EPISODE · Jul 1, 2026 · 1H 11M
DeepSeek's $50B Round, OpenAI's Delayed IPO, and the GP Stakes Market with CAZ Investments
from trading places · host Practical Venture Capital
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
What this episode covers
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
NOW PLAYING
DeepSeek's $50B Round, OpenAI's Delayed IPO, and the GP Stakes Market with CAZ Investments
No transcript for this episode yet
Similar Episodes
No similar episodes found.
Similar Podcasts
No similar podcasts found.