We have had a strong start to our Frontier Summit being held in East Sussex, UK. Big ideas, ambitious founders, and conversations about whats coming next. The setting, a Georgian country house surrounded by woodland, is hard to beat. We have filled it with some of the most interesting people in tech, science and finance. @InfinitasCap is always looking for those who see opportunities where others see problems. People prepared to challenge established industries and build things that have not existed before. Yesterday was a good reminder of why getting the right people in the same room matters. Looking forward to day two.

I am in the UK this week ahead of the @InfinitasCap Frontier Summit 2026, taking place next week in East Sussex. Also great to be catching up with @anilkseth , Professor of Cognitive and Computational Neuroscience at the @SussexUni , whose work is challenging how we understand consciousness and the human brain. Looking forward to introducing Anil at the summit next week, where we will be exploring interesting developments at the intersection of science, technology and investment.

When @ScottNolan , an early @SpaceX employee and partner at @peterthiel's @foundersfund, started looking into nuclear, advanced reactor companies kept telling him that their biggest obstacle was not regulation or technology. It was access to fuel. We spend a lot of time talking about new reactors, and far less about the infrastructure and supply chains they depend on. @generalmatter is taking on uranium enrichment, a less visible part of the industry, but one that could determine how quickly a new generation of nuclear capacity becomes a reality. It is also why we have been looking beyond the reactors themselves, at the businesses solving the bottlenecks that could otherwise hold the industry back. For an investor, understanding what could constrain growth is often a good place to start. politico.com/news/2026/09/27…

Spending time in Stockholm last week was a strong reminder of why we keep coming back to Sweden. Swedish households now have more wealth in equities than property. Retail participation is deep, smaller listed companies actually receive attention, and there is a much more natural relationship between venture capital and public markets. That matters when so many European VCs are sitting on good companies but struggling to find exits. We dont think the answer is simply to wait for the traditional IPO market to come back. Part of what we are building at @InfinitasCap and @reverioncapital is a route for good European growth companies to access the capital and liquidity that already exists in the Nordics. There is a lot Europe can learn from this region.

Arrived in Stockholm today. I’ve been quoted several times in the past by @Bloomberg on why I believe the Nordic capital markets - and Sweden in particular - offer the depth, flexibility and investor appetite that many of Europe’s other financial centres are lacking. For ambitious, capital-efficient companies looking to scale, this is a smart place to be right now. The infrastructure is here, and there is real appetite to back growth. Busy few days ahead. Looking forward to sharing more as the week unfolds.

The #psychedelics story got its mainstream write-up this weekend. I have been involved in this since it was unfashionable, so here is what I would add that the coverage tends to miss. What the market is still discounting is commercialisation. The assumption is that this sector has to build a delivery network from nothing: certified sites, trained clinicians, monitored dosing, payers willing to reimburse chair time. That build-out is done. J&J spent six years and a great deal of money doing it for Spravato, and there is now a national network of certified centres running supervised psychiatric dosing as ordinary business. It did around $1.1bn in the first half of this year. Those are the same rooms. The same staff, the same monitoring protocols, the same reimbursement plumbing, the same payer relationships. Psilocybin sessions run longer and the throughput maths is different, so it is not a straight copy-paste. But the genuinely hard part — persuading a health system to pay for a patient sitting in a clinic under supervision for most of a day — has been settled, by someone else, at their expense. Whatever gets approved next walks into infrastructure it did not have to fund. So the sector is carrying a risk premium for a problem that is largely already solved. That is the gap, and it is why we were early here. long $CMPS 🍄🍄🍄

The @FT puts numbers on the biotech M&A frenzy: 37 deals over $1bn this year — already past last year's full-year record — and $216bn total, nearly 2x on 2024. The driver is the patent cliff. Lilly's $3.8bn @ataibeckley buy was no one-off. giftarticle.ft.com/giftartic…

Two pieces this week get it right. @FierceBiotech laid out the "rising tide" case for why other big pharmas follow Lilly into psychedelics, and @CNBC called the @ataibeckley deal a "big buy signal" for the market. I agree with both. The reasoning is straightforward. As Evercore's analyst put it, the field needs multiple approved options to work, and once one asset succeeds the rest have an easier path. That's why a single large acquisition rarely stays isolated. Lilly's $3.8 billion for Atai is the biggest yet, following AbbVie's $1.2 billion for Gilgamesh last year and Otsuka's roughly $700 million for Transcend this spring. And with J&J's Spravato now doing $584 million a quarter, up 25%, the commercial case is clearly proven. If the rising-tide thesis is right — and I think it is — the question worth asking is who gets bought next. The likely targets share a profile: a de-risked clinical asset that the market is still pricing far too cheaply. I am betting on two names. @COMPASSPathway has the most advanced psilocybin program in the field, COMP360, in rolling FDA review and aiming for a 2027 launch — and for an asset that far along, the stock looks cheap. @Helus_Pharma Pharma, formerly Cybin, has strong DMT data in treatment-resistant depression that its valuation simply doesn't reflect. In both cases it's the gap between the asset and the price that makes them obvious acquisition candidates. fiercebiotech.com/biotech/ri…

Been waiting for this one. Alban wrote down why we got into @SpaceX when we did: $SPCX linkedin.com/pulse/spacex-ip…

Family offices in Germany and the DACH region still approach life sciences with caution. I see that as one of the biggest missed opportunities of our generation. Excited to make the case at bio:cap in Berlin on June 10, alongside Andreas Schmidt, Leo Wang and Angela De Giacomo, on "Family Offices and the Next Wave of Life Sciences Investment." We are watching several worlds converge at once: #biotech, precision medicine and diagnostics, but also prevention, #longevity, and increasingly the consumer side of enhancement and #lifestyle. AI is compressing timelines and cost across all of it. For patient, cross-generational capital, this is the ultimate impact investment, combining above-average returns with measurable, real-world benefit to people's lives. #Europe does not lack talent or science. What it lacks is risk appetite and capital deployed with conviction. If we want stronger innovation ecosystems here, family offices have a decisive role to play. Looking forward to the conversation in Berlin. During bio:cap , I am hosting a small dinner for Family Offices and High Net Worths interestd in biotech deals, DM me if you want to join.

What a show @Megan__Romano , and thank you for showing us what's possible with courage, hard work, and the help of science!

You nailed it! @enhanced_games is the first mover of an entire new category… in a few years, people will say it was obvious…

WE DID IT! What a show - congrats @C_Angermayer, @max_enhanced & the entire @enhanced_games team. $ENHA