20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B

Mega-fund venture capital now ignores profitable, fast-growing startups unless they promise billion-dollar-plus ownership stakes in trillion-dollar categories.

• Venture barbell forming: Mega-funds now demand billion-dollar position potential or nothing, while fast-growing (600-700% growth) profitable startups get ignored unless they fit narrow AI/defense/space categories.
• CoreWeave sell-off framed as B-tier risk: panelists call CoreWeave and Oracle "B-tier" relative to NVIDIA, carrying $35-40B debt against ~$7B run-rate, making them hypersensitive to any AI demand wobble.

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