Upside is a weekly pod that looks at the global news headlines and works out what really matters for European tech, venture, startups and investing.With European VCs - Lomax Ward, Dan Bowyer and Mads JensenWhat’s on the docket this week:•SpaceX mega-raise / IPO noise: “what are you really buying?”•“Europe’s euro success”: North–South polarity flipping•China’s $1T+ goods trade surplus + what it means for Europe•US defence spend reality check•AI corner: chips, models, and AI bubble chatter00:44 — Is DeepMind a “UK business”?02:07 — Sovereignty is back baby!•In defence / strategic sectors, cap table sovereignty now affects outcomes.•Mentioned: UK rules requiring government consent in certain sectors (context: national security screening).03:18 — DeepMind × UK DSIT partnership•New partnership + UK research lab expansion; tied to the AI Security Institute and public services.06:20 — AI tutor moment (education-focused Gemini)•Vision: curriculum-grounded AI tutor as a once-in-a-generation lever for education.08:56 — SpaceX: IPO in 2026? Raise ~ $30B? Valuation talk: $1.5T•Why IPO now if private markets still open? Answer: scale + capital needs + timing.◦Starlink: fast-growing, high-margin connectivity “golden goose”14:18 — The “rest of the valuation”: orbital data centres thesis•Speculative upside: compute in orbit (solar intensity, cooling, vacuum data transmission).•Reality check: today’s revenue is tiny; power + mass constraints are brutal.•Europe lens: founder talent often needs the US ecosystem to build at this frontier.20:02 — Europe gets hit from both sides: US + China•US signals Western Europe is lower priority; more warmth to Central/Eastern Europe (per discussion).•China’s exports keep powering ahead; tariffs leak via third-country routing.25:45 — Musk vs EU + the single-market problem•Musk lobs political grenades after X/EU regulatory action (context: DSA).•Core structural issue raised: no true EU single market in financial services → higher friction + lost productivity.29:17 — Defence spending•Warning to VCs: commitments don’t equal budgets landing now.•Startup mismatch: defence procurement cycles vs 18–24 month funding cadence.32:19 — AI corner: “bubble” talk + positioning•Institutions trimming exposure at the margin, but not fleeing.•View expressed: still upside runway, despite concentration and risk-off hedging.33:44 — Europe W: Mistral open-sources DevStral 2 (coding model)•Narrative: Europe “back in the open-source game.”•Contrast: Meta reportedly leaning toward a closed model strategy (“Avocado” mentioned).35:23 — Chips geopolitics: Nvidia H200s, China domestic ramp•Thesis: export controls accelerate Chinese domestic chip ecosystems.•Mentions: Huawei Ascend; Moore Threads momentum (plus broader “self-reliance” logic).38:18 — Deal of the week: Unconventional AI — $475M seed

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