E250: SpaceX IPO at $1.75T; Anduril $4.3B 2026F revenue; Together $8.5B round; + more

0:00Aaron Dillon here, Managing Director of AG Dillon & Co. AG Dillon is closing five pre-IPo stock funds on March 31, 2026. Andrel, Together, AI, Harvey, Glean, and OneX Technologies. Use these single stock funds to build bespoke pre-IPO stock portfolios. Use select a pre-IPO stock company exposures and weight allocations to each pre-IPO stock to express your unique investment thesis. Available for purchase at Charles Schwab, Fidelity, and directly at AG Dillon Fund. $2 ,500 minimum investment. Financial advisors only. Email aaron.dillon at agdillon.com. to invest. Again, that's A-A-R-O-N dot D-I-L-L-O-N at A-G-D-I-L-L-O-N dot com to invest.

0:42Here is the pre-IPO stock update for March 6, 2026. SpaceX, the space payload delivery and satellite internet company is targeting a confidential IPO filing with the SEC as soon as March, which could position the company for a June 2026 listing and potentially the largest IPO on record. The company could seek a valuation above$1.75 trillion and raise as much as$50 billion, exceeding Saudi Aramco's$29 billion 2019 debut. At that valuation, SpaceX would rank behind only five companies in the S &P 500 and would be worth more than Meta and Tesla. SpaceX acquired XAI in February in a deal that valued the enlarged entity at$1.25 trillion.

1:25The company said IPO proceeds could support an insane flight rate for Starship and AI data centers in space and a lunar base, while Starlink already served millions of customers through a network of thousands of satellites. SpaceX has a$1.473 trillion secondary market valuation that's up 17.9 % versus the SpaceX plus XAI merger valuation from February 2026. SpaceX's$17.5 billion of debt tied to X and XAI is set to be repaid in full, marking a major cleanup of SpaceX's capital structure ahead of a broader public market ambition. That total includes roughly$12.5 billion tied to X and$5 billion borrowed by XAI in June, while XAI separately raised$20 billion of new equity in January.

2:11The repayment may come at a cost. XAI's$3 billion of high-yield bonds are set to be redeemed at$117 on the dollar, reflecting both a premium and early payment penalty. Andrel, the AI defense technology company, is seeking to raise$4 billion in a round led by Thrive Capital and Driesen Horowitz at a valuation of roughly$60 billion, definitely double the company's prior valuation. The company had discussed raising as much as$8 billion, but the current plan points to a smaller round with the same strong step-up in value. The defense tech company is scaling as it builds a manufacturing facility in Ohio for an aerial and maritime drones and other systems.

2:51Last year, Andrew said revenue was on track to double to about$2 billion driven by U.S. and allied defense contracts. The financing highlights continued investor appetite for defense technology as startups win share from legacy contractors and position around AI, economy, and advanced manufacturing. Andrel's a$91.4 billion secondary market valuation is up 52.3 % versus his current primary round, the secondary market creating much higher than the primary market. Andrew expects revenue to roughly double again in 2026 to$4.3 billion while operating losses are forecast to widen to nearly 50%, about$1.2 billion.

3:29The company lost more than$800 million from operations last year in 2025 and expects losses of$1 billion in each of the next four years with adjusted EBITDA profitability not projected until 2030. The growth margin is expected to dip from about 38 % last year to 36 % this year before rising to roughly 40 % by decade end to 2030. Andrel ended the year with more than$2 billion of PAC and plans to spend over$900 million on its Ohio factory and is expected to reach about$16 billion of annual revenue by 2030. Together AI, the AI data center company, is in talks to raise about a billion dollars at a$7.5 billion pre-money valuation at$8.5 billion post, more than double its valuation from a year ago.

4:15The company had previously raised it$537 million, and the new financing would help fund a shift from leasing NVIDIA servers to owning more of its own VCU infrastructure. Together, it's generated about a billion dollars in annualized revenue, up more than 3x from mid-2025, and plans to reach 250 megawatts of data center capacity by year-end. Executives have said that the level would support more than 100 ,000 NVIDIA GPUs across multiple sites. Based on industry estimates cited in the report, that build-out will cost at least$8 billion. That's their latest report that the company launched. The company has also structured at least one multi-year, multi-billion-dollar GPU rental agreement with a cloud provider or large AI firm.

5:01Decagon, the customer support AI application company, completed its first employee tender offer at a$4.5 billion valuation, giving some of its more than 300 employees liquidity less than three years after the company was founded. The tender follows a recent$250 million Series V and values the company at 3x the$1.5 billion valuation announced in June. Management frame, the secondary, is a way to reward employees while continuing to build for the longer term. The buyer group included many of the same investors that backed the primary round. Decagon's revenue was last disclosed in late 2024 when ARR has surpassed eight figures, but the valuation step up indicates continued strong growth.

5:40The company now counts more than 100 large customers, including Avis Budget Group, 1-800-Flowers, Quince, Aura Health, and Awake Travel, while targeting a customer support market that Gardner estimates employ 17 million contact center agents globally. Eight Fleet, the AI-focused fleet solution company, raised$50 million in strategic financing led by Tether Investments at a$1.5 billion valuation following a$100 million round last August and bringing a total capital raise to more than$310 million. The company was last publicly valued at$500 million post-money in 2021, employing a 3x increase over five years.

6:18Eight Sleep said it was pre-task-flow positive in 2025 and now shifts to more than 34 countries. The company plans to use new capital for product launches, global expansion, and clinical validation, including FDA-related work around sleep apnea detection and mitigation. It's also building a sleep-focused AIA agent that adjusts temperature, elevation, and firmness proactively. Cursor, the AI coding assistant company annualized revenue topped$2 billion in February 2026, doubling in just three months and making it one of the fastest growing software startups in the market. About 60 % of the revenue now comes from corporate customers driven by both new enterprise adoption and feed expansion among existing accounts.

7:02The company was valued at$29.3 billion in November, placing it among the most valuable AI startups in the U.S. The revenue scale underscores the rapid adoption of AI coding assistance as programming workflow shifts towards automation and vibe coding, where users rely on prompts and agency increasingly complex software creation. Cursor's customer base spans both core technology companies and non-traditional software users. Cursor, the parent company's AnySphere, Cursor's product, has a$55.5 billion secondary market valuation. That's up 82.6 % versus this November 2025 round. Kurser also launched Automations.

7:39It's a new system that allows coding agents to be triggered automatically by code changes, Slack messages, or timers, rather than direct human prompts. The product is designed to reduce the attention burden on engineers as agentic coding workloads become more complex and asynchronous. Kurser said that it already runs hundreds of automations per hour spanning bug review, security audits, incident response, and weekly code summaries. The company also cited ramp data showing Curses' market share has held roughly steady since May with about 25 % of generative AI clients subscribing in some form. Stripe, the online payment service company, unveiled a billing feature aimed at helping AI startups pass through model costs while preserving margins.

8:22The feature lets companies automatically mark up underlying token costs by a chosen amount, with Stripe using a 30 % markup example for LLM usage across providers. The product tracks model pricing, measures customer token usage, and applies the markup automatically, which addresses one of the biggest monetization challenges for authentic AI applications. The issue has become more acute as startups face variable costs tied to OpenAI Anthropic and Google and other providers. Stripe's tools also work with third-party gateways such as Vercel and OpenRouter, while OpenRouter itself charges a 5.5 markup over token fees on its first-tier plan.

9:03Stripe said it is not currently charging its own markup on the gateway, though the new feature remains in waitlist mode. Stripe completed a$159 billion tender in February 2026. Anthropics, the AI large language model company annualized revenue, has climbed to nearly$20 billion, up from$9 billion at the end of 2025 and roughly$14 billion only a few weeks ago. That implies more than 2x growth since year end and about 36 % growth in just a matter of weeks. The company is now valued at$380 billion, with momentum driven by strong adoption of its models and products using cloud code and cloud code. Arda, the new manufacturing automation startup co-founded by former OpenAI Research Officer Bob McGrew, is raising$70 million at a$700 million valuation.

9:54Founders Fund and Excel are co-leading the round with participation in Postal Ventures and XYZ Venture Capital. The company is building an AI and software platform that includes a video model capable of analyzing factory floor footage and training robots to operate factories more autonomously. ARDA's broader aim is to coordinate machines and humans across the full production scene from design and manufacturability to finished goods. The pitch is tied directly to reindustrialization and supply chain resilience, with the company positioning its platform as a way to make Western manufacturing more cost-effective and reduce reliance on China.

10:34Epic Games, the video game and virtual reality software company, clocked a victory this week. Google agreed to sweeping Play Store changes as part of its settlement with Epic Games, cutting its commission on in-app purchases to 20 % and charging an additional 5 % if developers use Google's billing system. For recurring subscriptions to core fees, falls to 10%. Developers that participate in new quality-focused programs will pay 15 % on transactions from new installs and down from the standard 20%. The new pricing will take effect on June 30, 2026 in the U.S., U.K., and EEA, and expand Australia by December 30, and Korea and Japan by December 31, and globally by December 30, 2027.

11:15The settlement also paved the way for Fortnite to return to the Google Play Store globally and for Epic Games to expand its Android app store, while Google's new registered app store program is intended to make installation of approved third-party stores easier. OpenAI, the AI large language model company, topped$25 billion in annualized revenue last month of 17 % from$21.4 billion run rate it had in its 2025. On the company's own methodology, which multiplied the last four weeks of revenue by 12, The figure would be closer to$30 billion if calculated from the most recent one-week spike. OpenAI's Codex product reached 2 million weekly active users at the end of last month after increasing 4x since the start of the year, while CatchyBT climbed up to about 920 million weekly active users as of late February, up roughly 10 million from a few weeks earlier.

12:06OpenAI has also raised its longer-term outlook to as much as$284 billion of revenue in 2030, but expect to increase the amount of revenue. to spend$665 billion on servers through the end of the decade and does not project cash flow positivity until 2030. OpenAI launched GBT 5.4 and positioned it as its most capable and efficient frontier model for professional work with API context window up of up to 1 million tokens. The model posted record scores on OS World Verified and Web Arena Verified, achieving 83 % on OpenAI's GDP Val benchmark for knowledge work tasks and led Merkor's Apex Agent benchmark for law and finance.

12:47OpenAI said CPP 5.4 is more efficient than its predecessors, solving the same problems with fewer tokens while reducing individual claim errors by 33 % versus CPP 5.2 and lowering overall response error rates by 18%. The release also introduced Tool Search, a new tool-calling system designed to cut token consumption and improve performance in environments with large tool libraries. Kraken, the crypto exchange, has won access to the Federal Reserve's core payment system, becoming the first crypto firm able to move money on the same rail as used by banks and credit unions. The unit's new master account gives it direct access to Fedwire, which handles more than$4 trillion in average daily fund transfers and should allow faster FIAP movement for institutional clients and active traders.

13:38The approval is limited rather than full service, meaning Kraken will not receive the broader benefits available to banks such as interest on reserves. Even so, the decision marks a major regulatory milestone for the crypto industry and could accelerate efforts by digital asset firms to compete more directly with traditional banking systems. Kraken, founded in 2011, raised capital at a$20 billion valuation in November and has already filed a plan for an IPO. okay that's it for me this week thanks and see you all next week