Founder and Managing Partner of TenSquared Capital - @10SQFund Investing In The Web3-enabled Attention Economy
Los Angeles
Joined April 2012
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Stan Miroshnik retweeted
Microsoft Builds! SUNO on Fire, AI Roll Up Roll Ups, Mysterious Data Centers teapaw.org/i/broadcasts/1RKZzzyzv…
Stan Miroshnik retweeted
I was stuck in traffic in an Uber. Two hours. Couldn't move.
I realized the driver was the same one I'd had months ago.
Back then, I'd told him about AI music and showed him a song. He loved it.
Six months later, in that traffic jam, he reminded me. Then he said: "So I started playing around with it."
He played us the best music. This incredible vibe of meshing two cultures. Unbelievably fabulous.
It kept us interested the entire time we were stuck.
That's AI spreading. That's an artist thinking: "Now we've got AI, what do we do with it?"
Not "AI is going to take my job."
It's "I got to use AI. I got to be a better musician."
AI is just the new guitar.
Some artists will resist it. Some will master it.
Those who master it will create things we can't yet imagine.
By the way, that driver? He's proof that AI democratizes creativity. Anyone with curiosity and access can make something extraordinary.
Stan Miroshnik retweeted
Martin Shkreli decides to open a Pumpfun account, goes live on X, endorses a few tokens, and eventually decides to launch one himself.
He starts preparing the launch live while more than 30,000 viewers are watching and decides to launch $CITRINI.
This sniper wallet: Cg3GP8ZGDCqydaKxKVMYnBVfaHWXNKgvZAUyNiXEFCqc, had a sniper set on Martin’s dev wallet and paid a 67 SOL tip (~$6,500) to make sure it would be the first tx.
The sniper then managed to buy around 35% of the supply, for roughly $3,000.
That same sniper wallet eventually made more than $250,000 dumping on all other snipers and people following the live.
Genius.
Stan Miroshnik retweeted
Dr. Dre Says the Only People Who See AI as a Threat Are Those 'Who Have Trouble Creating' variety.com/2026/music/news/…
Stan Miroshnik retweeted
DISPATCH FROM NORTH DAKOTA -->
This week we visited Applied Digital's $APLD Polaris Forge 2 site in Harwood, ND and were very impressed by the sheer scale of the operation. Parking lot overflows, school bus shuttles across the campus and an endless sea of hardhats gave us a greater appreciation for what the company has constructed in just ~11 months.
Our day began with a company presentation and Q&A with management, where key topics included 1) the anticipation of higher yields and pricing on upcoming leases, with management guiding to 15-20% higher pricing on new deals, 2) the regulatory, power, and climate advantages of building in North Dakota, where sites may carry greater terminal value than Tier-1 markets given superior ability to scale and customer preference to co-locate training with inference, 3) the ~1.7GW of gross capacity currently being marketed, split between expansions with existing customers and potential new logos, and 4) management's belief that contract structure (SLA terms and caps), not initial headline yields/pricing, will determine realized returns over a 15-20 year lease.
From there we headed to the PF2 site, where we toured several data halls, viewed the backup power generation, and saw the substation under construction. Walking the site and speaking with the Campus Director left us with a few takeaways: 1) the company is prioritizing high-quality equipment from established US partners, and has scaled into a large enough buyer to place purchase orders well ahead of needs, 2) learnings from each data hall are being applied to the next room and future sites, which can accelerate deliveries and lower costs, and 3) the standardized base build creates a repeatable playbook the company can deploy across future developments, with customization limited to the tenant-specific requirements in the data hall.
Our Take: We think the market continues to undervalue the entire BTC to AI pivot cohort, ascribing little terminal value to signed leases and minimal credit to future pipeline, and APLD is a poster child. The company has already contracted 1.4GW of CITL with an expected base term lease value >$35B (up to $86B if all renewals are exercised), all planned for delivery by 2028 and to ~70% IG customers.
With only ~100MW operational today, APLD is in an execution window where construction delay risk may outweigh the upside from new lease announcements. However, walking the site and speaking with the team gave us confidence that the projects are tracking to plan and that management is building something repeatable, a platform that is capable of converting powered land into operating data center capacity at scale in a region where each incremental campus makes the next customer easier to land (management sees a path to 500MW of incremental deliveries annually through 2031). With >1.5GW currently being marketed, we expect proven execution to improve credit terms and free up equity at refinancing, grinding APLD's multiple higher as the company moves from a few individual assets into a compounding platform.
On the topic of rising "NIMBYism" against data centers across the US, APLD's relationship with its local communities stands out. Construction workers on site are earning six-figure incomes on average, materially lifting the surrounding economy through standing up new businesses, and management has been deliberate about reinvesting in the towns it operates in, funding schools, parades and local recreation (pickleball courts). At Ellendale, the tax base is going from ~$400K a year to nearly $4M, enough to fund schools and emergency services at a level the community could not previously contemplate, while drawing back residents who had left the area for work. In a sector where community opposition is a key risk to permitting and expansion, we view this goodwill as a real asset, and is one reason why management sees further runway to scale each of its existing campuses.
More to come in the next monthly.
H/T Griffin MacMaster
Stan Miroshnik retweeted
Really interesting parallel from Ben, comparing Google to Berkshire Hathaway.
He says Google's search business is See's Candies. Its AI bet is Berkshire's move into the railroad:
"They have See's Candies. Tremendously high margin business.
The problem with a lot of high margin businesses is the percentage profit you can make is very high, but the absolute profit is small.
So the brilliance of the BNSF Railway thing was they took the See's Candy profits and said, here's another industry whose margins are worse, but the absolute dollar amounts are so large that those worse margins result in absolute profits that are much larger.
BNSF in one year threw off more free cash than See's Candies had thrown off in its entire lifetime.
The reason why I find that story so interesting is it seems to capture where Google itself might be going.
This unbelievable high margin business of search, one of the most perfect, beautiful business models of all time.
And meanwhile there's this AI opportunity which requires astronomical spend. It's a cash incinerating machine.
But if AI is intelligence and its TAM is basically all white collar work and eventually more, the margins are lower but the absolute profits available are much larger.
Will we look back and say Google was See's Candies? It feels like that's happening.
In that world, you use all your free cash flow. They've done that. You tap the debt markets to the tune of hundreds of billions of dollars. They've done that.
You issue equity. What does an equity issue do? It dilutes your interest in your shareholders. So you have a smaller percentage of the pie.
Well, you have a smaller percentage of an astronomically larger pie. At the end of the day, no one's going to be complaining.
Berkshire is actually not just an investor in Google, but a model for Google and where they're going."
My conversation with @benthompson. Ben has been writing Stratechery for over a decade and remains one of my favorite business thinkers.
We covered a lot. Every important company in the industry and the forces acting on all of them.
- Why he thinks it would be problematic for the US to win the AI race
- Will we run out of money to fund AI
- Google becoming Berkshire Hathaway
- Why ads are amazing
- TSMC, Intel, and Samsung
- Nvidia's invisible price cuts + biggest competitors
- Microsoft, Amazon, Apple, and Meta
I love talking to Ben about everything happening in markets and technology. Enjoy!
TIMESTAMPS
0:00 Intro
0:59 America and the AI Race
8:26 AI’s Funding Problem
15:31 AI’s Capabilities and Limits
20:30 Aggregation Theory, AI, and Ads
31:10 Compute, TSMC, and Intel
47:31 Amazon and Apple’s AI Moats
54:43 The Frontier AI Players
74:07 Nvidia and Commoditized Intelligence
82:52 What Survives an AI Bubble?
Stan Miroshnik retweeted
“From “The Puerto Rico Song” to viral text-to-song moments, Suno has been behind some of the summer’s biggest music moments. As Bloomberg writes, “all of this has led to huge increases in downloads,” making Suno “the most popular music app in Apple’s store for a few weeks, surpassing Spotify.”
Check out the full feature:
bloomberg.com/news/features/…
Stan Miroshnik retweeted
Many of you haven't met me and just follow me here on X.
This is my first podcast as I'm a solo GP and way too busy to do media.
I cover:
- what its like to be a VC in this space
- how we pick what to invest in
- which founders typically win
- how the VC industry actually works
If you want to get a sense of @breed_vc and more in depth on who I am it's worth a watch.
Thanks @gate_ventures for having me on.
Welcome to the second episode of the Gate Ventures Podcast!
Our Partner Jeremy Wallis @Fintechblocks with Jed Breed @JedBreed, Founder of @breed_vc, to discuss his 13-year crypto journey—from mining Bitcoin and launching USDC at Circle to building Breed VC. They also explore the evolving token landscape, founder qualities, and the future of TradFi and DeFi.
🎧 Now available on YouTube and Spotify!
🔹 YouTube: youtu.be/0bJbn8kcaok
🔹 Spotify: open.spotify.com/episode/6ZM…
——
🔑Key takeaways:
✅ Jed's 13-year arc: MIT mining days → Circle/USDC → Accomplice DeFi fund → Breed VC
✅ Is AI the new 2021 bubble? "Anthropic is basically saying they're building God" — and why crypto is the contrarian play
✅ Founder psychology: grit, trauma, and the "revenge founder" archetype — why a chip on the shoulder beats a comfortable past exit
✅ RWA thesis: tokenizing equities, pre-IPO shares (SpaceX at $1.75T), mineral rights, power contracts
✅ What tier-1 VC backing actually signals to retail — and 3 metrics to always check: token float, lockup schedule, social media authenticity
——
#Crypto #DeFi #VentureCapital #Web3 #RWA #Bitcoin #AI #BreedVC #GateVentures
Stan Miroshnik retweeted
Ok now I’m getting on my soapbox and let’s call this what it actually is:
OpenAI, Anthropic, SpaceX and the broader unicorn ecosystem spent YEARS building quasi-public markets because it benefited them enormously:
-inflated valuations
-employee liquidity
-insider cash-outs
-perpetual fundraising
-hype cycles
-media signaling
-and public-market style price discovery WITHOUT public-market disclosure obligations
The entire game was engineered around dancing on the edge of Section 12(g) of the Exchange Act.
SPVs
Nominee holders
Forward contracts
Synthetic exposure
Transfer restrictions
Feeder vehicles
“Access” products
All designed to get the benefits of being public while avoiding the responsibilities of being public.
And now, after years of insiders getting rich off this gray-market ecosystem, suddenly they want to control who gets access, who gets liquidity, who can transfer, who gets information, and who gets to participate.
Sorry. That’s bullshit.
You created the monster. You fed the monster. You pumped valuations using the monster. You allowed insiders and connected funds to monetize the monster.
Now outsiders finally show up and suddenly everyone wants to pretend private markets are some sacred country club?
No. The entire structure was intentionally designed to avoid the spirit of Section 12(g) while still harvesting public-market dynamics.
And this is EXACTLY why Congress created 12(g) in the first place — because companies were effectively becoming public without disclosure, transparency, or equal treatment of market participants.
We already saw this movie with Facebook, SharesPost, SecondMarket, and the pre-IPO secondary boom. The SEC literally warned about this exact trajectory over a decade ago.
You cannot spend 10 years manufacturing quasi-public liquidity and then suddenly scream “private company!” once the market becomes inconvenient for insiders.
Stan Miroshnik retweeted
Not many predictions, just a reiteration of a few core ideas:
> Stop trying to look into a crystal ball. Be present and understand what’s happening now. If you understand the present, you can see the future
> Markets are not cheap and there’s a lot of hype. Everyone’s high on techno optimism and confusing skepticism with pessimism. When things are priced to perfection it leads to disappointment (and capital destruction)
> You can’t escape mean reversion
> Crypto is in its adoption phase. 2025 was about legitimacy; 2026 is about exponential adoption - but not exponential prices
> Prices will lag adoption. The Nasdaq fell ~80% from its peak and took 15 years to recover, while internet users grew ~7x over the same period
> Crypto prices eventually recover once we have ~10x more active users (at least 500 million)
> We’re facing an affordability and loneliness crisis. Understand that, and clear themes and investable areas emerge
> Capital preservation is key. Wait for the fat pitch. It usually comes with forced sellers. That’s not today. People feel the pinch, but markets have delivered a phenomenal decade
> You don’t have to bet. You shouldn’t play every hand you’re dealt.
> Go deep on supply and demand dynamics. It’s surprising how few people can explain businesses through this lens. In crypto, we have an oversupply of blockspace and insufficient demand. Prices won’t break new all time highs until that happens
> Competition is for losers. Avoid highly competitive industries. Focus on niche areas, find PMF, and dominate. First-mover advantages are overrated. Read Zero to One
> “Commodity” products can still earn a premium. Anyone who disagrees hasn’t walked through a supermarket: it’s Tide, not detergent; Kleenex, not tissue
May 2026 be a great year for you all!
Stan Miroshnik retweeted
In the @10SQFund September research note, we explore the connection between the Attention Economy and Web3. As adoption increases, this rapidly advancing market is poised to become a major driver of Web3’s growth, much like how blockchain has been transforming global finance.
tensquared.com/research/rese…
Stan Miroshnik retweeted
Everyone is sleeping on @checkercorp. One of the fastest growing fintechs ever.
@breed_vc is proud to have seeded @jackchong_jc and team.
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Stan Miroshnik retweeted
THE TELEGRAM NETWORK STATE?
The Telegram TON IPO could be important.
Mainly because they get the importance.
But first...ok, yes, what got announced it isn’t technically a Telegram offering, nor is TON formally issued by Telegram, nor is it really even an IPO. To be precise, what just launched is a crypto treasury company called VERB that holds $500M+ of TON, which is a coin issued by a foundation that was once formally affiliated with Telegram and then became independent but is now affiliated again.
Got all that? But these are really just implementation details. The offering could be important[1] simply because (a) Telegram has a billion users, and (b) TON is now the official coin of those billion users, and (c) Telegram can now officially partner with TON because (d) crypto is now fully legal.
So, the potential is clear. Though it was a long and arduous struggle between network and state to get here. Let's review.
(1) First, Telegram fought the law and the law…did not win. Briefly, Telegram created TON back in 2018, but an SEC injunction made them turn TON into an independent foundation. However, after the recent democratically-mandated defenestration of Gary Gensler, we saw the regulatory state capitulate and TON reintegrate with Telegram.
(2) Next, the French state fought Pavel Durov and that state…did not yet win. Briefly, some French prosecutor came up with a fake case against Durov and grabbed him off a plane. This destroyed @emmanuelmacron’s ambitions to make France “startup friendly”, because investors just avoid France now after Durov's illegitimate prosecution.
(3) The UAE has intervened on Durov’s behalf, and he’s now reportedly been let out of house arrest to return to Dubai. If justice still exists, then Durov should beat his case, just as Trump beat his own political prosecutions. In part that's because the case is predicated on the ridiculous idea that Durov is personally responsible for every message sent by the 1B+ users on his platform. That’s like holding Macron personally responsible for every crime committed by 67M Frenchmen. It’s just an unrealistic demand for a zero-crime digital environment, by a French state that can’t itself control crime at all.
(4) Anyway, the real reason the French state is going after Durov is the same reason the Blue American state went after Elon and the Chinese state went after Jack Ma. It's because men like Durov are genuine leaders, and their growing strength scares bureaucratic incumbents.
Because if there was a technodemocratic[2] plebiscite held, the billion users of Telegram could produce more votes (and hence more democratic legitimacy) for the popular Durov than the 67M French would for the unpopular Macron. The enormous popularity of the heads-of-network means they could become not just more competent but more legitimate than heads-of-state. This is one part of what the bureaucrats (instinctively, inarticulately) fear.
(5) The other part is that that a fusion of a messaging app and a cryptocurrency allows something even bigger than a social network to emerge. With communication + AI moderation + crypto transactions, you have something more like a digital economy, one that bureaucrats can't control. Which is the other thing bureaucrats fear.
(6) Of course, all that is predicated on actually getting a Telegram coin launched, and making it tradeable, and allowing it to formally integrate with the app. And all that was fought by various states for the better part of a decade, and now all that resistance is finally melting away, seven years after the whole TON thing began.
Anyway, so that's why this is interesting to me. Founders like Durov built networks the size of countries, and finally have currencies to match. And as you can see from the video below (from the President of TON Foundation) and the tweet below (from the founder of Telegram), both Telegram and TON are well aware of the potential. They see the beginnings of a cloud country...a network state, if you will.
They see the importance.
Stan Miroshnik retweeted
i think all of you are wrong about pumpfun btw
(going to go back to max shilling bitcoin after this post but this needs to be said)
there are very few teams and founders in crypto that actually build anything that has any impact. it’s actually really hard and not easy at all
you guys can hate as hard as you want, oh but there are so many bundled scams, oh but alon isn’t good with interviewing live in front of 40,000 people that hate him, oh but they’re extractooooors, oh but other launchpads have revshare, bla bla bla give me a break
if you zoom out, this is a once-in-a-lifetime team that changed the landscape of crypto completely. the greatest testimony to how big their impact was is that you den of degenerates can’t even remember what things were like before
let me tell you, they were way worse, with all attention going to serial ruggers like ben.eth and later the presale meta, that basically only gave any shot at all to huge influencers (and then they rugged you), pumpfun team noticed the trend, saw it had potential, and restructured the entire game
yes it’s still a casino, yes almost everyone lost money, but it was a more fair casino than before and way more scalable and people had way more fun. also onboarded way more people
noticing that something has potential but is currently broken, and then actually finding a way to make it 100x better, and then figuring out how to get people to actually adopt it, and then turning it into the meta of the cycle, is not easy, and almost no team in crypto pulled that off, ever, period
so ok, maybe the game has changed. maybe they’ll need to reinvent themselves completely (maybe not wtf do i know), maybe people are sick of memecoins (ugh finally), whatever, the point is that this is one of the handful of teams that proved themselves in this space, i think that $2.5B is quite simply a reasonable valuation for a team of that caliber as long as you can hold and wait and actually want to support (if you’re trying to flip this in 3 hours then i have no fucking idea what to tell you)
that’s it, believe it or not i’m hyper-focused on bitcoin and on taproot wizards so i’m not actually long pumpfun (don’t want to get distracted and check the price every day like the rest of you degenerates) but i just think you guys are giving them way too much shit
