Delian Asparouhov describes his year-end focus at both his company, Varda, and as a partner at Founders Fund. At Varda, which has significant university and government business, November and December are crucial for closing out contracts. Unlike businesses with fast feedback loops, Varda must decide which customers to serve 12 to 18 months in advance of an actual space flight. This long planning cycle forces them to make strategic bets at the end of each year. They risk over-committing to commercial clients where demand might not materialize, or under-serving them and losing frustrated customers to competitors.

On the Founders Fund side, many portfolio companies in similar sectors like government, defense, and industrialization are hitting major inflection points that often require new financing. Consequently, Delian's time is largely spent evaluating and participating in these funding rounds for existing companies. This internal focus means he is not taking many new pitches at the moment.

To become a better decision-maker, one effective technique is to focus on a very limited set of high-leverage activities. Early in a career, it feels like the path to impact is through volume: adding as many activities as possible and spending as much time as possible. However, as responsibilities grow, it becomes clear that there are too many potential tasks to handle. The key then shifts to identifying areas that provide true leverage.

For instance, instead of personally reaching out to individual customers, a higher leverage activity might be hiring a new team member with specific expertise who can accomplish that goal more effectively. Delian Asparouhov explains that he informally reviews his priorities monthly or quarterly to identify the single most important thing for the next period.

He provides a concrete example from Q1 of a recent year. With not much to do on his Varda business, he turned his attention to Founders Fund. He identified a portfolio company, Hadrian, that was at an inflection point and likely to go for a Series C fundraising round. He decided that coming to a conclusion on this investment was the only thing that mattered for him that quarter. When he initially brought the idea to his colleagues, they were skeptical and raised numerous valid critiques.

If I'd had 15 other things on my plate, there are plenty of times where I bring something up with a light amount of conviction or work effort behind it and I get the 15 critiques and I'm like, 'Ah, fuck it. I've got things going on at Varda, other investments. I don't really have the time to really think through and see if I'm at that level of conviction.' Versus here, I was just like, 'Look, I'm not going to spend time on anything else this quarter.' So I was like, 'Great, these are actually all valid critiques. I'm going to go spend the next couple weeks digging into each of these individual critiques, coming back with real answers as to why it's worth doing.'

Because he had dedicated himself to this single task, he had the bandwidth to thoroughly address every concern. Over a month or two, he successfully brought the entire team to conviction. Founders Fund led the Hadrian Series C, which he reflects on as the most important thing he did for the fund that entire year. This outcome was possible only because he forced himself to focus on it exclusively.

It's easy to mistake motion for forward progress. You can fill your days with activity, meet lots of people, and take lots of pictures, only to reflect a month later and realize you've accomplished nothing of substance. Delian Asparouhov explains his journey from feeling the need to fill every gap in his calendar to embracing that empty space for reflection.

An earlier career version of me was like, if there are gaps, I should find ways to go be productive, to go fill it. The later career version of me is like, I can fill up any gap in a moment's notice, and it's not necessarily going to be the most productive thing. But sometimes it's in those gaps where I have the time to sit and reflect and actually think about what is going to be that most impactful thing.

Big priorities don't always come from scheduled meetings. Instead, they can emerge from unstructured time spent thinking about market trends and macro tailwinds. Once an idea clicks, then it's time to switch into activity mode. This involves getting comfortable with the natural ups and downs of work, where you go all-in on a key objective and then allow for space afterward rather than immediately seeking the next thing to do.

This intuitive, gut-driven approach contrasts sharply with his co-founder, a systems engineer who requires precision and organization. This difference can cause frustration, but it's also a source of strength for their partnership.

He was just like, 'this is why you're my co-founder is like, I hate you but I love you.' I can just be mad at you for a full quarter and then it's like, yeah, well, his disorganized chaos created the biggest deal in the company's life. And so who cares whether or not his project management skills are quite there.

Despite the pressure in Silicon Valley to work constantly, known as the "996" culture, Delian Asparouhov also makes time for hobbies like playing video games and flying. He believes there are specific times when an intense work schedule makes sense. For example, in the early days of a company, at the seed or Series A stage, progress depends almost entirely on individual effort. At that point, a 996 schedule is often necessary because there is no one else to do the work.

However, as a company grows, the nature of the work changes. A leader's job evolves, and while it is important to foster a culture of motion, different roles have different shapes. Delian's current work in investing and at his company's stage does not fit the 996 mold. He acknowledges this could change, and if he were to start another company, he would almost certainly revert to that intense schedule to get it off the ground.

He does not worry about being outworked by others because he focuses on high-leverage activities. The impact of closing a major funding round, like the Hadrian Series C, is far greater than attending numerous lower-leverage events.

I think that one check will probably matter a lot more than spraying and praying into 15 YC startups.

The Power Law often manifests in life through experiences that have an outsized impact. One such experience was dropping out of college at 19 to start a company. While the venture wasn't a huge success, it provided a crucial lesson by revealing the worst-case scenario. The main takeaway was understanding that the downside isn't that severe, especially with a safety net like being able to get a job at a major tech company. This experience demystified the process of creating something from nothing and lowered the mental barrier for future endeavors.

This became evident during the early days of Delian's current company, Varda. Despite Varda being a 'life's work' compared to his first 'boring SaaS' company, the initial steps were remarkably similar. The process of forming a team, splitting equity, filing paperwork, and hiring the first employees felt like déjà vu. Having gone through it once before, he was able to operate with a high degree of autonomy, rarely needing to ask for advice on operational details.

I don't think I asked anybody a question. It was just like, I want to do this. I'm going to go do this. And then here's the sets of things that I need to go do. And then the only time I asked questions was like, 'Would you like to invest in this?' And it's fine if you don't, because I will find other people that will.

Another major inflection point was serving as Keith Rabois's chief of staff from 2017 to 2019. The role was unique in its total immersion. The onboarding was simple and direct.

Here's my calendar. I expect you there at every meeting. And then just figure out how to make yourself useful.

This position, while initially terrifying, provided an unparalleled education. As a 25-year-old, he was privy to board meetings at companies like Affirm, general partner pitches at Khosla Ventures, and debates over business strategy, pricing, and founder psychology. He witnessed one company grow from its first seed-stage board meeting to a $1.5 billion valuation in two years. This compressed period offered an insane level of exposure, and Delian doubts he will ever learn that much in a two-year span again.

When a consensus forms around an idea, investor Peter Thiel will often adopt the opposite opinion just to see how it feels. Delian Asparouhov relates to this contrarian approach, though his own is less of a choice and more of an ingrained preference. He finds the current excitement around AI completely uninteresting and boring. In fact, he sometimes wishes it would fail just so people would stop talking about it.

Delian's passion is for the "world of atoms," not the world of bits. Despite working out of the Founders Fund office in San Francisco, a hub of tech innovation, he has not made an investment in the Bay Area in over five years. He feels entirely disconnected from the AI-driven heyday. This personal bias is something he struggles with; he wishes he could be more excited about AI, but he simply cannot bring himself to engage with it.

This is where he admires Peter Thiel's discipline. While Peter may have his own biases, he is willing to strip them away to look at opportunities in an "ultra capitalistic way." If a trend has massive tailwinds and the potential to build huge businesses, Peter can analyze it soberly and invest, regardless of his personal feelings. Delian admits he is incapable of this detachment.

If you told me, 'Delian, you need to go invest into a series A AI application layer company, join the board, tweet about it and be super enthused,' I'd literally just fucking go jump out that window instead. That's not a thing that I want to spend time on, even if I think it would make a lot of money and be huge for my career.

Peter's own views on AI have evolved dramatically, from skepticism a few years ago to now fearing that the Antichrist might be someone who stops AI's progression. This ability to iterate on his core philosophies is a key strength. Delian recognizes his own fixed bias, noting his current feelings about AI mirror his disinterest in SaaS software back in 2019. Both stem from a deep-seated desire to impact the physical world, a bias that blinds him even to the possibility that AI might be the most powerful tool to do just that.

Building a personal brand on platforms like Twitter feels like a race to the bottom. The space has become ultra-saturated with VCs and startups all trying to break through by posting frequently. Delian Asparouhov, who successfully built a notable brand, no longer prioritizes it as a conscious effort. He says it now comes naturally, joking that he's just good at it.

However, his initial approach was more structured. Early on, around 2018 or 2019, he set a personal OKR to tweet once per day to build an audience. But his actual breakout moment came from something different: a series of long-form essays. He believes this is where true differentiation lies.

I do think there's something around long-form writing that can be a way that is truly differentiated rather than just the short-form.

Now, his relationship with Twitter is the opposite of what it once was. He finds the hyper-competitive ecosystem annoying and often deletes the app to tweet as little as possible. Despite this, he admits he can't always resist getting pulled back in, especially when provoked by peers.

Literally I deleted Twitter. I basically put a bet on whether or not I could just stay off Twitter for the entire week. And then four people texted me Chaitan's tweet. And I was just like, well, I'm clearly losing some money and I'm obviously going to poke fun back at them.

Delian Asparouhov explains his long-standing public critique of the venture capital firm Benchmark. This began when he commented on how they fired Uber's founder, Travis Kalanick. He describes the situation as morally despicable, noting that two Benchmark partners cornered Kalanick in a hotel room 24 hours after his mother died in a boating accident. While he was grieving, they allegedly made him sign papers that gave Benchmark control of the company, and then fired him a week later.

After Delian made these comments, a partner at his own firm, Founders Fund, warned him that he was making enemies at Benchmark but also noted that his stance was aligned with the fund's ethos. This encouraged Delian to continue "poking the bear" every six months for seven years. His core critique was simple: Benchmark tells founders how to run their companies and fires them if they disagree, whereas Founders Fund does not.

After seven years, a Benchmark general partner, Chetan, finally responded. Delian had recently added a new layer to his critique, calling out another Benchmark partner, Bill Gurley, for his ties to China. Chetan attempted to expose Delian as a hypocrite by pointing out that one of Delian's portfolio companies had accepted an investment from a Chinese VC firm. However, Delian saw this as a complete misunderstanding of his argument and the perfect opportunity to clarify his position.

I was like, Chaitan, you fundamentally misunderstood the message. I am going to repeat it. We do not tell portfolio companies how to run their companies. So, yes, this person decided to sign a term sheet with a Chinese VC, but it's his company, and unlike you, I'm not gonna fire him for it because that's not what I do. And that's a very different thing than a GP that goes on a China tour and espouses the benefits of China.

The invisible hand of the free market, rather than government initiatives, will be the primary force that drives humanity to the stars. The nation or entity that wins this economic race will likely dominate the solar system for the remainder of human history. This is the core motivation behind Varda, a company focused on creating an economic flywheel for space.

The strategy involves taking materials to orbit, improving them through manufacturing, and bringing them back to generate value on Earth. By tapping into markets far larger than the space industry itself, a powerful economic engine can be created. For instance, the pharmaceutical industry represents a massive opportunity.

You're tapping into drug manufacturing markets where the R and D budget of a Merck is larger than the entire NASA budget. That single company in some ways could have more impact on the entire space economy than NASA itself.

This economic activity is what enables the transition from single, government-funded installations like the ISS to sustainable industrial outposts paid for by their own commercial output. A key marker of success will be when it becomes economically justifiable to send humans to these space factories for maintenance. The value they generate would outweigh the cost of supporting them in space. This is the path to scaling human presence from one person to a thousand, ensuring the first city in low-Earth orbit is a free, democratic republic, not a Chinese dictatorship.

Delian Asparouhov recalls a dinner with Peter Thiel right before joining Founders Fund that felt more like a test of conviction than a formal interview. Delian articulated his desire to build another company and have a large impact on the world. Peter challenged this by discussing different measures of impact, pointing out a key detail about the Forbes 100 list. While the very top figures like Elon Musk and Mark Zuckerberg are entrepreneurs, the vast majority of the list is composed of capital allocators. This suggested that capital allocation, not founding companies, is the more common path to that level of influence.

This conversation was a preview of Peter's philosophy on company building within the firm. He sets an extremely high bar for internal ventures due to the opportunity cost. Delian remembers a time during COVID when a partner suggested they incubate companies, and Peter's pushback was the strongest he had ever seen.

These things are really hard to do. They only happen in these special moments. I want to intentionally set a very, very high bar on any internal company building because it's such huge opportunity cost relative to that person just continuing to do capital allocation, that it better be something that is really worth their while.

This mindset explains why Peter would later support Delian's company, Varda, but also challenge it much more intensely than a typical investment. He needed to thoroughly test Delian's conviction because a skilled investor is too valuable to the team to lose without absolute certainty.

Most early, smart skeptics of Varda have since changed their opinion. The company has demonstrated the viability of its economics, successfully produced its product, and attracted customers. Varda has also diversified its revenue streams beyond in-space manufacturing, securing significant contracts with the Department of Defense. In the last quarter alone, the company closed its largest commercial pharmaceutical deal and its largest DoD deal, providing objective proof of its thesis.

However, one valid critique remains: the threat of competition from giants like SpaceX. SpaceX is reportedly developing vehicles similar to Varda's through a leaked program called Starfall, which aims to create smaller, reusable, autonomous reentry capsules. Delian Asparouhov acknowledges this but does not view it as an existential threat, particularly for the in-space pharmaceutical manufacturing sector.

The reason is that the business is far more complex than simply building and selling space on a capsule. Pharmaceutical clients have specific needs that go beyond logistics.

Merck does not buy space on capsules. The Mercks of the world hand you drug product and they want to be handed back better drug product. And it turns out there's like 15 PhDs along that supply chain that are required to make that happen.

This process involves crystallization scientists, process engineers, and bioreactor specialists, all integrated into a supply chain that requires extensive FDA approval. This deep specialization and regulatory complexity create a significant barrier to entry that Delian believes other companies are unlikely to tackle for a long time.

Delian Asparouhov reflects on his lesson to "swallow your ego." Having strong opinions online means sometimes having to admit you're wrong. He applies this principle by stripping away biases when making important decisions, especially in areas he cares about deeply, like the future of space.

A more recent example of this was when he started his company, Varda. He knew he was not the right person to be its CEO. This self-awareness came from his experience as CEO of his first company, where he recognized certain personal behavioral traits that were not ideal for the role. He also felt he lacked the necessary "moral authority" to recruit top aerospace engineers from places like SpaceX.

Instead of forcing himself into the CEO position, he chose roles like chairman, board member, and investor. These roles are better suited to his strengths and limitations. For instance, as an investor, he can step away for a week without causing disruption, whereas a CEO's absence would be immediately noticed.

I know my limitations and structure of the roles and the ways that I interface in the world that allow me to lean into my strengths, but as much as possible mitigate the weaknesses that I have. Rather than a probably earlier version of me would have been, let me spend infinite effort on trying to fix these weaknesses... Just instead focus on the things that you're great at.

This approach marks a shift from his younger self. He no longer believes in spending infinite effort trying to fix every weakness to become some perfect "ubermensch." Instead, he focuses on structuring his work around the things he excels at.

Delian Asparouhov recounts his greatest hardship, a moment when the FAA presented a major roadblock for his company. With $145 million raised and the livelihoods of 65-70 employees on the line, there was no obvious regulatory path forward. For the first four or five days, he started to panic, falling into an old pattern from his first company. In the past, he would face existential crises by giving up, deciding he didn't care enough about the idea and would just lean into the panic and become depressed.

This time was different. After a few days, he had a realization. This company was his life's work. He couldn't imagine working on anything else, and if it failed, he would just try to do it all over again. This thought shifted his perspective entirely.

What the hell am I doing? This is my life's work. This is the thing that I care about. If this thing fails, I don't know what else I would work on. I've had one idea my entire life and it's gonna be this. I'd just go back and try this again. And so I'm like, well, if I'm going to try it again, might as well just try it now.

This clarity gave him the motivation to fight back. It took another six months, but they eventually got their capsule back and the officials who made the decision were no longer in their government positions. The experience taught him the importance of working on something you truly care about. That passion is what provides the strength to pick yourself up and overcome extreme hardship, rather than giving in.

The early parts of life should be treated as a period of self-discovery. It's a time to figure out your best traits, habits, and skill sets, and then lean into them without reservation. Trying to follow a specific pattern or emulate someone else is a recipe for failure.

The moment you're like, I want to become the Elon of X, you're also just immediately doomed. The only way you're going to become something is just to become yourself.

Delian Asparouhov shared a personal story about this from a time he worked as a "waffle boy." Despite having a comfortable job as a professional programmer, he chose to take a low-income food service job. He felt that if he never experienced that kind of difficult work, he would lack a deep empathy for it. He found the job was, in many ways, harder than computer programming.

He recalled two memorable moments. First, as a natural storyteller and salesperson, he would give customers a detailed history of Belgian waffles. His boss would have to intervene, telling him, "Just sell the fucking waffle, man... there's a line behind them." Second, during a busy day at a farmer's market, he was so bad at making waffles quickly that the owner had to take over. The owner switched roles, taking the "hard job" of making waffles while Delian was moved to the "easy job" at the cash register. When Delian later decided to quit and go back to school, his boss admitted, "I think we're about to fire you anyway, so just go back."

When building a career, it is important to find a balance between building relationships and being a people-pleaser. If everyone has a strictly positive opinion of you, it likely means you lack a core foundation or set of beliefs. Having something you strongly believe in will almost certainly mean that someone else will dislike that belief.

If everybody likes you, it probably means nobody actually likes you because there's nothing that you really stand for.

Having a spine and standing up for your beliefs is different from burning bridges unprofessionally, such as leaving a job without giving two weeks' notice. It means being willing to accept that not everyone will like you or your perspective. Delian Asparouhov shares his own experience, noting that while a firm like Benchmark might never hire him, other funds and LPs appreciate that he consistently stands up for founders, even when it comes with professional consequences.

Ultimately, a strong belief system should have people who disagree with it. If you develop a set of philosophies and find that nobody dislikes them, it may not be an interesting enough belief system.