20VC OGs: SpaceX Valued at $800BN & Harvey Raises $160M at an $8BN Price | Airwallex Raises $330M and The Battle with Keith Rabois | Netflix Acquires Warner Brothers | IPO Market Predictions for 2026: Anthropic, Stripe, Databricks and SpaceX

**Rory O'Driscoll** (0:00)
Every time that private market valuations came into contact with public market valuations, private market valuations were found wanting. And money is a great fruit serum. Don't tell me what you think, tell me what you do. It is possible to lose money on a great company.

**Harry Stebbings** (0:16)
Airwallex at $8 billion or Ramp at $32 billion? Which would you rather own?

**Rory O'Driscoll** (0:22)
Jason bailed me out here.

**Jason Lemkin** (0:24)
VC condescending to tell the CEO how they're going to work it out. It's beyond condescending. The great CEOs will figure it out.

**Rory O'Driscoll** (0:31)
I'm going to push back hard on that.

**Jason Lemkin** (0:33)
Okay, but people are going to see you as condescending, Rory. I wouldn't push back.

**Rory O'Driscoll** (0:36)
I disagree.

**Jason Lemkin** (0:38)
They like you a lot now. Don't make them think of you as condescending. It doesn't help at the end of the year. Don't push back. Take them all again and delete this section.

**Rory O'Driscoll** (0:45)
No, I won't.

**Harry Stebbings** (0:45)
This is 20VC with me, Harry Stebbings, and it is the spiciest show we've ever done with Jason Lemkin, Rory O'Driscoll, the biggest news in tech, no politics, just commentary and analysis. But before we dive into the show today, now most people who get scammed never talk about it. And if it can happen to tech savvy professionals, CEOs and investors, it can happen to anyone. But the problem isn't just losing money. It's that today's scams, they're built differently for a very new world, one where AI can generate convincing messages in seconds, and fake sites look more like real sites than the real thing. Traditional tools were not built for this future. And that's why Guardio exists. Guardio is this incredible predictive and proactive engine. It 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 ways people actually live and work online. And security shouldn't be complicated. Guardio continuously monitors across all your accounts and devices, uncovering risks in real time, and guiding you to close gaps before attackers exploit them. Trusted by over a million users, Guardio is setting the new standard for personal cyber security. Visit guard.io/20vctoday to start your 7-day free trial. Because the threats of tomorrow, they're already here, and Guardio is built to stop them. After Guardio protects you from what's out there on the internet, Squarespace helps you put your work out there. Every dream needs a domain. Bring it to life with Squarespace. Your custom domain comes with everything it should. Powerful, built-in security, award-winning support, and tools that help you grow for an upfront, transparent fee. No matter where you are in your journey, do more with a domain.
Go to domains.squarespace.com/20vc and get 20% off your dream domain with coupon code VC20. That's VC20. And finally, we have to speak about our newest sponsor. It's Intercom. If you're looking for a way to transform your customer service, let me introduce you to Finn, baby. Finn is the number one AI agent for customer service, resolving up to 93% of customer queries automatically. There is no other agent that can do that, not 93% of customer queries, okay? No other agent can do that. So why choose Finn? Finn is the best performing AI agent for CS. Finn doesn't just answer questions. It takes actions. It automates the most complex customer queries, like refunds, transaction disputes, technical troubleshooting, with speed and reliability. I wish my team was speedy and reliable. Beats every competitor in every head-to-head bake-off, completely configurable and code-optional setup. My word. I mean, the benefits just go on and on. It's easy and efficient implementation. It works on any help desk with no tedious migration needs. It's trusted by over 6,000 customer service leaders, including top AI companies like Anthropic, Lovable, Synthesia, Clay, Vanta. So if you're ready to transform your customer service team, scale your support and give team members time to focus on the really high-level strategic work, learn more about Finn at finn.ai/20vc.

**Rory O'Driscoll** (4:12)
You have now arrived at your destination.

**Harry Stebbings** (4:15)
Guys, it is so good to be back. Jason, I am loving this 20 VC swag that we've got going on here. It looks fantastic. Rory, we've got to get you some.

**Jason Lemkin** (4:23)
A reminder to founders and others out there, swag works.

**Rory O'Driscoll** (4:26)
Swag works. It works.

**Jason Lemkin** (4:27)
It's a good investment. It's a good investment.

**Rory O'Driscoll** (4:29)
It is quality swag works. It's got to be good enough that you want to wear it. That's the test.