The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Will SpaceX IPO at $1.5TRN | Will Cursor Kill Figma | Lightspeed Raises $9BN | OpenAI: $1BN from Disney, New CRO & #1 App in App Store | Oracle and Broadcom Hit: Now the Time to Buy?
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Dec 18, 2025 Lightspeed raises a staggering $9 billion, shifting dynamics for early-stage VCs. Disney's $1 billion investment in OpenAI propels discussions about IP rights in the AI space. The threat of AI is real, with firms at risk of being 'maimed' by competition. Cursor takes aim at Figma by blending design and coding tools. Plus, is a $1.5 trillion SpaceX IPO on the horizon? The team debates market appetites and the implications of such a massive valuation.
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Multi-Stage Funds Change Seed Dynamics
- Lightspeed's $9B raise reflects a multi-stage play: early wins plus massive late-stage allocation.
- Multi-stage firms can swamp seed economics by treating early rounds as an entry ticket.
Don’t Compete With Multi-Stage Checkbooks
- Avoid relying on pure seed funds when multi-stage firms can outspend you at entry.
- Compete by specializing or finding niches multi-stage players ignore.
IP Licensing Is The Next AI Bargaining Chip
- Disney's $1B deal with OpenAI is more about IP licensing than raw cash impact.
- It sets a template for creators to monetize AI use of their content going forward.