The fastest AI companies are hitting $100 million in revenue faster than any SaaS company ever did,

and they're spending less on sales and marketing to get there.

The top performers grew 693% year over year in 2025, generating up to a million dollars in revenue per employee.

That's not some efficiency playbook. Demand is so strong, these companies can barely keep up.

On the supply side, every GPU that gets plugged in is maxed out immediately.

But there are cracks.

Dead is entering the system.

And the biggest thing holding back enterprise adoption isn't the tech itself.

It's getting large organizations to actually change how they work.

Gencox speaks with general partner David George about what the data shows and why we're still early.

Let me just start with what I think the big takeaways are from this piece, because this is the

first time we've ever done this style piece. We produce so much work and so much analysis. It's like exhaust inside of our

team. And we thought, we have so many different thoughts and points of view. Why don't we put

them on paper and share them out with the world? So that was the genesis of this. My big takeaways from doing this.

One, AI, demand side is crazy.

The actual update growth quality of companies in AI is extremely encouraging from our standpoint.

Companies are starting to run themselves better.

I'm going to show you some stats on that that there's been some sort of X buzz, including this morning, kind of debating what's going on there. But this crop of companies, I would say, is more impressive than prior crops of companies, partially because the demand for their products is so high. That's demand side. Supply side is healthy right now, but we are starting to see some signs of things that are stretched a little bit. I'll talk about what we see and what we're looking out for. We've been fortunate to be a part of a lot of these great companies, and the most exciting action that is happening in the private markets, it's AI and it's happening in the private markets, and we're going to show some slides about that. And then lastly, my big conclusion, what has me so excited about where we are now is just how

early we are in this product cycle. Product cycles drive our business. And these are 10, 15 year cycles.

And we're just at the very beginning of it right now. So let's dive in. We invest across all private stages. This is a chart that just

shows our activity. We're very busy. It's across all verticals. We on the growth side have been most

active in AI and infrared apps and then in AD, but also very active in our other verticals as well.

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