YC Demo Day Lightning Round, New Snap AR Glasses, SpaceX Rips | Garry Tan, Andrew Lee, Stamatios Floratos, Hugo Frisk, Efraín Torres, Russell Smith, Payton Case, Akshay Trikha, Diana Hu, Harj Taggar, Connor Hayes, Luke Burgis, Anda Gansca

**John Coogan** (0:00)
You're watchin TBPN.

**Jordi Hays** (0:01)
Today's Tuesday, June 16th, 2026 We are live from the TBPN Ultra on the Temple of Technology. Fortune is finance, capital is capital. Let me tell you about RAMP. Time is money, save both, easy to use corporate cards, bill pay, accounting, and a whole lot more, all in one place.
Sorry about the delay. We had a little bit of a technical issue. Glad everyone's here. Thank you for tuning in. It's YC Demo Day.

**John Coogan** (0:22)
Thank you for never doubting.

**Jordi Hays** (0:23)
Never doubt us ever. No, it's okay.

**John Coogan** (0:27)
Every once in a while, you can doubt us a little bit.

**Jordi Hays** (0:29)
Pop off in the comments, pop off in the chat. But we have YC Demo Day. We have one, two, three, four, five, six, seven YC founders joining, then three YC partners, and then we're going around the horn talking to some other folks. Threads just hit 500 million monthly active users. We're having Connor Hayes back on the show for that. Luke Burgis is here. Burgis is here with his new book, The One and the 99
So we'll go through that. Not a lot of time for the news, but we'll take you through it anyway.

**John Coogan** (0:59)
And in the middle of guests, we'll jump in for a little news.

**Jordi Hays** (1:02)
Exactly.

**John Coogan** (1:03)
We love the news. The big news is that SpaceX ran like absolute crazy after hours last night.
I kept getting push notifications and thinking, that can't be right. And then I would double click in, check a little bit, and I would say, yeah, the headlines are crazy. So yeah, so the big one is SpaceX has...

**Jordi Hays** (1:27)
There's so many of it. It's like, it's passing this company, passing this company, passing that company. And you're like, whoa, this is a crazy, crazy time.

**John Coogan** (1:35)
So SpaceX sitting comfortably in the top five companies.

**Jordi Hays** (1:40)
You got NVIDIA at $5 trillion, Alphabet and Apple right around $4, $4.5 trillion, then Microsoft and SpaceX neck and neck just shy of $3 trillion.
And it basically makes their cursor acquisition free. They paid $60 billion in new stock for the company and their market cap, SpaceX's market cap, more than quadrupled and added more than 4x'd the price of a cursor acquisition.

**John Coogan** (2:06)
I believe they had until Q4 to actually pull trigger on the cursor deal, like they built in a window. They did it now? I bet you there were some terms that weren't public that the cursor would have wanted to make sure that they got in as quickly as possible.

**Jordi Hays** (2:24)
Sure, if the stock is running, you want to get in.

**John Coogan** (2:26)
Well, who knows where SpaceX will net out?
I thought we'd be at $2.4 trillion by the middle, by basically the last hour of trading on Friday. I was incorrect at the time, but it's obviously continued to run. And there was another scenario where SpaceX could have effectively acquired cursor at an even higher valuation, but I think it's a great, fantastic outcome for the cursor team, obviously. OpenAI is a big cursor investor. Thrive, A16Z, Co2, and others that I'm unfortunately forgetting. But, and of course-

**Jordi Hays** (3:11)
What was Raman saying about this? He said, it's the biggest VC-backed, in the past five days, we've seen the biggest VC-backed IPO ever and the biggest VC-backed strategic sale ever. We've never had an M&A of a VC-backed company, young startup, north of 50 billion. Like 60 billion is so, so big. We sort of lose sight of it because we're talking about a trillion dollars for this company, 3 trillion for that company, but 60 billion is beyond a home run.
And it happened in an M&A, which is crazy.

**John Coogan** (3:48)
And there's, I would assume a large number of the retail investors investing in SpaceX. We're not necessarily even that familiar with Cursor up until today.

**Jordi Hays** (3:58)
I did see the headline today.

**John Coogan** (3:59)
If you're waking up today, you're like, wait, SpaceX just acquired one of the hottest AI companies in the world, with billions of dollars in revenue. Like, this is so bullish. Obviously, a lot of the more institutional investors are people that had been following the company privately, were well aware that they had the option to do this, that they would almost certainly take it.

**Jordi Hays** (4:24)
The takes are all over the timeline. Quinn Thompson says, This is brilliant corporate finance. User newly printed, low float, retail inflated currency to acquire real businesses ahead of the lockup expiring. Probably the most creative, accretive way to sell as much equity as possible into IPO pump. I wonder what acquisition is next. That's very interesting. Nick Carter fires back and says, You think the people buying the equity would also be aware of this? And that's a good point. But the question is, are there more acquisitions in the pipeline? Because Tesla has not done a lot of acquisitions. Elon's always been a build, not buy operator or founder.