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🤖 @virtuals_io: opened the Virtuals App iOS beta, where AI agents watch markets and trade for their owners 🔐 @zama: passed $100M in Shielded TVL as confidential tokens went live on ERC-7984 🧠 @0G_labs: powered NeoSoul's TGE, minting 3M+ ERC-8004 AI agents on the 0G Chain 🌐 @ParticleNtwrk: cut Universal Accounts V2 integration to under 5 minutes for Privy, Dynamic and Magic 🚀 @ionet: processed 20B+ tokens in one day on OpenRouter, up from 3B daily in July 🌊 @Bedrock_DeFi: listed $BR on Bithumb's KRW market and lifted uniBTC reserves to 101.5% collateral ⚡ @kamino: passed $55M in fixed-rate loans and launched Confidential SOL Yield on NEAR 📊 @TheoriqAI: closed Q3 positive in both vaults after its AI diligence exited a weakening credit position Full writeup in thread 👆 or read at longhashvc.substack.com/p/po…

🧵 20 billion AI tokens served in one day, up from 3B in July. $100M crossed in shielded TVL. And one token launch minted 3 million AI agents onchain. Here's the full breakdown across the @LongHashVC portfolio 👇

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Institutions kept building the rails: → OKX added Circle, Ripple, QRT and SC Ventures at a $25B pre-money valuation → Bain Capital Crypto led $37.5M into bitcoin insurer Meanwhile → Samsung is bringing USDC to Galaxy Wallet in the US Full analysis → longhashvc.substack.com/p/eq…

The debt side of the trade: → About $1.8B of GPU-backed debt in one week (GMI Cloud, Lambda, Sharon AI) → Anthropic's public S-1 is still missing from EDGAR → OpenAI's revenue is reported nearer $50B than $70B, depending on how it is counted

Physical AI money chose brains, chips and data over bodies: → FieldAI, $700M reported (valuation unconfirmed) → General Intuition, $220M at $6.2B → SiMa AI, $150M at $1.45B → Mecka, $60M Series B led by Sequoia for robot training data

The agent stack grew four layers this fortnight: → Consumer: Instinct, $1B at $10B → Vertical: EliseAI, $350M at $4B → Offensive security: Armadin, $255.5M at $2.5B+ → Open source: Nous Research, $90M at a reported $1.5B

Instinct raised $1B at a $10B valuation for a personal AI assistant. Two days later GMI Cloud paired a $223M equity round with $445M of debt. Equity bought the agents. Debt bought the GPUs. Full breakdown: longhashvc.substack.com/p/eq… 🧵👇

On 8 Oct, during @token2049 week, LongHash Ventures hosted allocators, founders and robotics researchers from NTU, NUS and A*STAR for a private dinner in Singapore, with the Jelawang Capital team among our guests. Our view: capability is no longer the constraint in physical AI. Deployments are won on adaptation time and verified data, and that’s where the value sits. Thank you to everyone who joined us.

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🧠 @0G_labs: launched Compute Finance so digital assets pay for AI compute across 100+ models 🤖 @virtuals_io: put an Astra agent in control of a real humanoid, then talked AI money with Coinbase's CEO 🔐 @zama: passed $90M in shielded TVL days after opening 16 confidential yield vaults ⚡ @kamino: took Fixed Rates live on Solana and brought GPU-backed credit onchain via USDai 🚀 @ionet: framed the $31.6T AI buildout as a coordination problem decentralized compute solves 🌊 @Bedrock_DeFi: opened Optimism Splash Phase 3 with a 40% APR incentive stack through 12 Oct 🌐 @ParticleNtwrk: clocked Universal Accounts at nearly 2x faster cross-chain execution 🗝️ @LitProtocol: shipped Agent Keychain so AI agents use credentials without ever seeing them Full writeup in thread 👆 or read at longhashvc.substack.com/p/po…

🧵 An AI agent took control of a real humanoid robot for the first time. 3,800 onchain AI agents minted in seven hours. And idle crypto can now pay for AI compute directly. Here's the full breakdown across the @LongHashVC portfolio 👇

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Robotics and digital assets, same fortnight: → D-Robotics $400M Series C led by Mirae Asset, robot compute silicon. Siemens puts compute at 12% of humanoid cost, actuators at 62% → Unitree shipped a 22-DOF hand on 21 Sept, then sent four robots down the Vogue World Milano runway on 22 Sept → Zero humanoid companies in either US top ten, 4th fortnight running → Circle opened Arc mainnet with BlackRock, DTCC, ICE, Visa, Standard Chartered → ARK tokenized its $1.3B venture fund with Securitize on Ethereum → S&P Global led Kaiko's $110M with Nasdaq Ventures, BNP Paribas, RBC → CLARITY Act failed cloture on 15 Sept Full analysis → longhashvc.substack.com/p/th…

Where the AI money actually went across two weeks of US rounds: → Temporal $550M at $12.55B, agent orchestration → Cyera $400M, security governing humans and AI agents → Island $400M at $6.4B → Snorkel AI $350M at $3.2B on $375M ARR, training data and RL environments → Micro1 $100M+ at $4B, also training data → Factory $200M at $5B, software dev agents → Crusoe confirmed $3.9B at $30.9B Over $450M into training data supply in a single week. Almost nothing into new foundation models. Investors are buying the agent supply chain.

The physical build is where the hedging is happening. On 24 September Oracle sent a force majeure notice on Project Jupiter, a 2.45GW Stargate campus in New Mexico developed by a Blue Owl Capital unit. The trigger was not chips or models. An Energy Transfer gas pipeline slipped nearly six months to 1 Feb 2027 after regulators denied permits. Gigawatt announcements are forecasts about utility permitting. They are being repriced in legal language before they are repriced in headlines.

What the S-1 actually discloses: → $103.4B total contract value as of 31 Aug → ~85% from two customers → Microsoft ~$43.8B of compute through 2033 → Anthropic ~$44.6B, signed 25 Aug, Monarch campus, Vera Rubin NVL72 → The Anthropic deal is contingent on Nscale raising financing → Anthropic can cancel if Nscale misses milestones the filing calls "stringent" → H1 revenue $140.6M, net loss $1.02B First time one of these compute numbers is readable inside a registration statement. It has an exit door in it.

The AI prospectus everyone was waiting for arrived on 18 September. It was not Anthropic's. It was its landlord's. Nscale's S-1: $103.4B contracted, 85% from two customers, and Anthropic can cancel. Full breakdown: longhashvc.substack.com/p/th… 🧵👇