SpaceX Phone, U.S. Stake in OpenAI, Jersey Mike's IPO | Andrew Collins, Vipul Ved Prakash, Isaiah Taylor, Dean Ball, Rob Toews, Tuhin Srivastava

July 2, 2026

AI Summary

5 min read

SpaceX Phone, U.S. Stake in OpenAI, Jersey Mike's IPO

The July 2, 2026 episode of TBPN covered a wide range of developments, from OpenAI reportedly offering the Trump administration a 5% equity stake to SpaceX showing investors a prototype of an AI-focused smartphone. The conversation also touched on Jersey Mike's IPO, the digitization of federal retirement processing, and a series of interviews with CEOs and analysts that together painted a picture of an AI industry grappling with questions of nationalization, open source regulation, and the shape of the next computing platform.

OpenAI's 5% Stake and the Nationalization Debate

The Financial Times reported that OpenAI is in early talks to give the Trump administration a 5% equity stake in the company, with other frontier AI labs potentially following suit. The context: doing business with the Trump administration has worked well for some companies (Intel's stock is up roughly 400% after a government stake) and badly for others. The proposed vehicle is the "Trump Accounts," which could facilitate equity transfers from corporations to average Americans.

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What you'll learn

1 (00:32) **Fable 5 Release and AI Safety Debate** - Discussion of Fable 5's release, potential "nerfing" for safety, and the broader debate over unfettered vs. regulated AI.
2 (02:39) **OpenAI Proposes 5% U.S. Stake; Nationalization Debate** - Financial Times reports OpenAI is in early talks to give the Trump administration a 5% equity stake, sparking debate on nationalization.
3 (11:01) **Jersey Mike's Files for IPO** - The sandwich chain files for an IPO seeking a $12 billion valuation, a 50% markup from its acquisition by Blackstone last year.
4 (14:13) **OPM Digitizes Federal Retirement Process** - The Office of Personnel Management ends its paper-based retirement system, which previously took up to six months to process.
5 (19:14) **SpaceX Prototype Phone Rumors** - The Wall Street Journal reports SpaceX showed investors a prototype of an AI-focused, slimmer-than-iPhone handset during its IPO roadshow.
6 (27:14) **Big Boogie Declines College Marching Band Scholarship** - The Wall Street Journal reports the Memphis rapper turned down a substantial offer from a Jacksonville college to focus on his music career.
7 (28:52) **Couple Climbs Empire State Building, Brands Pile On** - A couple climbs the Empire State Building to propose, sparking a wave of brand-jacking on social media that receives significant backlash.

+ Full timestamped outline available in the app

Guests on this episode

Isaiah Taylor Dean Ball

Show Notes

(00:32) - Fable Unbanned
(02:57) - OpenAI/U.S. Stake
(11:03) - Jersey Mike's IPO
(14:11) - End of Paper-Based Retirement
(19:27) - SpaceX Phone
(29:11) - 𝕏 Timeline Reactions
(35:17) - Andrew Collins, CEO of Flexjet, discusses his journey from joining the company in 2012 through an acquisition to leading its global expansion, including the significant impact of COVID-19 on private aviation demand. He highlights Flexjet's strategic growth, such as the acquisition of Halo Aviation in London and Associated Aircraft Group in New York to form a global helicopter division, and the introduction of large-cabin aircraft like the Gulfstream G700 to meet increasing transatlantic flight demand. Collins also emphasizes the company's focus on enhancing customer experiences through partnerships, including becoming the official private aviation partner of Formula 1, and investing in future aviation technologies like electric vertical take-off and landing (eVTOL) vehicles.
(51:39) - Vipul Ved Prakash, co-founder and CEO of Together AI, discusses the rapid growth of open-source AI models, highlighting their increasing competitiveness with closed-source alternatives and their ability to handle complex enterprise tasks. He emphasizes the cost-effectiveness and scalability of open models, noting a significant shift as companies adopt them to optimize expenses and maintain control over sensitive data. Prakash also addresses the evolving regulatory landscape, advocating for transparent evaluation of AI models to balance innovation with safety concerns.
(01:02:46) - Isaiah Taylor, founder and CEO of Valar Atomics, discusses the company's recent milestone of generating electricity for the first time with their Ward 250 reactor, marking them as the first nuclear startup to achieve this feat. He highlights the advantages of nuclear power over natural gas, emphasizing its scalability and reduced climate impact, particularly in meeting the growing energy demands of the AI industry. Taylor also underscores the importance of proactive community engagement, noting that Valar Atomics involves local leaders early in the process to address potential concerns and foster support for their projects.
(01:11:42) - Dean Ball, a former Senior Policy Advisor for Artificial Intelligence and Emerging Technology at the White House Office of Science and Technology Policy, recently joined OpenAI as Head of Strategic Futures. In his conversation, he discusses the rapid evolution of AI policy, noting that the current pace of policy development may be outstripping technological advancements. He also highlights the personal dynamics influencing AI policy debates and expresses concerns about potential government overreach in AI governance, emphasizing the need for balanced approaches to ensure both innovation and safety.
(01:45:11) - Rob Toews, a venture capitalist and AI columnist, di