I write about Venture Capital & Silicon Valley for Bloomberg @technology. My Signal is +1 925 271 0912.
San Francisco
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We have more of the @AnthropicAI metrics ahead of it highly anticipated IPO
Scooping with the gang @BTLipschultz, @RebeccaTorrenc5 & @shiringhaffary
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Will be on @BloombergTV shortly with @EdLudlow discussing all things Anthropic IPO & our VC returns story
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Natasha Mascarenhas retweeted
Seeing a lot of confusion around Anthropic. This is **strictly** an explanation using SEC regulation and IPO norms. Ant could make its S-1 public by early/mid of next week and still be public before Thanksgiving, in line with our previous reporting of a launch the week of Nov 9 and pricing the week after.
A lot of folks speculating that today is make or break for a pre-Thanksgiving IPO which is not the case
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We dug into the potential returns for Anthropic’s earliest backers, from Silicon Valley to Hollywood to Singapore, as one of venture capital’s biggest-ever paydays comes into view
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A big theme in the private capital markets this year is venture investors telling me that they made their biggest investment ever into Anthropic. Iconiq has poured more than $6 billion into Anthropic. Before that, its largest investment was $455m into Snowflake
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And then there are the early backers, like Spark, Menlo and Sound Ventures - who are set to be rewarded big time as some of the first institutional investors to back the OpenAI rival when it was still a true underdog.
More w/ @RebeccaTorrenc5 in our latest:
bloomberg.com/news/articles/…
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So excited @coryweinberg is back in San Francisco
Job news: I’m joining @nytimes to cover AI & Anthropic, based again in SF. I have a feeling the job won’t be slow. It's a big responsibility.
I'm grateful for a decade @theinformation, which has given me the rare opportunity to do original journalism surrounded by good people.
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Scoop from @rachelmetz: One-year-old AI startup Flapping Airplanes has soared to a $6 billion valuation
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I spoke to @dougleone about his first investment since returning back to an active investing role at Sequoia
I did not expect it to be a company that acquires customers through "Whopathons"
Fun read & my latest for @technology
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Whop, which helps people start, run, and scale businesses and uses AI to suggest business decisions, raised $205M led by Sequoia Capital at a $5.1B valuation (@nmasc_ / Bloomberg)
(Visit Techmeme dot com for the link and full context!)
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Signal is 925 271 0912 if this starts happening!
Prediction for 2027: a few funds give capital "back" and shrink the size of their already raised funds.
Not out of conscience. Indigestion. Partners start leaving as the cycle cools, exits don’t come, LPs with no distributions finally have leverage.
CRV did it in 2002, cutting $1.2B to $450M. Did it again in 2024. Founders Fund halved its fund in 2023.
But it’s hard, and anyone who tells you otherwise hasn’t run the math on their own firm: the fee stream is juicy. Easier for me to say this with a small fund (:
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One of the more interesting things about Anthropic’s cap table: Until its Series C, its funding rounds were dominated by super angels and nonprofits.
So here's a scoop w/ @LamoneyTom on one of the angels that got in early: former Google CEO Eric Schmidt
bloomberg.com/news/articles/…
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Natasha Mascarenhas retweeted
AI cloud firm Nscale is in talks to sell computing power to Anthropic in a deal that could be worth about $45 billion, according to people familiar with the negotiations.
Another Nscale scoop but with the homies @BrodyFord_ @dinabass
bloomberg.com/news/articles/…
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Natasha Mascarenhas retweeted
Sunday Scoop:
Nscale is facing opposition to the valuation it’s pursuing in its initial public offering, according to people familiar.
The Nvidia-backed firm has been seeking a valuation of about $30 billion. An investor cohort lately urged that a valuation in the $16 billion to $19 billion range would be more likely to find favor with buyers.
bloomberg.com/news/articles/…
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Natasha Mascarenhas retweeted
Every word of this @AustinCarr profile on Marc Andreessen (and his anger) is important.
He scoured bar bathrooms in Wisconsin and got inside secretive meetings in Jackson Hole and D.C. to explain the political evolution of Silicon Valley’s most famous dealmaker
Read his @BW story here
bloomberg.com/news/features/…
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Natasha Mascarenhas retweeted
Here's the most insightful story yet on Marc Andreesen aka @pmarca - his legendary career as an investor and entrepreneur, and his long strange history of concocted grudges. by @AustinCarr in @BW.
gift link: bloomberg.com/news/features/…
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Natasha Mascarenhas retweeted
What stage of the cycle something something bloomberg.com/news/articles/…
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