Elana

Building @TwoRoadsVC | Newsletter @CapTableVC

[Elana @ItsElanaGold]

I have an announcement to make....

I'm officially launching the Two Roads Capital Syndicate!!!!

My first deal goes live this week!

If you’re interested in AI, robotics, frontier tech, and critical infrastructure…

Apply to the syndicate through the link below to see my deals.

Welcome to @tworoadsvc!

https://t.co/qnFtiMHPrA

[Elana @ItsElanaGold]

@peterthiel is that you?

[Elana @ItsElanaGold]

@GaruthAcharya @LLBean 👀👀

[Elana @ItsElanaGold]

3 of my favorite founders I've spoken to:

1. Asked to speak on Memorial Day weekend
2. Asked for a Saturday morning call
3. Saw my outreach message and asked to hop on a phone call right then at 8PM.

There's a pattern here.

[Elana @ItsElanaGold]

Polymarket odds of a SpaceX and Tesla merger just surged to 66%!!!

Both boards formed independent special committees to review a combination.

Elon called it an "odd kabuki dance" because as a conflicted party, he cannot sit in the room.

Most people watching this think it is a distraction or financial engineering.

They are missing the entire story.

This isn't an isolated deal. It is the final step in a multi-year consolidation of Musk's entire empire:

- In March 2025, xAI acquired X for $33 billion to combine real-time public data with Grok training clusters
- In February 2026, SpaceX acquired xAI in a deal valuing SpaceX at $1 trillion and xAI at $250 billion
- Now, the boards are exploring combining Tesla and SpaceX

When you look at the dominoes falling in order, the trajectory is obvious.

The real driver isn't Wall Street. It is physical infrastructure.

Right now, global foundries can supply only ~3% of the custom silicon Elon's companies need across humanoid robotics, autonomous driving, and AI inference.

At the exact same time, terrestrial data centers are hitting hard electrical grid walls. Securing gigawatts of clean power on Earth takes years of utility permits and transmission lines.

So look at what Elon is actually building behind the scenes:

1. Terafab: Tesla and SpaceX are building advanced chip factories in Austin to manufacture their own silicon at scale.

2. Starmind: SpaceX's orbital data center constellation, designed to harvest unlimited solar power in orbit, cool chips in the vacuum of space, and beam compute back through Starlink lasers.

Tesla brings the autonomous software stack and Optimus humanoid robotics.
SpaceX brings launch economics, orbital power, and xAI's models.
Terafab manufactures custom silicon for both.

Musk said on SpaceX's Q3 call that combining them makes sense because we are "pretty much in the superintelligence singularity."

As an investor watching AI infrastructure bottlenecks compound, the take is simple:

The bottleneck for frontier AI was never just model architectures or software.

It is physical power, silicon foundries, and heavy manufacturing.

If this merger goes through, it won't just create a mega-cap company. It creates the first vertically integrated infrastructure monopoly for the AI era.

[Elana @ItsElanaGold]

For the last 3 years, late-stage growth and secondaries were where everyone wanted to be.

Now people are slowly realizing that if you actually want generational returns, you have to diversify into early-stage.

Bigger risk but bigger returns.

[Elana @ItsElanaGold]

@og_doctourist It's wild how much of what we pay for healthcare comes down to a lack of competition rather than the actual cost of care.

[Elana @ItsElanaGold]

US VCs deployed $412.7B in H1 2026 while seed deal count hit a 10-year low.

As an early-stage founder, you are not competing against peer seed rounds for checks. You are competing against $500M mega-rounds.

[Elana @ItsElanaGold]

@Erica_Wenger @NWischoff my two favorite people!!

[Elana @ItsElanaGold]

@MollySOShea I can see it!

[Elana @ItsElanaGold]

Over $1 BILLION went into 10 startups this week alone:

- Manus: $500M+ (AI agents, $4B valuation)
- Type One Energy: $200M (Fusion power plant)
- Parallel Systems: $100M+ (Autonomous electric rail)
- Nous Research: $90M (Open source AI)
- Multiply Labs: $75M (Pharma robotics)
- Gallatin AI: $50M (Frontline military logistics)
- Furientis: $25M (Mass-produced missile interceptors)
- Quanfluence: $10M (Photonic quantum computing)
- Monid: $7.7M (AI agent commerce infrastructure)
- Zeroset: $5.2M (Enterprise agent workflows)

Every week right now seems like another megaround week.

[Elana @ItsElanaGold]

@RoblesMayow have anything in mind?

[Elana @ItsElanaGold]

What company do you think this is?

[Gokul Rajaram @gokulr]

Fastest company ever to $1b annualized revenue

Nope it’s not Higgsfield or Cursor or Cognition.

Met a data company yesterday that did 0 revenue in November 2025 and 80m “in month revenue” in September 2026. They will hit $1b annualized from 11 months of being started. They are still under the radar so I can’t share who they are. Hopefully soon, with their permission.

I don’t make the rules.

[Elana @ItsElanaGold]

New York is a hierarchy based culture.

SF is an action based culture.

Ambitious young people are rewarded much more for being in SF than NYC.

[Elana @ItsElanaGold]

@masonnystrom @multicoin @tushar_jain @shayonsengupta @SpencerApplebau @0x_Lucas Congrats!!

[Elana @ItsElanaGold]

@usmangul @MetalRaise @a16z @ycombinator Congrats on the seed round a few weeks ago! Excited to see you guys already shipping so much!

[Elana @ItsElanaGold]

@Zensah_CEO maybe a trend setter

[Elana @ItsElanaGold]

I OFFICIALLY MOVED TO SEATTLE.

Who else is up here? Would love to meet up!

[Elana @ItsElanaGold]

@jonny_raney let's do it!!

[Elana @ItsElanaGold]

@Dean_Benjamin Would love to!!

[Elana @ItsElanaGold]

If I was a founder and raising for a start-up, I’d want @shaunmmaguire on my side.

[Elana @ItsElanaGold]

@bhertzog Thank you!!