Ken Griffin made a $3 BILLION gift to Carnegie Mellon University, the largest individual gift in American higher education history and for a Miami, Florida campus!!! And the centerpiece is extraordinary: $2 BILLION to build a new 35-acre Carnegie Mellon campus in Miami. CMU Miami is expected to ultimately serve 3,500+ students, nearly 300 faculty and 600+ staff, with graduate students arriving as early as 2028. For those who don’t know @CarnegieMellon Carnegie Mellon is one of the great technology universities on Earth. Computer science. Artificial intelligence. Robotics. Engineering. Design. Advanced manufacturing. CMU has spent decades sitting at the intersection of science + technology + entrepreneurship + the real economy. And that’s why this matters so much. Miami’s next chapter cannot simply be measured by how many companies relocate here. The real measure is whether we build the institutions that continuously produce talent, research, intellectual property, founders and entirely new industries. CMU Miami can become one of those institutions. The planned campus will focus on enormous real-world challenges including AI, human health, national security, energy, climate resilience and industrial innovation, with research labs and venture studios designed to connect academia, industry and government. Think about the economic flywheel this can create: Talent → Research → IP → Startups → Venture Capital → Companies → Jobs → More Talent. And this doesn’t happen in isolation. Miami already has extraordinary higher-ed anchors. @univmiami brings world-class research, medicine and scholarship. @FIU has become one of America’s most consequential large public research universities and an enormous engine of upward mobility and talent. @MDCollege is arguably one of the most important workforce and access institutions anywhere in the country. CMU doesn’t replace that ecosystem. It makes the ecosystem more powerful. Imagine the collaborations. Joint research. Faculty networks. Shared talent. Startup formation. Industry partnerships. National-security innovation. AI commercialization. Students moving between classrooms, laboratories, companies and venture studios across South Florida. That is how regional economies compound. And we should also acknowledge something important: This will be a journey. Buildings don’t create innovation ecosystems. People do. It will take years of recruiting extraordinary faculty, attracting students, connecting with existing institutions, earning trust in the community and translating research into companies and jobs. But today the ceiling of what Miami can become just moved higher. For years we’ve talked and worked on Miami becoming one of the world’s great centers for technology, entrepreneurship and innovation. Increasingly, the institutional infrastructure is catching up with the ambition. And perhaps the most exciting part: This isn’t simply a Miami story. It’s a Florida story. A world-class technology university planting a major flag here strengthens Florida’s ability to compete for the scientists, engineers, founders, companies and industries that will define the next 50 years. Capital moves fast. Companies move fast. But universities build civilizations. CMU coming to Miami is a very, very big deal.

“Create an image of what the world would look like if I were in charge, based on my tweets.”

We are thrilled to announce $1.6B of new early stage capital to back founders building for a Post-AGI world. It's never been a better time to build a highly ambitious company. For the first time, AI can do the work, which means tapping into labor budgets instead of just software budgets. Chips, energy, physical AI, robotics, and personal software are all exploding. We want to hear the most ambitious ideas. In a time of rapid change, there is wisdom in heritage. While Bain Capital is large today, approximately $225B in AUM across its many strategies and geographies, the firm began with just $37M in 1984. In 1987, the early partners sat down to codify their principles for running the firm into a simple mantra. In 2026, we feel that mantra is the right one for an investment firm at the beginning of technological revolution: Make Money. Have Fun. Live with Integrity. We are ready to go!

Make money. Have fun. Live with integrity. Everything else can change. Fund XI. $1.6B total capital for those who know that it will.

We’re sharing a solution to the Navier-Stokes Millennium Prize Problem, one of the deepest problems at the frontier of mathematics. The proof was produced by a group of agents, using an OpenAI next-generation model significantly more capable than GPT-6 Astra. The problem concerns whether the description of smooth three-dimensional fluid motion modeled by the Navier-Stokes equations can break down. It has remained unresolved for roughly 90 years.

I partnered with Standard Metrics @metrics_co to dig into their latest Rule of 40 data across 1,377 venture-backed private companies with $1M+ in revenue Only 27.9% actually clear the Rule of 40, and 89% of those companies get there primarily through growth. Just 3% of the entire sample are profitable operators clearing the bar through margins. So while the Rule of 40 is often framed as a balance between growth and profitability, that’s not really what the private-market data shows. The full breakdown: - 24.9% are high growth + Rule of 40, - 3.0% are profitable + Rule of 40 - 23.7% are high growth but burning too much - 48.4% are low growth + below Rule of 40. The efficiency data is even more interesting. Rule of 40 growth leaders spend a median 28.9% of revenue on sales & marketing, compared with 57.2% for high-growth companies that fail the Rule of 40. In R&D, the winners generate ~5.5 points of revenue growth for every point of revenue spent, versus just 1.4 for companies below the threshold. But clearing the Rule of 40 isn’t necessarily durable. Only 37% of the top growth cohort stayed there 12 months later, while 36% fell all the way into the bottom zone. Meanwhile, 60% of today’s top companies weren’t even in the top zone a year ago. AI makes the comparison even more extreme: AI companies in the top zone are growing a median 307% with -45% EBITDA margins, versus 117% growth and -9% margins for non-AI companies. Growth still matters enormously, but efficient growth is what separates the best companies, and tracking the metric over time matters far more than a single-quarter pass/fail. Full analysis of all 1,377 companies 👇

Last week, we announced that Standard Metrics raised a $20M Series B led by 8VC. I first met the team at 8VC back in early 2020 when I was still an investor, and we had immediate vision alignment around how software would transform the private markets in the decade to come. The team at 8VC had experienced similar challenges around portfolio management as I had at Spark, and they built their own internal system. That system ended up turning into a company called Quaestor, which we renamed to Standard Metrics in 2022. We grew that idea into a real platform, closed our Series A, and kept building. Then two years ago, AI made a bet obvious to us that wasn't obvious to everyone: portfolio management needed an AI-native rebuild. So that's what we did. Last week, that bet got a lot more fuel behind it. We've grown 20X since our Series A, and we now support over 10,000 portfolio companies and 150 firms managing more than $400B in AUM on our platform. I'm incredibly grateful to our amazing team that has worked hard through market booms and busts to take us to where we are today. I'll share a link to our blog post in the comments. Please reach out if this resonates with you, or if you want to talk about how the private markets will continue to evolve with AI in the years to come. @metrics_co @8vc @JTLonsdale

Last week, we announced that Standard Metrics raised a $20M Series B led by 8VC. I first met the team at 8VC back in early 2020 when I was still an investor, and we had immediate vision alignment around how software would transform the private markets in the decade to come. The team at 8VC had experienced similar challenges around portfolio management as I had at Spark, and they built their own internal system. That system ended up turning into a company called Quaestor, which we renamed to Standard Metrics in 2022. We grew that idea into a real platform, closed our Series A, and kept building. Then two years ago, AI made a bet obvious to us that wasn't obvious to everyone: portfolio management needed an AI-native rebuild. So that's what we did. Last week, that bet got a lot more fuel behind it. We've grown 20X since our Series A, and we now support over 10,000 portfolio companies and 150 firms managing more than $400B in AUM on our platform. I'm incredibly grateful to our amazing team that has worked hard through market booms and busts to take us to where we are today. I'll share a link to our blog post in the comments. Please reach out if this resonates with you, or if you want to talk about how the private markets will continue to evolve with AI in the years to come. @metrics_co @8vc @JTLonsdale