00:00:00 · Jordi Hays, John Coogan
[00:00:00] S0: You're watching TVPN. [00:00:02] S1: Today is Wednesday, 07/08/2026, and we are live from the TVPN UltraDunk, the Temple of Technology, Forces Finance, the capital of capital. Let me tell you about Ramp. Time is money. Save both. We used to use corporate cards, bill payments, accounting, and a whole lot more all in one place. [00:00:23] S0: That's right. It's great to be back. [00:00:26] S1: Yes. The invest like the best hype song really it it really has I don't know. It just burned its way. It yeah. Puts it [00:00:34] S0: the incredible Yeah. Mental state. [00:00:37] S1: 100%. 100. You know who else is in a good mental state? Jeff Bezos because he's getting a markup on the 25,000,000,000 he's put in [00:00:46] S0: He's marking himself up. [00:00:47] S1: He's marking himself [00:00:48] S0: up. Alongside Kotu.
00:00:48 · Jordi Hays, John Coogan
[00:00:48] S0: up. Alongside Kotu. [00:00:50] S1: Yeah. The news is that Blue Origin is raising outside capital for the first time. He's participating. Fund Cotu, who he has also invested in through his family office, is also participating. But there will be an opportunity for some other true outsiders to get their first slice of of blue origin. Andrew Ross Sorkin had the scoop in the New York Times today. You have to wonder if this is gossip coming out of Sun Valley. The company is raising $10,000,000,000. This is the first outside fundraise. It's hilarious to think about this twenty five year old company as being previously bootstrapped, but that's technically what it is, basically. One founder's capital just chipping away at a really hard problem for a quarter century, and now we are here. Bezos has been funding this basically solo on his quest to visit the stars. He's doubling down. [00:01:46] S0: Can't really complain about the valuation because he's a big part of setting the price.
00:01:46 · Jordi Hays, John Coogan, Byron Boots
[00:01:46] S0: Can't really complain about the valuation because he's a big part of setting the price. [00:01:51] S1: Yeah. Yeah. So he's doubling down. He's putting in $2,000,000,000 directly, and CO2 is getting twice as much allocation, 4,000,000,000. There's another interesting CO2 tidbit I alluded to earlier from the New York Times piece. Bezos' family office is a major investor in Kotu's innovative strategies fund, which is focused on emerging technology startups. So I'm not sure if the money is coming out of that fund specifically, but there is a connection there. He's been building a relationship with Kotu for a long time, and they are optimistic about Blue Origin's prospects. The valuation is expected to be $130,000,000,000 big for a private company. I was listening to Gavin Baker and Travis Kalanick talk about how crazy it was when Gavin was at Fidelity and he wanted to value Uber at $14,000,000,000 and everyone thought he was crazy. The valuation turned into an auction, came in at 17,000,000,000 and everyone was like, This is unprecedented. We've never seen a private company this big. And now $17,000,000,000 even $60,000,000,000 in the private markets looks quaint by modern standards in an era where we have several trillion dollar private companies, many up in the 100,000,000,000 plus range. It's a wild, wild time. [00:03:05] S0: Brian wants us to warm up the Gong. [00:03:07] S1: We gotta warm up the Gong. Bezos. Warm up the Gong for Bezos. Give it a couple warm up hits just to get it warm. Just to get it warm. Here we go. [00:03:22] S2: Yeah. Fantastic.
00:03:22 · Byron Boots, Jordi Hays, John Coogan, Vincent Weisser
[00:03:22] S2: Yeah. Fantastic. [00:03:25] S0: Nice and warm. [00:03:26] S1: Yes. So the Elon bowls are saying, oh, SpaceX is underpriced now because you have to imagine I don't know if there's an exact revenue figure that's leaked for Blue Origin. But based on the size of that business, it has to be small. And so this has to be a very high multiple. But you're not really valuing this company on cash flow or even revenue. You're valuing it on the capability, which is it's the second company in the world, I believe, to bring a rocket to orbit, land it successfully, prove reusability. They got there before China, which has been trying to copy SpaceX for years. And so, lots of really solid progress. Of course, there was that setback with the launch pad that exploded, but they figured out a solution to that, and things are chopping along just fine. The company is estimated to burn $5,000,000,000 this year, so this looks like a pretty standard twelve to eighteen month fundraise at $10,000,000,000 and has burned something like $27,000,000,000 to date, which, you know, dollars 1,000,000,000 a year on average over twenty five years, not too bad for such an ambitious project, still a lot of money, but a big opportunity. And you have to imagine, there are a number of other comps like AST Spacemobile, as you like to call them. AST Spacemobile. My phone is [00:04:46] S3: is Spacemobile. ASTS. [00:04:48] S0: It's $2,728,000,000,000 dollar company.
00:04:48 · Jordi Hays, John Coogan
[00:04:48] S0: It's $2,728,000,000,000 dollar company. [00:04:50] S1: $30,000,000,000 company. And I don't believe that they've gotten much to orbit yet. They've done some experiments, some tests. They're still early, but it's a huge market. And we've seen how [00:04:59] S0: fast concepts of mass to orbit. [00:05:01] S1: Yeah. And and and we've seen how fast Rocket Lab and various it's a big it's a really, really big market. And so when you're going after a big opportunity and you've been working on it a long time and you got Jeff Bezos funding it, lots of reasons to be optimistic. Let me tell you about MongoDB. What's the only thing faster than the AI market? Your business on MongoDB don't just build AI. Own the data platform that powers it. [00:05:25] S0: Another comp investors would certainly look at would be Rocket Lab sitting at just under 50,000,000,000, and there'll be multiple players in launch. Yeah. That is for sure. [00:05:38] S1: Well, we have some heartbreaking news, heartbreaking news. Apple has scrapped plans for a cheaper Apple Vision Pro display and is winding down work at Samsung. This is from MacRumors. Really hits me and the other three Apple Vision Pro fans particularly hard. Brutal. I did who who did I talk to? I talked to somebody who said that they they actually are a daily user of the Apple Vision Pro. I thought I was in the top 1% [00:06:04] S0: the with founder that's making [00:06:07] S1: Yes. That's right. [00:06:08] S0: That that Yeah.
00:06:09 · John Coogan
[00:06:09] S1: He says he watches it he watches he uses it every night or something like that. That's a lot of Apple Vision Pro use. Obviously, the product never really found product market fit. Although we have one in the studio, we've been having fun with it. I still think it's an incredible piece of technology, but a little bit of a chicken and egg problem. The developers never showed up And it was very expensive, very heavy, very cumbersome. It requires a lot to put that thing on to watch Lawrence of Arabia. But when you do, it's worth it. It's worth it. What did I watch most recently? I watched Dunkirk in it and I watched Godfather Part two and Master and Commander. Master and Commander, that's a great movie, especially in Vision Pro. Really, you wanna be in the cinematic feel. Feel like you're on a on a on a warship. So, Apple has reportedly stopped development on a cheaper display for a lower cost Vision Pro. This feels like what the industry needs to move forward. The actual display was fantastic. It just needed to be cheaper and lighter so more people could get them. That at least was my thesis, but Apple disagrees with me. What do I know? So the supplier Samsung Display expected to formally end the project by September. And if you remember, there were rumors of the crazy hoops that Apple had to jump through to get that incredible display because they really leapfrogged Meta, who had been working with the acquisition of Oculus, they'd been improving the the display fidelity. They got rid of the screen door effect. They were increasing the resolution per eye. Everything was getting better about that display, but on a very linear trend. And allegedly, what Apple did was they went to Samsung and said, we know that you are working on next year's display. You're also working on displays two years out, three years out, four years out. Now what's the problem with the one that's four years out? Well, it's amazing, but it's not ready for manufacturing at scale. It's not on an automated line. It needs a lot of manual work to get it to actually produce and there's crazy low yield. So in chips, in displays, yield rules everything. If you run the machine a bunch of times, you want to get 99.9% yield, 90%. In the early days, when you're prototyping a new technology, you might be getting just a few percent yield. And Apple said, that's fine.