20VC: Meta's Muse Hits No. 1. ChatGPT Finally Has a Rival | Menlo Sounds the AI Bubble Alarm | Factory Triples Its Valuation to $5 Billion | Keith Rabois vs Airwallex: Who is Right? | Crusoe's $3.9 Billion Round. Is the Data Centre Trade Overheating?
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The PitchShow Notes
AGENDA: 04:35 Anthropic's $2 Trillion IPO Delayed. Cracks in the AI Boom? 10:30 OpenAI Faces $278 Billion Cash Burn. Out of Money by 2028? 12:55 Meta's Muse Hits No. 1. ChatGPT Finally Has a Rival? 17:05 Amazon Blocks AI Shopping Agents. Shopify Welcomes Them. 24:10 ChatGPT Inventor Launches Jev. Vercel's Fastest Launch Ever. 34:15 A $40 Million Seed Round. Is Traditional Seed Investing Dead? 39:00 Menlo Sounds the AI Bubble Alarm. Harry Calls BS. 54:00 Factory Triples Its Valuation to $5 Billion. Coding Is the Mother Lode. 1:00:20 Legora Hits $200 Million ARR. Is $11 Billion Too Rich? 1:03:50 Crusoe's $3.9 Billion Round. Is the Data Centre Trade Overheating? 1:08:55 Keith Rabois vs Airwallex. Fintech's Feud Escalates. 1:16:40 Sydney Sweeney for Airwallex? Lemkin's Wild PR Plan.
More from The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
AGENDA: 04:20 Billion-Dollar Bets or Nothing: Why VCs Are Rejecting Fast-Growing Startups 13:20 CoreWeave Sell-Off Sparks Fears of Cracks in AI Boom 18:50 Anthropic's IPO Valuation Could Fall From $2 TRN to $1.5 TRN 32:10 Modal Raises $750M at a $15.75B Valuation as Inference Booms 35:50 Town at $1B, Anduril at $90B: Have Startup Valuations Lost Touch? 42:15 Berkshire Hathaway Doubles Down on Bending Spoons 45:05 37signals' Profit Machine Challenges the Venture Capital Model 49:20 General Atlantic Eyes an IPO; Harvard's Endowment Hits $68B 54:15 Elon's Flying Roadster and $10B SpaceX Share Giveaway
Sameer Dholakia is a Partner @ Bessemer, the first that has just raised $5.75BN across a $1.75BN seed fund and $4BN growth fund. Sameer has led investments into the likes of Anthropic, Fireworks and Legora to name a few. Prior to venture, Sameer was the CEO of SendGrid, taking it from $30M in ARR to over $200M. AGENDA: 04:55 Why This Is a Supercycle Like Never Before 07:40 Why We Backed Anthropic to Compete With the Hyperscalers 10:05 Why Anthropic Was One of Bessemer's Most Contentious Deals 11:05 Why Open Models Don't Destroy the Market for Closed Models 16:45 Does Price Matter in AI—and Which Metric Really Determines Value? 19:45 How Much Should Consumer Businesses Be Discounted for Their Revenue Quality? 20:20 Why Today's Gross Margins Matter Less Than You Think 23:00 Competition Hasn't Changed—but the Capital Behind It Has 24:00 Why Capital Is a Moat Today 25:55 Is "Triple, Triple, Double, Double" Dead? 28:00 Can You Still Succeed With a Small Seed Fund? 29:45 Who Wins and Who Loses in the Future of Venture Capital? 32:15 Why Founders Shouldn't Hate Being an "Option Bet" 34:35 Why Signalling Risk Doesn't Worry Me 51:55 Why Companies Will Stay Private Longer—and Why the IPO Window Could Reopen by 2028 56:00 How Should Retail Investors Participate in Venture Capital? 57:25 How Fireworks Could Become a $250 Billion Business 01:02:35 Why Bessemer Is Confident It Can Deliver 5x Returns on $5.75 Billion
Harrison Chase is the co-founder and CEO of LangChain, which helps developers build, test and deploy AI agents. Backed by Sequoia Capital, Benchmark and IVP, LangChain has announced approximately $160 million in funding with the last round at a $1.25BN valuation. The company works with 35% of the Fortune 500, has surpassed one billion open-source downloads and processes over one billion events daily through LangSmith. AGENDA: 04:10 Why Is It Still So Hard to Build AI Agents? 08:50 Will the Model Labs Eat the Agent Stack? 16:25 Is Model Routing a Real Business or a Commodity? 25:45 Why Has No One Solved AI Memory? 35:45 Why Are AI Bills Exploding as Tokens Get Cheaper? 43:25 Should Companies Be Afraid of Chinese AI Models? 46:20 Where Would Harrison Not Be Investing Today? 53:05 Should Founders Take a Discount for Benchmark and Sequoia? 57:35 OpenAI at $1.5T or Anthropic at $2T: Which Would You Buy?
AGENDA: 04:00 Valar Atomics Sues Seed Investor Day One Ventures Over Pro Rata 17:00 Meta Returns to the AI Frontier With Muse Wonder 20:00 NVIDIA Eyes $30B Reflection Deal as Amazon Circles Decart 26:00 Jev Raises $870M at a $7.5B Valuation—Weeks After Launch 31:00 42 New Decacorns: The AI Boom Overtakes 2021's Record 36:00 Isomorphic Labs Eyes $50B Valuation in New Funding Talks 46:00 Anthropic Slashes Haiku Prices by 90% as AI Price War Intensifies 52:00 Bending Spoons Slashes Airtable's Team: What Do Founders Owe Employees? 57:00 Bumble to Go Private in $1.3B Deal: Can AI Transform Dating? 01:01:00 The SaaSpocalypse Deepens: Why $500M ARR May No Longer Be Enough 01:06:00 Flock Safety Cuts 270 Jobs Amid Privacy and Security Backlash
Mike Cannon-Brookes is the Co-Founder and CEO of Atlassian, the company behind Jira, Confluence, Trello and Loom. Atlassian generated $6.5BN in ARR in 2026, and serves more than 350,000 customers, including over 85% of the Fortune 500. Today, Mike is leading its expansion into enterprise AI through Rovo and the Teamwork Graph, connecting company knowledge with AI agents. AGENDA: 03:00 Do AI Agents Turn Traditional Software Into Just Databases? 16:00 Will Enterprises Ever Trust Chinese AI Models? 20:00 Is Building Your Own AI Model a Losing Bet? 24:00 Can AI Startups Survive When They Finally Have to Care About Costs? 30:00 What Happens When AI Gets Cheaper Than Anyone Expects? 35:00 Is Company Context the Real Moat in Enterprise AI? 41:00 What Happens When OpenAI and Anthropic Come for Your Customers? 44:00 Why Are Young Founders Cashing Out More Than Ever? 49:00 What Does Nobody Tell You About Getting Rich?