S-1, S-1, S-1.
Three frontier labs file S-1s in forty days. $2.84 trillion of combined ambition, one increasingly tired group chat.
Read the collectible edition — as printed ↗- the lede
The Same Five Firms.
The SpaceX roadshow opened on Wednesday. The lead deck contained eleven references to Starlink, four to Starship, and none to dual-class voting. The price on the screen was $135 a share — fixed, no range — implying $1.77 trillion.…
- pseuds corner
"We have not decided on timing yet."
OpenAI, on submitting its confidential S-1 · 8 June 2026
- pseuds corner
"Going public is a financing event."
Sam Altman, on OpenAI's IPO timing · CNBC Power Lunch · 1 June 2026
- pseuds corner
"There's just not enough tokens available."
Sarah Friar, CFO of OpenAI · All-In podcast · June 2026
- pseuds corner
"Up to 5 gigawatts of compute capacity through 2030."
Anthropic–AWS joint statement · April 2026 · roughly the peak generation of the Hoover Dam
- pseuds corner
"As soon as 2027."
Ali Ghodsi, CEO of Databricks, on the timing of an IPO · per The Information, 2027 is the likeliest window
- frontier circular
The Frontier Circular · №3
A palace gazette of trivial movements, recorded with the gravity they deserve.
- service
The Class of '26, Ranked
By stated valuation · tiebreak by S-1 status · n=8
- what no one is pricing in
What No One Is Pricing In
A sober column · new this issue · three items
- horoscope
The AI-Lab Horoscope · №3
Six filers. Variable lengths. Earth signs file confidentially. Fire signs roadshow. SpaceX, having merged with xAI in February, is now both — which is, astrologically, a problem.
- the web
The Web · №3
Vol. 3 · The Cap-Table edition. Every cheque below is on the record. Pull out, pin up, follow the dollars.