Anthropic + OpenAI captured 89% of AI startup revenue. Karpathy joined Anthropic as IC #N. SpaceX targets $1.75T at IPO. Wayve put autonomy in 90% of Nissan. Manifestos beat ICP worksheets.

Anthropic told 8 SPV brokers your shares don't exist. Cerebras opened at $350 — IPO window is open. Elena Verna becomes Lovable's first HI-C as the middle thins. Plus AI margin compression, Pax Silica, Eric Ries case studies.

Long Lake's $6.3B AmEx GBT take-private signals the AI roll-up era. Cliff Weitzman: next year tokens will cost more than salaries. Aakash's 10 Laws of Claude Skills.

The Mag 7 Q1 capex print, Anthropic raising $50B in 48 hours at ~$1T, Eric Ries on why 80% of founders lose CEO seat post-IPO, Becca Lindquist on Clay's sales playbook, and the end of consensus venture capital.

Tobi Lütke says Shopify's best engineers haven't written code this year. The full mechanics of AppLovin's $50B buyback. Why the SaaS freemium playbook fails in AI.

Agents pick their own SaaS stack and they pick Stripe. The PE software exit funnel collapsed — Medallia is the canary. Big Tech is buying creator media as a CAC strategy at $50K-plus ACV.

AppLovin's Adam Foroughi names the SaaS metric that strips out the financial-engineering layer. a16z is openly soliciting founders to kill Workday. And a CEO archetype that explains the last decade at Apple.

Distribution is the last moat. Token theater at 85K scale at Meta. How Anthropic ships in a day. Plus: ServiceNow beat every number and dropped 18%.

Bolt beat Uber raising 12x less capital, the “agent operator” as the real enterprise bottleneck, SAP’s CTO on the death of traditional UI, and why owning model weights beats renting the API.

Sundar on compute allocation, the 60% doom loop, Anthropic's structural compounding, and Evan Spiegel's lesson every software company is learning right now.