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We just updated this chart for our case study. I have a feeling it's outdated again.
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Tim Suzman
1.8K posts
Tim Suzman
@TimSuzman
Managing Partner of Pioneer Fund. We are 500+ Y Combinator alumni investing in the top YC startups. YC S11.
San Francisco, CA Katılım Haziran 2015
498 Takip Edilen2.8K Takipçiler
@bilalfarooqui @srcasm Yeah this process doesn't seem designed to attract top founders.
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@srcasm why take a company to a final partner meeting unless one partner is already pounding the table?
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This screams adverse selection.
Why would a top founder want to go through weeks of meetings and due diligence, just to get to a full partnership meeting with a 10% chance of getting seed funding?
Wouldn't they instead go to an investor that will back them quickly?
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A list of surprising and mind-boggling stats from this conversation:
- NDR is over 500% on an annualized basis
- Anthropic's first dollar of revenue came in March of 2023
- Over 90% of code inside Anthropic is written by Claude Code
- The head of tax is the heaviest token user on the finance team
- Run rate revenue went from $9B to $30B in one quarter (reportedly, on pace for $50B by end of next month)
- Cowork is growing faster than Claude Code did at the same point in its life
- Signed two double-digit million-dollar commits in a 20-minute Uber ride to the podcast
- Krishna spends 30-40% of his time on compute decisions
- 9 of the Fortune 10 are customers
- $100B combined commitment of compute
- 30 different product and feature releases in January alone
- A prior model found 22 security vulnerabilities in an open source codebase; Mythos found 250
- The finance team has built a library of over 70 Claude skills specific to finance
- Anthropic raised $75 billion since Krishna joined two years ago
- The day of the Series E first close was the day the DeepSeek news broke
- When Meta and others made huge poaching offers, Anthropic lost two people on the technical side while other labs lost dozens
- All seven co-founders are still at the company
- The company is just over five years old
Patrick OShaughnessy@patrick_oshag
Krishna Rao is the CFO of Anthropic, and this is his first podcast appearance. He joined the company two years ago when run-rate revenue was about $250M. Today it is $30B. He has helped raise ~$75B and is responsible for the procurement and allocation of compute. I feel lucky we get to hear what it is like to sit inside a company this consequential at a moment this pivotal. We discuss: - The cone of uncertainty - How he allocates compute across Trainium, TPUs, and GPUs - What investors misunderstand about model companies - Why the returns to frontier intelligence keep rising - Platform vs application and where Anthropic builds its own products - How Anthropic uses Claude internally I have asked my closing question about the kindest thing more than 500 times. Krishna's answer is one I have never heard before. Enjoy! Timestamps: 0:00 Intro 2:38 The Compute Canvas 6:51 The "Cone of Uncertainty" 11:58 Why the Returns to Frontier Intelligence Are So High 16:45 Recursive Self-Improvement 20:20 Scaling Laws 23:30 Sourcing $100 Billion in Compute 28:05 Platform vs. Application Strategy 32:52 Pricing Dynamics 38:48 How Anthropic’s Finance Team Uses Claude 43:24 Raising Capital & Overcoming Investor Skepticism 52:32 Public Perception, Risks, and Government Regulation 57:25 Mythos Release 1:12:33 What Could Derail the AI Revolution? 1:13:47 Biotech and Healthcare 1:15:31 The Kindest Thing
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@patrick_oshag @pioneer_fund invested in Anthropic before the first dollar of revenue.
This was a great interview, thanks for sharing!
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The Top Investors in Black Flag's top 100 startups list (as selected by 500 founders).
@pioneer_fund at #3 after YC and a16z, above Lux, Khosla, Felicis, and Founders Fund.
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@rhs @BlackFlagVC @ycombinator @pioneer_fund And they missed two of our investments from their list, which actually puts us at #3 after YC and Andreessen Horowitz.
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500+ founders. 1,500+ nominations. 100 companies.
The Black Flag 100 is back 🏴☠️
No VC votes. No fund picks. Just pirates chasing storms over certainty.
The 2026 list 🧵🏴☠️
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The top investors in Black Flag's Top 100 Startups list.
@pioneer_fund is in good company!
Also, they missed 2 more of their top companies that we backed, which puts us ahead of Khosla and Lux at #3. @BlackFlagVC
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@Samirkaji I don’t think any of them have access.
We’re getting SO many emails on a daily basis trying to buy our Anthropic stake at ever-increasing valuations.
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There may be 1T+ of demand for Anthropic for this (potential) round. Seeing so much broker activity claiming to have access (I've gotten at least 30 emails this week). Buyer beware. Companies like this are very tight on their cap table, as they should be, and many of these groups are very risky to try to get access.
But I have never seen a private company stop the entire world the way Anthropic does when there are reports of a potential round.
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🔥 Sometimes it’s obvious when a startup will be one of the hottest in YC.
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We have startup-level engineering velocity at @pioneer_fund.
Seems like a good sign.
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I discovered how some of the clues fit together in the buried SF treasure hunt. Pretty sure, and clever. Haven’t seen anyone else mention it.
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We raised $9M from @ycombinator, @20VC and 20+ unicorn founders - to build the law firm you've always dreamt of working with; @MoritzLaw.
Solving complex legal matters in hours, globally, without crippling your spend.
So founders can build, employees can sell, and businesses can grow 🚀
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@TimSuzman @pioneer_fund Amazing company!! Congrats Moritz team!!!
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Moritz (YC W26) just raised $9 Million for their full stack AI law firm.
Backed by 20VC, @pioneer_fund, Inception Fund, Urban Innovation Fund, @taro_f, Lenny Rachitsky, and founders from Dropbox, Reddit, Instacart, Hugging Face, and 15+ other unicorn founders.
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