Happy Thursday.
This week, like many of you, I’ve been reflecting on implications of the SpaceX IPO - the biggest in history.
I have two broad reactions:
Wonder. This IPO makes Elon Musk the world’s first trillionaire (at least, on paper). It’s truly unfathomable how much money that actually is - this article from Morning Brew helps paint the picture well. The man could purchase entire countries or entire markets all by himself. Fun facts:
Only 21 countries have a GDP over $1 trillion.
If you made $84,000/yr - roughly the US median household income - it would take almost 12 million years to earn a trillion dollars.
With $1T, you could buy all the property in Houston for $879B (the nation’s 4th largest city), or all the new vehicles that were purchased by Americans in 2025 for $789B, or every single professional sports team in the world.
Excitement. In recent years, it’s been well discussed in venture circles how IPO volume has been depressed, which has made liquidity tight. This exit will lift the entire industry and, I expect, return a fund or two. More exciting for me personally, though, is the number of new angels this will mint. NY Times estimates some 4,400 new millionaires across both current and former employees. Add in all those benefiting from investment returns, and I think we’ll see a fresh wave of investors devote their time and newfound wealth to directly supporting the next generation of startups. Buckle up.
Now, on to today’s issue:
Angel Deals of the Week | 197 Deals, 106 Networks
Bookmarks I think you’ll enjoy
The best nugget from my conversation with Yaniv Sneor and Alex Pederson of Mid Atlantic Bio Angels about their recent analysis of nearly 1,100 deals over 10 years.
🔥 Angel Deals of the Week
Angel funding rounds announced in recent weeks, compiled from public sources or via direct announcement. These deals represent the elite few that survived an angel network’s vetting process. Note: I have not personally analyzed these companies and am sharing for informational purposes only.
📊 Angel Network Investment Tracker: 197 Deals, 106 Networks.
The Mended Company | Hand-printed textiles empowering survivors
Participating Group: Ambassadors Impact Network
The Mended Company produces hand block-printed home textiles (tablecloths, tea towels, napkins, and related goods) made by survivor artisans in South Asia who have been rescued from modern-day slavery. Founded in Dallas in 2020, the company says its model provides above-market wages and sustainable livelihoods for its artisan partners. The company recently secured investment from members of Ambassadors Impact Network, a faith-based angel group in Dallas, TX.
Mallory Martin | Dallas, TX | June 2026 | Source
Augmenteum | Liquid crystal optics for imaging systems
Participating Group: SideCar Angels
Augmenteum is developing liquid crystal-based active optics (optical components that adjust in real time to correct distortions and improve image clarity) for applications across AR/VR wearables, defense, drones, and advanced microscopy. The company says its technology enables dynamic aberration correction, wider field of view, and reduced jitter in compact optical systems. SideCar Angels participated in a recent SAFE round to support the Boston-based team.
Anand Krishnamurthy | Boston, MA | May 2026 | Exclusive
AGED Diagnostics | Genomic blood test for liver disease
Participating Group: Park City Angels
AGED Diagnostics is developing noninvasive blood tests for liver disease, including MASH (an advanced form of fatty liver disease) and liver fibrosis. The company says its platform stages fibrosis across the full disease spectrum and could reduce reliance on biopsies and imaging. According to AGED, roughly 90% of patients remain undiagnosed until disease has advanced. Park City Angels recently announced an additional follow-on investment to support continued development of the company's precision diagnostics approach.
Rachel Zayas | Bethesda, MD | April 2026 | Source
📣 Have an Angel Deal to Announce?
🔖 Bookmarks
🎙️ Everything is Recorded Now: Thought piece from David Haber, GP at a16z, on why the default is flipping to "assume you're on record" and the infrastructure implications.
🚀 In Case You Missed It: SpaceX just had a blockbuster IPO, and oh by the way, they're also acquiring Cursor for $60 billion in stock.
👑 The King Still Has the Crown, But: ChatGPT slipped to 46.4% market share in May, with Gemini and Claude continuing to gain ground.
🥇 The Nugget: My Top Takeaway from a Conversation with Yaniv Sneor and Alex Pederson
Angel-scale life science exits are about being acquired early, not growing big 🔬
Many investors assume that in biotech, bigger = better. Not so, at least from an angel’s perspective. If a life science company runs the full playbook - preclinical, three phases of trials, commercial scale - they’re often looking at 15-20 years and $500M+ in capital. By the time that exit arrives, early angel investors have been diluted into irrelevance, and the math just doesn't work. Yaniv and Alex walked me through how important this is to understand, and that this is why the Mid Atlantic Bio Angels model hunts specifically for companies that can generate enough compelling data to get acquired BEFORE they need to raise that kind of capital.
From Yaniv: "Almost always one of our first questions to the company is how much money do you think you're going to need to reach an exit... if we find out that it's more than $30 million or so, we tell them, you know, we think you're probably more of a VC opportunity than an angel investment opportunity.”
From Alex: “The more time, the more money, the more risk that you're going to hit one of those rounds where the new investors are going to squeeze the old investors.”
Takeaway: In life science angel investing, the trick isn't always picking the biggest idea; it's picking the one with a clear path to exit.
Want more? Check out my full conversation with Yaniv and Alex 👇
Listen now on Apple Podcasts, Spotify, YouTube, and more.
📈 More Member Engagement, Better Deals
Running an angel community is a grind, and it can be deflating when members don’t engage, deal flow is weak, and checks don't get written. There's a better way, and I'd love to show you how.
Until Next Week 👋
Thanks for reading - have a great week.
-Andrew
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