The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

Art by Clark Miller.

Sell SpaceX, Buy Tesla?

By Theo Wayt · Jun 22, 2026 5:05pm PDT

Here’s a question: If you’re an investor who wants exposure to Elon Musk, is SpaceX or Tesla a better bet? Today, the answer seemed to be Tesla, with shares in the electric automaker climbing 1% to $405.05 as SpaceX shares tumbled 16% to $154.60. SpaceX shares are still above their IPO price of $135 per share, but today was their third... Here’s a question: If you’re an investor who wants exposure to Elon Musk, is SpaceX or Tesla a...

Art by Mike Sullivan

Ex-DOGE Employees Raise $225 million for Venture Fund Banner VC

By Leo Schwartz · Jun 22, 2026 10:50am PDT

Two former members of Elon Musk’s Department of Government Efficiency have raised $225 million for their debut venture fund, Banner VC, according to a person close to the fund and filings with the Securities and Exchange Commission. Banner separately raised nearly $75 million to co-lead a recent round in the orbital infrastructure startup... Two former members of Elon Musk’s Department of Government Efficiency have raised $225 million...

Lithium refining equipment at Lithium Americas' Thacker Pass mine. Photo: Courtesy Lithium Americas.

A Coming Lithium Mine Breaks the Logjam in U.S. Metals Production

By Steve LeVine · Jun 22, 2026 9:01am PDT

As the U.S. seeks to reverse the country’s long aversion to mining and reduce its reliance on Chinese materials, Jon Evans is in the rare position of sitting on a large deposit of metals used in high tech, defense and industrial products. As the U.S. seeks to reverse the country’s long aversion to mining and reduce its reliance on...

Demonstrators take part in a protest at the Utah State Capitol last month. Image via Getty

The Economic Myths That AI Data Center Critics Believe

By Ann Davis Vaughan · Jun 22, 2026 8:37am PDT · 9 comments

Demonstrators take part in a protest at the Utah State Capitol last month. Image via Getty

AI Infrastructure

The Economic Myths That AI Data Center Critics Believe

By Ann Davis Vaughan · Jun 22, 2026 8:37am PDT · 9 comments

I’ve been visiting large AI data center projects in rural and industrial communities in the Midwest, Southeast and West, and I have found that two things can be true at the same time: AI data centers have drawbacks but are better for communities than their residents think, and those communities can win a lot more financial concessions and... I’ve been visiting large AI data center projects in rural and industrial communities in the...

Photo by Brent Lewin/ Getty Images

Why Canva Doesn’t See ChatGPT and Claude As a Threat

By Stephanie Palazzolo · Jun 22, 2026 7:01am PDT

Some businesses that use Anthropic and OpenAI models to develop AI apps for coding, design, legal work and other white-collar tasks are getting worried that those two AI model suppliers might eat their lunch.Design app Figma seems attuned to that kind of threat, especially from Anthropic’s recently launched Claude Design app, as we reported. But... Some businesses that use Anthropic and OpenAI models to develop AI apps for coding, design, legal...

OpenAI CEO Sam Altman. Photo via Getty Images

How OpenAI’s Web of Business Relationships Could Complicate Its IPO

By Cory Weinberg and Erin Woo · Jun 22, 2026 6:00am PDT

Few companies have gone public with books as unusual as OpenAI’s. At first glance, the company portrayed by the AI startup’s financial statements, reviewed by The Information, resembles a lean, low-debt software business. Its balance sheet, as at March 31, had zero debt and less than $750 million of lease liabilities. Its cash-flow statement,... Few companies have gone public with books as unusual as OpenAI’s. At first glance, the company...

Chis Ratcliffe/Bloomberg via Getty Images

Lime Plans to Name Uber as an Anchor Investor in IPO

By Cory Weinberg · Jun 21, 2026 4:44pm PDT · 6 comments

The initial public offering for Lime, an electric scooter and bike rental company that was once a stalwart of the late 2010s startup scene, is getting financial support from an old friend: Uber. The ride-hailing giant is expected to invest a “meaningful” amount in the deal and be named as an anchor investor on the cover of an updated IPO... The initial public offering for Lime, an electric scooter and bike rental company that was once a...

Reese Witherspoon at last year's Cannes Lion ad festival. Photo by Marc Piasecki/Getty Images

Cannes Ad Festival Puts OpenAI’s Projections in Spotlight

By Martin Peers · Jun 21, 2026 3:01pm PDT

Reese Witherspoon at last year's Cannes Lion ad festival. Photo by Marc Piasecki/Getty Images

Cannes Ad Festival Puts OpenAI’s Projections in Spotlight

By Martin Peers · Jun 21, 2026 3:01pm PDT

If you’ve wanted to visit the South of France, this might be the week. The annual Cannes Lion ad festival, a time for ad folks from all quarters to gather, gets underway tomorrow. The impact of AI on advertising and media is sure to be front and center. OpenAI’s chief revenue officer, Denise Dresser, is scheduled to appear onstage twice,... If you’ve wanted to visit the South of France, this might be the week. The annual Cannes Lion ad...

Art by Clark Miller; Getty Images.

Morgan Stanley Pitches Clients on a New Market for Data Center Loans

By Dakin Campbell · Jun 21, 2026 11:00am PDT · 3 comments

Morgan Stanley, one of the most active banks in financing data center developers, is now pitching some of those same clients on tapping a market better known for funding leveraged buyouts. It’s a sign that in the race to raise money for AI infrastructure, developers and their advisors are turning over every stone. Over the last few months,... Morgan Stanley, one of the most active banks in financing data center developers, is now pitching...

Sunday Insights

SpaceX’s 74-Day IPO Sets Pace for OpenAI, Anthropic

By Cory Weinberg · Jun 21, 2026 8:00am PDT · 2 comments

SpaceX’s strong first week of trading made one thing clear: Racing through its IPO at warp speed cost it nothing. The company went from initial confidential filing to listing in just 74 days, much faster than other tech IPOs in recent years, including those of CoreWeave, Figma and Airbnb, an analysis of securities filings shows. Initial public... SpaceX’s strong first week of trading made one thing clear: Racing through its IPO at warp speed...

Art: Clark Miller

AI Devices, Midjourney’s Spas and Snap’s Flop-sicles

By Jemima McEvoy · Jun 20, 2026 8:01am PDT

Welcome, Weekenders! In this newsletter:• The Big Read: The brains behind Bernie’s AI sovereign wealth fund? A Silicon Valley law professor • The Takeaway: How I learned to love Mark Rober• E-commerce: The fast-growing Thiel-backed startup defying a creator economy slowdown• Plus, Recommendations—our weekly pop culture picks: “Foul... Welcome, Weekenders! In this newsletter:• The Big Read: The brains behind Bernie’s AI sovereign...

Art: Clark Miller (photos: Getty Images)

The Law Professor Behind Bernie’s AI Sovereign Wealth Fund Idea

By Eli Rosenberg · Jun 20, 2026 7:00am PDT · 14 comments

Art: Clark Miller (photos: Getty Images)

The Law Professor Behind Bernie’s AI Sovereign Wealth Fund Idea

By Eli Rosenberg · Jun 20, 2026 7:00am PDT · 14 comments

A couple of weekends ago, Sarah Polcz, a University of California, Davis, law professor, and her husband, Adam Brown, a top scientist at Google’s DeepMind, hosted a party at their Portola Valley home that had all the trappings of a geeky good time. One guest piloted a drone that rained down ice cream bars on the kids in attendance. At the... A couple of weekends ago, Sarah Polcz, a University of California, Davis, law professor, and her...

Mantis VC co-founders Alex Pall and Andrew Taggart of The Chainsmokers. Photo by Frazer Harrison/Getty Images

The Chainsmokers’ VC Firm Mantis Raising $100 Million Fund

By Julia Hornstein and Katie Roof · Jun 19, 2026 12:13pm PDT

The Chainsmokers are back. They released new songs in May—and are raising a new venture fund.Their firm Mantis VC is raising its fourth fund, an unofficial milestone that graduates them from emerging managers to just regular old VCs. The Chainsmokers are back. They released new songs in May—and are raising a new venture fund....

Art: Clark Miller

Whop Is a Haven for Advice on Crypto Trades and Betting Tips. Can It Add Plumbers, Too?

By Ann Gehan · Jun 19, 2026 9:00am PDT

There are online marketplaces that sell eclectic mixes of antiques, auto parts and electronics. Then there is Whop, a bustling bazaar for buying mostly digital experiences rather than physical goods. On the site are merchants like PreMedley, which charges $27 per month for access to online tutoring groups, study materials and videos offering... There are online marketplaces that sell eclectic mixes of antiques, auto parts and electronics....

Cursor Co-founder Michael Truell

Cursor Returns Spur VC-Backed Deal Hopes

By Katie Roof · Jun 18, 2026 5:16pm PDT

Achieving the largest IPO in history wasn’t the only record that SpaceX set. It’s now agreed to complete the largest acquisition of a venture-backed startup in history, its $60 billion dollar purchase of Cursor. The acquisition will make its founders billionaires, and it should provide billions in returns for investors like Thrive Capital... Achieving the largest IPO in history wasn’t the only record that SpaceX set. It’s now agreed to...

Meta CEO Mark Zuckerberg. AP Images.

Meta’s Microsoft Mobile Moment

By Martin Peers · Jun 18, 2026 5:01pm PDT

Meta CEO Mark Zuckerberg. AP Images.

Meta’s Microsoft Mobile Moment

By Martin Peers · Jun 18, 2026 5:01pm PDT

No one can rival OpenAI for internal drama. But in recent days, Meta Platforms seems to be trying its best to do so. Earlier this week, Wired reported that Chief Technology Officer Andrew Bosworth told staff Meta had done an “atrocious” job of launching a new AI division. That report followed another one in Wired about the internal... No one can rival OpenAI for internal drama. But in recent days, Meta Platforms seems to be trying...

Tarek Mansour, co-founder of Kalshi. Photo by Aaron Schwartz/ Getty Images

Kalshi Passes $2 Billion in Annualized Revenue, Holds Informal IPO Talks

By Yueqi Yang · Jun 18, 2026 2:30pm PDT

Prediction market Kalshi is generating more than $2 billion in annualized revenue, up about three times from November, as traders betting on NBA and World Cup games drove a surge in trading volume, according to people familiar with the company’s financials. Kalshi’s fast growth has led its top executives to hold informal conversations with... Prediction market Kalshi is generating more than $2 billion in annualized revenue, up about three...

Art: Clark Miller; Getty Images

How I Learned to Love Mark Rober

By Jessica Lessin · Jun 18, 2026 11:50am PDT · 7 comments

One day last fall, my third-grade son came home and proudly announced that he had watched YouTube at school. I was miffed, wondering what the teachers were doing while they plopped the kids in front of a screen. “Don’t worry, Mom,” my son said. “We watched Mark Rober.” I felt a little better. I was familiar with Rober’s highly engaging... One day last fall, my third-grade son came home and proudly announced that he had watched YouTube...

Google CEO Sundar Pichai (left) and Microsoft CEO Satya Nadella (right). Getty Images.

Google and Microsoft Team Up to Beat Back Anthropic and OpenAI

By Amir Efrati, Aaron Holmes and Catherine Perloff · Jun 18, 2026 10:30am PDT

When a group of tech companies announce an agreement to support an AI backend-software protocol, we don’t blame corporate IT executives for not paying attention. It sounds quite boring.But one such announcement on Wednesday from Google, Microsoft, Salesforce, Snowflake, ServiceNow and others is worth paying attention to. It demonstrates one way... When a group of tech companies announce an agreement to support an AI backend-software protocol,...

Art by Mike Sullivan

Amazon Gives Big Brands More Control Over Product Listings

By Ann Gehan · Jun 18, 2026 8:00am PDT

Art by Mike Sullivan

Amazon Gives Big Brands More Control Over Product Listings

By Ann Gehan · Jun 18, 2026 8:00am PDT

Amazon’s status as the home of independent merchants is eroding. The e-commerce giant has lately overhauled its shopping site to give big brands more control over how their products are displayed and sold. The company recently told them it would give them priority over independent merchants in deciding how their products are described on its... Amazon’s status as the home of independent merchants is eroding. The e-commerce giant has lately...