We're not just talking about reusable
rockets here. We're talking about mining resources out
in space or on asteroids even. How do you get to visualize from a
founder that they can build a totally new ecosystem?
That is such a good question.

And, you know, I think that my
background in building high growth companies for the last almost nearly 15,
20 years here has really helped me to better understand, despite not being a
rocket scientist myself, what it really takes to build into the future and look
to the stars and really see a future for

humanity, but that most of us cannot.
And so understanding what it takes to be a great founder, whether you're
building, you know, a chocolate bar or a reusable rocket, there are some pretty,
pretty standard things that make a

founder fantastic.
What makes the business opportunity, or at least the valuation fantastic because
you are taking such, you know, a bigger scale risk in a way of whether or not
one can mine on in space rather than build a chocolate bar here on earth.
Right?

Well, you know, I think that's something
that's really interesting about the economy and the times that we're living
in today. You know, even five years ago, I think
that this was far too speculative for early stage companies, early stage VC
firms to be investing in these companies

at the earliest, earliest stages.
And so, you know, with SpaceX and Blue Origin who have been really charting the
path from the private sector so publicly, it really has allowed us to
better understand where the technology is today.
And I think for so long, you know, the

government between Nasser and then other scientists who really have been building behind that, that cloak behind the curtain, and all of that technology is finally coming to the forefront. And so for us, now that the technology is here, people, states, the infrastructure is here.

And so to place a bet on the table with the expectation that we might see history be made and some returns come back within the next ten years is not unreasonable at all. In many ways, SpaceX has been sucking up all the oxygen in the room, and many anticipate that with Iran's very close

relationship with the Trump administration, that might be helped from a regulatory perspective. But will that help stoke as well as the likes of SpaceX? Yeah, well, you know, I think the beautiful thing about being a startup is that you are much more agile, you are

much more nimble, and these founders are not scared of taking really big swings. That's the beauty of being an early stage founder. And it's the luxury, frankly, that SpaceX doesn't have anymore. And so while they have paved the way

for, you know, all of the obvious reasons, but really it's the youngest companies that are building now that are going to take advantage of that technology and really build things that, again, you know, when I look at the

night sky with my little boys, it's going to look much different for them. And and, you know, whether that's Astro Forge or Stock or Interloon, they're going to be the reason why is there is much committed capital to other areas.

For example, I'm thinking about you deploying money across Web3, across all across climate tech.
In many ways, when you're looking at the valuation of an AI company versus a SpaceX one, how competitive is it now? You know, it's really interesting.
Obviously, VC loves a good trend and a

good hype cycle.
But I really do think that while many VCs are looking to AI for the obvious reasons, they're also looking to detect in a way that they haven't before.
And I think an interesting trend is that you're seeing young generalist funds really come in and sit side by side on

cap tables with the expectation of some of these larger multi-stage firms coming in and carrying them through to the finish line. But I really do think that this is the moment and again, when you see a generalist start getting involved in deep tech, I think that that means that

there's something more than a trend happening. What are you seeing in terms of future fundraising opportunities as to whether the companies that you give a seed or very early stage investment to are being able to raise further rounds?
You're managing to see the increase in

the value of your fund that you've helped build. Absolutely.
I and I think that this is where the power of selection really comes into play. You know, my my partner, Alexis Ohanian, has quite the track record himself.


But really understanding, again, where that people component leads the product. And so for us, you know, early stage investing, there is a power law at play, of course.
But the expectation is that we will see these companies move on if we're investing in the very best founders.

We have no doubt that they're going to
be able to pick up those later rounds and really, really take it all the way.

Investing In the Business of Space With 776's Holloway

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Investing In the Business of Space With 776's Holloway

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