20VC: Anthropic Raises $30BN at $380BN Valuation | Thrive Raises New $10BN Fund | OpenAI Buys OpenClaw | Stripe Raises at $140BN: Is Adyen Wildly Undervalued? | Monday, Figma, Shopify: Which are Buys vs Sells?

DEBRIEFWritten and voiced by AI from the episode's audio

This episode of 20VC features Harry Stebbings, Rory O'Driscoll, and Jason Lemkin dissecting the week's biggest tech and venture news. The central theme is the massive capital concentration flowing into a handful of AI companies — led by Anthropic's $30B raise at a $380B valuation — while public SaaS stocks continue to decline, with the hosts debating whether this divergence reflects rational repricing or narrative-driven overreaction. The hosts argue that Corporate America has collectively decided to 'will AI into existence,' committing to headcount reductions and AI investment regardless of immediate ROI. This creates a powerful 1-2 year tailwind for AI infrastructure companies like Anthropic and OpenAI while simultaneously pressuring horizontal SaaS incumbents like HubSpot, Monday, and Atlassian. Figma is singled out as a cautionary tale — once a darling, it ceded its most natural AI use case (product prototyping) to Replit and Lovable while moving too slowly. The OpenClaw/OpenAI acquisition is discussed as a watershed moment for autonomous agents, normalizing 24/7 agentic computing despite significant safety concerns. The episode closes with a lively debate on Stripe vs. Adyen valuations, Thrive's $10B growth fund, Workday's founder return, and a commitment from Harry and Jason to each invest $200K across four public SaaS stocks — with Shopify at the top of the list — to be revealed next week.