The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Will SpaceX IPO at $1.5TRN | Will Cursor Kill Figma | Lightspeed Raises $9BN | OpenAI: $1BN from Disney, New CRO & #1 App in App Store | Oracle and Broadcom Hit: Now the Time to Buy?
18 Dec 2025
Chapter 1: What is the main topic discussed in this episode?
Tick, tick, insert $9 billion.
All these leaders not IPOing is the greatest gift of venture in our lifetimes. It's playing the growth super cycle bet today.
Chapter 2: What is Lightspeed's recent $9 billion fundraise about?
That's the winning play.
There is nothing as terrifying as a high growth bet that slows down.
Chapter 3: How do mega funds impact seed VCs?
This is the epicenter of the enterprise AI revolution right now. You got to make yourself cool because 30% growth, that's what's cool. What I realized is you have to factor in what I'm now going to refer to as the EOV, the Elon option value. You can't run the numbers on SpaceX and come up with 1.5 trillion. You just can't.
This is 20VC with me, Harry Stebbings. It is my favorite show of the week. Jason Lemkin, Rory O'Driscoll, the biggest news in tech, no politics.
Chapter 4: What does Disney's $1 billion investment in OpenAI mean?
This week, we discussed Lightspeed's $9 billion fundraise. Will Elon be able to take SpaceX public at $1.5 trillion? And All the goings-on that happened at OpenAI HQ, Disney's $1 billion investment, topping the charts for the App Store this year, and so much more. As always, I want this show to be the best episode you listen to in a week. Let me know what we can do to make it better.
Harry at 20VC.com. But before we dive into the show today, now most people who get scammed never talk about it. And if it can happen to tech-savvy professionals, CEOs, and investors, it can happen to anyone. But the problem isn't just losing money.
Chapter 5: Is now the right time to buy Oracle after its market hit?
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Chapter 6: What caused Broadcom's market cap drop and Anthropic's AI chip orders?
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Chapter 7: How does Cursor compete with Figma in design and coding tools?
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Chapter 8: What is the biggest danger for incumbents regarding AI?
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boys it is great to be back uh jason you look very smart today thank you for joining us from the beach house um you're welcome gotta have one gotta have on me and rory are in the office but we're we're back what can i say i'm just i've given up based on your tweet because i'm not in open ai or anthropic so i've decided to call it call it a day for the rest of the year i think right listen you're smart dude what's the point otherwise right what's the point yeah
Well, what's the point? Indeed, if you don't have mega funds, Lightspeed raises $9 billion across six funds. Point number one. I did like backward maths on it to just understand how that split up. It's about $2 billion for venture and for early is how that equates. And then $7 billion across other vehicles, mostly growth. So the $9 billion is a bit misleading.
The question becomes to my tweet, if you're not playing the big game, do you really matter?
Kudos to Lightspeed, right? They're playing the game on the field and it's bad for seed VCs. I put bad in air quotes, right? Because whether it's two or nine and you got to slice these funds up to Harry's point, right? To really understand what's going on. It's not all nine for seed. It really means you don't care what you pay for seed. It just doesn't matter.
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