20VC: Instinct Raises $1B at $10B Valuation | AMD Buys Fei-Fei Li's World Labs for $8.2B | Meta Poaches MongoDB's CEO | Bessemer Raises $5.75B | Oura Pulls IPO & Nubank Eyes $8–12B Monzo Takeover

AI-era venture math has broken into two extremes — $10B pre-revenue rounds and $500M talent offers — while compute ownership, not open-source models, is becoming the dominant competitive variable.

• Instinct's $10B pre-revenue round: Benchmark led a $1B+ check into Instinct at $10B pre-money just nine days after its seed, betting on consumer AI agents as the "aggregator of aggregators."
• Anthropic's leaked S-1: Draft filing shows $4.6B 2025 revenue, $8B operating loss, and $518B in compute commitments, with two customers generating 25% of revenue.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.