The Twenty Minute VCThe New VC Game | CoreWeave Sell-Off Creates Panic | Revenue Multiples Out of Control
Episode Details
EPISODE INFO
- Released
- October 22, 2026
- Duration
- 59m
- Channel
- The Twenty Minute VC
- Watch on YouTube
- ▶ Open ↗
EPISODE DESCRIPTION
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. ----------------------------------------------- Timestamps: 00:00 Intro 01:01 Is Venture Broken for Great Companies Outside the AI Hype Cycle? 03:41 Why VCs Only Want Trillion-Dollar Outcomes 05:45 Why Mega-Funds Need Billion-Dollar Positions 08:07 Is Seed Investing Now Harder Than Growth Investing? 10:46 Is CoreWeave the First Crack in the AI Trade? 16:55 Anthropic’s Growth Slows: Is a $1.5TN IPO Still Cheap? 18:39 Why Anthropic’s Revenue Could Be Less Predictable Than SaaS 21:49 Why Replit Switched Its Default Model From Claude to OpenAI 25:29 Does Claude Code Review Threaten Coding Startups? 28:47 Why Code Review Could Be Bigger Than Code Generation 31:34 Modal Hits a $15.75BN Valuation as Inference Explodes 35:31 Investment Committee: Town at a $1BN Valuation 38:45 Are Private AI Valuations Completely Disconnected From Public Markets? 42:41 Is Bending Spoons Becoming the Berkshire Hathaway of Software? 46:03 37signals and the Case for Never Raising Venture Capital 50:23 Will More Venture Firms Go Public? 53:39 Harvard’s 27% Return and the Coming Venture Capital Boom 55:59 Is Tesla’s New Roadster the Swan Song Before an Elon Mega-Merger? 56:54 How Elon Musk Creates the “Elon Premium” ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZ... Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast... Follow Harry Stebbings on X: https://x.com/harrystebbings Follow Jason Lemkin on X: https://x.com/jasonlk Follow Rory O’Driscoll on X: https://x.com/rodriscoll Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/con... ----------------------------------------------- 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. ----------------------------------------------- #20vc #harrystebbings #roryodriscoll #jasonlemkin #coreweave #ai #venturecapital #modal #anduril #elonmusk
SPEAKERS
Jason Lemkin
guestSaaS founder and venture investor known for SaaStr and early-stage software investing.
Harry Stebbings
hostFounder and host of the 20VC podcast, interviewing and moderating discussions with venture investors and tech leaders.
Rory O’Driscoll
guestVenture investor focused on software and technology, offering market and fund-structure analysis.
EPISODE SUMMARY
In this episode of The Twenty Minute VC, featuring Jason Lemkin and Harry Stebbings, The New VC Game | CoreWeave Sell-Off Creates Panic | Revenue Multiples Out of Control explores mega-funds, AI volatility, and why “build-to-prod” becomes the prize The episode argues that venture is increasingly optimized for mega-funds that require billion-dollar positions, concentrating capital into a small set of AI-adjacent ‘A-tier’ outcomes and leaving many strong profitable companies unfundable.
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