Jason Lemkin

And in the late stage, you're taking 100% correlated valuation risk.

If the growth is there for one more year, it looks cheap.

I would be nervous if I was a $27 billion pre-cursor investor.

They've won and they've won really well.

You can be promiscuous at the A if you have enough late stage stuff to cover it up.

Probably yes on the first question.

because they've stated they want to, and it feels like they can.

And if someone says they want to do something and it feels like, and that thing is doable, then logically it should get done.

So yeah, I think it probably would be the last one before the IPO.

And you know, how do you pay with the price?

Look, when they raised at 160, I mean, I remember internalizing, we talked about it.

And frankly, we talked about it in our partnership.

You kind of go big number, wow, that's the second or third largest private cap valuation ever.

And then you look at the market traction and the revenue traction and you go on a revenue multiple basis, it's cheaper than some of the stuff we're doing at 200 and 100 pre.

Because this is a company that's gone from... It's easy to remember the numbers for Anthropic because they very kindly did them in round units of 10.

They went from 100 million at the end of 23 run rate to a billion at the end of 24 run rate to allegedly about between 9 and 10 billion at the end of 25.

So let's assume those numbers are roughly correct.

They 10x-ed two years in a row.

I don't know.

Next year, let's just say they only, quote, only 3x.