📶 how to raise $2b pre-product

👋 Intro | 👥 Community | 📣 Sponsor | 👀 Fund

Good morning 👋

Happy Monday, and congrats to Rory on finally getting his green jacket yesterday.

Understanding venture math can help you justify a lot of decision-making in this asset class.

But there are some deals where you still scratch your head.

Nira Murati (former CTO @ OpenAI) is reportedly raising $2b at a $10b post.

• The company emerged from stealth ~two months ago

• It has no products and no revenue

• It is raising $2 billion

I understand taking a bet on people, but the math still doesn’t make sense in my head.

So I turned to Kyle Harrison (@kwharrison13) on Twitter, and here’s how he’s justifying it …

ICYMI: Did you know you can get free stuff from us just by telling your friends to subscribe?

We’ve even made a how-to guide that shows you how some other readers have unlocked more and more free stuff from us …

Today’s highlights

• How to make sense of the former CTO of OpenAI's latest round rumors

• Tariffs and secondary buyers

• Founders Fund raises a massive growth vehicle