Sequoia Capital Partner Shaun Maguire returns to Sourcery for a conversation with Molly O’Shea on math superintelligence, physics, and the limits of human understanding.

Specifically, Shaun explains his and Andrew Reed’s investment in Harmonic, the new AI company founded by Robinhood CEO Vlad Tenev, and why math + reinforcement learning may unlock the next major breakthrough in artificial intelligence. Breaking down Harmonic’s differentiated strategy using Lean, formalized proofs, and reinforcement learning to train AI systems that reason rigorously about math, outperforming far larger labs with a fraction of the spend.

We also get into Shaun’s physics worldview from loopholes in the laws of nature, to time travel, vacuum energy, UAPs, Bayesian probability, information warfare and why he believes we understand far less about reality than we think.

The conversation expands into UAPs (UFOs), Palmer Luckey, probability, scientific humility, and how frontier intelligence, human or artificial, might reshape what’s possible in math, physics, and reality itself.

In an exclusive cut for X, Shaun discusses free speech, narrative power, and why platforms like X matter in an era of global information conflict (Sequoia invested $800M in the take-private) – making the case that much of today’s political and media chaos is the downstream effect of Cold War–era KGB psychological warfare tactics that never actually stopped — they just changed hands.

Shaun Maguire: https://x.com/shaunmmaguire 

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

https://youtu.be/7-kTsCkKfUw

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Brex CEO Pedro Franceschi joins Molly O’Shea for an exclusive breakdown of the $5.15B Brex x Capital One M&A deal—from the first serious conversations to finalising the deal in ~40 days, making this one of the largest bank–fintech deals in history. Pedro shares why Capital One paid up, why he believes the “exit” mental model is wrong, and how Brex stays founder-led with a “butterfly” operating model inside a $150B platform powered by $6B in marketing and $6B in R&D.

We break down the full deal timeline (term sheet on Dec 22, announcement tied to Capital One’s Jan 22 earnings), the 50/50 cash–equity structure, and why Capital One committed ~$950M in integration + retention to accelerate Brex’s trajectory. Pedro also walks through Brex’s valuation reset—from a $12B peak to a ~$4B employee repricing, and now a ~13.4x gross profit acquisition multiple at the top end of fintech public comps.

Pedro also explains how Brex is staying in war mode—shifting its real competition from fintech peers to JPMorgan, Amex, and the largest U.S. banks. With Capital One’s scale behind it, Brex is aggressively pushing to win enterprise market share, out-execute legacy incumbents, and become the dominant financial platform for modern companies.

Brex today serves 1 in 3 U.S. startups, supports 300+ public companies, and powers spend for top AI labs—including TikTok, Toast, Robinhood, Anthropic, Zoom, DoorDash, and Canva. After closing, Brex is expected to become the #3 corporate card platform in the U.S., accelerating enterprise expansion, AI agents, and next-generation financial automation.

This may be the only full public, founder-level breakdown of a major M&A deal ever shared right after signing. Hope you enjoy!

Pedro Franceschi: https://x.com/pedroh96  

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

https://youtu.be/3a3omxYXqK4

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Elon Musk has built more category-defining companies than any founder alive — and Sequoia Capital and Partner Shaun Maguire have backed five of them: SpaceX, xAI, Neuralink, The Boring Company, and X.

In this episode of Sourcery, Shaun breaks down how Elon builds trillion-dollar companies, why SpaceX may be the greatest company, largest IPO and wealth creation event of all time, and why he believes Elon is still massively underrated despite his global impact.

We dive into SpaceX’s IPO, Starlink’s explosive growth, data centers in space, direct-to-cell from orbit, xAI, and the unique way Elon builds long-term potential energy before unleashing scale.

Shaun also explains why SpaceX could become the biggest wealth creation event in history, how liquidity will reshape the tech ecosystem, and why Elon’s approach to power, infrastructure, and speed gives him an unmatched edge.

This is a deep look inside Elon’s operating system — from one of the most technically fluent investors in Silicon Valley.

Shaun Maguire: https://x.com/shaunmmaguire

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

YT: https://youtu.be/lPXYqPXo_R0

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Shaun Maguire, Partner at Sequoia Capital

(01:10) SpaceX Upcoming IPO & data centers in space

(05:00) The math behind space-based data centers

(07:05) Breaking down Starlink from first principles

(12:10) Economics of Starlink vs legacy telecom

(14:41) Starlink + self-driving cars and the future of mobility

(16:29) Starship, direct-to-cell, and the next decade roadmap

(19:38) SpaceX investment size and returns so far 

(20:25) Why is Elon still underrated?

(21:33) How SpaceX went from contrarian to consensus

(25:39) Why does Elon keep a tight investor circle?

(27:06) Why does the market still underestimate xAI?

(29:47) AI capex, liquidity cycles, and why spending is rational

(32:11) Staying private vs going public: what makes more sense

(35:47) Mission-driven cultures vs post-liquidity slowdown

(37:53) Preparing founders psychologically for liquidity events

(40:33) Why this may be the healthiest wealth creation cycle

Filmed at the Reagan National Defense Forum at the Reagan National Library, Molly walks with Dan Wright, CEO of Armada, to unpack why the next era of AI infrastructure will not live only in hyperscale cloud campuses – it will move into the physical world.

Armada calls itself the hyperscaler for the edge. The company builds modular AI factories that bring compute, connectivity, storage, and real world AI into environments where latency, security, and reliability are mission critical. Dan shares how Armada started with SpaceX as an early point of entry, why Starlink fundamentally changed what is deployable around the globe, and how Armada is pairing connectivity with infrastructure to bring the most powerful AI models to places that have never had access before.

The conversation spans Armada’s partnerships with Microsoft, OpenAI, and Skydio, plus what it takes to deploy in extreme environments, from U.S. Navy operations at sea to the Saudi desert with Aramco Digital, and all the way to Alaska for real time disaster response. Dan also lays out the geopolitics of AI infrastructure, why he believes the world will run on either the U.S. AI stack or the Chinese AI stack, and why exporting infrastructure to allies is central to winning that race.

We also go long on space. Dan explains why data centers in space are coming, why Starship is a prerequisite for lunar and planetary industry, and why compute becomes unavoidable once you imagine robots building bases on the Moon and later Mars. He also reacts to the ongoing SpaceX IPO speculation for 2026 and why broader access to SpaceX would matter if it happens.

Armada has raised $200M+ to date, backed by investors including Founders Fund, Dragon Global, Lux Capital, Shield Capital, 8090 Industries, Microsoft’s M12, Overmatch, Silent Ventures, Felicis, and Marlinspike, with later strategic participation including Pinegrove, Veriten, and Glade Brook.

Dan Wright: https://x.com/danwrightSF 

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YT: https://youtu.be/iCD8nuxSgKw

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Snowflake CEO Sridhar Ramaswamy joins Sourcery to discuss Snowflake’s long-term path toward iconic scale, drawing on his firsthand experience scaling Google Ads from ~$1.6B to ~$100B+ in revenue — including the moment Eric Schmidt challenged his team to write a $100B revenue plan as a thought experiment in compounding growth.

Rather than declaring a Snowflake revenue target, Sridhar explains how sustained ~30–35% compound growth, discipline, and execution can transform a company over time — and how Snowflake (NYSE: SNOW) is positioning itself in the AI data platform arms race to build toward that level of impact.

We cover:

• Snowflake’s role in the AI supercycle

• Competing with Databricks, hyperscalers, and frontier AI platforms

• Scaling ambitions inspired by Eric Schmidt

• Lessons from Frank Slootman’s leadership and Sutter Hill’s influence

• The strategic logic behind the Observe acquisition

• IPO lessons from one of the largest software debuts in history

• And Sridhar’s personal “monk mode” operating style — optimizing for focus, discipline, and long-term execution

This episode is about compounding growth, enterprise AI, and what it takes to build a truly iconic company over decades.

Sridhar Ramaswamy: https://x.com/RamaswmySridhar 

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YT: https://youtu.be/1ahhYmSFShQ

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Zipline CEO Keller Rinaudo Cliffton gives Molly a rare full tour inside Zipline’s factory + HQ—including the ROCC (Remote Operating Command Center), live flight monitoring, the HITL hardware-in-the-loop simulator lab, reliability testing, and the production line.

DISCLAIMER: This is a LIVE factory, it is noisy, audio can be inconsistent at times. Enjoy :)

Watch our full sit-down interview with Keller for more information behind their latest $7.6B valuation & financing round.

Zipline is nearing 2,000,000 total deliveries and operates what Keller describes as a global system where “every one of those aircraft is out making delivery somewhere in the world.” The company says it has achieved 125 million commercial autonomous miles with zero safety incident, and it’s scaling fast: ~15% week-over-week growth with operations running ~17 hours/day today and moving toward 24/7.

Inside the ROCC, Keller walks through how Zipline manages fleet oversight at scale, including FAA approval to fly at ratios of “one human to 30 aircraft” (and pushing beyond that). He also shares site ramp dynamics: the first Dallas site took ~110 days to reach 100 deliveries/day, while newer sites can hit 100 deliveries/day in ~2 days—and in some cities Zipline says 50%+ of homes are ordering.

On the engineering side, Zipline’s HQ team spans autonomy, powertrain, safety/reliability, systems test, embedded, mechanical, and industrialization—part of a workforce of ~1,300 people, including ~800 in the U.S., with “more than half” in engineering. Keller also explains Zipline’s Tesla-like approach to vertical integration: designing core systems in-house (including motors) and even building internal manufacturing software—“the only other companies…that do that…Tesla.”

You’ll see how Zipline maintains high engineering velocity while prioritizing safety: a major global software update every six weeks (typically ~60 bug fixes and ~25–30 performance improvements), tested across simulation and real-world flights before rolling out over-the-air.

Keller R. Cliffton: https://x.com/Keller 

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YT: https://youtu.be/_qbbwichFIk

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Zipline CEO Keller Rinaudo Cliffton joins Sourcery from Zipline’s drone factory to break down the company’s $600M+ funding round at a $7.6B valuation, a clear step up from Zipline’s ~$5B valuation in 2024, as the company enters a major U.S. and global scaling phase.

The round includes participation from leading investors Fidelity Management & Research Company, Baillie Gifford, Valor Equity Partners, and Tiger Global, underwriting Zipline’s expansion across manufacturing capacity, fleet CapEx, and metro-level infrastructure as demand accelerates.

Zipline has now surpassed 2 million commercial deliveries and flown 125M+ commercial autonomous miles, making it the world’s largest autonomous delivery system. The company operates on four continents, serves 5,000+ hospitals and health facilities, and delivers food, retail, and healthcare products directly to customers’ homes in minutes. Zipline’s zero-emission aircraft have delivered more than 20 million items with no serious injuries and are saving 10,000+ lives per year in the process.

In the U.S., Zipline is scaling at exceptional speed. U.S. deliveries have grown by approximately 15% week over week for the last seven months, and Keller shares that Zipline now does more deliveries in the United States than the rest of the world combined. In Dallas, Zipline’s first site took 10 weeks to reach 100 deliveries per day, while newer sites reached that same volume in just 2 days—a clear signal the system is moving from early adoption to everyday infrastructure.

We also cover Zipline’s upcoming launches in Houston and Phoenix, where customers will soon be able to order tens of thousands of items with deliveries arriving in as little as 10 minutes, Zipline’s vertically integrated manufacturing strategy, and why Keller believes autonomous, on-demand logistics will soon be the norm across multiple U.S. states.

Keller R. Cliffton : https://x.com/Keller 

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/sF5Ocop7A_I

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time

Adam Goldstein, Founder & CEO of Archer Aviation (NYSE: ACHR) gives Sourcery a full behind-the-scenes of Archer’s HQ. 

In this conversation, Adam breaks down what Archer is building (a new category of aviation), why regulatory and political support matters, and how they’re thinking about scaling from early city deployments to a truly global aircraft business. We also get into why retail investors and Reddit became a major part of Archer’s story, and the market-sizing framework behind “20 aircraft x 1,000 markets.”

One part of Archer’s progress that’s very impressive are their significant defense and strategic technology partnerships, including Anduril (hybrid VTOL and unmanned rotorcraft concepts), Palantir (AI and data infrastructure for manufacturing, operations, and airspace systems), its role as the exclusive air taxi provider for the LA 2028 Olympics, and its early expansion partnerships across the UAE.

Plus, I try the simulators: first a helicopter-style experience (chaos), then Archer’s Midnight fly-by-wire system (way easier, way more fun).

Archer was the first sponsor of Sourcery ever, so it was special to get a full tour!

Topics we cover:

• What Archer is and how eVTOL air taxis work

• The “first new category in aviation in 60 years” and what it takes to unlock it

• LA28 Olympics and the path from now to 2028

• EIPP and flying in US cities as soon as next year

• Defense market shift toward autonomy at scale and Archer’s partnerships

• Going public early, Boeing conflict, and the role of retail liquidity

• Why Adam thinks this can become a $100B+ business (and eventually bigger)

  
  

Adam Goldstein: ⁠https://x.com/adamgoldstein13⁠ 

Molly O’Shea: ⁠https://x.com/MollySOShea⁠ 

Sourcery: ⁠⁠https://x.com/sourceryy⁠

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

YouTube : ⁠https://youtu.be/kohPqi123-s⁠

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• ⁠Brex⁠—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. ⁠https://brex.com/sourcery⁠

• ⁠Turing⁠—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. ⁠https://turing.com/sourcery⁠

• ⁠Deel⁠—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: ⁠https://www.deel.com/sourcery⁠

• ⁠Public⁠–Investing platform Public just launched ⁠Generated Assets⁠, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://⁠public.com/sourcery⁠

Follow Sourcery for the latest updates!

⁠https://www.sourcery.vc/⁠

DisclosurePaid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at ⁠public.com/disclosures/ga⁠. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Robinhood CEO Vlad Tenev joins Molly O’Shea from Robinhood HQ to break down the company’s record year and what powered its growth.

Robinhood (NASDAQ: HOOD) stock opened 2025 under $40/share and ended the year around $113/share, a ~200% annual gain, pushing the company to roughly $120B in market capitalization. But as Vlad explains, the bigger story is under the hood.

Today, Robinhood has 11 separate business lines generating $100M+ in annual revenue (!!), including prediction markets, margin, Gold subscriptions, cash sweep, crypto, and institutional infrastructure via Bitstamp. Vlad walks through Robinhood’s three long-term arcs: becoming #1 for active traders, owning wallet share for the next generation, and expanding globally into business and institutional markets.

The conversation spans:

• Prediction markets as a new supercycle (sports, weather, insurance)

• Tokenized stocks and 24/7 trading in Europe

• Reinventing earnings calls as live, interactive experiences

• Unlocking private markets and AI companies for retail investors

• Robinhood Cortex, an AI financial assistant with full portfolio context

• Why retail investors today look very different than in 2021

This is a deep look at how Robinhood matured alongside its users — and how Vlad thinks about the next decade of finance.

Vlad Tenev:Molly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

YouTube: https://youtu.be/7cvVgxJYb-I

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Robinhood CEO Vlad Tenev joins Molly O’Shea from Robinhood HQ to break down the company’s record year and what powered its growth.

Robinhood (NASDAQ: HOOD) stock opened 2025 under $40/share and ended the year around $113/share, a ~200% annual gain, pushing the company to roughly $100B in market capitalization. But as Vlad explains, the bigger story is under the hood.

Today, Robinhood has 11 separate business lines generating $100M+ in annual revenue (!!), including prediction markets, margin, Gold subscriptions, cash sweep, crypto, and institutional infrastructure via Bitstamp. Vlad walks through Robinhood’s three long-term arcs: becoming #1 for active traders, owning wallet share for the next generation, and expanding globally into business and institutional markets.

The conversation spans:

• Prediction markets as a new supercycle (sports, weather, insurance)

• Tokenized stocks and 24/7 trading in Europe

• Reinventing earnings calls as live, interactive experiences

• Unlocking private markets and AI companies for retail investors

• Robinhood Cortex, an AI financial assistant with full portfolio context

• Why retail investors today look very different than in 2021

  
  

This is a deep look at how Robinhood matured alongside its users — and how Vlad thinks about the next decade of finance.

Vlad Tenev:Molly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

YouTube: https://youtu.be/7y0dcxhreO8

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.