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What the Sigma

What the Sigma

By: Grep News | Chad Stacks
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Daily finance and tech news for people who want the alpha mainstream coverage misses. What the Sigma reads the filings, runs the numbers, and surfaces what All-In, CNBC, and Bloomberg are too busy to catch. Hosted by Chad Stacks. We show our work. New episodes with every big fintech event. Hit subscribe if you want the angles before the consensus. Available on YouTube, Spotify, or Apple Podcasts. Learn more at https://grep.news© 2026 Tamez Labs. All rights reserved.
Episodes
  • Starlink earned $4.4B while xAI burned $6.4B at SpaceX

    Starlink earned $4.4B while xAI burned $6.4B at SpaceX
    May 20 2026
    Elon Musk just filed to take SpaceX, Starlink, xAI, and X public together at a two trillion dollar valuation, and the math only works because Starlink made four point four billion in profit last year while xAI lost six point four billion. The S-1 buries a four point two seven billion dollar quarterly loss and gives Musk eighty-three percent voting control with mandatory arbitration and class-action waivers, meaning if you buy shares you get zero ability to vote, sue, or propose anything. Existing SpaceX investors are calling the xAI and X acquisitions bailouts, but nobody can see the exchange ratios or valuations because the filing doesn't disclose them.
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    8 mins
  • Greg Brockman's $30B OpenAI stake just surfaced in court

    Greg Brockman's $30B OpenAI stake just surfaced in court
    May 18 2026
    A jury in Oakland just cleared OpenAI to go public at a trillion-dollar valuation after rejecting Elon Musk's lawsuit in under two hours, and now two rival AI companies might hit the market within weeks of each other. Musk wanted 134 billion dollars and tried to unwind OpenAI's entire for-profit shift, but the jury ruled he waited too long to sue—he knew about the restructuring back in 2017 but didn't file until 2024. The wild part nobody's talking about: OpenAI still burns cash despite 20 billion in revenue, Greg Brockman's stake is worth 30 billion dollars, and xAI could beat them to Nasdaq as soon as June 12.
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    7 mins
  • The $40B unsecured bridge loan matures in Q1 2027 forcing an OpenAI IPO

    The $40B unsecured bridge loan matures in Q1 2027 forcing an OpenAI IPO
    May 13 2026
    SoftBank just reported the biggest profit in Japanese corporate history and basically all 32 billion dollars of it is an unrealized gain on OpenAI shares that can't actually be sold because the company is still private. They funded the whole thing with a 40 billion dollar bridge loan that expires in about 12 months, which means OpenAI's IPO isn't happening when Sam Altman feels like it anymore—it's happening on SoftBank's lenders' timeline or this entire structure starts to unravel. They sold off massive chunks of T-Mobile and NVIDIA to go all-in on a single private AI bet they're now considering using as margin collateral, and if that sounds like Archegos with extra steps, that's because it kind of is.
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    8 mins
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