Who Wins in the Next Decade of VC | Margin and Price Matter Less in a World of AI | Sameer Dholakia
Oct 19, 2026 · 1:19:51
20VC's Harry Stebbings hosts Bessemer partner Sameer Dholakia, who argues AI is a bigger supercycle than cloud and the internet, with intelligence a bigger market than oil. He recounts Bessemer's Anthropic Series D at $15B pre-money—the firm's lowest-voted deal ever—plus bull cases for Legora at $1.8B and Fireworks at $250B, holding that open and closed models both win. He contends capital is a moat, T2D3 growth is no longer enough, and defends 10-15x NTM entry multiples. He explains Bessemer's new $5.75B funds ($1.75B seed, $4B growth), why 5x returns remain possible, and why venture is splitting into mega-platforms or specialists. He predicts companies will stay private longer with an IPO unlock next year and in 2028, and credits SendGrid's 'teammates beat colleagues' culture.
