Ramtin Naimi
speaker
1,391 appearances
1 recordings
1 series
first heard Jul 2025
last heard Jul 2025
Ramtin Naimi’s voice in public audio — every appearance, attributed to the second.
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People argue that these AI companies are raising at astronomically high valuations.
And I actually don't know if that's true.
And I don't think anybody will know if it's true for another three or four years.
Because while the multiples seem insane, the companies are also growing at unprecedented rates.
historically, you could look at a SaaS company and say, well, if it's growing 3x, 4x year over year, and you could project a 5x over the next two years, you can justify paying this price today.
With AI companies, it's this company grew 20x year over year last year.
It's on track to grow 15x year over year this year.
Maybe it grows 10x year over year next year.
What is the fair multiple to assign to that deal?
It's hard to determine what the correct answer to that is.
But there's also way less predictability in its potential growth.
Because there's no shortage of application layer companies that become obsolete overnight when it becomes a new feature of one of the foundation model companies.
The company could have grown 20x last year and 10x this year.
That shrinks next year.
I think at the end of the day, with venture, you're trying to capture outliers.
If the companies are shaping up to be the next power law companies of the future, you'll do whatever it takes to get into one of those companies.
So for the follow-on rounds, I will say that I don't think it's in a bad place because these are truly incredible companies growing at truly unprecedented rates and achieving adoption that no one ever thought was possible.
So they clearly have unbelievable signs of product market fit very early in their life cycle.
So that's the side that I wouldn't say is healthy or unhealthy.
I'd say it's undetermined.
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