The influx of funding in defense tech could leave many startups left in the “valley of death” between initial funding and high expectations.

We talked to Anduril’s first investor on the harsh realities that set in between prototyping and deployment.

The economics of AI are getting harder to ignore. Uber went from over-budget to capping internal AI usage in roughly six weeks, which sparks a bigger question…can AI labs bring costs down fast enough to meet what enterprises and consumers are actually willing to pay?

While the AI fundraising machine keeps breaking its own records, some founders are building in the other direction.

Mirror founder Brynn Putnam just raised money for Board, a startup focused on bringing people together through in-person games and social experiences. Cyberdeck creators are going viral crafting whimsical DIY computers that literally encourage users to touch grass. Unlike the AI-free browser crowd, this doesn’t just feel like backlash, but also people genuinely gravitating toward things that feel a little more human.

On this episode of TechCrunch’s Equity podcast, Kirsten Korosec, Anthony Ha, and Sean O’Kane dig into the week’s headlines, from the “together tech” wave to what Anthropic’s confidential IPO filing means against the backdrop of Alphabet’s $80 billion AI raise, and whether the money is all flowing back to the big guys anyway.

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.

Chapters:

00:00 Intro

01:45 YouTubers are taking over the box office

02:46 Everyone’s fleeing climate tech — except this $250M fund

07:03 Impulse Space raises $500M and is hiring humans

13:03 Anthropic quietly files for IPO as Alphabet drops $85B on AI

21:52 The token bubble is starting to burst

26:08 From Board games to DIY cyberdecks, founders are betting on IRL

33:09 Outro