20VC: Lovable Raises at $2BN & Hits $100M ARR | Is Cursor Worth $28BN at $1BN in ARR | How Do All Providers Deal with Anthropic Dependency Risk | Are Seed Funds F******: Have Mega Funds Won | Figma IPO Breakdown: Where Does it Price?

**Jason Lemkin** (0:00)
This idea that, oh, woe is me, I can't raise a third fund, I've never returned any capital, tough fucking luck, right?

**Rory O'Driscoll** (0:06)
Almost everything about a big fund is good for the entrepreneur. Anti-portfolio regret is the psychological price you have to pay for being in the game, because it's literally the emotional tax you pay for being in good deal flow. The market for consensus is fully priced in.

**Harry Stebbings** (0:23)
This is 20VC with me, Harry Stebbings, and it's my favorite show of the week, Jason Lemkin, Rory O'Driscoll, and, oh my gosh, we have a cracker for you today. We have Replit and the security issues that Jason faced there. We have Lovable and their new round. We have Cursor and their $28 billion round. Their reliance on Anthropic. What that means with Claude Code becoming more and more popular. The Figma IPO. This is a sensational one. I want to hear your thoughts. Let me know what you think. Harry at 20vc.com. But before we dive into the show stay, I love seeing the team come together to make this show happen. What I don't love is trying to keep track of all the information, the data and the projects that we're working on across dozens of platforms, products and tools. That's why we use Coda. The all-in-one collaborative workspace that's helped 50,000 teams all over the world get on the same page. Offering the flexibility of docs with the structure of spreadsheets, Coda facilitates deeper teamwork and quicker creativity and their turnkey AI solution, the intelligence of Coda Brain, is a game-changer. Powered by Grammarly, Coda is entering a new phase of innovation and expansion aiming to redefine productivity for the AI era. Whether you're a startup looking to organize the chaos while staying nimble or an enterprise organization looking for better alignment, Coda matches your working style. Its seamless workspace connects to hundreds of your favorite tools including Salesforce, Jira, Asana and Figma helping your teams transform their rituals and do more faster. Head over to coda.io/20vc right now and get 6 months off the team plan for startups for free. That's coda, C-O-D-A dot I-O slash 20VC and get 6 months off the team plan for free. Coda dot I-O slash 20VC. And while Coda keeps our team aligned, Acuity Scheduling ensures our time stays on track. This show is brought to you by Acuity Scheduling, the flexible scheduling software that helps you focus on what matters most. Growing your business with Acuity, you can manage your calendar, you can accept secure payments, offer clients a seamless booking experience that reflects your brand. I've been using my complimentary subscription and it's been a game changer for staying organized and saving time. I especially love online booking. Clients can book, reschedule or cancel any time. And the booking page looks fully branded with my logo and colors. The calendar management tools let me set buffer times and sync with other calendars. So I never feel overbooked. And with secure payments, I can collect deposits or full payments upfront through Stripe or PayPal, making the process smooth and professional. Head over to acuitiescheduling.com/20vc for a free trial. And when you're ready to launch, use the offer code 20VC20 to save 20% off your first acuity scheduling subscription. And speaking of incredible companies, don't forget what really keeps those customers coming back. Trust is the ultimate currency in business and today customers expect it faster than ever. And that's why over 10,000 global companies trust Vanta. Vanta automates up to 90% of the work for in-demand compliance standards like SOC 2, ISO 27001 and more using smart AI to centralize workflows, manage risk and get you audit ready in weeks, not months. So you can stop chasing paperwork and start closing deals. And a new IDC report found that Vanta customers achieved $535,000 per year in benefits. That's insane. And the platform pays for itself in three months. I had no idea about these. Whether you're growing fast or just getting started, Vanta connects you with trusted auditors and experts. Support to help you build trust with customers. Get $1,000 off your first year at vanta.com/20vc.
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**Rory O'Driscoll** (4:19)
You have now arrived at your destination.

**Harry Stebbings** (4:22)
Guys, I'm so excited for this. As always, it's my favorite conversation of the week. And, you know, Rory, we have a celebrity in our midst. I don't know if you saw social media over the weekend. I do, but our friend Jason here, viral baby. So Jason, I would love to start with you and your experience over the weekend, Vibe Coding. What did you learn from that experience?

**Jason Lemkin** (4:43)
When we did this last week, I've learned so much in one week. It's crazy. It's the biggest fire hose.