20VC: Anthropic Files to Go Public | Token Budgeting Panic Hits Corporate America | Cognition Raises $1BN at $26BN Valuation | Apollo Warns PE Software Returns Will be Disastrous | The 9-9-6 Work Ethic: Performative Theatre or Startup Reality?

AGENDA:
00:00:00 — Private Markets Are "F***ing Done" & The Shift to Heavy CapEx
00:00:46 — Anthropic Files to Go Public
00:04:59 — Will the Anthropic IPO Break the Startup Ecosystem?
00:06:22 — The "Billion-Dollar Position" Era: VCs Reset Their Expectations
00:18:11 — The Trillion-Dollar Cash Grab: Google, SpaceX, and OpenAI Rush the Queue
00:23:15 — Is the SaaS Apocalypse Over? Bouncing Off the Bottom
00:25:34 — The Death of Human Per-Seat Licenses as Multiples Shift
00:27:18 — Winners vs. Losers: How Agentic Focused Products Captured the Market
00:30:26 — Cognition Raises $1 Billion at a $26 Billion Valuation
00:33:04 — Token Budgeting Panic Hits Corporate America
00:35:46 — Multi-Model Workflows and the Future of Cost Containment
00:41:20 — Choosing Tokens Over Humans: The 2027 Engineering Reality Check
00:46:42 — Can Large Companies Survive Slashing One-Third of Their Engineering Talent?
00:57:40 — Big Law Flex: Kirkland & Ellis Pledges $500 Million to Build In-House AI
01:01:21 — Giving Away the Crown Jewels: Will Firms Trust Claude?
01:08:44 — Robinhood's AI Move: Automating Financial Planning vs. Beating the Market
01:16:15 — Apollo Warns PE Software Returns Are About to Be Disastrous
01:19:15 — $10 Billion Carry Pools: Will VC Winners Quit the Game?
01:24:10 — The 9-9-6 Work Ethic: Performative Theatre or Startup Reality?
01:30:10 — The Great Valley Contradiction: Working 24/7 to Automate White-Collar Work