DeepSeek's $50B Round, OpenAI's Delayed IPO, and the GP Stakes Market with CAZ Investments

DeepSeek just raised $7.4B at a $50B valuation 🇨🇳and there's no cap table access. It's structured through an SPV, no voting rights, no board seats. CEO Liang Wenfeng put in $3B of his own money and controls the vehicle.Meanwhile Anthropic is trading above $1T on the secondary market despite Mythos getting staged by the government, and SpaceX just locked in its Nasdaq 100 slot with a $2T valuation on a float of only ~6%.Plus: Michael O'Keefe of CAZ Investments breaks down how a $12B GP stakes portfolio actually gets built.00:00 – cold open00:54 –  [ tech and vc news ] 02:33 – SpaceX joins Nasdaq-100 🚀08:39 – Anthropic hits $1T valuation & IPO outlook 💸14:45 – OpenAI builds its own chip + 2027 IPO delay 🤖18:07 – AI memory demand surges (Micron wins, Apple/customers pay more) 💾20:24 – Cerebras falls below its IPO price 📉22:46 – AI token costs rising; customers shift to Chinese open-weight models 🔄28:24 – Bending Spoons targets ~$19–20B IPO on profitable roll-up strategy 🥄32:56 –  [ intvw: Michael O’Keefe @ CAZ ]  33:22 – CAZ manages $12B AUM 💰36:04 – What is GP stake investing? 📊44:19 – Typical check sizes & fund sizes45:45 – How GP stakes are valued 📈56:52 – Where CAZ is investing today: AI, energy, sports 🤖1:00:05 – The secondary market boom 🔥1:02:45 – [ valuation corner: DeepSeek @ $50B ]1:03:40 – Largest seed round ever? 🏆1:04:45 – SPV mechanics & stockholder structure 🛠️1:07:40 – Users and revenue growth 📈1:10:25 – DeepSeek vs. OpenAI comparison 🆚[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ michael o’keefe = https://www.linkedin.com/in/mjoii/ | https://cazinvestments.com/ ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Thank you for watching#tradingplacespodcast #SpaceX #ClaraVydyanath #davemcclure #SpaceXIPO