20VC: Anthropic Unveils Mythos | SpaceX's Financials Leaked: Is it Worth $2TRN | Meta Debuts Muse Spark: Are They Back in the AI Race | Jason's Critique of Dario Amodei & How OpenAI Could Win the Enterprise Game

**Jason Lemkin** (0:00)
I don't buy Dario anymore. So I'm pretty bullish, actually, on OpenAI and the enterprise.

**Rory O'Driscoll** (0:04)
I think it's a two-way fight, and Tropic has the advantage of clarity and focus. OpenAI has the advantage of the consumer business.

**Jason Lemkin** (0:11)
If your agents are only 60% as good, you're in a slow death spiral. It appears to be the most expensive IPO at scale of all time.

**Rory O'Driscoll** (0:19)
The Elon discount rate is zero, and the Elon probability of failure rate is zero, to get to two trillion.

**Jason Lemkin** (0:25)
I can't open the Strait of Hormuz myself. I can't do this like enough already. Let me just use my tokens.

**Harry Stebbings** (0:31)
This is 20VC with me, Harry Stebbings, and it's my favorite show of the week. Rory O'Driscoll, Jason Lemkin, analyzing the biggest news in tech this week. Anthropic unveils Mythos, but withholds it from public release because it's too good at hacking. Public software stocks tumble to new lows, with Citi saying, There really is no flaw. Optimistic. And then finally, Meta debuts MuseSpark. It's Alex Wang's first model from Meta's Super Intelligence Labs. Does it save Meta in the race to catch up? 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 network and experience to guide companies in your specific sector at your specific stage. 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 one or day 1,000, visit innovationbanking.hsbc to learn more and connect with an Innovation Banking specialist. That's innovationbanking.hsbc.
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**Rory O'Driscoll** (4:44)
You have now arrived at your destination.

**Harry Stebbings** (4:47)
Guys, I am so excited for this show. We're going to start with Anthropic. What else could we start with? But Anthropic unveiling Mythos with the preview. Withheld from public release because it is too good at hacking. Discovered thousands of zero-day vulnerabilities. Admittedly, some were quite old. How did we think about this? Did it deserve the reaction that it got?