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Tuesday, April 4, 2026 | Private Markets Intelligence
Morning, sunshine
Happy Saturday.
Friendly reminder: Tax Day (April 15) is arriving soon, and if you haven't cranked out your returns yet, this weekend is a great opportunity to do so. If you've already done your taxes, here's a cookie.
Jose and Alberto from the Founderscrowd team.
MARKETS: YEAR-TO-DATE
MARKETS: YEAR-TO-DATE
Stock data as of market close, cryptocurrency data as of 6:00pm ET.
Stock data as of market close, cryptocurrency data as of 6:00pm ET.
Markets: With the stock market closed for Good Friday yesterday, investors got a day of rest to catch their breath after a week of volatility that ended with a rally. One group that likely appreciated the pause was Micron Technology's shareholders, since the company has been getting hammered ever since Google announced an innovation that investors fear could dampen demand for memory chips (though it's still up for the year).
Read time: 4 minutes
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BIG SPENDER
Inside Trump's military-heavy, $2.2T budget proposal
Defense contractors positioned to benefit from the largest buildup since WWII
Out with the "woke" and in with the weaponry: President Trump asked Congress to approve a $2.2 trillion budget for fiscal 2027 that would boost military spending to $1.5 trillion while slashing funding for domestic federal programs across housing, education, small business, and other areas deemed "woke, weaponized, and wasteful," the White House said yesterday.
Note: This is just a proposal, as only Congress can set the annual budget. Last time around, lawmakers gave the military a fiscal boost, but largely rebuffed Trump's efforts to cut domestic spending. It's more like a gauge of the White House's priorities than a prophecy.
The $1.5 trillion defense budget… would be 42% more than the Pentagon's current allotment. That represents the biggest single-year increase in military spending since World War II. The funds are meant to cover more munitions and ships, higher servicemember salaries, and a missile defense system inspired by Israel's Iron Dome.
Trump is also seeking:
An increase of $28.5 billion for immigration enforcement
$10 billion for beautification projects in Washington, DC
$150 million to rebuild Alcatraz as a working prison
Meanwhile, on the chopping block…
Trump's proposal would cut nonmilitary programs by 10% ($73 billion) to approximately $660 billion.
Hardest hit: Funding would decrease by 67% for the Small Business Administration and by 52% for the EPA. The proposed budget would also downsize FEMA and…
Redirect $15 billion in renewable energy and clean air initiatives to fossil fuels and AI supercomputers
Slash Education Department programs for minority-focused institutions (e.g., HBCUs)
Decrease Department of Health and Human Services spending by 12.5% and eliminate NIH divisions that research transgender health and racial health disparities
Cut NASA funding by 23%
"We're fighting wars. We can't take care of daycare," Trump said at a private White House event this week. "It's not possible for us to take care of daycare, Medicaid, Medicare—all these individual things. They can do it on a state basis."
Big picture: Fiscal watchdogs say Trump's proposed military budget could tack trillions onto the $39 trillion federal debt, despite his insistence otherwise.
Private markets angle: Defense contractors, cybersecurity firms, and aerospace manufacturers stand to benefit from the largest military spending increase since WWII. Meanwhile, renewable energy startups, clean tech ventures, and small business-focused funds may face headwinds as federal support contracts.—Alberto
WORLD
Tour de headlines
📈 More jobs were added in March than expected
The US added more jobs than expected last month. The Labor Department said yesterday that the US added 178,000 jobs in March, a reversal from February's 133,000 decline (though the number from February was also revised down by 41,000). Healthcare was the job market's hero, with the most jobs being added there. The unemployment rate dropped to 4.3%, down from February's 4.4%, but that partly reflects a shrinking labor force, as some people stopped looking for work. Overall, the labor market got a boost last month, and the jobs report left economists cautiously optimistic.
✈️ One crew member rescued after Iran shot down US jet
One of the two crew members of the F-15E fighter jet, which was the first American aircraft shot down in Iran during the war, was rescued alive yesterday, US officials told news outlets. Search-and-rescue efforts for the other aviator continued. Iran was also looking for the crew member and offered civilians a reward for bringing them in alive. Meanwhile, a second American plane was shot down by Iran yesterday, this time an A-10 Thunderbolt (also known as a Warthog). The plane's pilot was said to be safe, according to the WSJ.
🤖 OpenAI exec takes medical leave
Fidji Simo, whose title is CEO, AGI Deployment, and whose job is mostly figuring out how to make OpenAI make money, will be taking several weeks of medical leave. The planned absence comes as OpenAI prepares for an IPO. Simo was instrumental in the company's decision to purchase the popular tech podcast TBPN this week, despite the company's recent decision to ditch "side quests"—a move that appears to be about trying to control the narrative around AI, despite the show saying it will remain editorially independent. In other OpenAI exec moves, longtime COO Brad Lightcap is shifting to lead special projects.— Alberto
BLUE MARBLE MOMENT
See how cute we look from space
Finally, someone's vacation snaps you actually want to see. The photos above come courtesy of the four astronauts on NASA's Artemis II rocket aboard the Orion capsule, who are currently on their way to becoming the first humans to reach the moon since 1972. After Wednesday's launch and a 5-minute, 50-second engine burn on Thursday, they've left Earth's orbit and are on their test flight path.
Monumental journey
The Artemis II flight is historic for many reasons: The crew will travel the farthest distance humans have ever traveled in space, and…it's the first time someone has had a problem running Microsoft Outlook in space. We also cannot overlook the fact that it's the first-ever launch with a toilet aboard the spacecraft:
During the Apollo missions, astronauts had to strap special bags and tubes to themselves every time they had to go. The far-from-perfect process led to a rogue floating turd during the Apollo 10 mission in 1969.
After six years and nearly $23 million in development…Artemis II's commode was briefly offline for the first few hours of the mission.
But the extremely loud space toilet was fully operational by the time the astronauts went to sleep the first night, according to NASA.
Looking ahead… while this flight will complete a moon fly-by, scientists are hoping the mission will lead to a moon landing in 2028.—Alberto
ICYMI
Have you heard...
Here's everything that didn't make it into this week's newsletters but we immediately sent to the group chat.
🐢 Several news outlets, including the BBC and USA Today, ran false reports based on a hoax this week that the world's oldest land animal, the 193-year-old giant tortoise named Jonathan, had died. In reality, Jonathan is alive and well and planning a run for US Congress: "Slow and steady wins the race."
📱 Meta is testing a premium version of Instagram that gives subscribers access to exclusive features, like the ability to view stories without the person who posted them knowing. Still no movement on the feature we all want, though: The ability to make it look like you viewed all 15 of your friend's quote slides.
🏔️ Nepali authorities have accused Mount Everest guides of secretly drugging foreign climbers to make them feel sick in order to trigger helicopter evacuations and defraud insurance companies out of millions of dollars. Apparently, Everest is the scammers' Everest, too.
⚾ MLB's new robot umpires have taken the league by storm, but in order to work, they need the exact heights of every player (for strike zone purposes). That has prompted the league to downwardly revise dozens of players' official heights on its website. Small ball is officially back.
🐰 Costco has been selling a 10-pound chocolate Easter bunny that you're supposed to break into pieces using a hammer. The giant smiling confection also has a name: "Pete the Bunny." But maybe don't tell your kids it has a name before you repeatedly smash it over the head with a hammer.—Alberto
TOGETHER WITH FOUNDERSCROWD PREMIUM
Access deals before they go public
While NASA returns to the moon, private aerospace contractors like SpaceX, Lockheed Martin suppliers, and defense technology companies continue raising capital at pre-IPO valuations. Premium members get direct access to these opportunities with full investment memos and transparent terms.
This week's Premium access:
Defense technology benefits from the proposed $1.5T military budget
Healthcare convergence opportunities (Abbott/Mayo Clinic backing Whoop at $10B)
Late-stage tech companies preparing for 2027 IPOs
QUICK HITS
📰 Everything else in tech and private markets today
Microsoft will deploy approximately $10B in Japan from 2026-2029 to expand AI infrastructure, train technology workers, and strengthen cybersecurity partnerships.
Amazon is implementing a 3.5% fuel and logistics surcharge on third-party seller fulfillment fees, citing elevated transportation costs.
SpaceX confirmed a Starlink satellite experienced an anomaly causing orbital debris, highlighting operational challenges as the constellation scales to 7,000+ satellites.
Nothing, the London hardware company, is reportedly planning AI-powered smart glasses for 2027 and AI earbuds for 2026 launch windows.
Beehiiv is launching podcast hosting to allow newsletter creators to produce audio content alongside written distribution, competing with Patreon and Substack.
Gmail is rolling out functionality allowing U.S. users to change their email address without creating new accounts.
China's cyberspace regulator issued draft rules controlling "digital humans," requiring clear labeling and restricting features that could create addictive behavior in children.
Lucid Motors is recalling over 4,000 Gravity SUVs due to improperly welded second-row seat belt anchors identified in supplier quality control.
Chinese researchers developed a lithium battery electrolyte that reportedly doubles energy density and electric vehicle range while maintaining performance in extreme cold conditions.
Renewable energy represented 49.4% of global electricity capacity in 2025, reaching 5,149 gigawatts after solar additions drove expansion.
That's it for today's private markets rundown!
We'd love to hear your feedback on today's newsletter so we can continue improving the Founderscrowd experience for you.
⭐️⭐️⭐️⭐️⭐️ Nailed it
⭐️⭐️⭐️ Average
⭐️ Needs work
See you tomorrow for Tuesday,
The Founderscrowd Team.
That's it for this week!
P.S. Premium members: Friday’s deal memo covers defense technology opportunities positioned for the proposed 42% military budget increase, plus late-stage healthcare AI plays in the Abbott/Mayo Clinic convergence space.