20VC: Anthropic Raises $30BN at $380BN Valuation | Thrive Raises New $10BN Fund | OpenAI Buys OpenClaw | Stripe Raises at $140BN: Is Adyen Wildly Undervalued? | Monday, Figma, Shopify: Which are Buys vs Sells?

**Rory O'Driscoll** (0:00)
You've never seen a company grow 10x in gap revenue and run rate year on year for three years. So you're leaning into the singularity here. Wall Street has decided this is the bet they want to make. Capital has decided this is the bet they want to make. People are going to try and make this bet. Wall Street fell in love with AI, and to do that had to fall out of love with SaaS. Everybody should get a little bit of a grip and not extrapolate to the end. But whatever, that's the movie right now.

**Jason Lampkin** (0:25)
Who wants to get back to early stage? I want to do the Anthropic round.
Give me a fucking break. I don't want to have to pick which accounting software in four years might break out for AI. No one wants to do that. Just show me the carry.

**Harry Stebbings** (0:39)
This is 20VC with me, Harry Stebbings. It is my favorite show of the week. Rory O'Driscoll, Jason Lampkin, analyzing the biggest news in tech that has gone down this week. Anthropic raises $30 billion and a $380 billion post. OpenClaw creator Peter Steinberger joins OpenAI. Thrive closes on a mega $10 billion fund. One for early, nine for growth. We also have Stripe versus Adyen. And then finally, AppLoving down 70% and Shopify getting no love. What is going on in public markets? But before we dive into the show today, I run the 20VC fund and I get this question from founders all the time.
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**Rory O'Driscoll** (4:09)
You have now arrived at your destination.

**Harry Stebbings** (4:12)
Boys, it is so good to be back. Now we might as well rename this show for the first segment at least this week in Anthropic, because my god the news announcements that came out. I want to start with the fundraise itself. Anthropic raises $30 billion at a $380 billion post money. Now it was originally $10 billion and it upscaled to a $30 billion round. How did we think about this?

**Jason Lampkin** (4:37)
I think if you're not that, you're not of interest to 98% of venture. I mean, I'm not even in the loop. I don't have an allocation to Anthropic or a ProRada, but people I saw on the periphery of this investment that I didn't even know would be on the periphery investment shocked me. So we can talk about whether it's cheap or not on a forward multiple basis. There's probably arguments each way. There's arguments it's cheaper than the last round, right? Just on a forward revenue basis. But not to be an echo or captain obvious, this is just, you know, it's the same day Thrive or the same week Thrive raises 10 billion. This is what everybody wants to do. This is the only play in venture when, you know, the public markets for software stocks are down 20 some odd percent this year. This is the play. There's almost no other play other than showing up to Demo Day.