Top News | Via files to go public: Backed with more than $1 billion worth of private capital, Via’s is going public. (Speaking of public, their software business helps cities manage their public transit!) The company was reported to have filed confidentially for an IPO earlier this year, so its public filing is not a shock. Via reports $205.8 million worth of revenue in the first half of 2025, up 26% compared to the same portion of 2024. The company’s net losses fell over the same time horizon. Via was last valued at $3.5 billion on the private markets. More on Meta’s risible AI policies: As we discussed yesterday, Meta attracted broad criticism for its recently uncovered AI policies that allowed its chatbots to flirt and hold sensual conversations with kids. Overtly sexual content was banned for youths, but many feel that the company was far too permissive regardless. Several senators have raised the specter of YET ANOTHER investigation into the company. Meta, which has worked hard to curry favor with the current administration and is spending tens of billions of dollars on its AI work, is once again on the backfoot. CEOs at risk: After public criticism, Opendoor CEO Carrie Wheeler is stepping back from her time atop the iBuyer. Opendoor has seen its value decline in recent years, with some blaming its leadership directly for its underperformance. Elsewhere, the leaders of European neobank N26 are facing calls for their ouster after running afoul of regulators regarding its internal controls. In case you didn't know, having weak internal controls is bad, as it implies that the company’s reported numbers may not be trustworthy.
| TWiST500 | As the market digests rising tariff rates, worrisome inflation figures, and a jobs market that is far from robust, the AI industry has been cruising along. Perhaps it’s a tale of two economies: one where there is no ceiling to optimism or spending (AI) and then the rest of the economy, where things are much slower. | OpenAI is seeing a demand boom, for example. After releasing its GPT-5 model, Axios reports that OpenAI CEO Sam Altman said his company saw “traffic to its API double […] to the point that it's limited by compute capacity.” TechCrunch also reports that ChatGPT’s iOS app has crossed the $2 billion revenue mark, per data from Appfigures. | OpenAI is not the only AI company raking in cash. Anthropic’s revenue has scaled from a $1 billion run rate to as much as $5 billion on an annualized basis. The same TechCrunch story reports that xAI’s Grok app is the second-highest earner amongst its peer set, driving $25.6 million worth of revenue on iOS this year. (That’s a small sum next to ChatGPT’s $193 million monthly run rate on the platform but still material.) | This is to say, while there are many good reasons to worry about the economy's overall state, the largest names on the TWiST500 are still growing like proverbial weeds. | Which is good, because we would love to cycle some of the oldest, and most valuable companies off the list so that we can restock it with younger, faster-growing companies! - Alex | A message from OpenPhone | Create business phone numbers for you and your team that work through an app on your smartphone or desktop. TWiST listeners can get an extra 20% off any plan for your first 6 months at https://openphone.com/twist | This Week in Startups | E2164: It’s another all-star VC roundtable, with Jason’s special guests Dave McClure (Practical VC), Grady Buchanan (NVNG), and Tomasz Tunguz (Theory VC). Together, they’re going DEEP on the current venture landscape, discussing why companies are staying private for longer, whether VC marks are BS, when it’s time to embed an expert in a struggling company, and much much more. | E2163: Jason, Alex, and Lon are back together and discussing… what else… GPT psychosis! Is it real? What are the biggest warning signs? PLUS, thoughts on Trump’s Chinese export fees on AMD and Nvidia, why Jason was so upset at the NY Times exposé on Mark Zuckerberg’s Palo Alto compound, a new magnet for rare-earth minerals, and much much more. | E2162: Jason and Lon are flying solo on this special TWiST edition! They’re talking about why Apple seems to have lots its innovative edge, and whether or not it’s time for Tim Cook to make for the exit. PLUS the new GPT-5 is here and it’s… kind of not that exciting, Ripple acquired Rail, Bumble’s running out of steam, and much much more. | TWiST Partner Offers | Squarespace: Turn your idea into a beautiful website! Go to http://www.squarespace.com/twist for a free trial. When you’re ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain. AWS Activate: AWS Activate helps startups bring their ideas to life. As you build and scale your business, Activate Credits* grow with you to support your changing needs. Apply to AWS Activate today and receive up to $100,000 in credits. Visit aws.amazon.com/startups/credits *All AWS Activate Credits are in USD and subject to the AWS Promotional Credit Terms & Conditions. Public: You take investing seriously. Public does too. Build a multi-asset portfolio and earn an industry-leading 4.1% APY on your cash with no fees or minimums. Learn more at public.com/twist.
| Angel University is Back! | Jason and Mike Savino are hosting our next virtual Angel University workshop on Tuesday, October 7. Jason will share proven strategies he’s used to invest $200M+ in over 500 startups. Whether you’re new to angel investing or looking to sharpen your skills, this is your chance to learn directly from one of the most active angel investors in the world. Register now at angel.university! | Founder U Cohort 11 is Accepting Applications | Applications are open for Founder University Cohort 11, a 10-week remote pre-accelerator program, where you will learn how to build a venture-scale startup, use AI to become a more efficient founder, and delight early customers. Submit your application at Founder.University - Cohort 11 will kick off in September 2025! | Founder U is Coming to the MENA Region! | Our 12-week pre-accelerator—designed to help early-stage founders build and grow—kicks off this fall in Saudi Arabia. The first cohort launches in Riyadh on November 3rd, followed by in-person and virtual sessions throughout the program. Founders in MENA: this is your chance to turn your idea into a business and get world-class insights on building a successful startup. Apply today: https://mena.founder.university/ | SF Live-Work Space Now Available | Need a flexible living and working environment in San Francisco? This thoughtfully designed loft-style residence at 787 Bryant St., the heart of the vibrant SOMA district and the city’s creative hub, is now available for rent or purchase. Check the listing for more details. | The TWiST500 newsletter is the new, updated, and improved TWiST Ticker. |
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