20VC: Figma's 250% Pop - The Greatest IPO Mispricing Ever | Meta and Microsoft Blowout Quarters: Broken Down | Cognition Raises at $15BN and Ramp at $22BN | CRV Downsizing and What It Means for LPs and GPs

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 7 August 2025

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Agenda:

00:00 – The Worst IPO Mis-Pricing Ever: What Really Happened at Figma

02:30 – Fidelity vs Founders: How Important is Fidelity When Going Public

07:00 – Why Founders Secretly Want a Pop, Even If It Makes Them Look Stupid

10:15 – The Truth Behind the $3B Figma "Left on the Table"

14:00 – Direct Listings vs IPOs: Should Figma Have Gone Direct

23:00 – CEO Compensation is Broken, Brian Halligan Doesn’t Hold Back

29:00 – The New Normal: Growth Rounds with Elon-Style Moonshot Packages

33:00 – Is Canva Next? Why Founders Should "Run, Forrest, Run" to the NASDAQ

36:00 – The Case for Going Public: VCs Are a Bigger Pain Than Public Markets

44:00 – Can AI Even Work for SMBs? Why No One’s Cracked the Code (Yet)

51:00 – Meta’s Monster Quarter: Growth, Cash Burn, and the Real AI Strategy

56:00 – CEO of the Year? Why Jensen Huang Leaves Zuck & Satya in the Dust

1:00:00 – Cognition's $15B Deal & Mass Layoffs: The Most Savage M&A Move of 2025

1:07:00 – Ramp’s $22B Raise: Genius Move or Suicide Round?

1:09:00 – CRV Shrinks, Benchmark’s Bet, and the Future of Venture Strategy

Transcript

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0:00.0	The people who said, oh, $3 billion on the table, the 98 price only happened because the IPO happened at 38.
0:07.1	It's exactly what you said, Harry.
0:08.9	The discussion they were having on the day was, let's call it the Halligan discussion of do I go two bucks more and exclude fidelity or two bucks less and take fidelity?
0:17.5	And had someone walked in and said, I know this IPO is going to price at
0:22.7	100 bucks a share to open tomorrow morning. Let's raise at 80. They wouldn't have had a book because
0:27.5	no one has bid at that thing. So that money wasn't accessible. Run for us run. The market's wide
0:33.1	open. The valuations are good. There's a lot of demand. It's very seasonal. If I were Canva, it's an amazing company. I would be lining everything up to go public. This is 20VC with me, Harry Stebbings, and it's my favorite show of the week, Jason Lemkin, Roryo Driscoll, and we have our first VIP guest. We have Brian Halligan, founder of HubSpot, joining us. Honestly, today, we shoot the ship
0:55.6	breaking down Figma. What happened? Was it the greatest mispricing in history? We then discuss
1:00.6	meta and Microsoft's blowout quarters, what it means for them moving forward. This was so much
1:05.9	fun to do. But before we dive into the show today, let's talk about agents, specifically Piper, the AISDR agent brought to you by Qualified.
1:15.3	The agentic marketing era has arrived. And if you're a B-2B marketing leader looking to scale a pipeline generation,
1:21.7	Piper the AISDR agent, wow, it is here to help. Piper is the number one AISDR agent on the market, according to G2.
1:30.0	And hundreds of companies, like Box, Asana and Brex, have hired Piper to autonomously grow inbound
1:36.1	pipeline.
1:36.9	Fucking sign me up.
1:38.2	Anyway, qualified customers see massive business impact with Piper, 3x increase in meetings booked,
1:43.9	and 2x increase in pipeline. Wow, that is some results. H with Piper. 3x increase in meetings booked and 2x increase in pipeline.
1:46.2	Wow, that is some results.
1:47.8	Hire Piper, the number one AISDR agent and grow your pipeline today.
1:52.3	Learn more at qualified.com slash 20VC.
1:55.7	That's qualified.com slash 20VC with the 20VC spelled out in letters for goodness sake. And while
2:01.8	Piper build your pipeline, HubSpot gives your business the AI tools to scale faster. You want to
	...

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