Two Series A rounds on Tuesday, both priced around $1.5B. • Arda (Bob McGrew, ex-OpenAI research chief): $160M at $1.5B. Already inside Anduril's manufacturing software • Eka Robotics (MIT + ex-DeepMind founders): $150M at $1.45B post. Robot hands that sense force Each sold roughly a tenth of the company. That's growth-round math with an A label. The price isn't the risk I'd underwrite. The next round is. A clean B usually wants a 2–3x step-up: $3–4.5B, earned on factory revenue, not résumés. From Dubai, this is the AI I'd rather own than another chat app. The Gulf is spending on factories and data centres. When an A is priced like a C, I ask one thing: what has to be true at the B? If the answer is "more of the same team," I pass.