Consider buying shares of Snap (SNAP), which trades at a low valuation under $10 billion on a $6 billion revenue run-rate while its high-margin subscription business surges 85% year-over-year. Accumulate shares of SpaceX (SPACE) following its 16% post-IPO pullback from its $150 June share price, as soaring revenue from Starlink and its new xAI merger drive massive 92% quarterly growth. Capitalize on the SpaceX and NVIDIA (NVDA) partnership by holding NVDA to gain exposure to upcoming space-based AI data center compute initiatives like StarMind AI-1. Exercise extreme caution with late-stage private SaaS and software investments, learning from Airtable's recent distress sale to Bending Spoons where aggressive preference stacks wiped out common shareholders. Look for collaborative enterprise tools successfully integrating artificial intelligence, mirroring Notion's ability to drive over 50% of its ARR from AI and secure top-tier institutional backing at an $11 billion valuation.

Bending Spoons (Publicly Listed via Public.com)

• Airtable was acquired by Bending Spoons for $1.285 billion in enterprise value (and an equity value of $2.25 billion), reflecting approximately 2.7 times ARR.
• Airtable had previously raised $1.4 billion and was once valued at $11.7 billion.
• Early employees and founders received payouts, but later investors likely only received 1x their money back after having their capital tied up for years.
• Airtable spun out its AI business, HyperAgent, prior to the acquisition.
• Bending Spoons is viewed as a "buyer of last resort" or a value-based buyer for slow-growing enterprise software businesses in the current SaaS market.

Takeaways

• Exercise caution when investing in late-stage private SaaS companies at high revenue multiples, as preference stacks can wipe out common shareholders during down-round acquisitions.
• Look for disciplined, value-based buyers like Bending Spoons as an emerging template for handling high-churn or slower-growing prosumer SaaS companies.

Snap (SNAP)

• Reported a strong quarter with revenue up 19% year-over-year, showcasing improving operating leverage and faster profit/cash generation growth.
• Advertising revenue grew 9% year-over-year to $1.3 billion.
• Subscriptions and paid services grew 85% to $316 million per quarter (representing a $1 billion run-rate business with very high margins), despite comprising only about 3% of the user base.
• North American revenue fell 7% and European revenue fell 2% year-over-year, indicating a loss of footing in key Western markets.
• Continuing to invest roughly $300 million a year (around 5% of costs) into smart glasses (Specs), though the $2,195–$2,200 price point and bulky design present challenges for mass-market adoption.
• The company trades at a $6 billion annual revenue run-rate with an overall valuation under $10 billion.

Takeaways

• Consider Snap's high-margin subscription and paid user growth as a strong counterbalance to its declining ad revenue in Western markets.
• Monitor the ongoing R&D drag and market adoption of their smart glasses (Specs) versus core digital advertising and software monetization.

Notion (Private)

• In January 2026, GIC, Sequoia, and Index purchased Notion shares in a private tender offer totaling $270 million at an $11 billion valuation.
• Notion's growth rate accelerated significantly through 2025 due to AI adoption on its platform, with more than 50% of its ARR coming from AI-enabled customers.

Takeaways

• AI feature integration acts as a powerful accelerator for collaborative software platforms, driving strong institutional backing and high private valuations compared to single-point SaaS competitors.

SpaceX / Starlink (SPACE / Private)

• Reported its first earnings report as a public company, showing total quarterly revenue of $7.81 billion (beating expectations of $6.93 billion), up 92% year-over-year.
• The connectivity segment (Starlink) generated $4.29 billion, making it the company's largest and most profitable business line.
• The AI segment generated $2.56 billion following the merger with xAI in February.
• The foundational space/launch business generated $962 million.
• Announced a new partnership with NVIDIA (NVDA) to design the StarMind AI-1 payload for orbit data center compute.
• The stock has experienced volatility, dropping 16% since its initial public offering at $150 a share on June 12th.

Takeaways

• SpaceX is successfully scaling beyond rocket launches into high-margin satellite connectivity (Starlink) and space-based AI infrastructure.
• Monitor the ongoing capital expenditures required for space-based AI data centers against profitability in the connectivity segment.