The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Figma's 250% Pop - The Greatest IPO Mispricing Ever | Meta and Microsoft Blowout Quarters: Broken Down | Cognition Raises at $15BN and Ramp at $22BN | CRV Downsizing and What It Means for LPs and GPs
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Aug 7, 2025 
Join Brian Halligan, co-founder of HubSpot, Rory O’Driscoll from Scale Venture Partners, and SaaStr's Jason Lemkin as they unpack the eyebrow-raising IPO mispricing of Figma. They discuss why founders crave a stock pop despite the risks and the complexities of CEO compensation. The trio also breaks down Meta's strong quarter, the mammoth $15B valuation of Cognition, and the implications of Ramp’s $22B funding round. Dive into the evolving tech landscape and the future of venture capital in a candid, insightful conversation.
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Exhausting Last-Minute IPO Pricing
- Pricing an IPO is an exhausting, complex negotiation involving exhausted founders negotiating with bankers and investors.
- Decisions include selecting investors and pricing, balancing interests like including Fidelity vs hedge funds, often causing last-minute tension.
Founders Want IPO Pop
- Founders secretly want a small IPO pop to make investors feel good and encourage long-term holding.
- But occasionally, an IPO pop can be absurdly large and make founders look foolish, which is unusual.
IPO "Money Left on Table" is Myth
- The $3B "left on the table" claim from Figma IPO overpricing is inaccurate.
- The high trading price happened only after the IPO was priced low; there was no firm demand at near $100 pre-IPO.
