Sourcery

SpaceX is now a $2 trillion company, but Christian Garrett believes its business is just getting started.
Christian is a Partner at 137 Ventures, an early investor in SpaceX for 16 years, and Co-Founder of Onodrim Industries, the European defense and industrial platform that just raised a $300 million Series A at a $1.3 billion valuation.
In this episode of Sourcery, we discuss SpaceX's evolution from launch provider into an AI hyperscaler, the economics of Starship and orbital data centers, and why Christian believes the next generation of technology giants will resemble vertically integrated conglomerates.
We also break down 137 Ventures' investments across SpaceX, Anduril, Ramp, Cognition, Hex, Hadrian, Applied Intuition, and General Matter, including how the firm evaluates growth, valuations, and long-term compounding.
Christian then shares the story behind co-founding Onodrim, which is acquiring and scaling Europe's aerospace, defense, and industrial manufacturers through permanent capital, technology, and operational expertise.

Christian Garrett: https://x.com/CGarrett_15
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/4J7tjyVCrqA

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/ 
• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com   
• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit: http://mercor.com/sourcery 
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• 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. https://public.com/sourcery  
Follow Sourcery for the latest updates!
https://www.sourcery.vc
Disclosure: 
Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc.  See additional disclosures at https://public.com/disclosures/agenticdisclosures.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Christian Garrett, Partner at 137 Ventures
(00:50) How SpaceX hit $2 trillion
(04:51) Is SpaceX now an AI company?
(07:52) When will compute move to space?
(12:40) The debt behind the AI build-out
(16:14) Why 137 backed Cognition and Hex
(19:29) SpaceX Compounded 40% for 20 years
(22:50) Is everyone overpaying for winners?
(27:25) Anduril and the return of the conglomerate
(33:24) Why Christian co-founded Onodrim
(36:51) 4,000 drone companies in Europe
(38:59) Hiring from Palantir to Rheinmetall
(42:44) From Investor to Co-Founder
(46:49) The annoying things VCs do
(53:39) Why tech isn't zero-sum
(55:42) The political weaponization of tech

Mercor has raised $750 million in a Series D at a $20 billion valuation, with participation from Nvidia, Benchmark, General Catalyst, Funds managed by affiliates of Apollo, XTX Ventures, Salesforce, and others.
Co-Founder & CEO Brendan Foody joins Sourcery to discuss how Mercor has grown more than 5X on a mid-nine-figure base, built a network of over 5 million experts, and scaled to more than $5 million in daily payouts to people helping train frontier AI models.
Founded in 2023 by college dropouts, Mercor has evolved beyond AI-powered recruiting into building the data, evaluations, and reinforcement learning environments used to train AI systems on real professional work.
Brendan explains why he believes every Fortune 500 company will eventually build its own AI intelligence, why human expertise becomes more valuable as AI improves, & how Mercor plans to expand from frontier labs into the broader enterprise economy.
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Brendan Foody, Co-Founder & CEO Mercor
(01:00) Mercor’s Path to a $1T Company
(02:22) Mercor’s 3 Products
(04:05) $5M a Day in Expert Payouts on Stripe Connect
(05:40) Why Mercor Is Not a Marketplace
(08:51) Is Human Data a Durable Category
(12:20) How Mercor Finds and Evaluates Experts
(15:45) Holding Category Leadership With a Founding Team in Their Early 20s
(18:00) Chips on the Shoulder and Avoiding Mimetic Competition
(28:25) Why Mercor Acquired Deeptune
(31:22) Turning Down Acquisition Offers
(34:40) Harvey, LAB and Why the Model Is the Product
(41:30) Why Data Is Mispriced in the AI Stack
(43:40) Every Fortune 500 Becomes a Neolab
(49:55) IPO Timeline and the Next 12 Months
Molly on X: https://x.com/MollySOSheaBrendan on X: https://x.com/BrendanFoody𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/
• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com
• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit: http://mercor.com/sourcery
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• 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. https://public.com/sourcery
Follow Sourcery for the latest updates! https://www.sourcery.vc
Disclosure: Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.#podcast #investing #technology #venturecapital #entrepreneur #startup #siliconvalley

Planet builds a satellite in about 8 hours. At NASA, the same work took 8 years.
Will Marshall is Co-Founder and CEO of Planet Labs (NYSE: PL), which has built about 700 satellites in 15 years, more than any company except SpaceX, and runs the only fleet that images Earth’s entire landmass every day.
Marshall walks through Planet’s SF factory, from the garage whiteboard and the phone the founders launched on a suborbital rocket, to the clean room where Pelican-10 is being integrated, the shock, vibration, and thermal test stations, and the RF chamber.
The tour ends with a live demo of Planet’s AI interface querying 10 years of daily imagery, and a first look at the new Dove production floor.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Will Marshall, Co-Founder & CEO at Planet Labs
(00:48) 700 satellites for less than one NASA mission
(02:44) Why Planet Labs is really a data business 
(03:45) How a satellite sees trees from 500 km away 
(06:22) 4 million images of Earth, every day 
(07:44) What a satellite goes through to reach orbit 
(09:03) The $500 phone vs. the $1B satellite 
(12:05) 1,000x more data than the first satellites
(14:47) Planet Labs' 48 ground stations that bring Earth’s data home 
(16:44) Why every Planet Labs satellite is named after a bird
(18:19) A look inside Planet Labs’ sharpest satellite
(20:17) Why Planet Labs doesn’t make its own chips 
(21:14) Building a satellite in 8 hours, not 8 years
(22:47) Why fleet size isn't what matters
(24:30) The engine that’s 10x more efficient in space 
(25:29) Why the 100 million pieces of space junk is the real collision risk 
(26:56) Spotting gas leaks from space
(27:40) Testing satellites to the breaking point 
(32:19) What changed at Area 51 in five years? 
(37:31) The room where satellite radios are tested

Will Marshall: https://x.com/Will4Planet 
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/  
• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com   
• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit: http://mercor.com/sourcery 
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• 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. https://public.com/sourcery  
Follow Sourcery for the latest updates!
https://www.sourcery.vc
Disclosure: 
Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc.  See additional disclosures at https://public.com/disclosures/agenticdisclosures.

I visited Planet Labs (NYSE: PL) in San Francisco to tour its satellite manufacturing facility and sit down with Co-Founder & CEO Will Marshall.
Planet has built more than 700 satellites, second only to SpaceX, and operates the only constellation capable of imaging Earth's entire landmass daily, generating roughly 4 million images per day for defense, government, and commercial customers.
Will explains Planet's work with Google on Project Suncatcher and NVIDIA-powered compute in orbit, why AI data centers in space could eventually be cheaper than on Earth, and how its satellite intelligence supports Ukraine, the US Navy, and governments building sovereign space capabilities.
We also discuss Planet's growing defense business, AI-powered Earth monitoring, its manufacturing expansion in San Francisco and Berlin, the search for extraterrestrial life, and lessons from 15 years of building Planet.

Will Marshall: https://x.com/Will4Planet 
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: ⁠https://youtu.be/llGHpPbCtHo

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/  
• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com   
• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit: http://mercor.com/sourcery 
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• 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. https://public.com/sourcery  
Follow Sourcery for the latest updates!
https://www.sourcery.vc
Disclosure: 
Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc.  See additional disclosures at https://public.com/disclosures/agenticdisclosures.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Will Marshall, Co-Founder & CEO at Planet Labs
(00:49) “We go where the cool people are”
(01:46) What it takes to image Earth every day
(04:13) Why information is power in modern war
(07:39) Why countries want their own satellites
(08:34) How Wall Street and Big Tech are watching from space
(11:16) The most surprising uses of satellite imagery
(14:49) Imaging any point on Earth within 30 minutes 
(17:24) What if you could ask a satellite a question?
(19:41) Every AI story comes back to compute
(20:38) Do data centers in space make sense?
(25:32) Why satellites are so sensitive
(26:55) The NASA maverick who made Planet Labs possible
(28:37) Who's on Planet Labs no-go list
(29:18) Will's prediction on finding aliens
(33:34) Inside NASA's alien hotline
(35:05) How a childhood hero inspired Will’s space career

fal has raised $1.65B in a combined Series E and Series F, with Sequoia Capital leading the E and Bessemer Venture Partners leading the F. Its founders see generative media as 1 of only 3 product market fits in AI, alongside search and coding agents.
Burkay Gür (Co-Founder and CEO) and Gorkem Yurtseven (Co-Founder and CTO) started fal in 2021 after building machine learning infrastructure at Coinbase and Amazon. fal runs the infrastructure behind image, video, audio, and 3D models, serving developers, studios, and the model labs themselves.
Recorded at Dalida in San Francisco, Burkay and Gorkem explain how fal moved from Python data infrastructure into generative media, why video and image now split its revenue 50/50, and how demand kept rising as video prices jumped more than 10X. They also cover fal’s 150+ person org with only 2 reporting levels, the compute shortage shaping model launches, and why they believe the margin in AI sits with compute providers over applications.
“AI really has 3 product market fits. One of them is search. The other really clear one that’s growing really fast now is coding agents. And the third one is, we believe, generative media.”
We cover:
› The $1.65B Series E and F
› Why individuals spend $10K to $20K a month on generative media
› Veo 2 pricing and the shift to professional ads and film work
› Super ICs and hiring for agency, hunger, and humility
› World models, open source, and Hollywood adoption

Burkay Gur: https://x.com/burkaygur
Gorkem Yurtseven: https://x.com/gorkem
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/pPzJ1wE8Lnw

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/  
• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com   
• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit: http://mercor.com/sourcery 
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• 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. https://public.com/sourcery  
Follow Sourcery for the latest updates!
https://www.sourcery.vc
Disclosure: 
Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc.  See additional disclosures at https://public.com/disclosures/agenticdisclosures.