20VC: OpenAI & SpaceX S1 Drops | NVIDIA's $81BN Revenue Quarter | Cloudlfare and ClickUp Do Controversial Layoffs | Exa, OpenRouter and Polsia Raise Mega Rounds | Uber and Microsoft Declare AI ROI for Developers is Questionable

**Rory O'Driscoll** (0:00)
I can't remember where Corporate America was so convinced of the ROI of something as it is right now of AI. So Anthropic has done as much in Q1 as all of last year, and OpenAI has done 30% of what they've done last year in Q1. Within a couple of quarters, Anthropic will be visibly and obviously ahead. Profitable, growing more quickly and bigger. That's Pareto dominant on all three vectors.

**Jason Lemkin** (0:24)
It could be the GeoCities deal of the AI era. We could look back on this. And listen, I'm all, I'm on Team Elon, okay? But a hundred times trailing sales, we may look back and say, these were some good companies, but a hundred times, my God, my God, that's worth two trillion? Renting out chips because Jensen's your buddy and you're a good customer.

**Rory O'Driscoll** (0:42)
But what you are is a more efficient core wave. I love the S1, but I think it's all madness. I wouldn't buy a share. I just love the optimism.

**Jason Lemkin** (0:50)
It's SolarCity on steroids, and we're all here for it because we love AI, but it makes no sense.

**Rory O'Driscoll** (0:56)
The pitch and shovels of the agentic revolution is just a good place to be investing.

**Harry Stebbings** (1:01)
This is 20VC with me, Harry Stebbings. It's my favorite show of the week, Rory O'Driscoll, Jason Lemkin discussing the biggest news in tech this week. Starting off, OpenAI confidentially files their S1. What does this mean for Anthropic's plans to go public? SpaceX then drops theirs, the largest IPO in history. Anthropic then hits 44 billion in ARR and laps OpenAI in revenue. And then Nvidia, print 81.6 billion in revenue and the market yawns. Then layoffs, ClickUp and more. Discussed with Jason and Rory, again, my favorite show of the week. This is the one podcast that you have to listen to every week to stay up to date with tech news. 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 the network and experience to guide companies in your specific sector, at your specific stage. And 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 a thousand, visit innovationbanking.hsbc to learn more and connect with an innovation banking specialist. That's innovationbanking.hsbc.
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