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Weekly conversation with Ian, Eric, and Kevin on venture capital, startup, tech, economy, investing, market, and many more...

  1. Aug 12

    EP13: Airtable’s exit math, Ian’s SpaceX short, and the garbage collectors coming for SaaS.

    Three VCs, one mic, three opinions you won't hear at a fund meeting. Eric Bahn (Hustle Fund), Ian Park (ex-sovereign wealth fund), Kevin Jiang (Mangusta Capital). Recorded live at Hippocampus, San Francisco: http://hippocamp.co CHAPTERS 0:00 Cold open: the first live taping ever 0:48 SpaceX's first earnings as a public company 3:23 Ian shorted SpaceX before the print 5:05 The Tesla acquisition rumor 6:25 Who saves SpaceX? Neuralink in 10 years 7:58 Eric's all-Elon 2035 commute 8:53 Jeff Dean leaves Google for Discovery Loop 10:12 "It's the data": the moat nobody can copy 12:41 The Meta boomerang theory 13:38 Travis Kalanick is back: Atoms raises $1.7B 16:00 Project Shoplift 18:36 The rebrand, the PR blitz, the bad boys 20:08 Do repeat founders actually repeat? 22:08 Bending Spoons buys Airtable for $1.28B 24:11 Raised $1.4B, sold for $1.28B 26:02 "The company just gave up" 31:12 Can roll-ups survive the AI era? 33:47 The clone test for VC diligence 34:27 Robinhood sells YC access at $25 a share 37:22 "Retail access means the market has peaked" 40:12 Middle schoolers want Kalshi, not index funds 43:13 Sign-off: unhinged personalities, not investment advice Subscribe: https://www.youtube.com/@ThreeCommasPodcast Spotify: https://open.spotify.com/show/3WizdQFQAZK1ysAGn6tOTS Apple Podcasts: https://podcasts.apple.com/us/podcast/not-investment-advice/id1876120327 Nothing on this show is investment advice. #SpaceX #JeffDean #TravisKalanick #Airtable #BendingSpoons #Robinhood #VentureCapital

  2. Aug 2

    EP12: $20B AI Fund Died in Six Days - Leopold’s fund, Korean president’s AI Summit, Elon’s interview

    The chingus get invited to the Korean president's AI Summit in San Francisco, where Sam Altman and Dario Amodei sit in opposite corners while every tech titan in the room courts Korea. Then the story of the week: Leopold Aschenbrenner's 4x-levered, $20 billion Situational Awareness fund gets margin-called into a fire sale, Citadel buys the entire book before the market opens, and the Kospi swings 40% in two days. They close with Tesla reportedly shopping its China business to clear the path for a SpaceX merger, and BTS boycotting the Grammys over the new Asian Pop category. Three VCs, one mic, three opinions you won't hear at a fund meeting. Eric Bahn (Hustle Fund), Ian Park (ex-sovereign wealth fund), Kevin Jiang (Mangusta Capital). CHAPTERS 0:00 Margin calls and Friday morning greetings 1:19 Inside the Korean president's AI Summit in SF 3:22 A king holding court: Sam and Dario won't make eye contact 6:14 The VC MOU and the work behind the scenes 7:35 The Leopold Aschenbrenner story begins 9:15 Kevin explains margin and 4x leverage 13:59 Columbia at 15, FTX, OpenAI: the resume 18:20 Ian: this is Bill Hwang all over again 21:44 Institutional funds need institutional risk management 23:25 Can LPs even get their money out? 30:02 Ken Griffin, Citadel, and the FUD theory 34:28 Jane Street was already an LP 35:45 The market wanted a villain 38:01 Dead cat bounces and how bubbles actually pop 40:02 Tesla preps a China separation for the SpaceX merger 43:55 Ian's trade idea: maybe Blue Origin 45:25 Robotaxi is the only thing left to save Tesla 47:16 Elon's Economist interview meltdown 48:44 BTS boycotts the Grammys' new Asian Pop category 53:32 The chingus announce their K-pop debut 54:10 Sign-off: for the love of God, not investment advice Subscribe: https://www.youtube.com/@ThreeCommasPodcast Spotify: https://open.spotify.com/show/3WizdQFQAZK1ysAGn6tOTS Apple Podcasts: https://podcasts.apple.com/us/podcast/not-investment-advice/id1876120327 Nothing on this show is investment advice. #LeopoldAschenbrenner #Citadel #Tesla #SpaceX #BTS #VentureCapital

  3. Jun 15

    Everyone ’Got’ SpaceX. Almost Nobody Got It Directly.

    The biggest IPO in history is done. SpaceX went public Friday at a $1.77T valuation, ~4x oversubscribed, then popped ~19% on day one to a ~$2T close — minting ~4,000 millionaires. The chingus recorded on the eve of it and spent the night on the catch: most of the "I'm in SpaceX" crowd got there through SPVs stacked four and five layers deep. The same week, Jeff Bezos raises a $12B pre-seed at a $41B valuation for a company with no product, and Eric floats a dark theory about why VCs really wrote the check (hint: it's the logo, not the cap table). Plus: Coupang's record $409M data-breach fine and the bow that could've shrunk it, a Gemini-powered Siri nobody bought Apple for, SoftBank's $6B OpenAI margin loan getting told no, and Cloudflare's Matthew Prince naming Vinod Khosla on his way out. Three VCs, one mic, three opinions you won't hear at a fund meeting. Eric Bahn (Hustle Fund), Ian Park (ex-sovereign wealth fund), Kevin Jiang (Mangusta Capital). CHAPTERS 0:00 Hot chingu summer: SpaceX IPO eve 1:11 Why this isn't the top yet (Anthropic + OpenAI still to come) 3:49 The valuation arms race: from $1B to $1T outcomes 5:08 The K-shaped fund economy eating the middle 6:19 Nested SPVs and how everyone "got" SpaceX 9:21 Bezos raises a $12B pre-seed for Prometheus 15:11 Eric's dark theory: logo-stacking to impress LPs 18:58 Apple's Gemini-powered Siri (and who it's really for) 23:53 Coupang's record $409M data-breach fine 30:13 When a billionaire becomes soft power 35:41 SoftBank's $6B OpenAI margin loan stalls 41:50 Matthew Prince names Vinod Khosla 48:03 Sign-off: nothing here is investment advice

  4. Jun 5

    Wall Street’s open. The redemption window isn’t.

    Money is doing two contradictory things at once this week. The front door is wide open: Anthropic filed its confidential S-1 ahead of OpenAI, SpaceX priced a $75 billion listing for June 12, and Masa Son is on CNBC calling AI “50x bigger” than the dot-com boom. The back door is bolted shut: Cliffwater could only return a third of what its LPs asked for, and Partners Group gated its flagship buyout fund and lost 17% of its market cap in a day. The chingus spent the episode pulling on that thread — plus why Ian thinks your next AI model lives on your laptop, not in the cloud. Let’s get into it.

  5. May 25

    SpaceX IPO, Sam vs. Elon, Polymarket Ban, Anthropic Earnings

    Not Investment Advice

  6. May 12

    SpaceX & Anthropic Deal, Cloudflare Layoff, Gamestop & eBay, and Sam Altman

    Join us as we dive into the spicy world of tech and business in this episode of the Three Commas Podcast! 🚀 In this episode, we discuss the latest drama surrounding OpenAI, Elon Musk's lawsuit, and the implications for the AI industry. We also explore GameStop's bold move to acquire eBay and what it means for the future of meme stocks. Key takeaways: * The fallout from Elon Musk's lawsuit against OpenAI and its impact on the tech landscape. * GameStop's surprising proposal to acquire eBay and the challenges ahead. * Insights into the evolving dynamics of the AI market and public perception. Timestamps: 00:00 Chingus — the new besties 02:27 Sam Altman's leaked texts to Mira Murati 08:42 Elon Musk is running both sides of the OpenAI story 13:30 Are OpenAI's products actually getting better? 15:25 SpaceX cuts a multi-year compute deal with Anthropic 19:53 Should xAI just pivot to hardware? 24:13 DeepSeek's $7B raise and the "Chinese discount" 26:33 Anthropic's 5D chess — from DoD risk-list to IPO 29:18 Cloudflare cuts 1,100 jobs and drops 24% 33:06 "We don't count you as an AI company" 34:43 OpenAI is the canary in the coal mine 35:38 GameStop's $56B bid for eBay 40:29 The unprepped bro CEO archetype 46:30 Sign off (chingu, hippo poop, see you next week) What's your take on the latest tech drama? Drop your thoughts in the comments! Subscribe for weekly insights and analysis on the latest in tech and business! #ThreeCommasPodcast #TechNews #BusinessTrends

  7. May 3

    AI just blew up a $5.7B PE deal

    Three VCs, one mic, three opinions you won’t hear at a fund meeting. Hosted by Eric, Ian, and Kevin. ---------------------------------------- Toma Bravo just handed Medallia to its creditors and ate an estimated $5.7 billion in equity value — the largest LBO write-off since 2008. The story sounds like a one-firm miscalculation, but underneath it is something bigger: AI is starting to reprice every SaaS multiple anyone underwrote in 2021. We also got into Beijing forcing the unwind of a $2B Meta deal after the money had already wired, the Powell succession drama, and why Ian thinks Middle Eastern LP capital calls are a flight risk.

  8. Apr 28

    Cursor for $60B, Tesla’s Lie, and FTX’s Lost Empire

    This week, Sam Bankman-Fried tweeted from prison about the FTX portfolio he could have held — Anthropic, SpaceX, Cursor, Solana, Robinhood — and the boys spent half the episode doing the math on what might have been the greatest VC fund ever assembled by an alleged fraudster. Meanwhile, Elon quietly admitted that 4 million Tesla owners were lied to about Full Self-Driving, SpaceX put a $60 billion option on Cursor, and Apple picked a CEO who has literally never made a LinkedIn post. Recorded at 9:30pm Pacific from three time zones, two hemispheres, and one very tired Papa Eric.

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Weekly conversation with Ian, Eric, and Kevin on venture capital, startup, tech, economy, investing, market, and many more...

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    notinvestmentadvice00
  • Years Active
    2026
  • Episodes
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