Valida Pau

Reporter @theinformation covering tech M&A and IPOs. Signal validapau.59/ [email protected]

[Valida Pau @validapau]

BIG SPACEX SCOOP WITH @coryweinberg

> Musk will have super voting shares in a dual-class structure

> He will receive stock incentive every $500B increase in market cap and can go as high as $6.6T; if the space data centers can deliver “100 terawatts of compute per year”

[Valida Pau @validapau]

SpaceX puts a website up for the IPO👀
https://t.co/000GsQ8MKs

[Phoebe Liu @_pheebini]

First @theinformation story on the Nvidia beat—on Nvidia's latest acquisition and what it might mean—with @validapau:

(Anything we missed, or want to chat Nvidia? Please get in touch via [email protected] or phoebe.789 on Signal)

https://t.co/FiroixeeV6

[Valida Pau @validapau]

⭐️

[Erin Woo @erinkwoo]

🚨some personal news: i am moving to the job many of you assumed i already had🚨

i am now covering openai for @theinformation! for the next few months i'll be writing a lot about the ipo, but i'm interested longer term in safety, policy and ai culture, inside and outside of sf.

[Valida Pau @validapau]

SpaceX targets selling 555 million shares at $135 per share. No price range yet.

Updated here: https://t.co/6BV42HXuni

[Valida Pau @validapau]

@AccessIPOs That means they are deciding on the price range on Wednesday, before launching the roadshow on Thursday.

[Jessica Lessin @Jessicalessin]

Scoop: SpaceX Targets $1.75 Trillion Valuation Ahead of IPO Roadshow

https://t.co/8SyrwSCRHt

@validapau

[Stephanie Palazzolo @steph_palazzolo]

Sam Altman in Wednesday all-hands:

- Filing for an IPO is different than being ready to go public; OpenAI won't IPO until it's ready
- Believes Anthropic is capacity limited, OAI will have a good next few months
- OAI recently brought on 2GW+ of compute

https://t.co/Jft1yA9MWG

[Valida Pau @validapau]

Morgan Stanley is named stabilization agent and sole Direct Share Program administrator. Goldman Sachs is the left lead on the IPO.

[Valida Pau @validapau]

Can this train go faster?😇😇😇😇😇😇😇😇😇😇😇😇😇😇😇

[Valida Pau @validapau]

OpenAI is racing Anthropic to go public and is planning to file confidentially for an IPO in the coming days/weeks.

Goldman Sachs and Morgan Stanley are working on the draft. Lawyers from Latham & Watkins are also working with the banks.

@srimuppidi

https://t.co/8DBe79HhCN

[Valida Pau @validapau]

Big week for SpaceX with the much-delayed Starship test launch and IPO filing.

It’s not only important for SpaceX to sell its dream to eventually put data centers in space, but many other space and satellite firms could depend on Starship with their future businesses.

https://t.co/ukBlPLjjPt

[Katie Roof @Katie_Roof]

Scoop on the biggest venture returns EVER: Founders Fund and Valor set to make more than $60B gains on SpaceX IPO, Sequoia more than $20B https://t.co/HglRnynUH1

[Cory Weinberg @coryweinberg]

1. SpaceX is expected to file its S-1 publicly as soon as tomorrow. We've reviewed parts of the draft prospectus and tried to make sense of the numbers.

Here are 5 charts that explain the company before the largest IPO in history goes live.

[Valida Pau @validapau]

BIG COUP FROM GOLDMAN SACHS
https://t.co/ibuKq4e0ig

[Valida Pau @validapau]

Numbers on SpaceX’s s1 are confusing. Look at some charts (made by Shane) about the business and IPO numbers before S1 drops soon this week.

@coryweinberg

https://t.co/GTPVyiWD7H

[Valida Pau @validapau]

AI chips are now so power intensive, chipmakers need new chips to help make them to be more efficient. Analog Devices $ADI is nearing a deal to buy a chip startup for $1.5 billion that tackles this issue.

Back from vacation scoop w/ @coryweinberg (No, we're not just doing SpaceX)
https://t.co/BYGUZRQfHA

[Valida Pau @validapau]

additional reading on Krishna Rao @theinformation

https://t.co/zhkEg6UGen

[Patrick OShaughnessy @patrick_oshag]

Krishna Rao is the CFO of Anthropic, and this is his first podcast appearance.

He joined the company two years ago when run-rate revenue was about $250M. Today it is $30B. He has helped raise ~$75B and is responsible for the procurement and allocation of compute.

I feel lucky we get to hear what it is like to sit inside a company this consequential at a moment this pivotal.

We discuss:
- The cone of uncertainty
- How he allocates compute across Trainium, TPUs, and GPUs
- What investors misunderstand about model companies
- Why the returns to frontier intelligence keep rising
- Platform vs application and where Anthropic builds its own products
- How Anthropic uses Claude internally

I have asked my closing question about the kindest thing more than 500 times. Krishna's answer is one I have never heard before.

Enjoy!

Timestamps:
0:00 Intro
2:38 The Compute Canvas
6:51 The "Cone of Uncertainty"
11:58 Why the Returns to Frontier Intelligence Are So High
16:45 Recursive Self-Improvement
20:20 Scaling Laws
23:30 Sourcing $100 Billion in Compute
28:05 Platform vs. Application Strategy
32:52 Pricing Dynamics
38:48 How Anthropic’s Finance Team Uses Claude
43:24 Raising Capital & Overcoming Investor Skepticism
52:32 Public Perception, Risks, and Government Regulation
57:25 Mythos Release
1:12:33 What Could Derail the AI Revolution?
1:13:47 Biotech and Healthcare
1:15:31 The Kindest Thing

[Valida Pau @validapau]

Anduril announced today it raised $5 billion and doubled its valuation to $61 billion. (We reported back in February)

The company said revenue doubled to $2.2 billion in 2025. It forecasts doubling that number in 2026 to 4.3 billion, @theinformation reported.

(https://t.co/mlT4aQdKG0)

[The Information @theinformation]

Exclusive: Anduril is in talks with investors to raise billions more in funding at a valuation of roughly $60 billion.

Read more from @Katie_Roof, @PauValida and @CoryWeinberg 👇
https://t.co/dRe5cqCRmG