20VC: Anthropic's $10BN Fundraise: Have They Beaten Cursor Already | a16z's $15BN Fundraise: Is the Middle Dead in VC Today? | How OpenAI Could Go to Zero and ElevenLabs at $11BN: Buy or Not?
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In the early stage, you're taking uncorrelated business risk. And in the late stage, you're taking 100% correlated valuation risk. If the growth is there for one more year, it looks cheap. I would be nervous if I was a 27 billion pre-cursor investor. Where we have ascribed the odds of a downturn to less than zero.
I think OpenAI has existential risk. It is a bet that that the best of times lasts at least a decade. It's pretty interesting that Andresa not only raised the most capital, but on a two by two, I think has the strongest founder brand. They've won and they've won really well. You can be promiscuous at the A if you have enough late stage stuff to cover it up.
Can you still find a $10 billion gem outside of the boundaries of this system or not? Now $100 billion doesn't feel like that much, does it? This is 20VC with me, Harry Stebbings. Now this week with Jason Lemkin and Rory O Driscoll, we have a lot to cover. We have Anthropic's $10 billion fundraise, we have XAI raising an astonishing $20 billion, we have Andreessen Horitz.
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