Delian Asparouhov
speaker
4,545 appearances
25 recordings
1 series
first heard Feb 2025
last heard 13 May
Delian Asparouhov’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 7 in all, peaking in Jan 2026 with 4.
Appearances
I think we've talked about this before, but like um, you know, if you look at it on like a deal count basis, we're basically just on a strict linear decline since the peak of 2021 in terms of total deals done by all VCs across the globe that I think basically like north of five million dollars.
It's like just strictly going, you know, sort of down in terms of number of companies basically, you know, sort of per per year that are.
Looking like that.
So company formation is down, deal count is down.
And so by default, you basically have obviously, you know, sort of fewer logos that you can chase.
And so you're getting more aggregation into a much smaller set of logos on the company, you know, basically side of things.
At the same time, you're seeing, you know, um, you know, companies stay private for much longer.
And so like the liquidity in the public market is getting vacuumed by an even smaller set of companies because like there's just a small set that are the mega ones that are raising these like.
Like you know, sort of huge, huge rounds, right?
Mm-hmm.
I think it was something like if you basically added up SpaceX, OpenAI, um Anthropic, and XAI basically.
I think if you added up basically those four companies, it was something on the order of like 60% of like the total like you know dollars deployed by VCs in that year were scooped up basically by those like you know, sort of four or five companies.
And so I think that's like the dynamic that's then flowing through on like the V C you know basically side of things where
If you're one of those companies and you need to r now raise like, you know, $10 billion, are you really trying to go out and do that with like a bunch of $10 million checks?
It's like, no, like you prefer to like, you know, find capital providers that can actually give you, you know, billion dollar checks at a time.
So you just like have fewer, you know, sort of mouths around the table you need to manage.
Some of this is regulatory, right?
Like I think you can't have more than like I think it's like sixty, five hundred like, you know, institutions on your cap table before your public.
And so you literally like have to make sure that these you know sort of things, you know, aggregate.
Um and then there's a part of it that is like, yeah, just the like power law of venture and tech only continues to be like more and more true.
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