Anthropic Buys Compute From Elon & Commits $200BN to Google | Cerebras IPO: The Breakdown | Ramp's $40BN Latest Valuation

Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more.

Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others.

In Today's Episode We Discuss:

• Anthropic freezes secondary sales, requiring board approval for all transfers

• Why Anthropic is buying capacity from Elon Musk

• Anthropic's massive $200B revenue commit to Google

• Goldman Sachs predicts a 24x surge in token consumption driven by agents

• Will AI labs eat the app layer? The threat to Legal and CX verticals

• SaaS public markets: HubSpot tanks 18% while Monday.com finds its footing

• Growth theft: How Clay is commoditizing ZoomInfo's data business

• Cerebras prices IPO at $150–$160 with a $48B market cap

• Real Venture Capital: Celebrating the early bets by Foundation and Benchmark

• Ramp's valuation vs the Chapter 7 collapse of e-commerce card Parker

• Success and Sacrifice: Is mental health the price of building a $20B company?