Thomas Kramer

**Navigating the Fusion Frontier: General Fusion’s Path to Public Markets** The recent announcement of General Fusion's $1 billion reverse merger highlights a pivotal moment for companies in the fusion power sector. With over $300 million in funding through this deal, it sparks conversation about the resilience and strategic pivots necessary for startups facing challenges in fundraising. At ElevenX Capital, we recognize the volatility in emerging technologies like fusion power. This highlights the need for a measured investment approach that considers both technological potential and market readiness. How do you assess risk versus reward in high-stakes sectors like fusion? #investing #innovation #venturecapital #entrepreneurship

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Materials sector shows selective strength, not broad participation—with leadership concentrated in Tier 1 commodity and construction subsectors as breadth meaningfully expands. Structure favors precision over passive exposure, balancing early breakouts with late-stage continuations. #MaterialsSector #MarketBreadth #Commodities

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Excited to see Shabodi partnering with GMS to help accelerate the global Network API ecosystem. Proud to be investors in the team as they continue to unlock the value embedded in mobile networks.

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Our basic model estimates LFPRs for men and women separately in harmonized five-year-age intervals. We include age-group fixed effects to account for natural participation differences over the lifecycle (i.e., participation increases through prime earning years before declining around normal retirement ages). We also include birth-year cohort effects to account for the shared trends in participation among individuals in the same generation.

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Benchmark International successfully facilitated the transaction of Invocon, Inc. and Cemtrex, Inc., bringing together advanced aerospace instrumentation and scalable growth strategy. #BenchmarkInternational #MergersAndAcquisitions #MandA #Transaction

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We are initiating coverage of Varda Space Industries for the America2030 Portfolio at IPO CLUB, strategically focused on investments in Space and Dual-Use technology innovation. Investment Thesis: Varda operates at the forefront of in-space manufacturing, a paradigm-shifting sector set to unlock new commercial possibilities and optimize the production of high-value materials that cannot be manufactured on Earth. By leveraging microgravity environments, Varda aims to deliver products with superior properties for pharmaceutical, semiconductor, and advanced materials industries, while also catering to the unique requirements of defense and government stakeholders. Key Drivers: • Emerging Markets: Rapidly growing interest in microgravity-enabled products, with increasing demand from both commercial and defense sectors. • First Mover Advantage: Proprietary return-to-Earth capabilities position Varda as an early leader in the commercialization of in-space manufacturing. • Dual-Use Readiness: Technologies developed are inherently dual-use, appealing to both private sector innovators and government agencies seeking strategic materials and manufacturing capacities. Risks & Considerations: The in-space manufacturing industry is still in its formative stages, with considerable technological, regulatory, and market adoption risks. Successful execution of return missions and long-term contract acquisition will be pivotal for Varda’s growth trajectory. We see Varda as a high-potential addition to our America 2030 Portfolio, reflecting our conviction in Space and Dual-Use technologies as next-generation growth engines. Latest Update: Varda - In June 2025, Varda launched its fourth W-series mission, debuting its fully in-house satellite bus, heat shield, and a solution-based pharmaceutical processing module—all developed at its El Segundo HQ. This flight marked the first commercial missions under its new FAA re-entry vehicle operator license (Part 450), granting re-entry permissions through 2029.  In July 2025, Varda secured $187 million in Series C funding, led by Natural Capital andShrug Capitall with participation fromFounders Fundd, Peter Thiel,Khosla Venturess,Lux Capitall,Caffeinated Capitall, andAlso Capitall—bringing total funding to approximately $329 million. This round will accelerate its flight cadence and build out expanded pharmaceutical labs, including a 10,000 sq ft facility in El Segundo staffed with structural biologists and crystallization scientists. More on the deal 👉 www.ipo.club/deals/varda #InvestmentResearch #IPOClub #America2030 #SpaceTech #InSpaceManufacturing #DualUse #Innovation

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Excerpted From the Stanford Closer Look Series paper titled: "THE CEO SCORECARD: HOW DIRECTORS SELECT A CEO WHEN THEY HAVE REAL SKIN IN THE GAME" "In this Closer Look, we consider the perspective of ValueAct Capital, an institutional investor with extensive, direct experience serving on the boards of directors of portfolio companies during multiple succession events. Through an analysis of these events, ValueAct has identified common deficiencies, including the manner in which required skills are identified and framed and the process by which they are evaluated. "ValueAct has also observed that many companies do not use rigorous scorecards built on quantitative metrics to guide the CEO evaluation process. Instead, the qualifications for a replacement CEO are often expressed as a list of vague qualities or adjectives, such as “leadership,” “vision,” “customer-centricity,” “communication skills,” “operational excellence,” and others. "Why are scorecards not more rigorous? Part of the problem lies with the board. All too often, board members lack a clear consensus around a company’s strategy and priorities and struggle to define the company’s future success in terms of specific outcomes. Without consensus, it is not possible to develop a rigorous and objective scorecard by which to evaluate potential internal and external candidates." Think about what ValueAct is saying. Boards (not sometimes but all too often) have difficulty defining the future success of a company in specific outcomes. This is obviously a huge problem in regard to defining what is needed in a new CEO in terms of experience, skills and track record. But it is also a huge problem in regard to: 1. Holding management accountable for results. If there is no consensus on outcomes, how can there be clarity in regard to what is expected of management? 2. If the board has a lack of consensus or clarity in regard to what the value creation drivers are how can there be any assurance that the board is doing its job well in allocating capital and driving operating performance and longer-term shareholder value? Said another way, how can shareholders have any degree of comfort that the board is focused on the development of the full potential of the company? Without major value creation initiatives with measurable results there cannot have been a deep dive diligence process designed to identify the full potential of the company. If such a process is absent, then there must also be the absence of a value maximization governing objective. And if that is absent, what is the role of the board? #valuemaximization #corporategovernance #boardofdirectors #governance #shareholdervalue

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Most people won't know why ... but this is big! It's (more) evidence that AI datacenters are becoming Bitcoin mining companies, but also solving a real world problem - the spiky demand patterns that make it hard for grid operators to balance AI load, and which often result in AI companies forward-buying power they cannot use.

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