What's happening: AI fuels record $119.5B venture fundraising despite fewer rounds
Venture capital fundraising jumped 16.9% to $119.5 billion in 2025, the strongest recovery since the 2022 market reset. The total number of rounds fell 41% to 4,859, concentrating capital in larger AI‑focused financings, with AI startups capturing 58% of Series D cash and median valuations rising across all stages.
Also developing:

At TechCrunch Disrupt, investors Thomas Green, Katie Stanton, and Sangeen Zeb outlined the new criteria for raising a Series A in an AI‑driven market. They noted that while the number of funded rounds is shrinking, average deal sizes are expanding, and investors now demand proven quarterly growth and defensible business models. Founder passion and the ability to repeatedly sell in a large, growing market are seen as essential, regardless of AI focus. Green warned that only companies with truly massive upside should pursue venture‑scale financing.
California already taxes founders far, far more than any other state. Far more. 5 worst states for startup exits (tax rate + QSBS combo): California - 13.3% + NO QSBS exclusion 💀 Hawaii - 7.25% + only 50% QSBS Alabama - 5% +...
Ok I'm not any sort of savant. But I chatted (using AI) with every SaaStr AI speaker from 2025 — from OpenAI to Anthropic to Zapier and beyond — reviewed 100+ past conversations, and synthesized what the best operators are actually...

The episode explains how the AI boom has shifted the competitive focus from chips to electricity, prompting Big Tech firms to acquire or contract power assets—Google’s $4.75 billion purchase of Intersect Power, Microsoft’s Three Mile Island restart, and Amazon’s nuclear deals. It highlights...

Every founder dreams of the "strategic" acquisition. You imagine Google, Meta, or Salesforce knocking on your door with a blank check because they "need" your tech. It’s a great story but it’s a rare outcome. Strategic deals are notorious for: > Months of...

Antitrust regulators should just allow M&A and focus on helping little tech so consumers get alternatives and keep big tech in check American antitrust policy should be about creation Support little tech, allow M&A and stop big tech structural self-preferencing instead https://t.co/HNE3w7wX4r

In this episode, Reid Hoffman talks with former PepsiCo CEO Indra Nooyi about how to cultivate an environment that unlocks a team’s creative potential. Nooyi shares the leadership principles and talent‑development initiatives she implemented at PepsiCo, emphasizing psychological safety, clear...
If you’re wondering why we should support a federal pre-emption for AI regulation, this is a case study in the idiocy that will destroy AI innovation in America, particularly for little tech Big tech can afford the army of lawyers. Startups...

Why might the proposed “billionaire tax” kill startups in California? This is simple and extreme uncertainty that will cause people to leave the state before their startup becomes successful Many will choose not to start in California at all https://t.co/yPhUDw0Tbn

European venture capital poured €43.7 billion into startups through Q3 2025, keeping the year on track to match 2024 but still trailing U.S. deal volume. Fundraising by European VC firms stalled at €8.3 billion, the lowest in a decade, highlighting a liquidity gap....
California already has incredible agglomeration effects. It’s a thing that generates companies worth billions to trillions Why dismantle it? Startups in SF Bay succeed 2.5X more than every other place in the world. Protecting California *is* protecting American innovation

According to @johnfelix123, emerging managers take an average of 18 months to raise. Wild. As an LP in several funds, I’d rather see that time spent deploying capital and supporting founders. https://t.co/8iT5zLIypS

In this Rapid Response encore, Ben Lamm, co‑founder and CEO of Colossal Biosciences, walks host Bob Safian through the company’s de‑extinction of the dire wolf, explaining the scientific process, the high‑profile investor backing, and the broader implications for conservation, biodiversity,...
The disruption that’s not priced in is the disruption of Silicon Valley itself. Because California is the physical platform on which it’s built. And that platform is collapsing.
Ro mistakes this for a big tech tax But over a decade all of big tech won’t start in CA anymore because little tech, the startups, will start in all the other states If you want to kill the golden goose of...

Headway NOVA, a tokenized real‑estate investment platform, was named the 1st Most Trusted Financial Company – Community Choice 2025 by TrustFinance and Real Estate Investment Firm of the Year by Corporate LiveWire. The dual honors highlight the firm’s secure, user‑friendly...
When you get tired, and settle on a mediocre VP You also settle on their 10-15 mediocre hires to come
If you want a premium exit, you can’t rely on one "perfect" suitor. One buyer means no buyers. You need leverage and leverage comes from competition. To get the deal you want, the funnel usually looks like this: > 100 NDAs signed >...
Treasury Secretary Scott Bessent outlines how tariffs can be wielded as a national‑security tool, despite legal hurdles, and argues that targeted tariffs could protect critical supply chains. He critiques the Federal Reserve’s past policies that fueled a 15‑year asset bubble,...
My rough advice for events, having produced many of them, with lots of data: - Go to 2 of the top events in your industry each year - Go to 2 local meet-ups, dinners, etc. in your industry each month...
One of the unsung winners from the $20B Groq deal: @mmccauley and @GarageCapital. They invested in the first round and several since. Incredibly kind, incredibly humble, incredible investors. Always great to see the good guys win.

Australia’s digital payments landscape is being reshaped by the surge in Bitcoin‑to‑Australian‑Dollar conversions, turning crypto flows into a strategic data signal for tech firms. Early adoption of Bitcoin exchanges, mining clusters, and university research gave the country a head start,...
Groq is a reminder that "important" startups can get a massive premium in M&A It all normalizes at IPO, more or less Valuations then are based on revenue, growth and profits But for venture, investing in important startups can lead to massive outcomes...
there’s another “only in America” episode to be written around the outcomes of Groq and Graphcore similar thesis that new silicon needed to power ai breakthroughs neither hit rev scale to continue on their own vs nvidia/tpu but one had pro-tech...

Taken Sep 1, 2016 when @JonathanRoss321 convinced me we could take on the giants, build new silicon and that AI was coming. In typical SV fashion, we didn’t even have a company yet - just a term sheet from me...

If you are a profitable startup, you have the only leverage that actually matters in an acquisition in 2026. You don't need to sell. This means you can walk away from bad terms or lowball offers without hesitating. Buyers can smell...
How concentrated do you think the wealth generation will be ? What do you see as second order social implications of productivity hyper-acceleration? If we don’t address the issues you anticipate now, before it happens, I don’t know that it’s...
Yes, cold email to VCs works. Especially at Seed and earlier -> https://t.co/ibiQ9FIQyV
Signing Out on this Outreach Hi Christopher, We’re finalizing this stage of the 50mm round - would a brief overview be helpful before we lock in this phase of allocation?

From -19% to +47% growth over the course of 2025. Here's how we turned SaaStr's traffic (and SaaStr itself) around in 12 months: 📉Through April 2025, we were down 19% in active users, 22% in views. The slow bleed every B2B...
Why some economic crises are not like the others… In this TWiST highlight, I break down how the Dot Com Bubble was nothing like the “Great Recession” of 2008, and ALSO totally distinct from the Silicon Valley banking crisis of...
Every year I make a list of predictions & score the previous year’s. You can find my 10 Predictions for 2026 here. 2025 was a good year : I scored 7.85 out of 10. 1. The IPO market rips. Score...
one of the reasons VCs passed on Shield AI in 2015 was "won't DJI just do this?" We said you're crazy if you believe the US gov/military is going to rely longterm on a Chinese company for NatSec. https://lnkd.in/gcpRNMnA
Common deal killer I see at @acquiredotcom? Stalled growth during due diligence. When you decide to sell your startup, it’s tempting to shift 100% of your focus to the deal. You stop shipping features. You pause marketing. You start mentally checking out. But buyers...
How long should due diligence take? Ad hoc diligence begins Day One of a process, but the detailed, confirmatory diligence right before closing the deal should last roughly 3-4 weeks (assuming you run a tightly controlled process). If it were...
"Will the public markets return ... 0% over the next decade? Apollo says so. Even so, we probably have to keep investing." The latest with @rodriscoll @HarryStebbings + me https://t.co/rAgT9714X8
We backed @flybyrobotics via a cold inbound email. They built drone delivery for Yale campus students. Since then COVID crushed their plans and they pivoted. They’re now selling US-made drones to Palantir, US Marine Corps, and others. And now this…
Congrats to @222place on their $10.1M Series A! In a world where tech makes it easier to disconnect, 222 is using AI to maximize the probability of an in-real-life future, matching people for in-person dinners and experiences across 10 cities. https://t.co/VuSdAOZwJG
11 Predictions for 2026 Every year I make a list of predictions & score last year’s predictions. 2025 was a good year : I scored 7.85 out of 10. Here are my predictions for 2026 : 1. Businesses pay more for AI agents...
The AI Freemium Math is Brutal — But It Works at Scale 1⃣ChatGPT: 800M users → 15M paid (2%) → $20B ARR 2⃣Gemini: 650M users → Est. 2-3% → Part of Google 3⃣Claude: 30M users → Heavy API/Enterprise → $5B ARR 4⃣Perplexity: 30M users...
Molly Graham 's excellent collection of leadership, operations, and startup advice is changing a little. All new essays will be freely available for seven days, then they go behind a subscription plan where you get everything, forever. i've shared many...
2025 was a crazy year. 2026 will be even less predictable. So at 20VC we thought it was time for @jasonlk, @rodriscoll to do a very special “20VC Big Fat Quiz of the Year”. For 2025: - Best Founder of the Year -...
The fastest way to tell whether a team is learning is to look for moments where someone had to revise their view because reality contradicted it. If those moments are rare, the system is insulated. It may be busy, but it...
The 2026 IPO Boom Is Already Off to a Bad Start https://t.co/f7BR2zMb0I

Founders after a life changing exit on @acquiredotcom: https://t.co/SgKWPn5gwQ
"AI is converging marketing, sales & support. They are becoming 1 AI agent. Not 10 different pre-AI SaaS products. In fact, it's already happening in e-commerce." The latest with @rodriscoll @HarryStebbings + me https://t.co/Uhpain34qX
Founders who obsess over vision usually do it to avoid specifics.
I was wrong about Truemed. When Justin first told me about his new co, I was skeptical brands would adopt a new payment solution. ~3 years later, it’s definitely working. Thankfully we bet on him. :)

“Show me the incentive and I’ll show you the outcome…” https://t.co/QJAbUuo9bc
-> https://t.co/NlPWFTrkQ8 is getting there - Found hot AI startup - Pick top accelerator - Poach from other AI start-ups - Build to Series A, IPO, and ... beyond https://t.co/2tS4gKNkhp