@uselegion

The market is starting to pick a Winner in the AI IPO race. We’ve been tracking how investors are pricing Anthropic and OpenAI For most of the last two years, OpenAI led. Now, Anthropic has taken the lead, and it’s starting to pull away.

There’s a collective delusion in VC: that great founders come from the right school, background, resume, or pedigree. Dan Gray (@credistick) on why that’s the easiest way to miss the best founders. https://t.co/FoQzxe1lKe

You don't need 60 newsletters on private markets. You only need these 10. Save it for the weekend. 1. Mario Gabriele (@mariogabriele) - The Generalist Mario goes way too deep on one company a week, in the best way. You come out knowing the business better than people who work there. 2. Dan Primack (@danprimack) - Axios Pro Rata If a deal happened, Dan already wrote the five sharpest sentences about it. 3. Eric Newcomer (@EricNewcomer) - Newcomer The guy who gets the scoops on what's really going on inside VC firms, and isn't shy about writing them. 4. Byrne Hobart (@ByrneHobart) - The Diff Like having the smartest person you know explain how finance and tech connect. Dense, but worth it. 5. Samir Kaji (@Samirkaji) - Venture Unlocked Where the LP and GP world stops being a black box. If you're raising or allocating, just subscribe. 6. Uninvited Capital -> https://t.co/j04tjSR3vd Original data and deep research on private markets, plus the week's most important moves. For LPs and GPs who want the real numbers. 7. Tomasz Tunguz (@ttunguz) The SaaS and venture benchmarks everyone ends up screenshotting for their board decks. Tomasz just posts them. 8. Odin (@JoinOdin) Odin's research makes you question what you assumed about how venture works. Power laws, why pattern-matching flops, all of it. 9. Murph Capital (@murphcapital) Research, events, and community built for emerging VCs. A good read on where the next wave of managers is heading. 10. Citrini (@citrini) Calls the big themes before the timeline catches on, then tells you how to trade them. Was early on AI and GLP-1. Who do you read that we missed? Tag them.

Hot IPO Summer mood board: prediction markets, fintech, defense, crypto, AI, quantum. We are so back? https://t.co/kMk5KFcRcR

The hardest money to raise in venture is your first institutional check. These are the LPs who back first-time funds: 1. Cendana Capital (@CendanaCapital) Michael Kim's fund-of-funds. Anchors very early-stage and micro VC funds, often on Fund I. 2. Screendoor (@screendoorvc) Built for one purpose: anchoring new managers raising their first institutional fund. 3. Recast Capital (@RecastCapital) Backs emerging managers and runs an enablement program for women-led funds. 4. Plexo Capital (@PlexoCapital) Founded by Lo Toney (@lo_toney). Backs diverse GPs and first-time funds globally. 5. Chris Douvos (@cdouvos) Ahoy Capital. The self-described "SuperLP," backing emerging managers others pass on. 6. Beezer Clarkson (@Beezer232) Runs @Open_LP, MD at LGT Capital Partners. Maybe the most public emerging-manager advocate in venture. 7. Samir Kaji (@Samirkaji) CEO of Allocate, host of Venture Unlocked. Has backed first-time managers for 20+ years. Save this for your next raise. Who else actually backs first-timers? Tag them.