20VC: Dario and Anthropic Declare War on Open-Source | Coinbase Slash AI Spend by 50% | Kalshi's $40BN Valuation and Impending IPO | Bending Spoons: Smartest IPO of 2026 and the Year for SaaS Roll-Ups

I am getting burnout on struggling CEOs on Twitter sharing performative AI data when they're not AI companies. Like, show me the money. If you can be the largest tech company on the planet and still not make money, you might have oversized your ambitions a little, and it might pay to come back a bit. Software companies in the age of AI are either accelerating or irrelevant. AI is gonna be like the oil situation in the Persian Gulf today. Paul Warren Buffett is like, it's time for me to die because you people have lost the plot. As we record this, greed will still trump fear. Right? This is 20 VC with me, Harry Steppington. Stay, it's my favorite show of the week. Rory O'Driscoll, Jason Lamkin coming together to discuss the biggest, best news that's happened in the last seven days. This is the only podcast that you need to listen to every week to stay up to date on what matters in tech. But before we dive into the show today, let me tell you about Omni. It's an AI analytics platform, and it solves a problem every scaling company hits. Your team needs insights, not just data lookups, the stuff that really matters. And it's critical to get it right, like cap payback periods and net dollar retention. For AI agents to act on your company data, they need your business context, your definitions, your logic, your permissions, and that's what Omni's governed context graph provides. Your data team defines it once, then anyone, your ops lead, your CFO, your PM can ask a question in English and get an answer in seconds. Perplex Mercury, and DBT run on Omni, and 20 VC listeners get a free three week trial. Three week, very specific, not a month, but three weeks. Go to omni.co/20vc. That's omni.co/20vc. After Omni helps you find the right customers, Checkout helps you close them. Over the past fifteen years, Guillaume Pozaz has led checkout.com through what he calls the velocity years, a period of hypergrowth with relentless product building. The lesson, high growth is a gift but it demands ruthless focus. As his mother put it, play the game you're good at. For checkout.com, that game is digital payments, obsessing over data, chasing basis points, and compounding learnings over time. And that discipline is paying off. 2025, checkout.com processed over 300,000,000,000 in total volume, up 64% year over year, and returned to full year EBITDA profitability. They now support over a thousand enterprise merchants globally, including 63 that process more than 1,000,000,000 annually with brands like eBay, Vinted, Amex, Asos, and Timoo. KeyOM's message so it's pretty clear. They've earned the right to win anywhere. Now, they're investing in innovation across marketplaces, issuing financial experiences and agentic commerce. If you want payments built for what's next, talk to the team at checkout.com. That's checkout.com. While checkout powers the moment money changes hands, Invisible powers the people behind the work. Why don't …