Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Bill Ingalls/NASA via AP
Luke Nosek is leaving Founders Fund, the venture capital firm he co-founded more than a decade ago with Peter Thiel, Axios has learned. His next role will be leading something called Gigafund, a new investment firm that initially will be focused on raising capital for Elon Musk's SpaceX, a Founders Fund portfolio company where Nosek is a director.
- Background: A source says that Nosek has been spending an increasing amount of time on SpaceX business, and the idea behind Gigafund is to ensure that the space exploration company won't have debilitating capital constraints. An SEC filing suggests that it's seeking to raise an initial $100 million, with former Founders Fund venture partner Stephen Oskoui also involved.
- Structure: Gigafund will not have any formal relationship to Founders Fund, which has invested around $200 million to date into SpaceX (making it the firm's largest investment). The firm will continue to be represented on the SpaceX board by Nosek, but has not yet decided what to do with Nosek's two others Founders Fund portfolio company board seats.
- Founders Fund statement, per partner Brian Singerman: "Luke is leaving Founders Fund to launch a new endeavor. His unwavering commitment to entrepreneurs and passion for technology shaped the founding ethos of Founders Fund. We are grateful for his contributions and we wish him well."
- SpaceX statement, per spokesman John Taylor: "While we wish Luke well in his new endeavors, there is no guarantee of future investment allocations in SpaceX or any other companies associated with Elon."