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 Open AI has existential risk.

It is a bet 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, as 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 a hundred billion doesn't feel like that much, does it?

This is 20 VC with me, Harry Stebbings.

Now this week with Jason Lampkin and Roy O'Driscoll, we have a lot to cover.

We have Anthropics $10 billion fundraise. We have XAI raising an astonishing $20 billion.

We have Andresen Horace raising $15 billion. Over 20% of the total funds raised by venture firms in 2025. So much to unpack today.

Let me know what you think of these shows.

I always love to hear your feedback, Harry at 20VC.com.

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