Samir Kaji
speaker
769 appearances
5 recordings
1 series
first heard Sep 2025
last heard 28 Jul
Samir Kaji’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 — 4 in all, peaking in Jul 2026 with 1.
Appearances
And you look at that, even something like an Amazon or Google, then you go to the Facebooks and the Ubers.
And now, of course, the anthropic opening eyes, SpaceX being materially higher.
But the average valuation exit for a non-1% company hasn't really changed too much.
It's still sub-100.
But we're now underwriting as if all these companies are going to be the top 1%.
You had this really interesting post.
And you went back, I think, 25 years and looked at, or your team did, alongside you, around all the exits that were large.
And there were some really interesting things around the companies that are over $1 billion, $10 billion, even north of $100 billion.
If you don't mind, for those that haven't seen that, maybe describe a little bit what it actually told you.
So maybe a little bit about the study and then interesting insights that came out of it.
Well, yeah.
Anyone actually that says they know what the next SpaceX is, I'd run the other way as healthy if they actually know those things.
I mean, you're taking...
your own thesis, you're obviously you have your own methodology, like the type of founders, you're going to be very founder focused at the stage you're investing versus investing off a spreadsheet, which a lot of larger investors can do.
Because these companies have turned over so many cards.
The thing I struggle with, and I'd love to get your thought on this is you look at the backward looking data and say, okay, 2.7 billion is the median of the top 500 companies in terms of exit.
Obviously, when you get to that first layer of the top top company, it's like 25 billion, which
You own 10% of a $25 billion exit, two and a half billion.
If you have a billion dollar fund, that's two and a half X, which is great.
And some of the top firms are getting into those type of companies.
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