Trae Stephens
speaker
555 appearances
2 recordings
1 series
first heard Mar 2025
last heard 31 Jul
Trae Stephens’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
Yeah, I mean, there's two kind of schools of thought.
The first school of thought is to say, you should do that.
You should raise as much money as you can at the highest price possible, build up a war chest, and survive until you can justify that price.
And that might actually be the right answer for some companies.
I don't want to say that that's always a bad idea.
That might be a right idea.
Obviously, the worst thing you could do is raise a very small amount of money at a very high price.
Because that's where you're going to get yourself into trouble.
But then the other side of this is like, can you build a financing strategy that allows you to grow responsibly over time and that you will see continuous momentum with every fundraise?
And you're never going to have your back against the wall.
That's been the approach from the very beginning with Anduril.
This is what we've tried to do.
And I don't think we have any regrets about doing that.
We could have raised it a higher price at every round.
But it's been nice to be able to go back to our employees and our investors on an annual basis and say, look, we just did a 2x markup.
Look, we just did a 2X markup.
Look, we just did a 2X markup.
So it feels more sustainable and keeps us tethered to our company performance more than this belief that it's going to pay out at some point.
I'm sure you guys watch the HBO show Silicon Valley, but there's the hilarious scene where the – what's his name?
Rich or whatever.
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