Big treasury deal. A few interesting call outs: 1) Think this is a16z's first DAT 2) And Cantor's first underwriting of a non BTC/ETH/SOL treasury company 3) $360M reserve, $220M via PIPE ($100M cash, $120M IP tokens), $82M will be used to purchase $IP in the open market within 90 days 4) Framing as public play on AI is smart – "Equity markets clearly have an insatiable demand for foundational architecture for AI. We believe building scalable tech for data through programmable IP is the next big unlock for AI." We have officially entered Stage 3 of DATs.