Sourcery

• Inside General Catalyst’s $1.5B AI Roll-Up Machine

  Marc Bhargava, Managing Director at General Catalyst and head of the firm’s Creation Strategy, breaks down one of the most significant shifts happening inside venture and private markets today: AI Roll-Ups. One of the 3 largest venture players with ~$40B AUM, General Catalyst has quietly built a $1.5B AI roll-up engine dedicated to incubating AI-native companies & acquiring the fragmented services businesses they can transform — a model that sits directly at the intersection of venture creation, operational transformation, & what has traditionally been the realm of private equity.Marc explains why the firm believes the global services economy (a $16 trillion market historically defined by low margins and slow modernization) is now on the verge of being reshaped. Not by traditional software, and not by classic PE rollups, but by AI-enabled companies that combine in-house automation software with the acquisition of real distribution. These companies, built initially inside GC’s Creation Strategy, have already begun doubling EBITDA margins within 12 months, demonstrating what becomes possible when AI automation frees 20–30% of repetitive tasks and allows teams to handle significantly greater throughput.The conversation goes deep into how GC selects industries for this strategy, mapping 70 services categories down to the 10 where AI can have the most immediate impact. Marc outlines the 4 categories of work AI now reliably automates, from customer service and data entry to content generation and early-stage reasoning, and how those capabilities form the backbone of portfolio companies like Crescendo, Long Lake, Titan MSP, Eudia, & others. Marc Bhargava: https://x.com/marcbhargavaMolly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. public.com/sourcery Follow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

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• What Travis Kalanick Taught Bradley Tusk, & Why He Closed His VC Fund

  Bradley Tusk joins Sourcery to discuss what he learned working closely with Travis Kalanick during Uber’s early regulatory battles, and how those experiences shaped his decision to shut down his venture fund and return to an equity-for-services model.Bradley explains why Travis was unusually fast, analytical, and willing to challenge institutions, and how that mindset influenced the way Uber approached politics and growth. He also breaks down how the current AI wave is affecting valuations, capital formation, data-center spending, and the broader regulatory environment.The conversation covers the real economics of running a VC fund, why mid-sized funds struggle, how AI is reshaping startup incentives, and what founders should understand about regulation, policy, and long-term strategy. It’s a practical, grounded discussion from someone who has worked at the intersection of tech and government for over a decade.Bradley Tusk: https://www.linkedin.com/in/btusk/Molly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insightsFollow Sourcery for the latest updates!https://www.sourcery.vc/𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Intro(01:25) How AI infrastructure spending is being driven by market narratives(03:10) DeepSeek, inference models, and compute efficiency(03:55) Where the $2T in AI data-center and energy capital is flowing(07:10) Nuclear energy and the broader implications of AI’s power demand(16:30) Zero-sum vs abundance thinking in tech and politics(17:35) How people find meaning, purpose, and balance in high-pressure work(27:00) Why Bradley invests heavily in his team and removes non-essential tasks(32:00) How Bradley’s experience with Travis Kalanick shaped his view of founders(32:35) “Travis’s Law” and turning users into political advocates(37:05) Why Bradley decided to stop raising traditional VC funds(44:30) The economics of mid-sized funds and why they’re so difficult to run(49:20) How AI valuations differ from non-AI valuations(54:40) What people misunderstand about Silicon Valley and DC(59:40) AI, unemployment risk, and why Bradley believes UBI will be necessary(01:05:50) The biggest lessons Bradley learned from Travis Kalanick

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• Inside Thrive Capital: Investing in OpenAI, Wiz, Cursor, Nudge, Physical Intelligence

  Thrive Capital Partner Philip Clark joins Sourcery to break down how one of the most concentrated and influential firms in tech evaluates founders, builds conviction, and partners with companies that reshape the world.“Josh always had a line to me when I joined Thrive, which is that the people who win deals are the ones who want to win them most.”In this episode, we go deep on Thrive’s investments in OpenAI, Cursor, Wiz, Nudge, Physical Intelligence, and why Philip believes we’re entering a golden era for hardware — powered by cheaper sensors, software intelligence, and a new generation of engineers trained at SpaceX, Anduril, and Neuralink.Philip tells the inside story of:Seeing an early demo of OpenAI’s GPT-4 before launchWhy Thrive flew into an active war zone to close the Wiz dealCursor’s explosive growth from a small pivot to a multi-hundred-million ARR productHow Nudge is engineering the human brain using ultrasoundWhy hardware’s barriers are falling and why the biggest companies of the next decade may be physicalIf you want to understand the future of AI, hardware, and the next generation of “counterfactual companies,” this is the episode.Philip Clark: https://www.linkedin.com/in/philip-clark-883a41126/Molly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/niosgDC-QHU𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insightsFollow Sourcery for the latest updates!https://www.sourcery.vc/𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Who is Philip Clark? How he joined Thrive Capital(02:45) From physics to investing: becoming a technologist–optimist(04:00) How semiconductors led him to Thrive(06:00) Deep dive: Mesh Optical & the data center interconnect opportunity(07:45) Inside Cursor’s explosive growth and why AI is “speed chess”(09:15) How Philip first met Cursor’s founders during a pivot(11:30) Path to partner & Thrive’s “full-stack investor” model(13:45) The Wiz story: flying into an active war zone(17:15) Why Wiz closed six-figure deals in weeks — the rare “fast + big” enterprise combo(19:30) Why hardware is back: sensors, software, and SpaceX-trained talent(21:45) The rise of Nudge and engineering the human brain(26:30) Neuralink & Nudge: read to stimulate(31:15) Why Thrive concentrates instead of “spray and pray”(36:00) Inside OpenAI: seeing GPT-4 before launch(40:45) What comes after SaaS — and the companies unlocked by AI

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• $635M Exit → $600M Fund: David Ulevitch on Building a16z’s Hottest New Fund

  a16z General Partner David Ulevitch joins Sourcery to break down the real state of American Dynamism, their $600M fund, across defense, energy, mining, robotics, manufacturing, public safety, and national security.We discuss America’s supply-chain exposure to China, why deterrence—not parity—defines the future of U.S. defense, and how new companies are rebuilding core capabilities in nuclear, missiles, autonomy, grid reliability, materials, mining, and industrial operations.David highlights key a16z portfolio companies including Anduril, Radiant Nuclear, Base Power, Exowatt, Apex, Skydio, Flock, Long Eye, and Mariana Minerals, and shares why the best founders are magnetic attractors of capital and talent.We also dive into Anduril’s authenticity-first marketing philosophy (“no renders” - Palmer Luckey), the “Don’t Work at Anduril” campaign led by Snap Alumn Jeff Miller, the importance of real test footage, and why mission-driven cultures are fueling the next generation of frontier companies.A broad, detailed look at the future of American reindustrialization and the companies shaping it.Select Portfolio Companies & Areas:• AI: Applied Intuition, Ambient AI• Defense: Anduril, Saronic, Shield AI, Castelion, • Energy: Radiant, Base Power, Exowatt, RigUp• Aerospace: SpaceX, Apex, Northwood, Aerodome, Air Space Intelligence (ASI), Astro Mechanica, Astranis• Manufacturing: Hadrian, Senra• Public Safety: Flock Safety, Long Eye, Skydio• Supply Chain: Zipline, Flexport, • Minerals: Mariana Materials, KoBold MetalsDavid Ulevitch: https://x.com/daviduMolly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insightsFollow Sourcery for the latest updates!https://www.sourcery.vc/𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) America’s supply-chain vulnerability(03:28) Most investable wedges: robotics, automation & lights-out factories(04:11) Rebuilding U.S. minerals & mining capacity (lithium, copper, steel)(04:29) Applying software to legacy sectors (lumber, metals, production)(05:20) Energy: Radiant’s microreactor & first new U.S. design in 50+ years(06:23) Grid resiliency & storage: Base Power, Exowatt(07:12) Defense innovation: Anduril, Saronic, Castelion(08:28) Public safety tech: Flock Safety, Long Eye & Skydio(13:30) Anduril’s “no renders” rule & authentic product culture(14:27) Inside the “Don’t Work at Anduril” campaign(19:11) Talent density: references, hiring, firing & magnetic teams(20:45) Lessons from building OpenDNS: reinvention, team rebuilds & decade-long “overnight success”(26:00) Kalshi’s growth & future of prediction markets

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• Why Marc Andreessen, Ben Horowitz, & David Ulevitch Launched American Dynamism

  David Ulevitch, General Partner at Andreessen Horowitz (a16z), who co-leads the firm’s American Dynamism practice with Katherine Boyle joins Sourcery to break down America’s comeback. With the encouragement of Marc Andreessen and Ben Horowitz, the $600M fund was founded around 2020 to invest in companies that support the national interest: aerospace, defense, public safety, education, housing, supply chain, industrials, and manufacturing.David shares how American Dynamism evolved from a meme to a movement within a16z, inspired by Marc and Ben’s early conviction at Netscape that the next wave of great technology companies would serve the national interest.From early investments like Anduril, Flock Safety, and Hadrian, to a16z’s growing policy arm in Washington D.C., David reveals how the firm is bridging the gap between Silicon Valley and the national mission, and why he believes private capital must lead the next American resurgence.We discuss:​The story behind American Dynamism’s rise​The private capital boom powering national resilience​JP Morgan’s $1.5T “Security & Resiliency” initiative​AI’s role across defense, logistics, and manufacturing​Why venture capital must “fund freedom like our lives depend on it.”Key Points​Why Marc & Ben backed David & Katherine for a national mission. American Dynamism was born from the belief that Silicon Valley’s greatest founders should again build for the public good, across defense, energy, manufacturing, & more.​From meme to $600M fund. What began as a thesis between David Ulevitch and Katherine Boyle became a $600M dedicated fund and a defining pillar of a16z’s vision for national resilience.​Private capital is America’s new resource. a16z’s model funds R&D independently while enabling the government to buy finished products, accelerating innovation & cutting red tape.​AI is reshaping the foundations. From Anduril’s Eagle Eye headset to swarm drones and AI-powered logistics, technology is redefining how America powers, protects, and scales.​The reindustrialization flywheel is spinning. With JP Morgan’s $1.5T initiative and growing investor conviction, national resilience is no longer niche, it’s a generational investment frontier.David Ulevitch: https://x.com/daviduMolly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒​Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery​Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery​Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) David Ulevitch(01:54) The origin story of American Dynamism(05:23) Why Marc Andreessen & Ben Horowitz backed the idea early(03:30) Partnering with Katherine Boyle, from rivals to co-leads(06:14) From meme to movement(07:00) Why venture returns exist in defense, energy, & infrastructure(07:11) The new supply-and-demand moment for American industry(11:00) Building a policy bridge between D.C. & Silicon Valley(15:29) Fixing defense procurement, the “bake-off” model(17:15) Private capital as America’s innovation engine(20:02) JP Morgan’s $1.5T commitment & what it signals(20:30) China, supply chains, & the race for energy independence(22:12) The new late-stage capital environment for defense tech(24:05) How AI is transforming defense, logistics, and public safety(27:42) Closing reflections, why Marc, Ben, & David see this as a generational project

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