20VC: OpenAI & SpaceX S1 Drops | NVIDIA's $81BN Revenue Quarter | Cloudflare and ClickUp Do Controversial Layoffs | Exa, OpenRouter and Polsia Raise Mega Rounds | Uber and Microsoft Declare AI ROI for Developers is Questionable
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 693 Ratings
🗓️ 28 May 2026
⏱️ 85 minutes
🧾️ Download transcript
Summary
AGENDA:
05:16 Nvidia Blowout Quarter: $81BN Revenues and Stock… Flat!
10:39 Uber and Microsoft Declare Productivity Gains Questionable from AI
25:26 The Layoffs Continue: ClickUp and Cloudflare
34:39 OpenAI S1: Is it a Race? How Will it be Received?
38:28 Do Anthropic Rush Out Their IPO Also?
45:49 SpaceX S-1: "Why I Would Never Invest"
48:06 Why Colossus is a Stroke of Genius By Elon
51:31 Data Centers In Space is BS and Will Not Be Core to SpaceX
58:04 Polsia Raises $30M at $250M Price: Is this the Peak?
01:06:08 Exa Raises at $2.2BN to Build Search for Agents
01:14:34 Is Replacing Your CRM with Vibe Coding Always Ragebait
Transcript
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| 0:00.0 | I can't remember where corporate America was so convinced of the ROI of something as it is |
| 0:05.7 | right now of AI. |
| 0:06.7 | So Anthropic has done as much in Q1 as all of last year, and Open AI has done 30% of what |
| 0:12.8 | they've done last year in Q1. |
| 0:15.4 | Within a couple of quarters, Anthropic will be visibly and obviously ahead. |
| 0:19.8 | Profitable, growing more quickly, and bigger. That's Pareto |
| 0:22.5 | dominant on all three vectors. It could be the GeoCities deal of the AI era. We could look back on |
| 0:27.9 | this. And listen, I'm all, I'm on team Elon, okay? But a hundred times trailing sales, |
| 0:32.6 | we may look back and say these were some good companies, but a hundred times, my God, my God, that's worth $2 trillion. Renting out chips because Jensen's your buddy and you're a good customer. But what you are is a more efficient core wave. I love the S-1. I think it's all madness. I wouldn't buy a share. I just love the optimism. It's Solar City on steroids. And we're all here for it because we love AI, but it makes |
| 0:55.6 | no sense. The fiction shovels of the Agenic Revolution is just a good place to be investing. |
| 1:01.4 | This is 20VC with me, Harry Stebbings. It's my favorite show of the week, Roryo Driscoll, |
| 1:05.7 | Jason Lampkin, discussing the biggest news in tech this week. Starting off, OpenAI confidentially files their S-1. |
| 1:13.7 | What does this mean for Anthropics' plans to go public? |
| 1:16.7 | SpaceX then drops theirs, the largest IPO in history. |
| 1:20.2 | Anthropic then hits $44 billion in ARR and laps Open AI in revenue, and then |
| 1:25.1 | Invidia print $81.6 billion in revenue, and the market yorns. |
| 1:30.4 | Then layoffs, click up and more discussed with Jason and Rory. |
| 1:34.8 | Again, my favorite show of the week, this is the one podcast that you have to listen to every |
| 1:39.0 | week to stay up to date with tech news. |
| 1:41.6 | But before we dive into the show today, are you a founder working nonstop to raise your |
| 1:46.1 | next round? |
| 1:47.0 | Are you an investor doing all you can for your portfolio companies to help them stand out? |
... |
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