Ash Rust

First check investor: 🇺🇸 🇬🇧 🇪🇺. Past: Oxford, YC.

[Ash Rust @AshRust]

Space Is the Next Bitcoin

Many people I meet complain they missed the boat on Bitcoin while others made a fortune. More than 10 years later, I believe we're now on the precipice of a similar boom in the space industry, but the fundamentals are much stronger.

Humans were always going to operate in space. We have looked to the stars for our entire existence and nations remain captivated by the minute-by-minute actions of their astronauts as they boldly go. We were on vacation for the recent return of Artemis 2, but my wife insisted we watch the landing live.

While Bitcoin has spent more than a decade trying to demonstrate use cases beyond 'store of value', the first commercial use cases for space are generating massive growth. Starlink revenue in 2025 was $12B. Reusable launch from SpaceX is driving down costs for the entire market and, in turn, we're seeing the use cases expanding. Varda has been manufacturing medications in space for over 2 years and at Sterling Road we've invested in data centers in space (Starcloud), accommodation on the Moon (GRU Space) and nuclear reactors for space power (Zephyr Fusion).

The space market is still very speculative, offering both enormous potential and minimal competition. SpaceX is planning to IPO this year at $1.75 Trillion, almost a 100x multiple on sales. Starcloud became Y Combinator's fastest ever unicorn and reports suggest its valuation doubled again in the last 60 days. Skeptics will correctly point out that the math has a long way to go before profitability but that has never stopped incredible founders from building companies that push humanity forward.

If you're looking for the next Bitcoin, it's here.

[Ash Rust @AshRust]

Great work, everyone!

[Sterling Road @sterlingroadvc]

Some great progress across the portfolio this May:
• Menda Health (@navigatingpain) joined Wider Circle (@OurWiderCircle)
• @lightsprintai launched its collaborative agentic dev platform
• Juno now supports over 100,000 people

The pace of progress continues to increase!

[Ash Rust @AshRust]

You can’t expect to sprinkle magic, AI fairy dust on your product and hope to bring some deep product engagement.

Yes, everyone wants AI features, but they have to be done right and adding them to old products probably won’t be enough.

Listen to the full episode of the Startup Help Desk anywhere you get your podcasts. 🎧

[Ash Rust @AshRust]

When you set goals, make sure they're measurable, specific and realistic. This pushes everyone on the team to hit their goals, as the outcomes are very clear.

[Sterling Road @sterlingroadvc]

Do you know how to set goals that actually work? 🤔

Here are 3 rules to follow:

1. Fewer is better. 1-3 goals per quarter.
2. Make them measurable. '$50k ARR by March 31' is a goal.
3. Tie every goal to survival or growth.

[Ash Rust @AshRust]

My current Agent stack:
Openclaw for Calendar, Email & Signal access
Scheduling through VM cron not OpenClaw
Running on Google Cloud
Model: GPT 5.5 via Codex CLI
Latest Skill - Creating and completing tasks from portfolio requests.

[Ash Rust @AshRust]

There are plenty of bad customers out there. Focus on those where the relationship is mutually beneficial.

[Sterling Road @sterlingroadvc]

Founder Tip: Not all demand is worth pursuing. When interest pulls you in different directions, use a clear process to decide what to focus on. Chasing the wrong customers slows you down.

[Ash Rust @AshRust]

Who Are the Best Investors? Five Years of the Midas List

Almost every investor claims to be amongst the best, but with 25 years of Forbes 'Midas List' data on record, we can see which VC investors and firms are the best overall and at the seed stage. Looking at the last 5 years, there are several clear patterns:

Sequoia Dominates
Since 2022, 10 Sequoia partners have appeared on the Midas List a combined 32 times, and the firm has held the top spot throughout. The next-closest firm, a16z, has just 20 appearances, and in no single year has any other firm placed more partners on the list than Sequoia.

Top 5 Firms over 5 years, in order:
Sequoia, a16z, Index, Benchmark, Founders Fund

Top 5 Seed Firms over 5 years, in order:
ZhenFund, Founder Collective, Pear VC, Point Nine, Primary Venture Partners

OpenAI & SpaceX
Almost 20% of this year's list is tied to 2 companies: OpenAI (11) and SpaceX (8), including this year's Number 1, Vinod Khosla. The trend continues with 45% of all entries this year coming from just 5 companies: OpenAI, SpaceX, Cerebras, Stripe and Wiz. The power law of Venture Capital appears to be accelerating.

Seed is Broader
At the seed stage, dominance is far less clear. No single company is tied to more than 2 names on the list, and no firm has had more than 1 partner named in the last 5 years (though the methodology may enforce that cap).

Overall, the data is clear on the best firms for Series A and beyond. At the seed stage, the list is more of a starting point than a definitive ranking because no individual, firm or company drives the order. However, if you're looking for the best performing investor right now, there's a good chance they backed OpenAI or SpaceX early.

[Gega Tsurtsumia @gegatsur]

Launching @sault_ai today, with a mission to increase the economic capacity of AI agents.

Starting with ability to give your agents pocket money!

Agents are unbelievably capable now, they can plan, execute, write code, but the moment they hit a paywall everything stops, the automation dies and a human has to step in.

[Ash Rust @AshRust]

Give Yourself a Chance to Be Lucky

Startup luck usually comes from exposure to opportunities, not magic. Here’s how to improve your chances of getting lucky:

1. Don't Just Build. You significantly limit your opportunities to learn if you're not talking to your users and other market participants. Those conversations will yield opportunities.

2. Share Work Publicly. Show off the best of your work on social media. You don't need to post perfect content or your secrets but you can generate a lot of opportunities by sharing snippets of your work.

3. Talk is Cheap. It's easy to go too far with this idea and not build much at all. That is simply unacceptable in this era. Talk about your product publicly but be ready to supply something valuable when a buyer emerges.

[Ash Rust @AshRust]

Spring in Northern California is a magical time.

[Ash Rust @AshRust]

As a founder, you have to fire yourself from many roles along the way. Don’t hold on for too long…

[Sterling Road @sterlingroadvc]

One of the underrated founder skills is knowing when to step down from a role. 3 signs:
1. You're the only one who can answer a certain question
2. Work sits undone because only you can do it
3. You're doing work you don't like
Don’t be a founder who gets stuck & can't delegate.

[Philip Johnston @PhilipJohnston]

I’m super excited to share that we have signed a contract with @SpaceX @Starlink to integrate its mini laser terminals onto our satellites for high bandwidth, low latency connectivity!

[Ash Rust @AshRust]

A common misconception that I see with founders is that they think they are doing me a favor when they put their bodies on the line for an acquisition.

Despite your best efforts, it likely won't move my bottom line. Look after yourself.

Listen to the full episode of the Startup Help Desk anywhere you get your podcasts. 🎧

[Ash Rust @AshRust]

Early deals with large customers can be transformational in revenue, but always make sure the deal makes sense for your company.

[Sterling Road @sterlingroadvc]

Founder Tip: Landing a large customer changes your company. It shifts your roadmap, support load, and team focus. Go in with eyes open and make sure the trade-off is worth it.

[Ash Rust @AshRust]

@HankShedwrecker I invest in founders who are getting started with their business ideas. Several of those companies have grown to $1B+ valuation and created numerous jobs.

[Ash Rust @AshRust]

@ScotIrish1719 @n6532l I was born in Lancashire.

[Ash Rust @AshRust]

My green card application took ~18 months and I worked in the Bay Area the entire time. This would have sent me back to the UK before I was able to start a company or a fund. It's really damaging.

[USCIS @USCIS]

USCIS is applying long-standing law and prior court decisions to require certain aliens with temporary visas who decide they want to permanently reside in the U.S. to return to their home countries to apply for permanent visas through the @StateDept.

We're returning to the original intent of the law to ensure aliens navigate our nation’s immigration system properly.

Here’s what you should know: https://t.co/GeaZd3BeV2

[Ash Rust @AshRust]

@matt_cavanaugh_ The constitution, the cultural diversity and the opportunity for all.

[Ash Rust @AshRust]

@ArmedAndGentle I have 3 CS degrees, 2 from Oxford and I came here on an O1 extraordinary ability visa.

[Ash Rust @AshRust]

@JonahTreible I’ve paid taxes since I arrived 20 years ago.

[Ash Rust @AshRust]

@DiscipulusMundi Before I moved to the USA, I was the fifth generation of British Military in my family.

[Ash Rust @AshRust]

@leesteapleton Lol. I'm 5th generation British Military.