20VC: Anthropic Files to Go Public | Token Budgeting Panic Hits Corporate America | Cognition Raises $1BN at $26BN Valuation | Apollo Warns PE Software Returns Will be Disastrous | The 9-9-6 Work Ethic: Performative Theatre or Startup Reality?

**Rory O'Driscoll** (0:00)
I think there's a tangible feeling of, grab it now. Fuck yeah.

**Jason Lemkin** (0:04)
I'm not interested if it can't be a billion dollar position anymore.

**Rory O'Driscoll** (0:07)
Losing money is like sex. You can talk about it all you like, but until you feel it, you don't know what it's like. We are done with the, ooh, I don't want to do the public market. Staying private is cool. We are fucking done with that. All these businesses have gone from CapEx light cash flow machines to CapEx heavy cash consumptive machines.

**Jason Lemkin** (0:25)
Everyone wants these damn tokens, Rory and Harry. I would quit as a developer if you told me I could not use the model of my choice. I would quit. I really do think by the end of the year we are going to choose tokens over humans.

**Harry Stebbings** (0:35)
This is 20VC with me, Harry Stebbings, and it's my favorite show of the week. Rory O'Driscoll, Jason Lemkin discussing the biggest news that's happened in tech this week. Starting off, we have Anthropic raising $65 billion and then filing to go public in the same week. We have Cognition raising $1 billion at a $26 billion valuation. We have public markets coming back to life. Is the SaaSpocalypse over? Best earnings week in two years? And then finally, Uber and Microsoft now pessimistic on the productivity gains from AI? Is there a question mark coming and what does that do to token maxing and token spending? All of this and more in this week's show. But before we dive into the show today, are you a founder working nonstop to raise your next round? Are you an investor doing all you can for your portfolio companies to help them stand out? Funding and scaling a vision is challenging. Banking should not be. HSBC Innovation Banking caters to tech and healthcare founders all over the world who need a really great banking partner that matches their pace, offering fast onboarding, product packages designed for your business, and capital solutions built for high-growth startups and the VCs investing in them. With HSBC Innovation Banking's rapid onboarding, you can get access to your new accounts and facilities quickly, so your team can stay focused on building and scaling what's next. You'll be paired with your own dedicated team of venture ecosystem veterans who have the network and experience to guide companies in your specific sector, at your specific stage. And behind that support is this real strength, HSBC's $3 trillion balance sheet and global network that provides this stability and international reach needed to grow your operation with confidence, to see how HSBC Innovation Banking can support you. Whether you're on Day 1 or Day 1000, visit innovationbanking.hsbc to learn more and connect with an innovation banking specialist. That's innovationbanking.hsbc.
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