20VC: Navan IPO: Winners, Losers and is a $4.5BN Exit Enough in VC Today | Harvey Raises $150M at $8BN Price | Why Google is a Buy and Amazon is a Sell | Meta Down 10%, Is Zuck Struggling?

**Jason Lemkin** (0:00)
For me, it's like I don't even want to take meetings with mortal founders.

**Rory O'Driscoll** (0:04)
This actually shows that sometimes Bill Gurley is wrong because his idea is that these IPO share allocations are quote free money.

**Jason Lemkin** (0:12)
The amount of wealth in Silicon Valley is just unprecedented in our lifetimes. It's just gone up dramatically the last 18 months. Maybe not to spend all the time, but the horrible question in venture and startups, it is horrible, is this a $4.5 billion exit good enough today?

**Rory O'Driscoll** (0:25)
A founder's optimized fundraising is a VC's below ownership target. The health of the entire US economy depends on the answer to this question. It turns out fuck off and sell your shares is not an acceptable answer, it's good. There's a little part of me that's kind of a bit sorry for Sam Altman, because of where he's put himself.

**Harry Stebbings** (0:43)
This is 20VC with me, Harry Stebbings, and if that does not compel you to listen to this show, I don't know what's wrong with you, to be quite honest. This is one of the spiciest shows yet. It's my favorite show of the week, Jason Lemkin, Rory O'Driscoll, breaking down the biggest news in tech that's happened over the last seven days. No politics, just incredible commentary and analysis. This was so much fun. But before we dive into the show today, you've heard me mention Guardio before. They protect millions of people from phishing, scams and online threats, but now something genuinely exciting has happened. Lovable, one of the fastest growing AI platforms, just integrated Guardio directly into their Gen AI chain. What that means? Every single site built with Lovable now gets scanned in real time. Phishing pages, impersonation sites, scam redirects are blocked before they ever go live. And that's a huge shift. It's rare to see companies take responsibility for the safety of the broader internet. Lovable did and Guardio is the engine making that possible. Guardio also leverages advanced AI threat detection to block highly targeted, socially engineered scams before they ever reach you. From phishing emails and fake login pages to financial fraud, Guardio protects you across the way you actually live and work online. If you want to see what modern proactive protection looks like and protect your platform, go to guard.io/20vc.
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**Rory O'Driscoll** (4:22)
You have now arrived at your destination.

**Harry Stebbings** (4:26)
Boys, we are back. We have some big news this week and we're going to start with some liquidity, baby. We're going to start with Navan's IPO. Navan obviously IPO'd this week. Aurins Eve invested $150 million, returned $1 billion. Then it slightly cratered 20%.
I'd love to start. How did we analyze this? Take me to your thoughts.