The Ledger

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why aren't all 1 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable

Assertion Open · timeframe Oct 2026

Lemkin: AI-native startups under $100M ARR average -126% cash margins

“AI native companies, the ones we're all so excited about growing so quickly under a hundred million ARR. Have terrible free cash flow margins -126%. It's much worse. Non-AI companies are -56%.”

Jason Lemkin Oct 2, 2025 ▶ 1:33 Are Burn Multiples BS in an AI World? & Sam Altman Needs $1TRN of Energy · 20VC with Harry Stebbings

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