With great honor, Mr. Emil Michael, the Under Secretary of War for Research & Engineering (USW(R&E)) and Chief Technology Officer for the Department of War (DoW), joins Sourcery in front of a F117 at the Reagan National Defense Forum 2025 to dispel common misconceptions about the DoW, modern defense technology, & the role of companies like Palantir, SpaceX, & Anduril.

Drawing on his unique path from hyperscaling Uber into a global technology company to now overseeing the DoW’s research, development, & prototyping enterprise, he breaks down how the system actually works behind the scenes.

He also outlines the DoW’s 6 Critical Technology Areas — Applied AI, Scaled Hypersonics, Scaled Directed Energy, Biomanufacturing, Contested Logistics, & Battlefield Information Dominance — and explains how these priorities reflect the realities of modern warfare rather than the myths often portrayed around the sector.

Bonus: Newer companies Emil Michael highlights as emerging leaders in defense innovation include Planet Labs for commercial satellite imagery, Neros as a next-generation drone company, Hadrian for AI-driven advanced manufacturing, and a broader group of frontier AI companies now engaging with the Department of War.

Emil Michael: https://x.com/emilmichael

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

Sourcery: ⁠https://x.com/sourceryvc

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

YouTube: https://youtu.be/6Lfst-RXX9k

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

• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence.

https://carta.com/data/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://www.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.

Manny Medina, Co-Founder & CEO of Paid and former CEO of $4.4B Sales Tech company, Outreach, hosts Sourcery at their HQ in London to discuss the early development of AI agents & what this shift means for software businesses.

Roughly $300 billion in SaaS revenue remains “trapped” in legacy pricing and delivery models. After scaling Outreach to 6,000 customers, 220,000 active users, and $250M in ARR, Manny saw firsthand that many SaaS monetization frameworks don’t fit agentic systems, which perform full end-to-end workflows rather than individual user-driven tasks. This gap led him to build Paid, the platform designed to help companies measure, price, & manage the economics of agents.

And it's working.. early customers have reported 20–40% revenue growth within six months of adopting the platform.

With $33.3M in total funding, Paid is backed by Sequoia Capital, Lightspeed Venture Partners, EQT Ventures, GTM Fund, & FUSE.

Timestamps

(00:00) Why Manny built Paid after Outreach
(01:05) The $300B trapped revenue problem
(02:00) Why seat-based pricing breaks for AI agents
(03:10) How agents perform full end-to-end workflows
(04:00) Early use cases: support, ops, underwriting
(05:20) SaaS companies shifting to agentic models
(06:15) Pricing agents on outcomes, not seats
(07:10) Managing margins + model costs
(08:00) Founder-led sales and early GTM
(08:55) Why efficiency must start on day one
(09:40) Palantir-style, forward-deployed culture
(10:30) How Paid helps companies monetize agents
(11:20) Education needed for SaaS pricing change
(12:10) What the next 12–24 months look like for agents
(13:00) Manny’s outlook on the agentic economy

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

• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights

• 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.

Marc Bhargava, Managing Director at General Catalyst and head of the firm’s Creation Strategy, breaks down one of the most significant shifts happening inside venture and private markets today: AI Roll-Ups. 

One of the 3 largest venture players with ~$40B AUM, General Catalyst has quietly built a $1.5B AI roll-up engine dedicated to incubating AI-native companies & acquiring the fragmented services businesses they can transform — a model that sits directly at the intersection of venture creation, operational transformation, & what has traditionally been the realm of private equity.

Marc explains why the firm believes the global services economy (a $16 trillion market historically defined by low margins and slow modernization) is now on the verge of being reshaped. Not by traditional software, and not by classic PE rollups, but by AI-enabled companies that combine in-house automation software with the acquisition of real distribution. These companies, built initially inside GC’s Creation Strategy, have already begun doubling EBITDA margins within 12 months, demonstrating what becomes possible when AI automation frees 20–30% of repetitive tasks and allows teams to handle significantly greater throughput.

The conversation goes deep into how GC selects industries for this strategy, mapping 70 services categories down to the 10 where AI can have the most immediate impact. Marc outlines the 4 categories of work AI now reliably automates, from customer service and data entry to content generation and early-stage reasoning, and how those capabilities form the backbone of portfolio companies like Crescendo, Long Lake, Titan MSP, Eudia, & others. 

Marc Bhargava: https://x.com/marcbhargava

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

Sourcery: ⁠https://x.com/sourceryvc

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

• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights

• 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. 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.

Bradley Tusk joins Sourcery to discuss what he learned working closely with Travis Kalanick during Uber’s early regulatory battles, and how those experiences shaped his decision to shut down his venture fund and return to an equity-for-services model.

Bradley explains why Travis was unusually fast, analytical, and willing to challenge institutions, and how that mindset influenced the way Uber approached politics and growth. He also breaks down how the current AI wave is affecting valuations, capital formation, data-center spending, and the broader regulatory environment.

The conversation covers the real economics of running a VC fund, why mid-sized funds struggle, how AI is reshaping startup incentives, and what founders should understand about regulation, policy, and long-term strategy. It’s a practical, grounded discussion from someone who has worked at the intersection of tech and government for over a decade.

Bradley Tusk: https://www.linkedin.com/in/btusk/

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

Sourcery: ⁠https://x.com/sourceryvc

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

• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Intro

(01:25) How AI infrastructure spending is being driven by market narratives

(03:10) DeepSeek, inference models, and compute efficiency

(03:55) Where the $2T in AI data-center and energy capital is flowing

(07:10) Nuclear energy and the broader implications of AI’s power demand

(16:30) Zero-sum vs abundance thinking in tech and politics

(17:35) How people find meaning, purpose, and balance in high-pressure work

(27:00) Why Bradley invests heavily in his team and removes non-essential tasks

(32:00) How Bradley’s experience with Travis Kalanick shaped his view of founders

(32:35) “Travis’s Law” and turning users into political advocates

(37:05) Why Bradley decided to stop raising traditional VC funds

(44:30) The economics of mid-sized funds and why they’re so difficult to run

(49:20) How AI valuations differ from non-AI valuations

(54:40) What people misunderstand about Silicon Valley and DC

(59:40) AI, unemployment risk, and why Bradley believes UBI will be necessary

(01:05:50) The biggest lessons Bradley learned from Travis Kalanick

Thrive Capital Partner Philip Clark joins Sourcery to break down how one of the most concentrated and influential firms in tech evaluates founders, builds conviction, and partners with companies that reshape the world.

“Josh always had a line to me when I joined Thrive, which is that the people who win deals are the ones who want to win them most.”

In this episode, we go deep on Thrive’s investments in OpenAI, Cursor, Wiz, Nudge, Physical Intelligence, and why Philip believes we’re entering a golden era for hardware — powered by cheaper sensors, software intelligence, and a new generation of engineers trained at SpaceX, Anduril, and Neuralink.

Philip tells the inside story of:

Seeing an early demo of OpenAI’s GPT-4 before launch

Why Thrive flew into an active war zone to close the Wiz deal

Cursor’s explosive growth from a small pivot to a multi-hundred-million ARR product

How Nudge is engineering the human brain using ultrasound

Why hardware’s barriers are falling and why the biggest companies of the next decade may be physical

If you want to understand the future of AI, hardware, and the next generation of “counterfactual companies,” this is the episode.

Philip Clark: https://www.linkedin.com/in/philip-clark-883a41126/

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

Sourcery: ⁠https://x.com/sourceryvc

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/niosgDC-QHU

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

• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Who is Philip Clark? How he joined Thrive Capital

(02:45) From physics to investing: becoming a technologist–optimist

(04:00) How semiconductors led him to Thrive

(06:00) Deep dive: Mesh Optical & the data center interconnect opportunity

(07:45) Inside Cursor’s explosive growth and why AI is “speed chess”

(09:15) How Philip first met Cursor’s founders during a pivot

(11:30) Path to partner & Thrive’s “full-stack investor” model

(13:45) The Wiz story: flying into an active war zone

(17:15) Why Wiz closed six-figure deals in weeks — the rare “fast + big” enterprise combo

(19:30) Why hardware is back: sensors, software, and SpaceX-trained talent

(21:45) The rise of Nudge and engineering the human brain

(26:30) Neuralink & Nudge: read to stimulate

(31:15) Why Thrive concentrates instead of “spray and pray”

(36:00) Inside OpenAI: seeing GPT-4 before launch

(40:45) What comes after SaaS — and the companies unlocked by AI

a16z General Partner David Ulevitch joins Sourcery to break down the real state of American Dynamism, their $600M fund, across defense, energy, mining, robotics, manufacturing, public safety, and national security.

We discuss America’s supply-chain exposure to China, why deterrence—not parity—defines the future of U.S. defense, and how new companies are rebuilding core capabilities in nuclear, missiles, autonomy, grid reliability, materials, mining, and industrial operations.

David highlights key a16z portfolio companies including Anduril, Radiant Nuclear, Base Power, Exowatt, Apex, Skydio, Flock, Long Eye, and Mariana Minerals, and shares why the best founders are magnetic attractors of capital and talent.

We also dive into Anduril’s authenticity-first marketing philosophy (“no renders” - Palmer Luckey), the “Don’t Work at Anduril” campaign led by Snap Alumn Jeff Miller, the importance of real test footage, and why mission-driven cultures are fueling the next generation of frontier companies.

A broad, detailed look at the future of American reindustrialization and the companies shaping it.

Select Portfolio Companies & Areas:

• AI: Applied Intuition, Ambient AI

• Defense: Anduril, Saronic, Shield AI, Castelion, 

• Energy: Radiant, Base Power, Exowatt, RigUp

• Aerospace: SpaceX, Apex, Northwood, Aerodome, Air Space Intelligence (ASI), Astro Mechanica, Astranis

• Manufacturing: Hadrian, Senra

• Public Safety: Flock Safety, Long Eye, Skydio

• Supply Chain: Zipline, Flexport, 

• Minerals: Mariana Materials, KoBold Metals

David Ulevitch: https://x.com/davidu

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

Sourcery: ⁠https://x.com/sourceryvc

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

• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) America’s supply-chain vulnerability

(03:28) Most investable wedges: robotics, automation & lights-out factories

(04:11) Rebuilding U.S. minerals & mining capacity (lithium, copper, steel)

(04:29) Applying software to legacy sectors (lumber, metals, production)

(05:20) Energy: Radiant’s microreactor & first new U.S. design in 50+ years

(06:23) Grid resiliency & storage: Base Power, Exowatt

(07:12) Defense innovation: Anduril, Saronic, Castelion

(08:28) Public safety tech: Flock Safety, Long Eye & Skydio

(13:30) Anduril’s “no renders” rule & authentic product culture

(14:27) Inside the “Don’t Work at Anduril” campaign

(19:11) Talent density: references, hiring, firing & magnetic teams

(20:45) Lessons from building OpenDNS: reinvention, team rebuilds & decade-long “overnight success”

(26:00) Kalshi’s growth & future of prediction markets

David Ulevitch, General Partner at Andreessen Horowitz (a16z), who co-leads the firm’s American Dynamism practice with Katherine Boyle joins Sourcery to break down America’s comeback. With the encouragement of Marc Andreessen and Ben Horowitz, the $600M fund was founded around 2020 to invest in companies that support the national interest: aerospace, defense, public safety, education, housing, supply chain, industrials, and manufacturing.

David shares how American Dynamism evolved from a meme to a movement within a16z, inspired by Marc and Ben’s early conviction at Netscape that the next wave of great technology companies would serve the national interest.

From early investments like Anduril, Flock Safety, and Hadrian, to a16z’s growing policy arm in Washington D.C., David reveals how the firm is bridging the gap between Silicon Valley and the national mission, and why he believes private capital must lead the next American resurgence.

We discuss:

• ​The story behind American Dynamism’s rise
• ​The private capital boom powering national resilience
• ​JP Morgan’s $1.5T “Security & Resiliency” initiative
• ​AI’s role across defense, logistics, and manufacturing
• ​Why venture capital must “fund freedom like our lives depend on it.”

Key Points

• ​Why Marc & Ben backed David & Katherine for a national mission. American Dynamism was born from the belief that Silicon Valley’s greatest founders should again build for the public good, across defense, energy, manufacturing, & more.
• ​From meme to $600M fund. What began as a thesis between David Ulevitch and Katherine Boyle became a $600M dedicated fund and a defining pillar of a16z’s vision for national resilience.
• ​Private capital is America’s new resource. a16z’s model funds R&D independently while enabling the government to buy finished products, accelerating innovation & cutting red tape.
• ​AI is reshaping the foundations. From Anduril’s Eagle Eye headset to swarm drones and AI-powered logistics, technology is redefining how America powers, protects, and scales.
• ​The reindustrialization flywheel is spinning. With JP Morgan’s $1.5T initiative and growing investor conviction, national resilience is no longer niche, it’s a generational investment frontier.

David Ulevitch: https://x.com/davidu

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

Sourcery: ⁠https://x.com/sourceryvc

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

• ​Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) David Ulevitch

(01:54) The origin story of American Dynamism

(05:23) Why Marc Andreessen & Ben Horowitz backed the idea early

(03:30) Partnering with Katherine Boyle, from rivals to co-leads

(06:14) From meme to movement

(07:00) Why venture returns exist in defense, energy, & infrastructure

(07:11) The new supply-and-demand moment for American industry

(11:00) Building a policy bridge between D.C. & Silicon Valley

(15:29) Fixing defense procurement, the “bake-off” model

(17:15) Private capital as America’s innovation engine

(20:02) JP Morgan’s $1.5T commitment & what it signals

(20:30) China, supply chains, & the race for energy independence

(22:12) The new late-stage capital environment for defense tech

(24:05) How AI is transforming defense, logistics, and public safety

(27:42) Closing reflections, why Marc, Ben, & David see this as a generational project

Alex Karp, CEO of Palantir, joins Molly O’Shea for a rare look inside Palantir (physically, inside their office). We go deep into their values, vision, and the moral foundation of technology in the AI era.

Fresh off Palantir’s record-breaking earnings, nearly hitting a $500 billion market-cap milestone, and the release of a new biography The Philosopher in the Valley, this episode explores how Palantir evolved from an outsider idea into one of the world’s most influential software companies.

Karp breaks down how Palantir’s Artificial Intelligence Platform (AIP) has become the operating system for the AI era – shortening sales cycles and giving companies premium analytical and decision-making capabilities. Today, AIP is helping U.S. defense, industrial, manufacturing, and commercial enterprises compete to win the global AI race.

Reflecting on the artistry behind innovation, Karp also describes how creating products at Palantir mirrors the creative process itself.. tapping into ideas ahead of their time, resisting conformity, and building with conviction over consensus. He explains how his lifelong dyslexia shaped a non-linear approach to thinking, decision-making, and leadership, allowing him to build a company that thrives on meritocracy, intuition, and rapid iteration instead of rigid hierarchy.

And more importantly, amid a severely unpredictable AI boom, Karp argues that Palantir’s purpose is bigger than software. It’s about helping Americans win, from empowering soldiers and engineers to giving “venture-style returns to retail investors” and “private-equity outcomes to enterprise clients.” The conversation connects philosophy and business, revealing how Palantir’s DNA: equal parts artistry, pragmatism, and moral clarity, has produced one of the most resilient and valuable companies of the 21st century.

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

⁠Sourcery: ⁠https://x.com/sourceryvc⁠

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

• ⁠⁠Carta⁠⁠—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. ⁠⁠https://carta.com/sourcery⁠⁠

• ⁠⁠Kalshi⁠⁠—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: ⁠⁠https://kalshi.com/sourcery⁠⁠

Follow Sourcery for the latest updates!

⁠⁠https://www.sourcery.vc/⁠

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Inside Palantir with Alex Karp

(00:01) Early days & Palantir’s outsider beginnings

(02:16) Building without hierarchy — the anti-playbook culture

(05:00) Artistry & conviction in product creation

(06:45) Ignoring consensus & betting on vision

(08:45) Helping Americans win — soldiers, workers, investors

(11:00) Moral conviction & the foundation of Palantir

(13:00) Meritocracy, realism, & Western values

(15:41) The Eisenhower Award & moral leadership

(19:45) Dyslexia, intuition, & leading through instinct

(22:38) Value creation vs. hype in the AI boom

(26:19) Launching AIP — Palantir’s turning point

(28:30) AIP as the operating system for the AI era

(33:15) Rosita — family, grounding, & perspective

(39:55) Cupcake

Ryan Serhant is one of the most successful and well-known real estate entrepreneurs in the world, with over $20 billion in lifetime sales. After leading one of New York City’s top-ranked brokerage teams to more than $4 billion in transactions, he founded SERHANT., a next-generation real estate company built at the intersection of media, technology, education, & sales.

In this episode, Ryan joins Molly O’Shea to share the full SERHANT.

1. ​The Future of NYC
2. ​Media as the Business Model (Brokerage 3.0)
3. ​S.MPLE’s $45M Seed Round & AI-Driven Sales
4. ​Authenticity, Community, & Brand Building
5. ​The Netflix Flywheel: Media → Distribution → Sales

Ryan breaks down the strategy behind S.MPLE, his proprietary AI platform backed by a $45 million seed round led by Camber Creek, with participation from Left Lane Capital. S.MPLE acts as an “AI chief of staff” for agents automating workflows, orchestrating tasks, and saving more than 15,000 hours of work this year alone.

From the success of his Netflix series Owning Manhattan to his philosophy that “authenticity beats virality,” Ryan reveals the systems, mindset, and scale strategy behind his $20 billion sales empire.. and why he believes the future of real estate will belong to founders who treat media and AI as infrastructure, not accessories.

Ryan Serhant: https://x.com/RyanSerhant

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

Sourcery: ⁠https://x.com/sourceryvc

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

• ​⁠Carta⁠—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. ⁠https://carta.com/sourcery⁠

• ​⁠Kalshi⁠—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: ⁠https://kalshi.com/sourcery⁠

Follow Sourcery for the latest updates!

⁠https://www.sourcery.vc/

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) The Full Ryan Serhant

(01:32) NYC politics and real-estate resilience

(07:00) Running a city like a CEO

(08:14) Building the SERHANT. platform

(09:14) From Bravo to media entrepreneur

(12:29) Reframing: a media + tech company that sells real estate

(15:00) Authenticity vs virality in building community

(17:00) $308M deal born from brand awareness

(19:45) Owning Manhattan and the Netflix effect

(22:33) Casting talent and shaping culture

(25:00) Season 2 preview & evolution of real-estate TV

(30:15) Inside S.MPLE — AI as agent co-pilot

(36:00) How AI transformed every department

(42:00) Recruiting the next-gen, mobile-first agent

(43:30) Raising $45M and scaling SERHANT nationally

(52:21) Daily Routines and Personal Insights

Alfred Lin, Partner at Sequoia Capital and three-time #1 Midas List investor, has backed some of the most transformative companies of the past two decades. His portfolio spans early bets on Airbnb, DoorDash, Uber, Zipline, Kalshi, and Commure to growth-stage partnerships with OpenAI and Citadel Securities, consistently identifying founders and businesses that redefine entire markets.

He continues this track record today with next-generation category creators like Profound, which is building AI-powered brand visibility, Nominal, which is powering mission-critical engineering with a unified data stack, and Clay, which evolved into a go-to-market engine by relentlessly adapting to innovation.

In this conversation, Alfred shares his philosophy on founder-market fit, resilience, and backing visionaries who create new categories. He reflects on Airbnb’s near-collapse during COVID, DoorDash’s rise, and Sequoia’s landmark investment in Citadel Securities, while breaking down how he evaluates IPOs, valuations in the AI era, and why the next decade will be defined by reimagined consumer experiences.

Alfred Lin: https://x.com/Alfred_Lin

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

Sourcery: ⁠https://x.com/sourceryvc

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

• ​Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery

• ​Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Alfred Lin, Sequoia

(01:31) Why technology cycles move at 3-month speeds

(03:55) Why markets often consolidate to 2–3 leaders

(05:07) “Build for the world, not San Francisco”

(07:14) Airbnb’s COVID crisis and Brian Chesky’s leadership

(13:15) Culture under stress: resilience in tough times

(15:45) The essence of founder-market fit

(16:20) Motion ≠ progress: why velocity matters

(17:55) Resetting company culture in the AI era

(19:55) Clay’s pivot into a go-to-market engine

(21:10) Profound and the rise of AI-powered brand visibility

(25:15) Breaking through to invest in Citadel Securities

(29:45) IPOs, exits, and what makes a public company

(33:05) Performance metrics: numbers behind the numbers

(33:58) AI premiums, valuations, and when they turn reckless

(39:45) OpenAI’s $500B valuation and trillion-dollar potential