The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Anthropic Surpasses OpenAI Revenue | OpenAI Acquisition of TBPN: Analysed | OpenAI Management Team Reboot | YC Kicks Delve Out | Mercor Hack and Why Now is the Time for Cyber | Supabase Raising at $10BN & Doug Leone Returns to Sequoia
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Apr 9, 2026 
Rory O’Driscoll, a veteran tech investor, joins Jason Lemkin, SaaStr founder and SaaS investor, for a fast-moving debate on Anthropic overtaking OpenAI in revenue, OpenAI’s leadership reshuffle, and the TBPN acquisition. They also dig into SpaceX’s IPO ambitions, YC pushing out Delve, Supabase’s $10B momentum, OpenRouter’s rise, and why the Mercor hack puts cyber back in focus.
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Assume Delayed M And A Can Become No Never
- Default yes to good M&A offers only if you accept that waiting can effectively turn into never.
- Jason Lemkin said management turnover and priority shifts kill deals more often than founders expect.
Jack Welch Killed A Nearly Signed GE Deal
- Rory O’Driscoll recalled GE nearly buying a mediocre company before Jack Welch killed it at the final stage.
- He took it as a lesson that senior leaders must stop bad deals even after long internal momentum builds.
The Big Three May Dwarf Two Decades Of IPOs
- The scale of SpaceX, OpenAI, and Anthropic suggests a venture market where a few outcomes dwarf decades of prior IPOs.
- Jason Lemkin said the big three alone could exceed every other IPO of the last 20 years combined.