20VC: Why You Need a $1BN Fund To Do Series A Today | OpenAI vs Anthropic: Who Wins Enterprise | SpaceX at $2TRN and Data Centers in Space | The $20BN Groq Deal Broken Down | Jeff Bezos' $100BN New Fund

**Jason Lemkin** (0:00)
Massive market overreaction to a proof of concept. Give me an F and break if I'm Sequoia or whatever.

**Rory O'Driscoll** (0:06)
If you're a software product and you don't think AI is going to disrupt not just how you build, but what you build, then you actually probably want to actively short it. I think every VC is stressed right now.

**Jason Lemkin** (0:15)
Let's be honest. Who the hell is going to buy them if they don't IPO? I just worry there's some ratio of potential acquirers divided by unicorns, and I think we're at the lowest ratio of our careers. I just don't believe the hyperscalers are going to buy these companies.

**Rory O'Driscoll** (0:29)
Basically, it's win or die.

**Jason Lemkin** (0:30)
That's a risk. I would have a code red on this.

**Harry Stebbings** (0:33)
This is 20VC with me, Harry Stebbings. It's my favorite show of the week. Jason Lemkin, Rory O'Driscoll, and the biggest news in tech. Anthropic, are they eating OpenAI's lunch when it comes to enterprise? Ramp data suggests so. Jeff Bezos seeks $100 billion for his latest project. SpaceX at $2 trillion after Tarifab, the debrief on Grok's $20 billion deal to Nvidia, and much, much more. 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 on-boarding, 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 on-boarding, 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 in 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. While HSBC manages your corporate banking needs, Deal helps you build the global team behind it. Founders scale startups faster on Deal. Grow without borders. Deal handles the hard parts of global hiring, so you can stay focused on growth. Set up payroll for any country in minutes, hire anyone, anywhere and get visas handled fast. Deal takes care of onboarding, HR, IT, EOR, benefits and compliance. Everything your startup needs to scale quickly, all done fast in one place. And that's why 37,000 fast growing companies trust Deal to move really fast and get back to building. Visit deal.com/20vc, that's dealdeel.com/20vc.
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**Rory O'Driscoll** (4:39)
You have now arrived at your destination.

**Harry Stebbings** (4:42)
Guys, it is so good to be back. We had a lot of shit go down this week. I think there's a couple of places we could start. To the arbiter of economic justice and revelations, which is RAMP, who revealed recently with, I think they're about 0.5% to 1% of US GDP transactions, or whatever it is that Eric used as a statement to validate themselves.