Upside

🎙️ Upside Podcast: The Real Stories Behind The Headlines Affecting European Venture

Hosts: Dan Bowyer (SuperSeed), Andrew J Scott (7Percent), Mads Jensen (SuperSeed)

🔥 Episode Highlights

This week, Dan, Andrew, and Mads tackle the latest trends shaping Europe’s startup and tech ecosystem, including:

• Cash Inflows into Europe:
  Massive cash movements into European funds – but how meaningful is this trend? Could instability in the US be Europe's gain?
• Drone Regulations and the Future of Delivery:
  With new UK drone regulations expected by 2026, Andrew explores whether drone grocery delivery is realistic – and where it makes the most sense.
• Wayve’s Breakthrough in Japan:
  Mads shares insights on Wayve’s strategic entry into Japan with Nissan, how it's setting a global stage for autonomous driving, and why Europe must compete.
• Tesla’s Shifting Focus:
  Dan highlights Tesla’s Q1 struggles, Musk stepping back from DOGE, and what that could mean for Tesla’s full self-driving ambitions.
• Early Stage VC Trends:
  Key findings from Dealroom’s Q1 report: healthtech dominance, foreign capital influx, and the evolving pre-seed landscape.
• Is Europe’s Surge in Investment Patriotism or Pragmatism?
  The team debates whether Europe's increasing inflows are a flash in the pan or a sign of a long-term shift.

🥩 FoodTech & Future Farming

• Lab-Grown Meat Breakthroughs:
  Exciting developments from the University of Tokyo, Meatly, Miriam Eats, and 3DBT are pushing lab-grown meat closer to supermarket shelves. The panel discusses why cost remains the main hurdle and why agriculture as we know it could radically change within 20–30 years.
• Space-Grown Food:
  Space agencies are exploring cultivated food in low-gravity environments. Can startups tap into this cosmic opportunity?

🔍 OpenAI's Big Moves & Antitrust Drama

• OpenAI Eyeing Google’s Chrome?
  The DOJ’s antitrust actions could force Google to sell Chrome – and OpenAI is reportedly interested. Is this good for competition, or are regulators overreaching?
• The Future of Foundational Models:
  Should OpenAI stay focused on core models or build an AI-driven app store? The team unpacks what’s next for AI’s leading players.

🏥 Deal of the Week

• Skin Analytics' £15M Raise:
  Dan spotlights Skin Analytics' Series B success to advance AI-driven skin cancer diagnostics — a meaningful healthtech leap for the UK.

🛠️ Policy & Regulation Corner

• Deregulation Win:
  Mads celebrates new EU legislation easing sustainability reporting requirements — expected to save businesses €4–6 billion in administrative burden.

🌟 Bonus: Cool Startups & What's Next

• Niobolt's Ultra-Fast Charging Tech:
  Andrew showcases a Cambridge spinout promising EV battery charging in under 6 minutes — a game-changer if it scales.

Thanks for listening to Upside – where we make sense of the chaos behind Europe's venture scene.

👉 Subscribe, rate, and share if you enjoy the show!

🎙 Upside: The Real Stories Behind European Venture

Hosts: Dan (SuperSeed), Lomax (Outsized), Andrew (7%),
Guest: Dilek Dayinlarli (Scalex Ventures)

⏪ In This Episode

This week on Upside, the gang is joined by the brilliant Dilek Dayinlarli, founder and managing partner at Scalex Ventures. Together, they unpack the latest headlines, industry trends, and ecosystem insights — with a deep dive into the fast-emerging Turkish tech scene.

🔥 What We Cover

⚡ Rapid-fire News Roundup

• Murati raises $2B at $10B valuation — with talent from OpenAI and the Albanian PM cheering her on
• Synthesia hits $100M ARR and partners with Adobe — a UK generative AI success story
• Controversy as EIF refuses to back weapons/defence startups, even as Europe ramps defence spending
• ASML's Q1: Strong results but order volumes down — signs of tariff jitters?
• Figma confidentially files for IPO, bucking the trend
• Hugging Face acquires a French humanoid robotics startup
• Dollar drops: good for European stocks, not so good for US VC-backed markups
• UK's bid for a piece of the $500B Stargate AI data centre project
• New Finnish startup hub Maria 01 scaling up to 70K sq ft — the Paris Station F playbook

📈 Reports & Market Trends

• Dealroom x HSBC Q1 Report: UK startups raised $4.2B in Q1 2024 - led by healthtech, with outsized deals like Isomorphic ($600M) and Vediva ($400M)
• Concerns over UK IPO pipeline - will LSE stage a comeback?
• The "founder flywheel" is spinning: UK seeing post-exit talent build new ventures
• Big players still dominate fundraising: EIF, British Business Bank, British Patient Capital lead LP activity

💬 Big Conversations

• Liquidity crisis in European VC: money going in, but exits not keeping pace
• Why mid-sized exits matter more than ever
• Capital efficiency in emerging markets vs. “go big or go home” mentality
• Can European VCs stomach the high-stakes bets their founders need?
• Secondary markets & the art of managing the “middle third” of your portfolio

🌍 Spotlight on Turkey Dilek brings us into the fast-growing Turkish tech ecosystem:

• From $10M invested in 2012 to $2.6B+ in 2023
• Gaming, fintech, defence tech, and B2B software leading the charge
• Massive spillover effects: Peak Games and Getir have spawned 100+ startups
• Entry valuations 60% lower than the US, and capital efficiency is key
• Series B gap remains a challenge — but momentum is building
• Turkey’s global diaspora plays a crucial role in scaling internationally

🏆 Deals of the Week

• Dilek: Incident.io raises $62M Series B — another evolution in incident management
• Lomax: Strava acquires Runna, a top 3 UK fitness app — a quick win, or premature exit?

🔗 Resources Mentioned

• Dealroom x HSBC UK Innovation Update (Q1 2024)
• PitchBook European VC Report (2024 Roundup)
• Maria 01 Startup Hub - Helsinki

🎙️ Featuring:
Dan (SuperSeed VC)
Lomax (Outsized)
Andrew (7%)

00:30 – Klarna’s IPO Pulled & BNPL Under Pressure
Lomax reflects on Klarna pulling its IPO, amid turbulent markets and declining peers like Affirm. Is the buy-now-pay-later model starting to creak under macro pressure?

02:15 – Wave AI x Nissan: A Mega Auto Deal from Cambridge
A highlight for the UK: Wave AI’s $1.2B-backed AV tech lands a landmark partnership with Nissan for post-2027 production.

03:30 – Shopify's CEO Goes AI-First
Dan and Andrew react to a leaked Shopify memo urging teams to prove a task can’t be done by AI before requesting headcount.

05:05 – AI Futures Project: Black Mirror Vibes
A fascinating, speculative look at global AI scenarios via ai-2027.com — think Asimov meets geopolitics.

06:45 – Tariff Talk: Trump, Trust & Europe’s Wake-Up Call
Dan shares his eight theories on Trump's new tariff push, what it means for global trust, and Europe’s potential silver linings — including brain drain reversals and safe haven appeal.

10:45 – What Founders Should (and Shouldn’t) Do
Lomax: “Head down and build” remains the advice — though hardware startups at Series A/B should evaluate manufacturing strategy. Dan and Andrew agree: short-term panic isn’t the play.

14:45 – Hardware & Biotech: Sector-Specific Risk
How US-origin requirements, reshoring costs, and future pharma tariffs could force hard decisions on supply chains and capex.

17:45 – Market Reactions, Investment Shifts & “VC Panic”
From "RIP Good Times"-style memos to portfolio rebalancing — VCs are reacting in varied (and sometimes dramatic) ways.

22:15 – Report Review: State of Venture (CB Insights Q1 2025)

• Global VC hit $121B — highest since Q2 2022
• AI dominated with $40B for OpenAI alone
• CVC activity dropped sharply, particularly in Europe & Asia
• UK VC funding hit a 5-year low; Nordics and France on the rise
• Fewer deals, bigger rounds, and a record 12 $1B+ M&A deals

27:15 – AI Bubble or Boom?
Dan & Lomax debate how long the mega-investments in gen AI can last. Andrew points to foundational tech (chips, infra, cyber) as the safer long-term bets.

32:30 – The Data Center Power Squeeze
Power scarcity is slowing new data center builds — particularly in Europe. Efficiency, not just scale, may be the next AI gold rush.

34:30 – Report Review: UK AI Sector (Tech Nation)

• 2,300 AI startups worth $230B
• $1B raised in Q1 2025
• 76% of CEOs report positive impact
• Growth capital & talent cited as top challenges
• Policy still biased toward risk-aversion, not growth

38:45 – “The UK Thinks Small”
Lomax reads Barney Hussey-Yeo’s powerful critique of UK scale-up culture — a call for bigger ambition, smarter regulation, and less fear.

41:45 – What Needs to Change?
Andrew: “We don’t need more government-run funds — we need to unwind bad policies.” Immigration, pensions, and tax reforms are the real levers for growth.

44:15 – Deals of the Week 🚀

• Polamist: European maritime defense tech
• Green Jets: $7M electric jet engine raise
• Jensen AI: Open-source distributed AI infra
• Isomorphic Labs: $600M mega-raise led by US capital

46:45 – Final Thoughts
Despite the gloom around tariffs, IPO slowdowns, and policy inertia, Q1 shows Europe's tech scene still has major moves to make — especially if founders stay focused and regulators get out of the way.

The shifting sands of geopolitics, defence tech, and AI — and what it all means for European startups, investors, and the broader ecosystem. From Germany’s defence splurge to Trump’s tariff theatrics and the commoditisation of LLMs, this one spans continents and controversies.

🧵 Topics Covered

• Liberation Day (US):
  What does Trump’s tariff agenda mean for European startups? Is it just noise, or should we be worried about supply chain shock and retaliatory regulation?
• European Defence Tech Boom:
  Germany’s lifted debt ceiling, tanks from Volkswagen, and defence ETFs surging 70-170%. Is this the economic unlock Europe’s been waiting for? Will the flood of money fuel true innovation, or just line the pockets of the usual suspects?
• The Dual-Use Dilemma:
  AI startups becoming “peace tech” and the sudden defence pivot — are we heading for a repeat of the blockchain hype cycle? What does real opportunity look like in this space?
• The AI Opportunity – or Not?
  Inspired by Nicolas Colin’s Drift Signal piece, the gang debates: Can Europe play a Japan-in-the-‘80s role in the AI era by winning at the application layer? Or is that wishful thinking?
• Pension Power in VC:
  UK’s Mansion House Compact and the potential influx of pension capital into venture. Will it finally trickle down to true innovation?
• TikTok Shop & Bezos’ Moves:
  What’s Amazon doing cozying up to Trump? Is TikTok’s forced sale the ultimate VC party round?

📊 Data Points

• 0.007%: UK pension allocation to VC
• 5%: Targeted allocation by 2030 under the Mansion House Compact
• 25,000 parts: Average number in a modern car — a tariff tangle waiting to happen
• Up to 170%: Growth in defence ETF performance
• 400M: Capital raised by ISAR for its (exploding) rocket launch
• 30 AI avatars: H&M replaces human models in new campaign
• 50%+: US consumer share of GDP — explains the political calculus behind tariffs

📝 Show Notes Extras

• 📖 Recommended Read: Nicolas Colin's “Who Will Be the Japan of the AI Era?” on Drift Signal
• 📈 Theororm’s Report: Resilience sector is up 30% in Europe while overall VC is down 45%
• 🧠 Trivia: The UK launched a satellite into orbit before the EU ever did… back in 1971. RIP Black Arrow.

🎙️ Upside: The Real Stories Behind The Headlines Affecting European Venture

Hosts:

• Dan (SuperSeed VC)
• Lomax (Outsized)
• Andrew (7%)
   (Mads is away enjoying cherry blossoms in Japan 🌸)

🎙️ Upside: The Real Stories Behind European Venture

🎧 In This Episode

Join Dan, Lomax, and Mads, with special guest Alex Macdonald (founder of Sequel and investor), for an opinion-packed episode exploring:

🔦 Project Europe: Can It Save European Founders?

• Alex shares his insider take as an LP in Project Europe — why he committed in 11 minutes, what makes it different, and how it's supporting founders before they become credentialed.
• A passionate discussion around access, age, credentials, and whether early-stage capital is the bottleneck (spoiler: it isn’t).
• Addressing the diversity backlash: Is it fair or misguided?
• The million-euro question: How do we keep the next Revolut or Stripe in Europe?

💊 23andMe’s Collapse: The Business Model That Wasn’t

• What went wrong with one of the most high-potential datasets in history?
• Can health tech ever monetize patient data responsibly — and is “collecting data” a real strategy?

🧬 Data, DNA & Deletion Regret

• Dan and Alex reflect on being early 23andMe users, deleting their data, and what happens when personal info is hacked.
• Plus: A warning for startups assuming data is always monetisable.

📉 Spring Statement Reactions: A Missed Moment for Growth?

• Rachel Reeves delivers... not much.
• The group unpacks why cutting towards breakeven might not be the answer, and why we need fiscal stimulus, not fiddling.
• Why “holding patterns” in policy could hurt more than they help.

🤖 AI Corner: DeepSeek vs. Gemini vs. Reve

• OpenAI’s rumoured $40B raise (led by SoftBank)
• DeepSeek’s new V3: small model, big results
• Gemini finally feels usable — is Google back in the race?
• Reve: The MidJourney killer?
• Plus: The growing copyright vs. innovation battle in training data.

🚨 Startup Scandals & Fraud Watch

• Builder.ai’s CEO steps down amid audit concerns
• 11X under fire: Churn, fake logos, inflated ARR — or just messy scaling?
• Where’s the line between "founder storytelling" and straight-up Theranos?
• Dan dubs it: “The Orange Jumpsuit List” (aka Forbes 30 Under 30)

🇺🇸 US Brand Damage: Does It Matter in Europe?

• From Trump to Tesla, has America’s “brand” hit long-term trouble?
• Emotional vs. structural consequences
• What defence tech buyers and governments are really worried about
• Should Europe decouple — and can it?

💥 Deal of the Week

• Marvel Fusion (Germany) raises €112M Series B/C for nuclear fusion tech
• A rare bright spot for European deep tech growth capital

📌 Highlights

• “Europe doesn't lack founders. It lacks belief.” — Alex Macdonald
• “23andMe had 15 million people's DNA and still couldn’t build a business.” — Lomax
• “Rachel Reeves is doing the startup equivalent of multiple shallow layoffs.” — Dan
• “Failure is a feature, not a bug. Let a thousand flowers bloom.” — Mads
• “Consumers might forget. Governments won’t.” — Lomax on US brand damage
• “Where is the money? Still a good question.” — All

02:04 – Europe’s Biggest Company Is… SAP?
03:25 – 23andMe Files for Bankruptcy
07:33 – Project Europe Deep Dive
25:08 – Spring Statement Reactions
34:29 – AI Corner - deep seek, Gemini and Reve
42:15 – Startup Scandals
48:52 – Brand Damage
58:52 – Deal of the Week

Hosts: Dan, Lomax (Outsized), Andrew J Scott (7%), Mads (SuperSeed VC)
Runtime: ~48 minutes
Topic: Markets, M&A, AI mayhem, longevity hype, startup espionage — and a little bit of Bryan Johnson's bedtime routine.

🔍 This Week on Upside:

We’re going full spectrum this week: markets moving, EVs charging faster than ever, biblical-level AI revelations, Google splashing the cash, and even MI5 making a guest appearance (kind of). The crew breaks down what’s really happening in European tech and beyond.

💸 Markets Corner

• Klarna Files for IPO – Targeting $15B valuation, down from $45B in 2021 but still a major move for European fintech.
• CoreWeave’s Massive Leap – From $16M to $1.9B revenue in 2 years and acquiring Weights & Biases for $1.7B. IPO incoming.
• Google x Wiz – Google’s record $23B acquisition of Israeli cybersecurity firm Wiz. Massive exit, but will the FTC let it slide?

⚡ EV Watch

• BYD’s Battery Breakthrough – 5-minute charge for 470km? Game-changing for the industry. Tesla and Mercedes scrambling to keep up.
• Tesla Recall Woes – Cybertrucks recalled due to panels potentially peeling off mid-highway. Not ideal.

🍽️ Food, Forever?

• Bryan Johnson’s “Foodome” Vision – Sequencing the American diet like the human genome. Lofty or legit?
• ZOE’s churn problem – Are personalized nutrition startups sticky enough?
• UPF, Sugar Taxes, and Regulation – The gang debates whether real change comes from startups… or governments.

🧠 AI Corner

• AI Jesus Speaks (a.k.a. Jensen Huang) – Nvidia’s GTC: new chips (Blackwell Ultra, Vera Rubin, Feynman) and bullish takes on reasoning + agentic AI.
• Stargate vs. AIP – OpenAI’s mega-scale GPU buildout vs. Elon Musk’s counterplay with Microsoft, UAE, and BlackRock.
• Europe Reacts – Macron’s €100B+ bet on sovereign AI and the case for Mistral leading Europe’s AI frontier.

🇪🇺 Europe in Focus

• Data centers are consuming up to 30% of Ireland’s electricity
• European VCs (hello Index Ventures 👋) are behind some of the biggest tech exits ever
• Does Europe need its own AI stack? The guys debate strategic autonomy vs. commoditized smarts

🔐 Startup Espionage Files

• Rippling vs. Deel, Flexport vs. FreightMate – Dirty tactics, source code theft, and lawsuits flying.
• Dan's MI5 Story – An underground bunker, bugs from the CCP, and a face-to-face with British intelligence.
• Lessons from the frontlines – Where does know-how end and IP theft begin? What happens when founders cross lines?

💤 Longevity, Sleep & 7PM Bryan

• Bryan Johnson’s hyperbaric adventures, shocking news (literally), and… nighttime erections?
• Why “7PM Bryan” is the biggest threat to longevity
• Can Europe’s emerging “longevity clinic” wave go mainstream?

🎧 Memorable Quotes

The UK’s Cost-Cutting Drive – DOGE'esque?
UK government’s plan to cut civil service costs using AI-driven efficiencies. Public sector pensions estimated between £2.5-5 trillion – is cost-cutting enough? Will AI and startups play a role in optimising government spending?

Project Europe – Can It Keep Talent From Leaving?
20VC’s Harry Stebbings launches Project Europe to fund under-25s with €200K for startups. Inspired by the Peter Thiel Fellowship, but will it stop US firms poaching European talent? Lomax questions if we need more pre-seed funding or if growth capital is the real gap. Mads gives a history lesson on how Europe fell behind the US in venture capital.

AI Corner: Anthropic, Manus, & Google's Larry Page Returns
Anthropic scales annualised revenue from $1B to $1.4B in three months. Manus.im emerges as a powerful AI agentic platform (built on Claude 3.7). Larry Page launches Dynatomics, an AI startup focused on manufacturing. Microsoft explores alternatives to OpenAI, testing DeepSeek for Co-Pilot. Mistral shifts focus from LLMs to AI applications (finance, OCR, and tables).

The Market Meltdown – MAG7 Down $2.7 Trillion
Nvidia, Tesla, and others take a hit, erasing trillions in market value. Meta is the only MAG7 stock that didn’t drop. Could Trump’s tariff-driven trade wars be purposefully fuelling market volatility? Is this a short-term dip, or are we heading into a full-blown recession?

IPOs & M&A – Are We Finally Back?
63 IPOs in the US this year – up 90% from last year, but uncertainty looms. CoreWeave and Hinge Health file for IPOs, but timing may not be ideal. Figma, once blocked from an Adobe acquisition, now eyes public markets. The AI-powered startup Moveworks exits to ServiceNow for nearly $3B.

Deals of the Week
Lomax’s pick: Thorizon (Netherlands) raises €12M for next-gen nuclear reactors.
Dan’s pick: Stroll (France) raises €12M for AR-powered neurorehabilitation.
Digital therapeutics are making a comeback after a tough few years.

Upside Podcast: Defence, Health Tech & The Future of European Venture

This week on Upside, Dan Bowyer (SuperSeed VC) is joined by Lomax (Outsized) and Peter Ward (Humanity) to dive into two major themes dominating European venture: defence and health tech. With Mads away running up hills in Spain with fellow VCs and LPs, the trio take a no-holds-barred approach to dissecting the latest developments shaping investment, technology, and geopolitics.

1. Welcome & Introductions (00:12)

2. Defence & European Venture (02:22)

• The geopolitical impact of US halting aid to Ukraine: What does it mean for European defence startups?
• The rise of defence ETFs and their influence on VC investment.
• Trump, NATO, and the potential ripple effects on European security.
• The growing relevance of Turkey in European defence strategies.
• Europe’s defence budgets are growing, but how fast can startups access the market?
• The challenge of military procurement and its implications for defence tech startups.

3. Private Capital & Defence Innovation (06:32)

• The role of dual-use technology in military applications.
• The ethical dilemmas of investing in defence technology.
• Drone warfare: The boom in anti-drone and drone swarm tech.
• Lomax’s insights on the procurement challenge and opportunities for startups.
• Dan’s first-hand experience in Ukraine delivering medical supplies.

4. Trumponomics & European Startups (22:37)

• Trump's proposed tariffs on the EU and potential supply chain shocks.
• How this could drive inflation, stagflation, and impact fundraising for startups.
• The anti-American sentiment in Europe and its impact on consumer and business purchasing decisions.
• Opportunities for EU startups to capitalise on this shift.
• Will founders move to the US earlier to escape potential trade barriers?

5. The Future of Health Tech in Europe (30:37)

• A new breakthrough in immune system research: Could it revolutionise antibiotics?
• The rise of AI in drug discovery and early diagnostics.
• Humanity’s work with Imperial College London: Predicting disease and biological age with just four blood markers.
• Personalized medicine: How it will transform healthcare systems.
• The booming investment landscape: $7B invested in health tech in Europe last year vs. $23B in the US.
• Neko Health, Function Health, and the billion-dollar Series A from Retro Biosciences.

6. Deals of the Week (44:31)

• Alpine Eagle ($10M seed, UK): Drone blocking and attacking tech.
• CloudSmith (Series B, Belfast): Cloud software security startup.
• Quintexa ($175M Series F, UK): AI-powered anti-money laundering and fraud detection.

Euro Grind, Google Grind, and Startup Hustle.

As normal we dig behind the headlines to discuss the real stories affecting European venture. With Dan Bowyer, Mads Jensen, Andrew Scott and Karin Nielsen.

The State of European Tech vs. the U.S.

• Karin’s reflections on her trip to San Francisco and the stark contrast in optimism between the U.S. and the UK.
• The resurgence of hustle culture in the U.S. and what Europe can learn from it.

Funding Gaps & European Venture Trends

• Stripe’s annual letter highlights European productivity challenges and regulatory barriers.
• The need for European capital market reforms to boost startup funding.
• Discussion on whether Europe should adopt a ‘Buy European’ strategy.

AI Advancements & Enterprise Adoption

• The launch of Claude 3.7 by Anthropic and GPT-4.5 by OpenAI: Are these models delivering real breakthroughs?
• China’s AI strategy and the impact of DeepSeek’s pricing strategy on global AI competition.
• The challenges enterprises face in adopting AI, from legacy systems to regulatory concerns.

The Future of Work & The ‘Grind’ Debate

• Sergey Brin’s push to bring Googlers back to the office: Should startups embrace remote work or office culture?
• The debate over whether European startups work hard enough and whether remote work fosters or hinders hustle.
• Insights from Karin on how remote-first startups can thrive with the right culture and tools.

AI’s Impact on Venture Capital

• Will AI-driven deal sourcing make VCs obsolete, or will brand and relationships matter more than ever?
• The shift towards hyper-personalised outreach and the rise of X (formerly Twitter) as a key VC-founder networking tool.
• Why AI-powered investing will still require human intuition to identify outlier founders.

Deal of the Week: Lovable

• The meteoric rise of Lovable, Europe’s fastest-growing startup.
• From launch to $17M ARR in 18 months: What’s behind its explosive growth?
• The future of AI-powered no-code solutions and their impact on SaaS.

In this episode of Upside, hosts Dan and Mads from SuperSeed are joined by Ben Prade, Partner at GP Bullhound. Topics covered:

State of European Venture Capital 
Geopolitics & VC - the Munich Security Conference, JD Vance, European autonomy in defence and tech, China filling the void

VC Fundraising & LPs
AI and defence are hot baby! Shift from US pension to government cash, VCs must engage in ecosystem building, economic policies influencing VC strategies.

The Future of European VC 
European VC has outperformed the US in IRR (20.8% vs 18.2%) over the last decade. We're nailing AI, Fusion and Quantum.

Quantum: Hype vs Reality
Microsoft's Majorana 1 Quantum Chip, cautious optimism, power PR and viable quantum computing by 2030.

Grok 3 
Grok 3 is out, speed and benchmarks vs Claude and GPT 4.5.

Fusion
France’s CEA West Tokamak reactor sets a new record with 22 minutes of continuous fusion, limitless clean energy, realistic timelines for commercial fusion.

Startup Funding Dynamics - Go big early?
Peter Walker’s Carta report:
Theory 1: AI reduces startup costs, meaning less = more.
Theory 2: AI increases competition, making capital more crucial for scaling.
= Seed Strapping

Asteroid Mining 
Spotlight on Karman Plus, autonomous asteroid mining. Government funding in space.