20VC: Anthropic Wipes Billions Off Markets | Citrini Research: The Ultimate Breakdown: Agents, "Ghost GDP", Consumer Spend etc. | Figma Earnings Beat & Four Public Stocks to Buy | Jack Altman Joins Benchmark
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Release Date: 02/26/2026
20VC: Anthropic Surpasses OpenAI Revenue | OpenAI Acquisition of TBPN: Analysed | OpenAI Management Team Reboot | YC Kicks Delve Out | Mercor Hack and Why Now is the Time for Cyber | Supabase Raising at $10BN & Doug Leone Returns to Sequoia
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
AGENDA: 03:59 — Anthropic Surpasses OpenAI in Revenue 12:43 — OpenAI Management Reboot 18:24 — OpenAI Buys TBPN 29:00 — SpaceX Files for IPO Targeting $2 Trillion Valuation 37:21 — Doug Leone Returns to Sequoia Capital 41:14 — YC Kicks Out Delve 45:21 — The Rise of Open Router 57:59 — Supabase Targeting $10B Valuation 01:08:18 — The Mercor Hack and AI Cyber Threats Moving Forward 01:17:25 — The $1.8B Two-Person Company
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20VC: DeepMind's Demis Hassabis on Why AGI is Bigger than the Industrial Revolution | Why LLMs Will Not Commoditise & We Have Not Hit Scaling Laws | Bottlenecks in AI & The Energy Crisis Caused By AI | Whether AI Will Do More to Harm or Help Inequality
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Demis Hassabis is the Co-Founder & CEO of Google DeepMind - working on AGI, responsible for AI breakthroughs such as AlphaGo, the first program to beat the world champion at the game of Go; and AlphaFold, which cracked the 50-year grand challenge of protein structure prediction and was recognised with the 2024 Nobel Prize in Chemistry. Demis is revolutionising drug discovery at Isomorphic Labs. Ultimately, trying to understand the fundamental nature of reality. AGENDA: 00:04:00 — What Actually Counts as AGI; and Where Are We Today? 00:05:00 — What Are the Biggest Bottlenecks Holding AI...
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20VC: Hims & Hers: $4.3BN Market Cap on $2.3BN of Revenue: The Comeback | Why Being Public is 10x Better | The Death of the "Strategy" Hire | Why Performance Marketing is Worse than Brand Marketing with Andrew Dudum
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Andrew Dudum is the Founder and CEO of Hims, the company reshaping consumers relationship to healthcare. It has been a rocky ride over the last 6 months, the company is down 66%, their market cap today is $4.3BN on $2.3BN of revenue. They just bought their largest international competitor, Eucalyptus for $1.5BN. AGENDA: 00:00 — Why Being Public Is Better Than Private 02:50 — My Advice to The Collisons on Taking Stripe Public 07:15 — How to Hire for the Most Gritty People: The Test 10:55 — How AI Will Reshape All of Customer Acquisition 15:30 — What Did Hims Do...
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20VC: Anthropic's $6BN Revenue Month | OpenAI Kills Sora & Hits $100M ARR on Ads | Oura Going Public & Whoop Raises at $10BN | Manus Founders Trapped in China & The Billionaire Tax: Anyone Left in California?
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
AGENDA: 00:00 — Anthropic’s Monster Month: 6 Billion in February Revenue 04:30 — The "Claude Mythos" Leak: 10 Trillion Parameters 11:50 — OpenAI Kills "Sora": A Massive Strategic Own Goal? 14:30 — OpenAI Hits $100M in Ads: Why OpenAI Must Make Ads Work 20:50 — Masa Son’s $40BN Bridge Loan: Investing More Into OpenAI 21:50 — Cybersecurity Stocks Tank: Is the Anthropic Panic Justified? 27:10 — The Golden Age of Cyber: Why AI Agents are a "Golden Goose" for Security 31:30 — Gross vs. Net: The Truth Behind AI Revenue Accounting 34:50 — The "Vibe Coding" Era: Reselling Tokens...
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20VC: Marc Andreessen on The Future of Venture Capital: Will a16z Go Public | Why Labour Displacement with AI is Wrong | Why Introspection is Dangerous | Why "Diamonds in the Rough" is BS in VC | Why a16z Invested $300M into Adam Neumann
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Marc Andreessen is a Co-Founder and General Partner at Andreessen Horowitz. The firm now manages over $90BN and has invested in the likes of OpenAI, Airbnb, Coinbase, Anduril and many more. Marc is an innovator and creator, one of the few to pioneer a software category used by more than a billion people and one of the few to establish multiple billion-dollar companies. Marc co-created the Mosaic internet browser and co-founded Netscape (sold to AOL for $4.2 billion). He also co-founded Loudcloud, which as Opsware, sold to Hewlett-Packard for $1.6 billion. AGENDA: 05:00 — Why...
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20VC: The Venture Model is Broken | You Need to be Greedy and Selfish to Win Early Stage Investing | Why Margins Do Not Matter for Early-Stage Startups | The Growth Rate that is Required in a World of AI with Gili Raanan, Founder @ Cyberstarts
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Gili Raanan is the Founder of Cyberstarts, one of the best performing venture funds of the last decade. He is famed for being the seed investor in Wiz, Islands and Cyera, leading to multiple 10x+ funds. He has the only remaining monopoly in venture; cyber security in Israel. If it is good, Gili sees it, it is that simple. AGENDA: 00:00 — Does the Venture Business Even Work Anymore? 05:58 — The Insane Rise of $150M Seed Rounds! 08:58 — Will Mega Funds Ever Actually Return Venture Economics? 11:13 — How Do You Value Companies Growing at Impossible Speeds? 14:50 — The Truth About...
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20VC: Why You Need a $1BN Fund To Do Series A Today | OpenAI vs Anthropic: Who Wins Enterprise | SpaceX at $2TRN and Data Centers in Space | The $20BN Groq Deal Broken Down | Jeff Bezos' $100BN New Fund
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
AGENDA: 05:00 — Anthropic vs. OpenAI: Who Is Actually Winning the Enterprise War? 07:55 — "Air of Desperation": Is OpenAI Losing Its Invincibility? 18:00 — SpaceX at $2 Trillion: Elon’s Insane Plan to Build Data Centers in Space 29:00 — Jeff Bezos’ $100 Billion Fund: The End of "Doing It the Hard Way" 34:00 — The $20 Billion "Acqui-hire": The Groq Deal Broken Down 40:40 — Figma’s Death Spiral? Why the Markets Are Terrified of AI Disruption 56:00 — The Broken VC Math: Why You Need $1BN To Do Series A 01:04:00 — Win or Die: The Terrifying Reality of the Unicorn "Dead Zone"...
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20VC: Inside Anduril's $20BN Army Contract & Why Anduril Must Go Public | Why 99% of Drone Companies Will Die | Why There is Never an Ethical Question of How Anduril Products are Used with Matthew Steckman, President @ Anduril
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Matthew Steckman is the President and Chief Business Officer of Anduril. Matt played a central role in securing the $20BN contract Anduril just won with the US military. Prior to Anduril, Matt served as Chief Revenue Officer for Zipline. Before Zipline, Matt held several leadership positions at Palantir. AGENDA: 3:45 — Anduril’s $20BN Army Contract Broken Down 6:30 — What Do Most Defense Founders Get Completely Wrong? 9:15 — Can You Build a Billion-Dollar Defense Company Without the US? 12:05 — Why Government Contracts Are Brutal (And Why Most Fail) 15:40 — How Does Anduril Predict...
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20Sales: Inside Figma's $1BN ARR Revenue Machine | Why We Do Not Have Customer Success or SDRs | Why I Do Not Believe in Sales Quotas with Shaunt Voskanian, CRO @ Figma
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Shaunt Voskanian is the CRO @ Figma, where he has scaled the sales machine to over $1BN in ARR and over 400 people. Prior to Figma, Shaunt was Senior VP of Global Sales at Datadog where he scaled the revenue org to $1BN in ARR. AGENDA: 04:33 - Are Great Sales Leaders Born or Trained? 06:55 - In a world of PLG, is sales less important than ever? 11:51 - Why does Shaunt not believe in traditional customer success teams? 14:31 - Does the role of the SDR survive in two years' time? 19:19 - When is the right time for sales to intercept in a PLG motion? 21:43 - How to Set Sales Quotas in...
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20VC: The Return of Travis Kalanick: Uber Would Be $1TRN Today With Him | NVIDIA Predicts $1TRN in Revenue: Everything You Need to Know From GTC | Anduril Lands $20BN Army Contract | Adobe CEO Shock Exit: The Dominos Falling
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
AGENDA: 04:02 NVIDIA’s GTC: What You Need to Know 11:39 Meta’s 20% Layoffs & Atlassian Lets Go of 1,600 21:42 How to Test AI Fluency in Employees 30:59 Anduril Lands $20BN Army Contract 46:46 Travis Kalanick Returns With Atoms 49:55 If Travis Kalanick Ran Uber Today, Would it be $1TRN Company? 56:03 When is it Right to Replace Founders 01:04:24 Adobe CEO Exit Shock
info_outlineAGENDA:
03:55 Anthropic Security Product Wipes Billions Off Public Markets
11:17 Do Agents Turn SaaS Incumbents into Valueless Databases
22:07 Anthropic Secondary Sale Makes Hundreds Decamillionaires
23:20 Citrini Research Piece: Everything You Need To Know
26:04 Will DoorDash Be Replaced by Agents
34:22 Will “Ghost GDP” Soften Consumer Spending Power
42:46 Why No Public Company Has Created a Good Agent Product
47:19 Is Tech Private Equity and Thoma Bravo F***** in this Market
51:05 OpenAI Massively Increases Spending Plans: Analysis
56:24 Figma Fights Back: Earnings Through the Roof
01:02:12 Momentum Versus Value: Four Public Stocks to Buy
01:09:30 Jack Altman Joins Benchmark Capital