20VC: Anthropic Files to Go Public | Token Budgeting Panic Hits Corporate America | Cognition Raises $1BN at $26BN Valuation | Apollo Warns PE Software Returns Will be Disastrous | The 9-9-6 Work Ethic: Performative Theatre or Startup Reality?

I think there's a tangible feeling of grab it now. Fuck yeah. I'm not interested if it can't be a billion dollar position anymore. Losing money is like sex. You can talk about it all you like, but until you feel it, you don't know what it's like.

We are done with the ooh, I don't want to do the public market. Staying private is cool. We are fucking done with that. All these businesses have gone from CapEx light cash flow machines. To Capex heavy cash consumptive machines.

Everyone wants these damn tokens, roaring Harry. I would quit as a developer if you told me I could not use the model of my choice. I would quit. I really do think by the end of the year we're gonna choose tokens over humans. This is 20VC with me, Harry Stubbings, and it's my favorite show of the week.

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