Alex Clayton

Mythos was supposed to kill cybersecurity, but so far it's made public cyber companies larger and more valuable..

And “open source winning” assumes that AI attacks the use cases that exist today, not in the future. It’s an exciting time as the frontier labs and open source are creating an abundance of opportunity for existing and new companies.

Happy Independence Day! Very thankful for 🇺🇸 and 250! 🎆

Very good for the long tail of apps with abundant (and cheap) intelligence.

Presentation: docs.google.com/presentation/d…

SaaS rebound? The current 2026 SaaS rebound is the most aggressive in a decade: +38% in just 34 trading days off the April low. But it's also the narrowest — just 10 companies drove ~80% of all the market cap regained (CRWD, DDOG, PLTR, SNOW, PANW, etc…). The median stock? The company still trades at 3.3x NTM revenue. Analysis below thanks for @ausw2000:

@rohindhar @zachcoelius VTOLs seem to be the only way to save SF real estate with this trend.

Housing units completed in San Francisco per year over the last 20 years San Francisco has only completed 377 housing units so far this year

@OnlyCFO Hard to expect *higher*.

@afc You think 10x multiple?

The profitable SaaS IPO is back? 📈 Entrata just filed: $574M implied ARR, +23% growth, and GAAP-profitable (18% operating margin, +11% net income). They offer a leading property management software solution and are PE-owned (founded in 2003). It's the largest software company ever to IPO while growing 20%+ and GAAP operating-profitable. Every name that filed at this scale — Snowflake, Palantir, Figma, Dropbox — was losing money. The last profitable-growth SaaS IPO like it was Veeva, at half the size. We looked back at over 150 SaaS IPOs. It will be an interesting case study on what's possible for valuation for Cloud 1.0 companies vs. AI-native...likely at least $5 billion.

Quarterly view:

@ausw2000 Presentation below: docs.google.com/presentation/d…

SpaceX filed its S-1 last week, and my partner @ausw2000 read all 318 pages (and made all the charts) so you don’t have to. The result: three businesses in one — Space, Connectivity (Starlink), and AI. AI is set to become the largest revenue segment within a year. The company did $18.7B in FY25 revenue, up 33% YoY, and is reportedly expecting a $1.75T valuation that would make it a top-10 company globally.

Slide 1 :). docs.google.com/presentation/d…

@US_Stormwatch @grok can you confirm or dispute this?

Insane stat of the day: California almonds use roughly 3–5.5 million acre-feet of water per year, depending on methodology. That's ~4-7x more water than all data centers in North America used combined in 2025.

Success in software is diverging…the AI cohort (perceived AI tailwinds) trades at >3x premium on a median NTM revenue multiple basis (8.8x vs 2.8x). On a free cash flow multiple basis, it's slightly wider: 43x vs 12.7x. And the gap is widest on profitability — on a non-GAAP EBIT multiple basis, it's 66x vs 15x, a ~4x premium. The market isn't just paying for growth anymore, it's paying for the durability of earnings in an uncertain future for software.

@sethweathers @nikitabier @rahul Do you use any Google or Meta products? Or do you use the internet? Not only does Flock NOT sell your data like those companies do, but they also delete it every 30 days. There is no backdoor. Just do a bit of research on how Google or Meta treats your data...

We got here because people realized the governments with access to these cameras might have them thrown in jail for not wearing a mask at the beach. Giving out of control wannabe tyrants the ability to monitor every action a citizen takes when they leave their home, is inviting the government to abuse its citizens. Harvey Silverglate was a famous civil liberties attorney who wrote a book about how the average American unknowingly commits 3 felonies per day. Giving the same people who made it a felony to sell Swiss Cheese without holes in it a felony, nonstop access to monitor citizens is a warranted concern. Yes, there’s really a law about holes in cheese.

Last year, the city of Austin turned off their Flock cameras as the result of a targeted misinformation campaign. This weekend, for nearly 24 hours, three suspects drove around Austin in stolen vehicles, undetected, conducting a shooting spree at 12 separate locations. They shot multiple people, houses, apartment buildings, businesses, and fire stations. They committed multiple robberies and car thefts during the spree. Despite a full manhunt involving 200 officers, with helicopter and K9 support, they weren't able to locate the suspects, and the spree continued. Luckily, the suspects drove into the Flock-supported city of Manor, TX. Manor is a small city with ~20k residents, and a fraction of Austin's budget. What they do have is modern technology and the ability not to fall victim to misinformation campaigns. After the suspects drove into Manor to continue their shooting spree, Manor PD located them almost immediately. The residents of Manor stayed safe. This is a tale of two cities. I love Austin. I have plenty of friends who live there. I myself almost moved there years ago. I'm glad that the shooting spree is over, but I just wish it never happened.

Public safety should be a human right in America, and @Flock_Safety and @glangley are leading the way. There has been a shocking level of disinformation and propaganda spread about the company and its technology over the past 12 months. The most insidious part of this campaign is that it has hurt the very people its perpetrators claim to protect — the less fortunate Americans who cannot afford private security, live in gated communities, or who don't have to worry about the devastating effects of crime on their doorsteps. Citizens should be demanding objectivity over bias from their state and local governments, and that is exactly what Flock provides. Flock is and always will be on the right side of public safety by prioritizing objectivity over bias in law enforcement.

@JosephJacks_ @cerebras @ericvishria It came out in the S-1/A on May 5th. All good.

I haven’t seen the cap table. S1 doesn’t list it yet. But the PitchBook data says I am correct contingent on my asterisk *️⃣.. which is that they would have had to do pro rata across the first few subsequent rounds.. and not sell any secondary along the way. Benchmark was the largest check in the A, as far as I know.

Benchmark VII still owns > 20% of @cerebras who are > 20X oversold on their IPO. If it trades at even HALF of how Shanghai priced Moore Threads and Cambricon … it will be > $500 billion in < 2 years. This means @ericvishria has a shot to deliver the 🥇 fund in VC history.

Palantir ($PLTR) has just done what no other technology company has ever done. We track 300+ companies with trading data going back to 1989 (17,000+ reported quarters), and only one company has had an 11-quarter revenue acceleration streak, and that is Palantir ($PLTR). Palantir has gone from $2.1B of ARR, growing 13%, to $6.5B, growing 85%. Adjusted EBITDA margins have also more than doubled to 61% over the past 3 years.