01:44:47 · John Coogan, Alana Palmedo, Jordi Hays
[01:44:47] S1: Oh, interesting. Very cool. What is the effect of this year's IPOs? What have internal learnings from the the the the height of the opening of the y of the IPO window? It feels like it's sort of open, but maybe not fully wide open. We've got a lot of exciting IPOs that have done well. But how is that affecting the fund and your your feeling around the market right now? [01:45:11] S9: That's a good question. I think it's a hard thing to answer. One of the interesting dynamics happening in IPOs is like hyper liquid and some of the trading activity we've seen in advance of the IPOs. Been pretty fun to see like the twenty fourseven, March markets really come alive, which has been a long term thesis that the crypto markets have had. I think Jeff Lowe at Hyperliquid has just done an incredible job pulling it off. Jeff Lowe at trade.xyz and Jeff Yawn at Hyperliquid. Yeah. And so like the Cerebras IPO, SpaceX IPO, like all of these now, like we had all of this trading activity going into those. And so there was a lot more transparency on pricing in advance of the IPO event itself. [01:45:55] S0: Yeah. How accurate was the on chain pricing relative to what these IPOs actually opened at? And do you feel like [01:46:06] S9: Surprisingly accurate. Mhmm. Yeah. Surprisingly, like, quite accurate, actually.
01:46:06 · Alana Palmedo, Jordi Hays
[01:46:06] S9: Surprisingly accurate. Mhmm. Yeah. Surprisingly, like, quite accurate, actually. [01:46:11] S0: Interesting. And have you heard of any institutions, like, starting to, you know, bigger, like, firms on Wall Street that you think will, if they're planning to invest in the IPO or or trade it after it opens, actually start their activity on chain? Is that something that you see happening in the future as we get sort of more evidence that on chain trading tracks, you know, real life after these IPOs actually happen? [01:46:39] S9: Yeah. It's a good question. I mean, if I were them, I would be doing that. I don't know what the rules are and and what the playbook is for them today and, like, what the liquidity and depth of those books looks like. But I mean, I think that's the thesis for what twenty fourseven, three sixty five markets look like in the future is you're going have a lot more institutional activity. Certainly we're seeing that in perps as a derivative product themselves. I think they're just a much more efficient pure play product for big hedge funds to come in. I would even say like the same thing can be true in prediction markets. Like what we're seeing is some people are relating to prediction markets as an institutional product for getting exposure to things and bets that they wanna place that is much more precise than we've had in the future, or excuse me, the past. And so the future I think holds like still a lot of white space in terms of how these markets are gonna evolve, but we continue to be really excited about it.
01:46:39 · Alana Palmedo, John Coogan, Jordi Hays
[01:46:39] S9: Yeah. It's a good question. I mean, if I were them, I would be doing that. I don't know what the rules are and and what the playbook is for them today and, like, what the liquidity and depth of those books looks like. But I mean, I think that's the thesis for what twenty fourseven, three sixty five markets look like in the future is you're going have a lot more institutional activity. Certainly we're seeing that in perps as a derivative product themselves. I think they're just a much more efficient pure play product for big hedge funds to come in. I would even say like the same thing can be true in prediction markets. Like what we're seeing is some people are relating to prediction markets as an institutional product for getting exposure to things and bets that they wanna place that is much more precise than we've had in the future, or excuse me, the past. And so the future I think holds like still a lot of white space in terms of how these markets are gonna evolve, but we continue to be really excited about it. [01:47:31] S1: That's great. [01:47:31] S0: What do your internal meetings look like? Do you have like, you know, a meeting once a month where you guys pitch new frontiers that you're Mhmm. Kind of kicking around? Like, at what like, what what is what is forming a thesis look like? Is it is it all partner driven or is it more collective? You guys have kind of a general idea of a category that you're excited about and then you work together. Mhmm.
01:47:31 · Jordi Hays, Alana Palmedo
[01:47:31] S0: What do your internal meetings look like? Do you have like, you know, a meeting once a month where you guys pitch new frontiers that you're Mhmm. Kind of kicking around? Like, at what like, what what is what is forming a thesis look like? Is it is it all partner driven or is it more collective? You guys have kind of a general idea of a category that you're excited about and then you work together. Mhmm. [01:47:55] S9: Well, I'd say top down, like thematically, we're investing into areas where that are structurally long AGI first and foremost. What are the things that are gonna have a natural tailwind to come out of that? We don't run like necessarily a top down process down to an investment and say, let's go do a deep dive or a particular theme. I think that oftentimes we try to gain conviction and do sprints on individual areas in the market that were maybe like there's a particular founder that we are excited about. But the process, yeah, I would say it's more organic. Like each individual partner may have a different thing that they're excited about and digging in on. I do think fundamental to our thesis is we have to be close to the tech. And so we ourselves have to be able to go really deep and understand these things down to lines of code. And a lot of folks on the team are computer scientists or physics What [01:48:59] S0: about down to the metal? You guys have a little data center in the office? Just humming away.
01:48:59 · Jordi Hays, Alana Palmedo, John Coogan, Rodrigo Liang
[01:48:59] S0: about down to the metal? You guys have a little data center in the office? Just humming away. [01:49:04] S9: No data center in the office. Yeah. I mean, like, orbital data centers, that'd the future? I don't know. What do you guys think? [01:49:12] S0: I don't know. I think you guys should should get some get on get on the next SpaceX rocket and run a little experiment. [01:49:21] S1: I think it's all just yeah. I I'm on the Elon timelines, is take whatever he says and multiply it by three, and that's probably true, which is still going to happen, but just not next year. [01:49:33] S9: Yeah. I think I think Elon will will things into existence. [01:49:36] S1: I I agree. Time, he will get there. [01:49:39] S4: Yeah. Almost always. Absolutely. [01:49:41] S1: But it takes time. Anyway, thank you for taking the time to come chat with us, congratulations on the new fund. [01:49:46] S0: Yeah. And excited to meet all the new founders Yeah. Joining the portfolio. Great portfolio. [01:49:50] S9: Yeah. Yeah. True anomaly. Got some great folks. Zip line. [01:49:53] S1: There. I love Zip [01:49:54] S4: line. [01:49:54] S9: Evan Rogers. Keller is amazing at Zip line. Yeah. [01:49:58] S1: Yeah. Fantastic. [01:49:59] S9: Super excited. [01:50:00] S1: Have a great rest of your day, and we'll talk to Great to [01:50:02] S0: have you on, Lana. Cheers. [01:50:03] S4: Bye. Let
01:50:03 · Rodrigo Liang, John Coogan, Jordi Hays, Byron Boots
[01:50:03] S4: Bye. Let [01:50:04] S1: me tell you about Codex. Codex is a powerful workspace for getting work done with AI agents, whether you're writing code, analyzing data, creating content, or automating business workflows. Codex helps you move projects forward from start to finish. Our next [01:50:17] S0: Next up is Byron Boots. [01:50:18] S1: We got Boots on the ground. [01:50:19] S0: Boots. Let's bring [01:50:21] S1: in Byron Boots from Here [01:50:22] S0: he is. [01:50:23] S1: O Overland AI. Welcome to the show. How are you doing? [01:50:26] S2: Oh, great. Thanks for having me on, guys. It's it's really exciting to be here. [01:50:30] S0: Yes. Great to have you. [01:50:31] S1: We're very excited. Can you reintroduce the product and then take us through the latest news and the contract that you just signed? [01:50:38] S2: Yeah. Sure. So good news is I'm working here out of our factory in Seattle. So you can actually see the product that we have. Right? So we're building autonomous ground vehicles for defense. Basically, think about that as like robots for the battlefield. Yeah. So do you guys wanna see it? [01:50:55] S1: Absolutely. Absolutely. [01:50:56] S2: Walk through it a little. [01:50:57] S1: Give us a tour.