Inside Coatue's $7BN Growth Fund: Why Price Matters Least | Why Mega Markets are the Most Important | How Mega Funds Can Still Do 5x Returns

Lucas Swisher co-leads the growth fund at Coatue where he has partnered with iconic companies like OpenAI, Harvey, Deel, Canva, Openevidence, Anthropic, and others. Prior to Coatue, he was on the investment team at Kleiner Perkins, where he focused on growth stage software businesses.

In Today's Show We Discuss:

• Why Public SaaS Is Getting Crushed in the AI Wave

• How to Find Value in the Deluge of Public SaaS

• Durability of Revenue in AI

• Market Size vs. Founder Quality: What Wins?

• Why Price is the Last Thing to Matter

• Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns?

• What Returns Are 'Enough'? Why 3x Isn't Exciting at Growth

• When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion

• Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency

• Why it has never been harder to be a seed investor

• Is 'Kingmaking' a Myth: When Capital Helps (and When It Hurts)

• Is Canva Really a Platform Company? Multi S-Curves and Leaning into AI Early

• Lessons from Mary Meeker: Modeling, Storytelling with Data, and Not Missing the Forest

• Lessons from Mamoon Hamid: Spotting Inflection Points with Minimal Data (Figma Story)

• LP 'Pick One' Games: Mamoon Hamid, Mary Meeker, Insight Partners

• OpenAI vs Anthropic: Who Wins?

• Most Memorable Founder Meeting: Harvey and Founder-Market Fit

• Career Decisions & Misses: Leaving Insight, Missing Anduril, and Looking Ahead