20VC: Anthropic Surpasses OpenAI Revenue | OpenAI Acquisition of TBPN: Analysed | OpenAI Management Team Reboot | YC Kicks Delve Out | Mercor Hack and Why Now is the Time for Cyber | Supabase Raising at $10BN & Doug Leone Returns to Sequoia

**Jason Lampkin** (0:00)
I think that their training costs are a quarter of OpenAI. It really feels like the investors in OpenAI got a much worse deal in the last round than the anthropic ones did.

**Rory O'Driscoll** (0:07)
I thought the acquisition of a TPBN was just insane. I'm gonna call bullshit, start to finish on this whole discussion. Owning a media asset invariably takes way more time than you think for way less money than you expect. See Jeff Bezos for details.

**Jason Lampkin** (0:24)
There's no way that deal is gonna happen today. Like it's dead because of management change. The big three, SpaceX plus OpenAI plus Anthropic, assuming they all IPO, and certainly SpaceX will in the next 12 months, their value at IPO will exceed every other IPO for the last 20 years.

**Harry Stebbings** (0:40)
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**Rory O'Driscoll** (3:56)
You have now arrived at your destination.

**Harry Stebbings** (3:59)
Boys, welcome back. I've been looking forward to this one. I was doing this schedule over the weekend and last night, and I was like, wow, this week we really have a lot of meat to get into. So I want to start with OpenAI and Anthropic. And the news today that Anthropic have surpassed OpenAI in terms of revenue. So Anthropic now have 30 billion in revenue. It's all intertwined with the subsequent things that we will discuss with OpenAI. But as Jason put in an email to us all, holy cow, Jason, holy cow indeed. What did you think?

**Jason Lampkin** (4:30)
Even in an era where we're getting inured and anesthetized to crazy numbers, this one I did fall out of my chair, right? Getting to 30 billion up from 9 billion at the start of the year. I mean, Salesforce is the largest software company, right?