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20VC
The Twenty Minute VC interviews leading venture capitalists and company founders, hosted by Harry Stebbings.
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Anthropic's Fable Banned by US Government | Wix & Adobe Hit All-Time Lows | Mistral Raising at $20BN
SpaceX’s 19% debut was amplified by a 4% float, newly listed options, and index inclusion, while both guests expect six-month weakness.Fable marks a possible Rubicon: the US ostensibly regulated an AI model by capability without judicial review, testing 3-6 months later.Mistral’s $3BN raise at $20BN underscores sovereign-AI demand, while Fin’s $3.6BN sale contrasts with Wix and Adobe’s replicability and strategic-option problems.
SpaceX Launches Largest Ever IPO | OpenAI Files to Go Public | Uber Cuts 23% of HR
SpaceX’s $75 billion IPO at $135 a share and roughly $1.8 trillion valuation replaces price discovery with Elon’s conviction, while a book only 2X covered leaves meaningful downside, flat-trading, and retail-driven upside scenarios.A weak debut could restrain OpenAI’s valuation ambitions and reset LP return expectations, while persistent AI, radically higher revenue per employee, and concentrated foundation-model supply remain the more durable signals to monitor.
Will Cursor Kill Figma? Lightspeed Raises $9B & OpenAI’s $1B from Disney & #1 App in App Store
Lightspeed’s $9B raise shows how multistage firms can treat seed pricing as marketing while concentrating capital in growth winners such as Anthropic.The stay-private supercycle keeps compounding private, but OpenAI’s single-digit app growth and a possible shift from growth to cash-flow valuation expose the key downside.
20VC: Will SpaceX IPO at $1.5TRN? Cursor vs Figma, Lightspeed's $9BN
Private-market compounding is driving venture’s supercycle, while SpaceX’s rumored $1.5T IPO depends on EOV—the Elon Option Value—rather than fundamentals supporting 78x 2026 revenue.OpenAI’s 1.2B-user base is growing at single digits, and AI convergence may maim incumbents through shrinking seats and NRR before it displaces them outright.
Elon’s Empire: SpaceX, Tesla, Neuralink After the Storm & Anduril’s $2.6BN Power Move
Circle’s IPO exposed a pricing regime where good companies can acquire meme-stock premiums, while CoreWeave’s 2.5x rise and fresh debt show how unpredictable the public-market window remains.Anduril’s $1B Founders Fund check extends a concentrated national-security thesis, as SaaS maturity and Cursor’s $500M revenue pressure legacy budgets; Tesla remains exposed to policy and brand risk, while SpaceX’s government dependence is harder to dislodge.