In this episode, Jen Kha, Head of Investor Relations, and David George, General Partner, discuss how late-stage private markets are evolving as AI reshapes scale, capital intensity, and growth timelines. They explain why AI-driven companies are staying private longer, how infrastructure spending is changing return profiles, and what this moment means for durability, value creation, and long-term outcomes in private markets.
Timecodes:
0:00 — Introduction
04:21 — The Market Opportunity for AI
26:48 — Pricing, Monetization, and Cash Burn
43:15 — Companies Staying Private Longer
51:30 — Portfolio Composition and Construction
57:18 — Team Culture and Collaboration
Resources:
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Not an offer or solicitation. None of the information herein should be taken as investment advice; Some of the companies mentioned are portfolio companies of a16z. Please see https://a16z.com/disclosures/ for more information. A list of investments made by a16z is available at https://a16z.com/portfolio.
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