Oxide's $445M Series D
Summary
Oxide announces its $445 million Series D raise, led by Eclipse, alongside the milestone of achieving profitability and paying taxes. The hosts discuss their strategy for selecting strategic and crossover investors, including AMD and Atreides, while reflecting on the company’s rapid growth and manufacturing expansion. They also address the Hacker News community’s reaction to the news, specifically debating the merits of their nine-hour interview process and explaining the tax implications of their net operating losses and R&D credits.
Topics discussed
Intro: Desk lights and Series D teaser
Steve's time off-grid at Hetch Hetchy
The 'Walk and Talk' announcement format
Why Oxide raised the Series D round
Investor dynamics: Early believers vs. new VCs
Crossover investors and the 'dorsal fin'
Meeting Atreides and the AMD strategic bet
AMD investment and announcement timing
Media coverage and the Hacker News reaction
Discussing profitability and privacy boundaries
AI-modified desk and privacy mishaps
Hacker News: The 9-hour interview process debate
Hacker News: Compensation and other comments
Tax optimization and R&D credits
NOLs, taxable income, and paying the IRS
Rebutting the 'Amazon wasn't profitable' argument
Debt vs. Equity: Why venture debt matters
Balance sheet strength and supply chain risks
Letters of credit and contract manufacturer risk
Covenants, lender relationships, and alignment
Home lab questions and storage economics
Share dilution, team equity, and final comments
Outro: Future seasons and public company goal
Listen ad-free on Castria