20VC: Are Burn Multiples BS in an AI World | Sam Altman Needs $1TRN of Energy | Klarna, Figma, Stubhub, all Down: Are Public Markets Turning? | FiveTran and DBT: Is the Wave of Consolidation About to Begin?
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There's only two ways of pricing a deal. You price a deal on hope or you price a deal on the multiples. A $15 million revenue company that's perfectly good and has reasonable growth is actually of zero value to a VC because we're in the upside option game. And I hear too many folks lean and they're like, oh, you're triple, triple, double, double or better. You're you're golden.
Don't worry, kids. And I think that's terrible, terrible advice in 2025. Terrible advice. Whatever the prize is for being the best company in AI, OpenAI is going to get that price. Have a great day.
This is 20 VC with me. Harry Stevingston is my favourite show of the week. Jason Lemkin and Rio Driscoll are back to shoot the shit on the biggest news in tech. Today we have Sam Altman needing a trillion dollars to fund energy requirements that are the same as Japan. We have the largest LBO ever in EA, we have Figma down, we have Klarner down.
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