E254: SpaceX IPO now at $2.0T; Tether larger vs JPM?!; Supabase 2x to $10B; + more

0:00Aaron Dillon here, Managing Director of AG Dillon & Co. AG Dillon is closing five pre-IPO stock funds on April 21, 2026. Anduril, Together AI, Harvey, Glean, and 1X Technologies. Use these single stock funds to build bespoke pre-IPO stock portfolios. You select the 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 Funds. $2 ,500 minimum investment, financial advisors only. Email Aaron.Dillon at agdillon.com to invest. Here is the pre-IPO stock update for March 30th, 2026.

0:50SpaceX, the space payload and satellite internet company, is targeting a valuation of more than$2 trillion in a planned initial public offering which would make it the sixth most valuable company in the world, behind only NVIDIA, Apple, Alphabet, Microsoft, and Amazon. The company has filed confidential IPO paperwork with the SEC and is targeting a market launch later this year, with the potential to raise as much as$75 billion, which would surpass the 2019 IPO of Saudi Aramco as the largest on record. SpaceX operates across three major verticals, rockets for launch services, Starlink for satellite internet with more than 10 ,000 spacecraft in orbit, and AI through Grok.

1:28Saudi Arabia's public investment fund has been in discussions about taking an anchor stake of around$5 billion in the offering. If the IPO proceeds at a$2 trillion valuation, SpaceX would be larger than Meta and Tesla combined. Tether is the world's largest stablecoin issuer and generated more than$10 billion in net profit last year, making it one of the most profitable financial companies per employee in the world. The company is in the final stages of a fundraising effort targeting a$500 billion valuation, a figure that would surpass every U.S. bank except JPMorgan Chase. Tether's USDT stablecoin serves as critical infrastructure across global crypto markets, facilitating trillions of dollars in transactions each year.

2:08To build investor confidence, the company has engaged KPMG to conduct the first full audit of the reserves backing USDT. Investors have a two-week window to commit to the deal, after which Tether may postpone the fundraise if sufficient capital is not secured. Supabase is an open source back-end platform built on Postgres that enables developers to build and scale applications with speed and flexibility. The company is in talks to raise approximately$500 million at a valuation of around$10 billion, doubling the$5 billion valuation it achieved just months prior. Singapore's sovereign wealth fund, GIC, is expected to lead the round.

2:45Founded in 2020 by Paul Copplestone and Ant Wilson, Supabase has become a preferred infrastructure layer for developers building AI-powered applications, where a reliable and flexible database is foundational. The surge in AI-driven software development has been the primary driver of its rapid growth in demand. Whoop makes screenless fitness wearables that provide members with continuous data on recovery, sleep, and physical performance sold through a subscription membership model. The company raised$575 million in a Series G round at a valuation of$10.1 billion, more than tripling its previous valuation.

3:21Whoop has over 2.5 million members, exited 2025 at a$1.1 billion bookings run rate, and grew subscriptions by 103 % year over year while becoming cash flow positive. The round was led by a collaborative fund with participation from Qatar Investment Authority, Mubadala Investment, and Abbott Laboratories, alongside athlete investors including Cristiano Ronaldo and LeBron James. CEO Will Ahmed has indicated that this is expected to be the final private round before an IPO. Saronic builds AI-powered autonomous maritime vessels designed to modernize U.S. naval capabilities and reduce the cost and risk of military operations at sea.

3:59The company raised$1.75 billion in a Series D round at a valuation of$9.25 billion, led by Kleiner Perkins with participation from Advent International and Bessemer Venture Partners. Saronic signed a$392 million U.S. Navy contract last year and is targeting production of more than 20 ships per year by 2027. The company is expanding its Franklin shipyard in Texas, where it is building a 180-foot autonomous vessel named Marauder and developing a new facility called Port Alpha. Saronic represents a new class of defense technology companies applying commercial-grade AI and software engineering to military hardware at a fraction of traditional procurement cost.

4:39StarCloud is building data centers in orbit, deploying satellites equipped with advanced GPUs to provide compute infrastructure in space. The company raised$170 million in a Series A round led by Benchmark and EQT Ventures, reaching a valuation of$1.1 billion just 17 months after presenting at Y Combinator Demo Day, making it one of the fastest startups to reach unicorn status from that program. Star Cloud has raised a total of$200 million and in November 2025 launched its first satellite carrying an NVIDIA H100 GPU, becoming the first company to train an AI model in orbit. The company plans to launch Star Cloud 2 later this year with NVIDIA Blackwell chips, an AWS server blade, and a Bitcoin mining computer.

5:25The long-term roadmap includes StarCloud 3, a 200-kilowatt spacecraft designed to launch from SpaceX's Starship, with projected power costs of approximately 5 cents per kilowatt hour, competitive with terrestrial data centers. Rebellions is a South Korean AI chip startup that designed semiconductors optimized for inference, the compute required for AI models to respond to queries at commercial scale in real time. The company raised$400 million in a pre-IPO round led by Mireille Asset Financial Group and the Korea National Growth Fund, bringing its total fundraising to$850 million, with$650 million raised in the last six months alone.

6:04Rebellions is valued at approximately$2.34 billion and has announced a planned IPO later this year. Alongside the funding, the company launched two new products, Rebel Rack and Rebel Pod, production-ready AI inference infrastructure platforms designed for large-scale deployment. The company has established entities in the US, Japan, Saudi Arabia, and Taiwan as it builds a global ecosystem of cloud, government, and telecom customers. Valor Atomics develops clusters of small, high-temperature, gas-cooled nuclear reactors designed to deliver dense, carbon-free power for AI data centers and grid-constrained facilities.

6:42The company raised$450 million at a$2 billion valuation, with$340 million in equity and$110 million in debt, backed by Andruil founder Palmer Luckey and Palantir executive Sham Sankar. In November 2025, its NovaCore reactor achieved zero power criticality at Los Alamos National laboratory under the U.S. Department of Energy's nuclear reactor pilot program, making Valar the first company to reach that milestone. In February 2026, the company's Ward 250 reactor was airlifted from California to Utah aboard three C-17 Globemaster military cargo aircraft ahead of full power operations. Founded in 2023, Valar is positioning modular nuclear energy as the most reliable long-term power solution for the next generation of AI compute infrastructure.

7:33Medvi is a telehealth company providing GLP-1 weight loss medication services with personalized at-home care. Founded in September 2024 by Matthew Gallagher with just$20 ,000 and a suite of AI tools, the company generated$401 million in revenue in its first full year of operation with only two full-time employees. Medvi serves 250 ,000 customers, carries a 16.2 % net margin, and is projecting$1.8 billion in revenue for 2026. AI handles development, design, customer service, and marketing, with only specialized areas like medical compliance outsourced to third parties. Medvi has become one of the most concrete examples of the AI-enabled one-person company that Sam Altman, OpenAI CEO, predicted would emerge from the current generation of AI tools.

8:24AG Dillon:Sarvam is an Indian AI company that has built foundation models capable of understanding and generating text and voice across 22 Indian languages, giving it a structural advantage over global AI platforms in one of the world's largest consumer markets. Founded in 2023 by Vivek Raghavan and Pratyush Kumar, the company is in talks to raise$300 to$350 million at a valuation of$1.5 to$1.55 billion, which would be the largest private funding round for an Indian AI startup to date. Bessemer Venture Partners is expected to lead the round with participation from NVIDIA, Amazon, and Prosperity 7 Ventures.

8:57AG Dillon:Sarvam also develops agentic AI systems capable of executing tasks like coding and scheduling with limited human input, targeting enterprise automation across the Indian economy. With 1.4 billion people and hundreds of active regional language communities, India is one of the most significant untapped markets for AI deployment. OpenAI, the AI large language model platform, closed a record-breaking $122 billion funding round at a post-money valuation of$852 billion, making it the most valuable startup in history. The round was co-led by SoftBank, Andreessen Horowitz, and D.E. Shaw, with Amazon committing$50 billion and NVIDIA and SoftBank each contributing$30 billion.

9:42For the first time, OpenAI extended participation to individual investors through bank channels, raising$3 billion from retail participants. The company is now generating$2 billion in revenue per month, up from$13.1 billion for all of 2025, and is using the capital to build global AI infrastructure and expand its product suite. While OpenAI remains unprofitable, the scale of the round and the pace of revenue growth reflect strong institutional conviction in the company's long-term position. OpenAI acquired TBPN, short for Technology Business Programming Network, a daily live talk show focused on tech, business, AI, and defense.

10:24The show is hosted by former tech founders John Coogan and Jordi Hayes, airs three hours each day on YouTube and X, and has featured top executives including Mark Zuckerberg, Satya Nadella, and Mark Benioff. TBPN is on track to generate more than$30 million in revenue this year, making it one of the most commercially successful independent tech media properties. This is OpenAI's first acquisition of a media company and reflects a broader strategy to shape public discourse around artificial intelligence. TBPN will continue to operate with editorial independence, reporting to OpenAI's chief political operative, Chris Lehane.

10:59Anthropic, the AI large language model platform, acquired Coefficient Bio, an AI biotech startup, for approximately$400 million in an all-stock transaction. The company was founded eight months ago by Samuel Stanton and Nathan Frey, both former computational biologists at Genentech's prescient design division, and brings a team of fewer than 10 people into Anthropic. Coefficient Bio built a platform enabling AI to draft drug R &D plans, manage clinical regulatory strategies, and discover new drug candidates. The deal expands Anthropic's Healthcare and Life Sciences division, which launched in October 2025 with the introduction of Claude for Life Sciences.

11:36Anthropic is currently valued at$380 billion, following its$30 billion Series G round in February 2026. And this acquisition signals a deepening push into AI-powered drug discovery and biomedical research. Mistral AI is a French startup developing large language models as a European alternative to US AI platforms, with a focus on building sovereign AI infrastructure for European enterprises and governments. The company secured$830 million in debt financing from a consortium of seven major banks, including BNP Paribas, HSBC, BP France, and Credit Agricole, the largest AI-focused debt raised by a European technology company in history.

12:18The funds will be used to build a data center in Brouillers-le-Châtel near Paris, equipped with 13 ,800 NVIDIA GB300 GPUs and a total capacity of 44 megawatts, with operations expected to begin in the second quarter of this year. In February, Mistral announced a 1.2 billion euro plan to build additional data centers in Sweden, targeting 200 megawatts of total capacity across Europe by the end of 2027. This infrastructure build-out positions Mistral as the primary large-scale compute provider among European AI companies. 11 Labs is a voice AI company that raised$500 million in a Series C round at an$11 billion valuation in February and is now expanding into AI-generated music.

13:02The company launched 11 Music, a new iOS app that generates original songs from natural language prompts, competing with platforms like Suno and Udio. The free tier allows users to generate up to seven songs per day, while a pro subscription at$9.99 per month provides up to 500 tracks monthly, 500 gigabytes of storage, and access to all styles and moods. Eleven Labs has been broadening its platform to include ad generation, voiceovers, translation, image generation, and video production alongside its core voice cloning and text-to-speech tools. The expansion into music reflects a strategy to build a comprehensive AI creative platform before commoditization reduces margins in any single category.

13:44AG Dillon:Okay, that's it for the week. Thanks and see you all next week.