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: &quot;Why I Would Never Invest&quot; 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

20VC: OpenAI &amp; 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

# Full Transcript

**Podcast:** The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

## Transcript

[SPEAKER_A] I can't remember where corporate America was so convinced of the ROI of something as it is right now of AI. So Anthropic has done as much in Q1 as all of last year, and OpenAI has done 30% of what they've done last year in Q1. Within a couple of quarters, Anthropic will be visibly and obviously ahead, profitable, growing more quickly and bigger. That's Pareto dominant on all three vectors.

[SPEAKER_B] It could be the GeoCities deal of the AI era. We could look back on this and listen, I'm on team Elon, okay? But 100 times trailing sales? We may look back and say these were some good companies, but 100 times? My God, my God. That's worth $2 trillion? Renting out chips because Jensen's your buddy and you're a good customer?

[SPEAKER_A] But what you are is a more efficient core wave. I love the S1, but I think it's all madness. I wouldn't buy a share. I just love the optimism.

[SPEAKER_B] It's SolarCity on steroids and we're all here for it because we love AI, but it makes no sense.

[SPEAKER_A] The picks and shovels of the agentic revolution is just a good place to be investing.

[SPEAKER_C] This is 20VC with me, I'm Mari Stebbings. It's my favorite show of the week. Rory O'Driscoll, Jason Lamkin discussing the biggest news in tech this week. Starting off, OpenAI confidentially files their S-1. What does this mean for Anthropic's plans to go public?

[SPEAKER_D] SpaceX then drops theirs, the largest IPO in history. Anthropic then hits $44 billion in ARR and laps OpenAI in revenue. And then Nvidia print $81.6 billion in revenue, and the market Yawns. Then layoffs, ClickUp, and more discussed with Jason and Rory.

[SPEAKER_C] Again, my favorite show of the week.

[SPEAKER_D] This is the one podcast that you have to listen to every week to stay up to date with tech news. But before we dive into the show today, are you a founder working non-stop to raise your next round? Are you an investor doing all you can for your portfolio companies to help them stand out? Funding and scaling a vision is challenging. Banking should not be. HSBC Innovation Banking caters to tech and healthcare founders all over the world who need a really great banking partner that matches their pace, offering fast onboarding, product packages designed for your business, and capital solutions built for high-growth startups and the VCs investing in them. With HSBC Innovation Banking's rapid onboarding, you can get access to your new accounts and facilities quickly, so your team can stay focused on building and scaling what's next. You'll be paired with your own dedicated team of venture ecosystem veterans who have the network and experience to guide companies in your specific sector, at your specific stage. And behind that support is this real strength: HSBC's $3 trillion balance sheet and global network that provides this stability and internation...

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

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

20VC: OpenAI &amp; 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

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

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

Every day you wait, your competitors are finding
edge in conversations you're not hearing.