Only about 4% of SpaceX's total share count is available for trading, which is a very small float.

Elon Musk's core strategy involves convincing the market to value his companies based on long-term technological possibilities, which function like long-dated call options.

Mistral has fallen significantly behind frontier model providers on core model capabilities, though it has succeeded as an inference platform.

Approximately 4% of SpaceX's total shares are currently trading on the public market, representing a very small float.

Ev predicts that SpaceX's stock price will be lower in six months than it is today due to retail mania, low float, and forced buying from index inclusion.

Ev considers Benchmark's failure to invest early in a major AI model provider like OpenAI or Anthropic to be a 'complete and utter failure'.

A group of premium software companies, including Palo Alto Networks, CrowdStrike, Cloudflare, Datadog, and Palantir, are trading at multiples above 15 times next-twelve-months revenue.

Ev believes that Mistral has fallen significantly behind competitors on model quality, but has successfully pivoted to become an inference platform.

Polymarket odds indicate a 70% probability of a merger between Tesla and SpaceX within the next two years.

Ev believes that outside of China, there are currently no good open-source large language models.

A partner at Benchmark believes that for pre-AI SaaS companies, achieving any liquidity at all represents top-decile performance in the current market.

Over the last five years, the Bessemer Nasdaq Emerging Cloud Index has declined by 44%, while the iShares Semiconductor ETF (SOXX) has increased by 325%.

Premium SaaS companies like Palo Alto Networks, CrowdStrike, Cloudflare, Datadog, and Palantir are trading above 15 times next-twelve-months revenue.

Current frontier AI models can autonomously find, chain together multiple vulnerabilities, and orchestrate a cyber attack.

Ev believes that prior to its AI-driven transformation, Fin's (formerly Intercom) equity was 'essentially worthless' as a company with $300 million in revenue growing at 7% was not a viable SaaS asset...

Over the last five years, the Bessemer Nasdaq Emerging Cloud Index is down 44%, while the iShares Semiconductor ETF (SOXX) is up 325%.

The US government's ban on Anthropic's Claude Fable model is the first instance of regulating an AI model based on its capabilities.

Kleiner Perkins invested in SpaceX in 2022 at a valuation of approximately $120 billion.

According to public market investors, NVIDIA's stock is trading at 16 times earnings.

Adobe's stock is currently trading at 8 times last-twelve-months free cash flow.