs]

What's your bet on SpaceX's IPO timing? 🚀

[trading places @TradingVCs]

The SpaceX IPO countdown has officially begun.

A June 12 NASDAQ listing date is now being signaled, which means the public prospectus, and potentially @SpaceX financials, could drop as early as next week.

@AmanVerjee and @davemcclure break down their predictions for IPO dates behind one of the most anticipated IPOs in tech history.

Check out the full discussion on Trading Places EP35!

@elonmusk

[trading places @TradingVCs]

Anthropic’s $900B valuation.
Cerebras IPO past $100B
The private secondary market entering full Wild West mode. 🤠

This week on @tradingvcs, @davemcclure and @AmanVerjee break down the AI capital frenzy, SPV panic, and why private markets may never work the same again.

Featuring special guest @ClaraVydyanath (fmr. Forge / Hiive), one of the sharpest voices in secondaries.

[ tech news and vc ]
00:53 - Warsh confirmed as new Fed chair 🪑
03:32 - Hormuz "you shall not pass" 🚢🧙‍♂️
07:05 - @cerebras blockbuster IPO 📈
12:28 - @SpaceX IPO date around June 12 🚀
15:56 - @AnthropicAI raises $30B @ $900B valuation 💰
28:30 - @anduriltech closes $5B @ $61B 🛫

[ intvw: Clara Vydyanath, 2ndry advisor ]
30:18 - What she learned at @Hiive_HQ & @Forge_Global 🧠
33:52 - SPVs and Anthropic ✋
39:43 - What will happen after IPO summer 🔮
44:20 - Wild West of 2ndries is only beginning 🤠
46:00 - CFOs tender offer playbook 📕

[ val corner: retail VC part 2 ]
59:00 - Closed end funds: AngelList & Ark Invest 📝
1:00:33 - @AngelList USVC portfolio breakdown 😇
1:02:35 - @ARKInvest Ventures Ark Invest portfolio breakdown 🌈
1:05:10 - Portfolio strategy and fees faceoff 🥊
1:06:00 - @ankurnagpal vs @CathieDWood 🤺

1:10:11 - second takes 😂 thanks for watching!

[trading places @TradingVCs]

🚀 SpaceX may have just solved the biggest problem in IPO history.

The company is reportedly targeting a $75B IPO float — roughly 3x larger than the biggest IPO ever. 😳

So the question was: Who’s actually going to buy all those shares?

Now we may have the answer.

NASDAQ is reportedly changing its rules so @elonmusk's @SpaceX can enter the NASDAQ-100 almost immediately after IPO.

That could force passive index funds to automatically buy ~$25B worth of SpaceX stock.

NASDAQ normally makes companies wait 6+ months before inclusion.

@davemcclure and @AmanVerjee discuss why NASDAQ may be bending the rules for the most anticipated IPO in years.

Check out the full conversation on Trading Places Podcast EP34!

[trading places @TradingVCs]

"Elon Musk had called Anthropic evil three months ago; now he is quite willing to be their landlord for $4 billion of rent. How times change." -@davemcclure

As Anthropic scales toward a ~$100B ARR trajectory, they face a big constraint. It's not demand... it's power.

That's where @SpaceX comes in.

SpaceX is reportedly leasing out Colossus, its gigawatt-scale compute infrastructure in Memphis, to Anthropic.

Dave McClure and @AmanVerjee break down the deal and why Anthropic needs SpaceX to keep up.

@elonmusk

[Garry Tan @garrytan]

Sanders and AOC introduced a bill to pause ALL AI data center construction. 300+ local bills filed. Half of planned 2026 data centers facing delays or cancellation. Each one brings billions to local economies.

The people who say they want American jobs are trying to block the biggest job creation engine since the interstate highway system.

[trading places @TradingVCs]

$44B ARR.
$900B primary valuation.
$1.6T implied by crypto derivatives.

VCs are fighting to get into @AnthropicAI at almost any price.

Dave and Aman dissect Anthropic's wild run, the SpaceX compute deal, the retail VC trap, and why the secondary market has never looked like this.

Ep34 of @TradingVCs is here:

[ tech and vc news ]
01:53 — Markets ATH during Iran war 💥
06:45 — @SpaceX + Anthropic $4B deal 🤝
10:51 — New @Nasdaq rules benefit SpaceX 🔔
15:21 — Anthropic raising $50B @ $900B, ARR accelerating 📈
18:20 — @sama and @elonmusk courtroom drama 🍿
23:21 — @cerebras IPO 20x oversubscribed 🥊
25:14 — SaaS-pocalypse continues ⛈️📉

[ valuation corner: retail VC part 1 ]
27:53 — Non-accredited investors want private stock 🙏
29:11 — @RobinhoodApp w/ @SPintoPeyronel & @vladtenev 1️⃣
30:15 — @fundrise w/ @BenMillerise 2️⃣
33:00 — D/XYZ w/ @sohailprasad 3️⃣
36:39 — Which would @AmanVerjee and Dave pick? 🤔

41:35 — [ VC secondary 101 w/ @davemcclure ]
41:41 — What is secondary? 🌈
43:03 — Size of the market 📈
44:53 — Why people buy/sell 🤷‍♂️
47:41 — What are Secret Stallions 🐴
48:45 — Three deal strategies 🧠

Don't miss the musical bumps by @dgrreen in his rendition of Altmanton 🕺

[trading places @TradingVCs]

GOOD NEWS VS. BAD NEWS

The good news:

☁️ Cloud revenues are exploding
📈 Markets are at all-time highs
🤖 AI demand keeps accelerating

The bad news:

Big Tech is spending money at a historic pace to keep up.

Microsoft, Meta, Amazon, and Google could collectively spend $700B on AI capex.

That’s nearly 2% of U.S. GDP!

Are these AI investments genius… or dangerously excessive?

@AmanVerjee breaks down the numbers with @davemcclure on Trading Places Podcast EP33

[David Sacks @DavidSacks]

Tomorrow’s markup of the Digital Asset Market Clarity Act is a monumental step in making the U.S. the Crypto Capital of the World and maintaining America’s leadership in innovation. I applaud Chairman @SenatorTimScott and the Senate Banking Committee for working so hard to craft the necessary compromises to advance this legislation. At a staff level, I also want to thank White House crypto director @patrickjwitt for helping us get to this point. Finally I want to thank the crypto industry for its efforts. There are roughly 50 million people in the U.S. who own or use crypto. This legislation will ensure that this ecosystem can innovate and flourish for years to come.

[Aman Verjee @AmanVerjee]

@MarcoFoster_ @RepAOC If Michael Jordan shows up at an area and million people show up and pay him a thousand dollars each … did Michael earn that money? Or did he steal it? You confounded harridan, virago and spoiled child?

[Aman Verjee @AmanVerjee]

@AOC Stock buybacks are wage theft? Paying someone a salary that both sides agree on … is theft?