The New VC Game | CoreWeave Sell-Off Creates Panic | Revenue Multiples Out of Control
Harry Stebbings, Jason Lemkin and Rory O'Driscoll debate whether venture is broken as money piles into a few AI names, plus CoreWeave's sell-off, Anthropic's numbers, inference growth and stretched revenue multiples.
The gist
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Harry says a profitable company at 20 million ARR growing 600 to 700% got no VC interest; Lemkin says such founders must now pitch 100 investors.
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O'Driscoll says CoreWeave is risky because it funds fast growth with heavy capex and debt, so it drops whenever AI demand looks slower.
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Lemkin, who uses Replit 14 to 15 hours a day, says it switched its default to OpenAI because quality matched and the price was 30 to 40% better.
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Lemkin calls code review, getting AI-written code into production, the most important software category today, while O'Driscoll calls coding the mother lode of LLM value.
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Lemkin argues revenue multiples have gone too far, citing Anduril at 90 billion, and says going without venture money may beat raising one round.
Jason Lemkin uses it
"I mean, we do use Replit about 14 to 15 hours a day. Basically, Replit has its own router in it, right? Its own model selector. It can be invisible or visible to you depending on what category you're in."
▶ Play at 22:0811 creators recommend it, including Chris Koerner, 20VC with Harry Stebbings, and Brandon Doyle.
See all on the Replit pageWhat they recommend · 1 pick
"I mean, we do use Replit about 14 to 15 hours a day. Basically, Replit has its own router in it, right? Its own model selector. It can be invisible or visible to you depending o..."
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