Sourcery

We are in the middle of the largest wealth creation event in modern history. SpaceX, OpenAI, Anthropic, Cerebras, Cursor, and more are heading to public markets or trading in secondaries, minting more millionaires and billionaires than ever on over $4 trillion dollars in expected liquidity. Flying private is one of the first things people want after a liquidity event, and it pulls them straight toward $75 million jets, often skipping every step the industry is used to.Israel ‘Izzy’ Slodowitz is the Founder of Craft, a Part 135 charter operator that also flies supplemental lift for NetJets, Flexjet, and Wheels Up. He turned that flying fleet into something most operators can't offer: an exchange fund built for the founders and early employees whose wealth is locked in a single stock. It takes in that concentrated position tax-deferred and backs it with real aircraft, not the self-storage and real estate that prop up legacy funds. Members diversify out of one position, defer the tax, and keep access to the planes.I joined him on one of their Challenger 350’s from Van Nuys to San Francisco to break down what this wave means for private aviation. Who is buying, what it really costs, why jets are appreciating for the first time, and why a generation whose net worth is locked in stock needs a structure the legacy ownership models were never built to offer.In this episode:The new-money buyer and the coming aircraft shortageJet categories and prices, from light jets to the Global 8000Buy vs charter vs jet card vs fractional, and when each makes senseFull cost of ownership: depreciation, pilots, maintenance, and downtimeExchange fund model and why an operating business changes the tax mathBonus depreciation, the 2025 tax bill, and the recapture trapStarlink, hidden fees, safety standards, and selling a jet in under an hourVideo also features Captain Raz Matus.Craft: flycraft.comIsrael Slodowitz: https://www.linkedin.com/in/israel-slodowitz 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/BKC-6UlXtBw𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery • Merge—The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev Follow Sourcery for the latest updates!https://www.sourcery.vcDisclosurePaid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Winston Weinberg is the CEO and co-founder of Harvey, the $11 billion AI platform now used by 2/3 of the AmLaw 100 and 500+ in-house legal teams including HSBC, Bridgewater, Carvana, and Blue Owl."I think every single company is going to sell intelligence."In this episode, Winston walks me through Harvey's San Francisco HQ and then sits down to break down the state of the business: roughly $300M ARR (up from $100M last August), 2,000 customers, 960 employees across 12 global offices, and token usage that jumped from 1 trillion in January to a projected 12-13 trillion this month."It feels like if you do not constantly change, you are just gonna get so behind that you die as a company right now."Winston covers the shift to cloud agents, why Harvey's real competition is the foundation labs (not other legal tech companies), how to reinvent a company every 6 months, the future of vertical models, the billable hour problem coming for every AI buyer, and why every company will eventually sell intelligence.Winston Weinberg: https://x.com/winstonweinberg Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube: https://youtu.be/ekXJCDNEmOM𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery • Merge—The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev Follow Sourcery for the latest updates!https://www.sourcery.vcDisclosurePaid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time. 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Winston Weinberg, Co-Founder & CEO at Harvey(00:45) Inside Harvey HQ(03:17) Harvey by the numbers(04:11) How Harvey expands globally(05:16) Why Harvey employs 200+ lawyers(06:30) The philosophy behind Harvey's office(07:35) The loudest lunch culture in tech(09:03) Winston's favorite room(10:04) Eight Airbnbs before a real office(12:58) Inside a $300M ARR company(14:20) Tripling revenue in under a year(15:35) What $1B+ unlocks(17:36) Building an AI native company(21:10) Convincing lawyers to join tech(22:14) The biggest adjustment for lawyers in tech(23:26) Build vs buy(26:59) What SaaS got away with that AI can't(28:39) Financing 13 trillion tokens(30:05) Why the labs can't just copy Harvey(31:18) Competing with OpenAI and Anthropic(32:03) Will the labs start acquiring?

Justin Fishner-Wolfson is Co-Founder and Managing Partner of 137 Ventures, the firm that turned a contrarian read on private markets into a $15B platform and one of the largest SpaceX positions in venture. His firm now owns more than 1% of SpaceX, a stake worth roughly $20B at the company's $1.77T listing valuation.He was on the SpaceX deal team at Founders Fund in 2008, left to start 137, and has since bought into the company roughly two dozen times, mostly through secondaries and tenders, without selling a share. He has been buying since SpaceX was valued at $1B. In this conversation he walks through the thesis that companies would stay private longer, why partial liquidity sharpens founder focus rather than dulling it, and how 137 concentrates capital in durable companies instead of chasing sectors.We cover SpaceX's shift from cost-plus to fixed-price economics, the Falcon 9 reusability that made launch profitable, when Starlink became underwritable, the $240B secondary market, why he backed Cognition over the foundational models, his cash on cash discipline over ownership targets, and what he plans to do with the stake once the lockup lifts.Justin Fishner-Wolfson: https://www.linkedin.com/in/justinfwMolly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒YouTube: https://youtu.be/y_JN4WNu8JY𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery • Merge—The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev Follow Sourcery for the latest updates!https://www.sourcery.vcDisclosurePaid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time. 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒(00:00) Justin Fishner-Wolfson, Co-Founder & Managing Partner at 137 Ventures(00:51) The story of SpaceX(02:50) Why companies are staying private longer(04:15) What Liquidity actually means for Founders and Employees(05:38) Why he left Founders Fund to start from scratch(06:23) $240B Secondaries market(07:01) What made SpaceX a generational bet(07:52) How the Falcon 9 made the entire Space Industry obsolete(10:59) When Starlink became the obvious winner(13:29) How 137 Ventures turns Conviction into Compounding(14:09) Backing SpaceX alumni: the Impulse investment(14:32) Will the secondary market keep growing?(15:15) Companies vs. Categories