OpenAI secondaries just printed at a 40% premium to the last round. The bid for private AI names gets steeper every week, and desks cannot source enough supply.

Starship's next commercial flight is the real catalyst here. If reuse economics hold, SpaceX at $350B starts to look cheap against the launch backlog.

Rotated a chunk of the book out of late-stage fintech into AI infra this morning. Stripe still prints cash, but the growth story everyone is paying up for right now is compute.