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

Agenda:

00:00 – The Worst IPO Mis-Pricing Ever: What Really Happened at Figma

02:30 – Fidelity vs Founders: How Important is Fidelity When Going Public

07:00 – Why Founders Secretly Want a Pop, Even If It Makes Them Look Stupid

10:15 – The Truth Behind the $3B Figma "Left on the Table" 

14:00 – Direct Listings vs IPOs: Should Figma Have Gone Direct 

23:00 – CEO Compensation is Broken, Brian Halligan Doesn’t Hold Back

29:00 – The New Normal: Growth Rounds with Elon-Style Moonshot Packages

33:00 – Is Canva Next? Why Founders Should "Run, Forrest, Run" to the NASDAQ

36:00 – The Case for Going Public: VCs Are a Bigger Pain Than Public Markets

44:00 – Can AI Even Work for SMBs? Why No One’s Cracked the Code (Yet)

51:00 – Meta’s Monster Quarter: Growth, Cash Burn, and the Real AI Strategy

56:00 – CEO of the Year? Why Jensen Huang Leaves Zuck & Satya in the Dust

1:00:00 – Cognition's $15B Deal & Mass Layoffs: The Most Savage M&A Move of 2025

1:07:00 – Ramp’s $22B Raise: Genius Move or Suicide Round?

1:09:00 – CRV Shrinks, Benchmark’s Bet, and the Future of Venture Strategy