Jack Altman is a General Partner at Benchmark and the co-founder and Executive Chairman of Lattice, the $3BN people management platform used by thousands of companies globally. Prior to Benchmark, Jack founded Alt Capital and was an early investor in companies including Opendoor, Instacart, Pinterest, Gusto, and Patreon.
Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more.
Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others.
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Timestamps:
00:00 Intro
01:25 Anthropic’s S-1 Leak: $8BN Operating Loss and $518BN in Compute Commitments
07:18 Instinct Raises $1BN at a $10BN Valuation
13:18 Why Benchmark Is Writing Growth Checks at Early-Stage Risk
16:37 How Do You Size a $10BN Early-Stage AI Bet?
20:29 Is Venture Investing Way Too Fast—or Way Too Slow?
23:43 AMD Buys Fei-Fei Li’s World Labs for $8.2BN
27:47 Why $10BN AI Acquisitions Are Becoming Normal
29:46 Do You Need a $1BN Fund to Compete in Venture Today?
33:10 Is Traditional Seed Investing Broken?
38:35 The AI Talent War Is Getting Insane
39:10 Meta Poaches MongoDB’s CEO as the Stock Drops 20%
43:42 Investment Committee: Jev AI at a $10BN Valuation
47:12 Modal Hits $15BN as Baseten Eyes $26BN
47:19 Why Inference Has Been One of the Best AI Trades
49:59 Has Open Source AI Already Peaked?
54:00 Will Enterprises Build Their Own Models?
55:32 OpenAI Reopens Its $200 Plan and Halves What You Get
58:45 Oura Pulls Its $16BN IPO
1:04:18 When Will the First AI-Native Companies Go Public?
1:05:17 Nubank Eyes an $8–12BN Monzo Acquisition
1:10:58 Bessemer Raises $5.75BN as Venture Fund Sizes Explode
1:12:44 Why NFX Is Switching to Its Own Capital
1:18:10 Anthropic Founders Move to Lock In 50.1% Voting Control
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Legal Disclaimer:
The content of this podcast is for informational and entertainment purposes only and does not constitute financial or investment advice. Any discussion of stocks, public markets, or investment strategies reflects the personal opinions of the speakers and should not be relied upon when making investment decisions. Figures, valuations, and financial data referenced may be estimates or subject to error. Always consult a qualified financial adviser before making any investment decision. The views expressed are those of the individual speakers and do not represent the views of 20VC or its affiliates.
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