This Week in Pre-IPO Stocks

Send us Fan MailAWS is reportedly fully sold out of compute through 2027 and mostly sold out through 2028, which we see as clear evidence that demand remains ahead of capacity. Public markets keep questioning whether neoclouds can fund their buildouts, but we do not see how that skepticism sits alongside an inability to get Amazon compute until 2028. We agree the hard part is pricing a company that is already at full capacity for years, even if Amazon keeps taking share. Data center build timelines and demand timelines are not the same, and the market worry is that capital floods into projects and then demand plateaus into an overbuild. We do not think we are close to that cycle. In our view we are still in the first inning, and sold-out capacity into 2028 while still early points to years before a real overbuild conversation.Anduril is developing BlueChip, a security-focused laptop with Qualcomm, and we see it as an ambitious expansion beyond defense technology into personal computing. The initial focus on government, police and other public-sector users fits Anduril's existing business, while the emphasis on domestic manufacturing addresses an important market need. The move also fits a founder willingness to build personal electronics, alongside the ModRetro gaming device. We would not be surprised to see a phone or other personal technology products follow, although that is our speculation rather than an announced plan.The Microduck demonstration from Nvidia, Hugging Face and Pollen Robotics puts home robotics in focus, and we think it could mark the beginning of robots becoming common in homes. The demonstration recalls Star Wars, with the small Microduck resembling R2-D2. Microduck is ready to use out of the box, while the related ReachyMini arrives in parts and takes about four hours to assemble. Orders are taking months rather than days to arrive. We are excited about the products and view them as an early step toward useful robots in the home, rather than just another technology demonstration.Kalshi is a prediction-market and betting platform that lets users wager on outcomes including elections, and we think the core business works because people like to gamble. The open question is whether they gamble specifically on Kalshi versus peers such as Polymarket or other online gaming providers. Brand, user traction, and sponsorship reach look strong to us. Election odds with real money at risk can be more useful than traditional polls, though overseas capital on domestic races shows how these markets can be distorted. Regulation is the clear risk if a future administration turns less friendly. We also see proprietary value in what people actually bet, not just what they say. We expect both Kalshi and Polymarket to remain relevant and continue to watch their progress, although regulation is an important risk.

Send us Fan MailInvest in pre-IPO stocks with AG Dillon & Co. Contact [email protected] to learn more. Financial advisors only. www.agdillon.comWatch full video = https://www.youtube.com/watch?v=Gv6Ykc2udyQ&list=PLAIaQmt98oP6cyHNemdHcl17WLj3CiIQR&index=1Anthropic's S-1 landed on the good side of expectations, and we read the headline $80 billion net loss as mostly an accounting item rather than a cash problem. Of that $80 billion, roughly $72 billion is a non-cash accounting treatment, so the underlying loss for the first half of the year was about $8 billion, set against roughly $130 billion of cash and short-term investments. The customer mix has improved materially, and it now serves ballpark 10,000+ customers with $100,000+ in trailing 12 month revenue. Our net read on the filing is very positive.Anthropic is reportedly targeting a $2 trillion IPO, and while we think that level is achievable, our preference would be a price nearer $1.5 trillion to $1.6 trillion that leaves room for the stock to run. The secondary market is trading Anthropic at about $1.55 trillion today. If Anthropic prices at $1.5 trillion to $1.6 trillion, we would expect it to settle around $1.7 trillion after the initial post-IPO swings, and we believe pricing for investor returns could push the stock above $2 trillion on its own.On the question of who finishes 2027 with more revenue, our view is SpaceX. Musk has said he expects SpaceX to reach $100 billion of annualized revenue in December, and on that math we see SpaceX as an AI data center business rather than a space company. Anthropic needs to keep revenue growth going, and we think it will likely need to become more of a compute company to deliver strong model results.Fireworks AI is reportedly looking to raise at $30 billion to $40 billion, up from a $17.5 billion round in July, and in our opinion the AI inference category deserves a close look. Fireworks had about $1 billion in annualized revenue at the time of the July round, and we expect the new round to land in the $35 billion to $40 billion range. Our preference is to keep Fireworks AI, Baseten and Together AI on the watch list as a group.

Send us Fan MailInvest in pre-IPO stocks with AG Dillon & Co. Contact [email protected] to learn more. Financial advisors only. www.agdillon.com00:00 - Intro00:51 - Anthropic Crosses $30B ARR as Revenue Triples in Three Months01:51 - Anthropic Launches $1B PE Consulting Venture to Monetize Enterprise Adoption02:47 - OpenAI and Anthropic: Massive Capital Burns, Racing to Break Even04:51 - Firmus Raises $505M for Next-Gen AI Data Centers Across Australia05:39 - Perplexity Hits $500M ARR as It Shifts from Search to Autonomous Agents06:14 - Canva Acquires Two AI Startups to Build End-to-End Marketing Platform07:14 - Stripe Launches Agentic Commerce Suite to Become the Payment Layer of the AI Era08:12 - Stripe Powers In-Chat Shopping Inside Microsoft Copilot09:03 - Databricks Lands Tata Power in Enterprise-Wide AI Platform Adoption09:58 - Revolut Eyes $9B Revenue and 100M Users as IPO Moves Closer10:50 - Revolut in Talks to Acquire Turkish Neobank FUPS11:37 - Anduril Tapped to Build Orbital Interceptors for $185B Golden Dome Program13:02 - Cursor 3 Launches with Parallel Agents and a Proprietary In-House Model14:20 - Anysphere Targets $50B-$60B Valuation as Cursor ARR Surpasses $2B15:15 - Neuralink Targets Hearing Restoration as Clinical Enrollment and Valuation Surge16:37 - Ramp and Visa Deploy AI Agents to Automate $100B+ in Annual Corporate Spend17:43 - OpenEvidence Embeds AI Directly into Epic EHR at Mount Sinai's 48,000-Person System18:48 - Harvey Study Exposes "Mobile AI Gap" as Legal Professionals Preview Mobile App

Send us Fan Mail** For various reasons ... I used HeyGen to create the video and audio file this week. Text-to-video/audio. I don't like the results. If anyone has tips on how to improve this AI output please reach out. I'm keen to learn here. **Invest in pre-IPO stocks with AG Dillon & Co. Contact [email protected] to learn more. Financial advisors only. www.agdillon.com00:00 - Intro00:50 - SpaceX Is Targeting the Largest IPO in Stock Market History at $2 Trillion01:41 - Tether Is One of the Most Profitable Financial Companies Per Employee in the World and Almost Nobody Knows It02:23 - Supabase Just Doubled Its Valuation to $10 Billion in a Matter of Months03:03 - 103% Subscription Growth and $1.1B in Bookings: Whoop May Be Done Raising Private Capital03:49 - Saronic Has a $1.75 Billion Raise, a $392M Navy Contract, and Is Rethinking Warfare at Sea04:39 - Starcloud Went From Y Combinator to $1.1 Billion Unicorn in Just 17 Months by Putting Data Centers in Orbit05:39 - Rebellions Raised $650 Million in Six Months and South Korea's AI Chip Contender Is Heading for an IPO06:30 - Nuclear Power Is Back and Valar Atomics Just Raised $450 Million to Power the AI Industry07:33 - Medvi Generated $401 Million in Revenue in Its First Year With Two Full-Time Employees08:25 - Sarvam Is Chasing the Largest Indian AI Fundraise Ever With 22 Languages and 1.4 Billion People09:16 - OpenAI Is Now the Most Valuable Startup in History After Raising $122 Billion at $852 Billion10:15 - OpenAI Just Bought TBPN, a $30M Revenue Media Company, and It Is Only Getting Started10:59 - Anthropic Just Paid $400 Million for an 8-Month-Old Company With Fewer Than 10 People11:51 - Mistral Just Secured $830 Million From Seven Banks to Build Europe's Own AI Infrastructure12:51 - ElevenLabs Hit an $11 Billion Valuation and Is Now Taking Aim at Suno and Udio in AI MusicNOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).

Send us Fan MailInvest in pre-IPO stocks with AG Dillon & Co. Contact [email protected] to learn more. Financial advisors only. www.agdillon.com00:00 - Intro00:46 - Reflection AI Hits a $25B Price Tag in Nvidia’s Open Model Push01:42 - Shield AI Lands $1.5B as Valuation Jumps 140%02:31 - Physical Intelligence Nears $11B Just 4 Months After Its Last Round03:15 - Harvey Reaches $11B as Legal AI Keeps Scaling04:02 - Aetherflux Targets $2B as It Pivots to Space Data Centers04:46 - Granola Reprices to $1.5B as Meeting Notes Become Workflow Software05:37 - Anthropic Pushes Claude Further Into Computer Use06:35 - Anthropic Eyes a $60B+ IPO as Soon as Q407:31 - Anthropic and Google Line Up a 500 MW Texas Data Center08:11 - Anthropic Mythos Emerges in a Leak of 3,000 Assets09:06 - OpenAI Pushes Its Fundraise Past $120B09:55 - OpenAI Ads Cross $100M ARR in Under 2 Months10:35 - Databricks Uses Its $5B Raise to Expand Security and M&A11:29 - Crusoe Signs a 12 GWh Battery Deal for AI Infrastructure12:18 - Sierra Rebuilds the Customer Service Stack Around Agents13:11 - Figure AI Brings a Humanoid Robot to the White House14:03 - Cohere Launches a 2B-Parameter Voice Model for Enterprise AI

Send us Fan MailInvest in pre-IPO stocks with AG Dillon & Co. Contact [email protected] to learn more. Financial advisors only. www.agdillon.com00:00 - Intro00:49 - Vast Data rockets to $30B after a $1B raise and a +229.7% valuation jump01:51 - Kalshi hits $22B as revenue reaches $1.5B and monthly volume tops $10B02:53 - Fal races to $8B with revenue at $400M and growth hitting +100% in months03:43 - Yotta targets $4B valuation with a $1B capital plan and 30,000+ next-gen GPUs on deck04:41 - Mastercard acquires BVNK for $1.8B05:37 - Canva heads toward IPO territory at $47B with $4B revenue and 265M users06:48 - Unitree files to raise $610M after hitting $248M revenue and #1 humanoid shipments07:33 - Nvidia’s Huang likes their Lambda, Together AI, and Nscale investments08:38 - Gecko Robotics lands a $54M Navy award with a $71M ceiling and 18 ships to start09:31 - Mistral pushes deeper into enterprise with ‘Mistral Forge’ launch10:33 - OpenAI is folding 3 products into 1 superapp as IPO prep accelerates11:37 - OpenAI is reorganizing for a $665B compute buildout with a 6GW AMD chip deal12:48 - Atoms brings Travis Kalanick back with $100M from Uber13:30 - xAI offers forward deployed engineers as it chases enterprise growth with Shift4 win

Send us Fan MailInvest in pre-IPO stocks with AG Dillon & Co. Contact [email protected] to learn more. Financial advisors only. www.agdillon.com00:00 - Intro00:47 - Cursor’s $50B Round Would Cement AI Coding’s New Heavyweight01:43 - Wiz Closes $32B Deal with Google; Google’s Biggest Acquisition Ever02:32 - Moonshot AI’s $18B Ask Shows Chinese AI Valuations Are Repricing Fast03:34 - Nscale’s $14.6B Valuation Signals Europe’s AI Infra Race Is Scaling Up05:06 - Legora’s $5.55B Jump Marks a Breakout Moment for Legal AI06:08 - Alan’s Nears $1B ARR as Europe’s Digital Health Insurer Keeps Repricing Higher07:12 - Replit’s $9B Valuation Shows Vibe Coding Investors Still Want More08:01 - Nebius’s $2B Bet Extends Its Grip on AI Infrastructure08:52 - Gumloop’s $50M Raise Says No-Code AI Agents Are Becoming Enterprise Software09:52 - Wonderful Hits $2B in Just 13 Months as Global AI Support Rollouts Accelerate10:45 - Rox Reaches Unicorn Status on an $8M ARR Sales-AI Story11:36 - Sunday $1.15B Round Shows Embodied AI (Humanoids) Is Still Attracting Premium Capital12:24 - Thinking Machines Lands 1 GW Nvidia Deal13:24 - Yann LeCun’s AMI Labs Lands a Record-Scale $1.03B Seed14:11 - Forethought - AI Service Automation Platform - Acquired by Zendesk15:05 - Meta Acquires Viral AI-Agent Network Moltbook15:57 - Eridu $200M Series A Targets a Hidden Bottleneck in AI Infrastructure17:00 - Mind Robotics Raises $500M as Factory AI Becomes the Next Robotics Battleground18:03 - OpenAI Buys Promptfoo to Harden Enterprise AI Agents19:17 - Kraken Partners with Nasdaq to Push Tokenized Equities Closer to Market20:19 - Anthropic Turns Code Review Into a New Enterprise AI Revenue Lever21:25 - Anthropic, Blackstone, Hellman Strike AI Consulting JV22:13 - Lovable Hits $400M ARR With Just 146 Employees23:02 - Anduril Acquires ExoAnalytics in Defense Space Push24:25 - Anduril Lands Potentially $20B Army Deal as Revenue Heads Toward $4B

Send us Fan MailInvest in pre-IPO stocks with AG Dillon & Co. Contact [email protected] to learn more. Financial advisors only. www.agdillon.com00:00 - Intro00:47 - SpaceX Eyes the Biggest IPO Ever, $1.75T01:50 - SpaceX Moves to Wipe Out $17.5B of Debt02:23 - Anduril New Primary Round at $60B, Secondary Still Trading at $90B+03:20 - Anduril’s $4.3B 2026 Revenue Forecast04:05 - Together AI New Round at $8.5B Post-Money05:01 - Decagon Closes Employee Equity at $4.5B05:57 - Eight Sleep Lands at a $1.5B Valuation06:44 - Cursor $2B Feb 2026 Revenue Run Rate07:37 - Cursor Wants Agents Working Without Supervision08:15 - Stripe Wants to Monetize AI Usage09:15 - Anthropic Revenue Up 100% In Just Last Few Weeks, $20B09:44 - Arda Is Taking AI to the Factory Floor10:34 - Epic Forced Google to Cut the Toll11:30 - OpenAI Revenue at $25B12:22 - OpenAI New Model GPT-5.4 Pushes the Frontier Again13:15 - Kraken Gets Fedwire Access, First For Crypto Firm

Send us Fan MailInvest in pre-IPO stocks with AG Dillon & Co. Contact [email protected] to learn more. Financial advisors only. www.agdillon.com00:00 - Intro00:51 - Stripe Initiates $159B Tender01:29 - Stripe Annual Letter Shows Scale and Faster Cohorts03:16 - Stripe PayPal Optionality Creates a Valuation Spread04:15 - Plaid Employee Liquidity Up-Round at $8B05:19 - Saronic Targets Mega-Round at $8.5B06:18 - Profound Hits $1B at 18-Month Pace07:35 - Cerebras Reopens IPO Window With $10B Compute Deal08:29 - Axelera AI Funds Edge Inference Buildout09:17 - Basis Crosses $1B With Accounting AI Penetration Metrics10:20 - Anthropic Claude Code Security Turns Reasoning Into AppSec11:18 - Anthropic Consumer Momentum Accelerates12:15 - Anthropic Tender Formalizes Late-Stage Liquidity13:02 - Anthropic Targets Mainframe Modernization With COBOL13:55 - OpenAI $110B Round at $840B Post-Money Sets New Bar15:04 - OpenAI Hardware Roadmap Points to 2027 and 202816:12 - OpenAI Consultants Push Enterprise Adoption in 202617:05 - AMD and Crusoe Use Credit to Accelerate Chip Pull-Through18:10 - Starlink Drops Prices To Accelerate Growth, Subscribers at 10M19:37 - Canva Buys Motion and Ad Optimization as Scale Compounds20:44 - Mistral and Accenture Signal Consultant-Led Distribution

Send us Fan MailInvest in pre-IPO stocks with AG Dillon & Co. Contact [email protected] to learn more. Financial advisors only. www.agdillon.com00:00 - Intro00:02 - AG Dillon Funds closing on Mar 31, 202600:51 - OpenAI Financials $280B revenue target meets $665B cost wall03:58 - OpenAI “buys” OpenClaw, Steinberger joins OpenAI04:42 - OpenAI Series C aims to shatter records at $850B post money05:41 - OpenAI and Tata bet on India with a 100 MW to 1 GW buildout path06:29 - Grafana’s $9B round talks ride a $400M ARR wave07:23 - World Labs lands Autodesk and targets a rumored $5B valuation08:18 - Temporal wants to be the load bearing layer for agent execution09:31 - Mesh Optical’s $50M Series A targets the chokepoint inside AI data centers10:43 - Render’s $1.5B valuation is a bet that AI apps need a new runtime11:40 - Stash acquired by Grab for $425M13:06 - Physical Superintelligence pitches a physics breakthrough factory with a 20 person team14:07 - Figma plugs Claude Code into design and risks losing the workflow15:00 - Anthropic ships Sonnet 4.6 just 12 days after Opus 4.615:26 - Stripe’s Bridge wins OCC trust charter signal as stablecoin scrutiny rises16:37 - Cohere puts 70 plus languages on device with a 3.35B parameter model17:53 - ElevenLabs turns agent risk into an insurable product at $12.2B secondary19:05 - Mistral buys Koyeb and adds 16 engineers to harden its compute stack