12 Sep 2026Bending Spoons | The Fly Tunes In | Ex-Newspeak Fellow Tunes In | Anthropic Bioweapons
8 Sep 2026European Space Launch | Theranos Doc | The Great Neolab Trade | AGI Is Here
22 Aug 2026Palantir and NHS | GTA VI Leaks | AI Backlash | Black Cab Vs. Robotaxi
Paul Bonnet (20VC): OpenAI + Anthropic Consolidated Revenue Tracker
The hosts walk through Paul Bonnet's viral tweet introducing his consolidated OpenAI–Anthropic revenue tracker, then bring him on to explain it. He says combined growth is stable at a ~6.5% monthly plateau with Anthropic still adding slightly more net-new ARR, and gives three reasons it matters: the labs' $1 trillion-plus in committed spend (about half the AI buildout), their role as the best proxy for enterprise AI adoption, and the outsize exposure of public and VC markets to their success. He also discusses Nebius-style credit risk, how clearing their IPOs would de-risk balance sheets, Ramp data suggesting OpenAI is winning enterprise growth, open-source taking share but not taking over, and Harvey post-training open-source models at a fraction of frontier cost.
6 Aug 2026ETN on NASDAQ | AISI Incident | | Apple Vs. OpenAI | Open Models Exempt
Paul Bonnet (20VC): Bending Spoons' Airtable Acquisition
Paul Bonnet of 20VC joins to break down Bending Spoons' reported $2.25B acquisition of Airtable, walking through how $1.35B raised — with the Series D, E and F priced above the exit — plus claimed liquidation preferences diminished proceeds available to common holders, leaving even Series C at roughly 1x. The discussion continues after this part ends.
Paul Bonnet on the Airtable Sale & Bending Spoons' Playbook
Paul Bonnet (20VC) continues breaking down the Airtable acquisition by Bending Spoons, explaining how liquidation preferences meant only Series B and earlier investors made money and what the mark-down from $11B to ~$2.25B means for VC funds and LPs. He argues the deal is rational since public markets overlook $500M ARR SaaS growing 20-30%, predicts more such acquisitions, and discusses the Hyperagent spinoff, Monday.com as a possible target, and whether founders should take acquisition offers more seriously.
11 Dec 2025Slack CEO OpenAI, EU Midas List, SpaceX $1.5T IPO, Nick Clegg VC Arc
Paul Bonnet: Inside 20VC's Media-First VC Model
20VC general partner Paul Bonnet, who leads Series A and growth, explains the firm's structure: a $400M fund with five partners and no juniors, so founders always speak to someone in the flow of the company. He credits Harry's ten-year media head start for compounding share of voice and network, and recounts the 24-hour Peak investment video, including sourcing via Harmonic and signing the term sheet in Berlin the next day. He explains how the in-house media crew and networks like 20 Sales enable kingmaking and founder support.
Solve Intelligence: Co-Leading the $40M Series B
Paul details 20VC co-leading Solve Intelligence's $40M Series B with Visionaries less than nine months after leading its Series A, with the company reaching eight-digit ARR in 11 months versus an 18-month promise. He attributes the bet to the founders' intensity, single-minded focus, and customer proximity, including Slack channels with every customer and a patent-attorney advisory board. He also tells the story of nearly passing at Series A over price before founder Chris pushed back and changed their minds.
Paul's 2025 Recap, 2026 Theses & Project Europe
Paul recaps a strong 2025 deploying Fund 3 into companies including Solve, Peak and Slashwork, and teases unannounced Series A deals coming in January. He lays out 2026 theses around early enterprise AI adoption and vertical/voice AI, then explains 20VC's sourcing machine, highlighting partner Alex DeWes reviewing 50+ companies a week. He closes by praising Project Europe's Jade and Kitty for traveling the continent to find drop-out founders, whose seeds and Series A rounds 20VC hopes to back over time.
Outro: EZ Winners Special Next Tuesday
The hosts thank viewers for tuning in and preview next Tuesday's episode, where the winners of the EZs will join alongside the Opus team with Sam leading the charge. They sign off until the following week.