Patrick Ryan
Co-Founder @ JoinOdin
15 May 2026Nebius Earnings, Fractile $220M, Orbital Data Centres, Recursive $4.6B, Metaview Sponsor
Patrick Ryan (Odin) on Anthropic's SPV Statement
Returning guest Patrick Ryan of Odin breaks down Anthropic and OpenAI's same-day help-center statements declaring unauthorized share transfers void, sorting those affected into frauds, multi-layered SPV holders, and legitimate shareholders. He explains how most secondaries actually work via forwards and contracts for difference, the Section 12G shareholder-count trigger, why companies are cleaning up cap tables ahead of IPOs, predatory retail products like Solana "pre-stocks," whether late-stage giants should simply be public, and how hype-driven capital allocation leaves value in non-AI sectors like robotics, bio, and energy.
Town Square: Beijing Trip, BYD's Jumping Wheel & GC's Robot Dog Tease
In the town square, the hosts cover Musk and Jensen Huang flying to Beijing with the CEO delegation, Musk's joke that only he and Jensen were on Air Force One, and his hourly tweeting habit, before debating whether a leather jacket or turtleneck makes a proper founder "statement piece." They react to JerryRigEverything's video of a BYD hopping over curbs on its wheels and begin watching General Catalyst's viral Woof AI robot dog pitch video before pausing for the Nebius interview.
Roman Chernin (Nebius) on Q1 Earnings & the Token Factory
Nebius co-founder and CBO Roman Chernin walks through the Q1 2026 results—ARR up 674% year over year, AI cloud EBITDA margin near 45% after nearly doubling quarter on quarter, and contracted capacity exceeding 3.5GW—and explains the four-plus customers queuing for every GPU brought online. He details the full-stack strategy from greenfield gigawatt data centers up through the cloud to the Token Factory managed inference platform, frames the Agen AI and Clarify acquisitions as engine plus aerodynamics, touches on robotics in data centers and enterprise expansion, and previews the agentic layer following the Tavily deal.
General Catalyst's Woof AI Video & the a16z Pile-On
After recapping Nebius's standout numbers and teasing Justin Jin's upcoming Giggles segment, the hosts return to General Catalyst's 55-second Woof AI robot dog ad that made it to trending. They rewatch the video, discuss the theory that the bald "GC" actor is styled after Marc Andreessen, a16z's string of mocking quote tweets ("I have no words" followed by many more posts), and pile-ons from figures like Martin Shkreli and Elizabeth Holmes. Part 1 ends mid-discussion.
17 Apr 2026Allbirds Does AI, Snap Layoffs, SovAI’s £500M, Jensen Not A Loser, UK Stablecoins
Patrick Ryan (Odin): Delaware Expansion + VC Trivia
Patrick Ryan, co-founder of Odin, joins for a segment on the show's VC trivia game. He discusses Odin's Delaware expansion and rebrand for cross-Atlantic venture fund administration, the hot secondary market and private-company access tokens, UK versus US fund regulation, then competes in a true-or-false quiz on round sizes, solo founders, and founder age.
24 Oct 2025etn. Episode 4
Paddy of Odin: Secondaries, SPVs & the IPO Market
Paddy of Odin, software for running angel syndicates, VC and PE firms, describes the opening pre-IPO market: late-stage SPVs and secondaries in names like Stripe, SpaceX and the big AI companies, plus JP Morgan's acquisition of Industry Ventures. He covers Figma's IPO, prospective listings like Revolut, Klarna and Kraken, LPs' hunger for liquidity given low DPI, and his skepticism about 'democratization' narratives and layered SPV fees. He also reacts to Robinhood's tokenized private-company shares that OpenAI and Anduril objected to, and discusses tokenization, stablecoin rails versus Wise and Revolut, and proposed changes to accredited-investor rules.
Odin's Roadmap, AI Roll-ups & Waymo vs Tube Drivers
Paddy lays out Odin's roadmap — automating SPV and fund administration with LLMs and geographic expansion — and the group debates AI roll-ups and entrepreneurship by acquisition. He describes the software consolidation phase, citing Bending Spoons' model with Evernote, Meetup, WeTransfer and Vimeo, and lending against ARR, while cautioning that services value rests on human relationships, as his bot email experiment showed. The chapter ends with his viral LinkedIn shitposting, the take that Waymo will reach London before the tube is automated, and a plug for UK progress organisations like the Centre for British Progress.