The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · Harry Stebbings
20VC: SpaceX Completes Acquisition of xAI | The 2026 SaaS Massacre: Public Market Collapse | Microsoft's $360 Billion Market Cap Loss | NVIDIA's $100BN Investment Dispute with OpenAI | Waymo Raises $16 Billion at a $110 Billion Valuation
February 5, 2026·1 hr 34 min·5 clips
Harry and Jason reveal why the SpaceX-XAI deal signals the rehabilitation of the IPO market after years of staying private.
As heard by us
A sharp look at AI capex, SaaS panic, and the changing math of staying private.
The episode makes a clear case that staying private forever is already breaking down, and it does so by tying dilution, free cash flow multiples, and the link between compute and revenue to where capital is headed.
Why you'd press play
You want the case that AI economics, public software panic, and the return of the IPO are all tied together.
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