Anthropic Files to Go Public | Token Budgeting Panic Hits Corporate America | Cognition Raises $1BN at $26BN 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 Files to Go Public

• Will the Anthropic IPO Break the Startup Ecosystem?

• The "Billion-Dollar Position" Era: VCs Reset Their Expectations

• The Trillion-Dollar Cash Grab: Google, SpaceX, and OpenAI Rush the Queue

• Is the SaaS Apocalypse Over? Bouncing Off the Bottom

• The Death of Human Per-Seat Licenses as Multiples Shift

• Winners vs. Losers: How Agentic Focused Products Captured the Market

• Cognition Raises $1 Billion at a $26 Billion Valuation

• Token Budgeting Panic Hits Corporate America

• Multi-Model Workflows and the Future of Cost Containment

• Choosing Tokens Over Humans: The 2027 Engineering Reality Check

• Can Large Companies Survive Slashing One-Third of Their Engineering Talent?

• Big Law Flex: Kirkland & Ellis Pledges $500 Million to Build In-House AI

• Giving Away the Crown Jewels: Will Firms Trust Claude?

• Robinhood's AI Move: Automating Financial Planning vs. Beating the Market

• Apollo Warns PE Software Returns Are About to Be Disastrous

• $10 Billion Carry Pools: Will VC Winners Quit the Game?

• The 9-9-6 Work Ethic: Performative Theatre or Startup Reality?

• The Great Valley Contradiction: Working 24/7 to Automate White-Collar Work