Uploaded May 2026 | Updated September 2026, 11 hours ago

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The biggest venture-backed IPO coming up isn't a SaaS app — it's SpaceX. Heavily regulated, capital-intensive, state-dependent, and central to national supremacy. Michael uses SpaceX as a lens to explain why the new era of venture capital is inseparable from government, geopolitics, and sovereign power — and what that means for every investor paying attention.
Read the full annual letter here: bit.ly/4uqAkyt
#SpaceX #VentureCapital #DefenseTech #Investing #AlephVC #Regulation #Geopolitics #Startups #AI #SovereignTech