The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 372 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 8 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
Horowitz: Gensler and Warren refused to meet with a16z on crypto policy
“They didn't, ah, even say anything out loud, but they would not take a meeting with us, like, you know, none of the people in charge of those agencies, Gary Gensler, wouldn't meet with us, Elizabeth Warren, wouldn't meet with, like, nobody to even hear why we …”
Horowitz: The SEC has sued over 30 a16z portfolio companies
“So they've sued, I think, over 30 of our companies.”
Andreessen: Venture capital will end under Biden's proposed unrealized gains tax
“And then number two, venture capital just ends. It's just over. Like firms like ours just like don't exist.”
Woo: Andreessen Horowitz operates a propaganda arm to 'looks max' VC
“I think what you've done with the media strategy for Andreessen Horowitz, I mean, you guys are literally executing on looks maxing the VC world essentially, right? Like you guys have your own propaganda arm, just pushing out your view of the world.”
George: Top AI IPOs will individually exceed all recent VC IPOs combined
“We actually did a similar analysis where we looked at all of the VC backed IPOs that happened over the last six years. And if you sum all of them up, they're A little over a trillion dollars. Like that's probably gonna be smaller than any of the three of the l…”
George: AI coding assistant Cursor has reached billions in revenue
“Cursor, as an example, is, you know, billions of dollars of revenue. And they're very small, and it's very early in their life.”
Horowitz: Employees who refuse to support US defense work can leave a16z
“You're gonna decide that those people who are sacrificing their lives, putting their lives on the line to protect us, don't get the best technology? Like, I'm not doing that. I'm not doing that. So, like, you don't have to work here if you want to do that.”
Horowitz: a16z Has Higher IQ Concentration Than Any Operating Company
“We just have a higher concentration of talent here than that's probably possible in a company in terms of just Sheer IQ.”
Horowitz: a16z replaces venture partners who lose touch with deep tech
“Investing in technology you really have to be in deep in the tech to be good at it. And I think that it's very possible as, you know, people get older, you know, they get less into it sometimes. And so, you know, at that point we got to make a change.”
Casado: VCs can take on unlimited board seats
“Anybody listening who is a VC, you can take as many board as you want. The actual board work itself is not. The question is, can you still be available to founders and add value whether you're on the board or not?”
Wang: All 24 surveyed a16z startups use Cursor, driving up to 10x productivity
“This year I was pretty blown away by the answers that we got. They spanned from, call it, 30 to 50% on the low end in terms of productivity gains to, I kid you not, one CTO told us that he had seen a 10 X productivity lift from himself and his team. They were …”
Horowitz: a16z top partners outperform executive teams at Meta, Google, and Apple
“If you look at the top people, you know, if you look at Martine Cassato and Chris Dixon and Alex Rampell and David Ulovich and so forth, like that team is better, like IQ wise capability wise than the executive teams of Meta or Google or Apple or any of them.”
Horowitz: Dozens of a16z portfolio companies were debanked under Choke Point 2.0
“And we had, you know, dozens of companies kicked out of the banking system simply for In a very legally compliant way trying to build a company, you know, that would, you know, employ people and, you know, make the country strong.”
Horowitz: Biden administration sued to block a16z portfolio's Sanofi drug deal
“We have a company with an incredible drug platform. They cured. A rare disease, like past phase one clinical trials, carried it, sell the drug to Sanofi because, you know, so they can get some of the money back to develop more things, and the Biden administrat…”
Horowitz: Proposed federal compute limits threaten rapidly growing foundation model startups
“For little tech, which is, by the way, you know, everything that we've invested in foundation, not everything, but almost everything is growing incredibly fast and doing incredibly well, and these will be snuffed out by this kind of regulation.”
Casado: AI startups are the fastest-growing companies in internet history
“We're seeing the fastest growing companies we've seen in the history of the internet, including, by the way, the internet itself. And this is by measure for revenue or the number of users, et cetera, right?”
Andreessen: Most VCs pocket management fees for vineyards and yachts
“Most firms, the general partners put in their pocket, take it home and buy vineyards and yachts. In our case, it pays for all this.”
Rampell: Blockchain without cryptocurrency makes no sense
“I very much believe this, and I think we all do as a firm, a blockchain without a cryptocurrency literally makes no sense, because there's no incentive for their participants to host the blockchain.”
Top a16z Portfolio Engineers Now Write Over 90% of Code With AI
“Our most sophisticated engineers, you know, were doing whatever, 20% of their code, you know, with AI to like, you know, whatever, 90 plus.”
Casado: AI agents work best as autonomous digital employees with dedicated computers
“GrokBot got really right is, no, how about if it's actually an employee? So now you have this thing that's an entity, and it doesn't have, like, special access to your keys or whatever. It has its own computer, and it has its own browser, and because these are…”
Kalanick: a16z agreed to $375M pre-money valuation for Uber in 2011
“In this particular case, Yuri was almost coming over the top, so we got to three 75, with a three seven hundred seventy five million pre, with a 16 Z. Yuri almost came in at 400, but he was like, nah, I can't do it.”
Kalanick: Marc Andreessen cut a16z's Uber Series B valuation to $210M
“And he said, look, I know we talked about three 75, but went to the partnership. They don't agree, or they just didn't think it was the right number. We're the best we're going to be able to do is two 10.”
Horowitz: a16z stopped publicly attacking VC rivals after scaling
“When we started the firm, we were the upstart, and I talked just fucking crazy shit about the other VCs, and this and that, and, you know, call them bitches. But, like, at some point, like, I could feel it turning, and I remembered what happened to him, and I …”
Horowitz: a16z introduced Adam Neumann and Flow to Saudi government and investors
“So we're able to take a company like Flo, Adam Newman's company, bring him to Saudi Arabia, introduce him to the right people in the government, introduce him to the right people in business, introduce him to the right investors,”
Andreessen: Top programmers at portfolio companies are 20x more productive
“At our leading edge companies, estimates are the leading edge programmers are like 20 X more productive than they were a year ago.”
Horowitz: Mid-sized venture capital firms are getting squeezed out
“And so I think what we have now is large firms who can cover all the technological areas, and then specialized firms that are, ok, I'm a specialist in AI infrastructure, or I'm a specialist in bio, or I'm a specialist in crypto, or I'm a specialist in games, b…”
Chris Lyons: A single-person startup will build a billion-dollar business using AI
“One of our theses is that at 1.1 person will be able to build a billion dollar business with the tools that are available right now, you know.”
George: High ARR per employee in AI is driven by demand outpacing hiring
“I would say my observation from our companies, even the AI native ones is they run leaner. Partially because they've just grown so quickly and the demand is so strong. I wouldn't say yet we're at the point where companies have fully reimagined the way they run…”
George: Exceptionally high gross margins in AI pitches trigger a16z skepticism
“So in an odd way, if we see an AI pitch and the gross margins are super high, we're a little bit skeptical because that may mean that the AI features are not actually what is being bought or used by the customers.”
Horowitz: a16z captured 18.3% of all US venture capital in 2025
“And so this last year, 25, about 18 point, what is it, 18.3% of all venture capital raised in the U.S. Was raised by us.”
a16z View: AI will become a ubiquitous utility like electricity or Wi-Fi
“Our house view now is that AI is going to end up like, You know, electricity or wifi. Like if you're getting, if you're accessing, you know, electricity at somebody's house, you're not like, Hey, let me chip in, you know, a few pennies for, you know, sitting i…”
George: a16z is lenient on AI startup gross margins expecting cost drops
“Relative to like mature SaaS apps, we probably are a little bit more lenient on assessing a company's gross margin today, because we strongly believe that their input costs are going to go down over time.”
George: a16z expects a 3x to 4x return on Databricks investment
“I happen to think that the return profile of that recent one in Databricks is, is very attractive. But, you know, we don't want an entire portfolio of things that we think are like pretty safe two X's, you know, where I think the question is, can we make five …”
George: a16z was the first outside investor in xAI after Elon Musk
“XAI. First outside money in beyond Elon.”
Rampell: a16z Rejects Consensus Voting Committees for Investments
“We don't have a committee where we, everybody votes, and then you have to have this many votes, and then it's all this political horse trading.”
Horowitz: a16z Raised $15B Fund Largely Through Two AMAs
“And, you know, this raise, which was fifteen billion dollars, when we actually raised the fund, I think Mark did one AMA, and I did one AMA, and I don't know that I took another meeting on this fundraise and it was done on the reputation”
Horowitz: a16z's American Dynamism Originated as a Marketing Idea
“Yeah, AD is a good marketing idea. And I think what, right, when they presented it internally, they presented the marketing idea, and I was like, well, I want to know what the fund idea is. You know, like, how do I make money? Like, we have investors, we got t…”
Horowitz: Investment teams should not exceed five members to maintain debate
“An investing team, like, shouldn't be too much bigger than a basketball team. You know, a basketball team is like five people who start And the reason for that is the conversation around the investments really needs to be a conversation.”
Horowitz: a16z rejected ESG verticals in favor of American Dynamism
“I don't think we got that serious with them, but the other one was kind of ESG kinds of things, you know clean tech green energy, this and that and the other. You know, we thought that the right lens on that was much more going to be American dynamism one beca…”
Horowitz: Focus on a startup's core strength over weaknesses
“The biggest mistake we make is we get too wrapped around the axle about some weakness that a company has, as opposed to focusing on what they're great at and how great they are.”
Andreessen: Outspoken and controversial stances attract the best founders
“The more out there we are, and the more outspoken we are, and the more controversial we are, the better for the business in the sense of the entrepreneurs love it. The founders want to work with, this is very clear at this point, the founders want to work with…”
Deng: 2026 software design will focus on AI agents over humans
“My big idea for twenty-twenty-six is creating for agents, not for humans. Something I'm super excited about for twenty-twenty-six is that people have to start changing the way they create.”
No mainstream media publisher accepted Marc Andreessen's 'It's Time to Build'
“Wrote It's Time to Build. Like, you caved for a minute and said, like, all right, we'll place it. Maybe we'll place it. Yeah. And nobody took it. Nobody.”
Andreessen Horowitz Is Actively Seeking Investments in Offensive Space Weapons
“And so I think anything to do with offensive space both on the software side and the hardware side, we're very excited about.”
Ulevitch: Three a16z Portfolio Companies Are on China's Sanctions List
“We have three companies now that are on China's unreliable entities list, which is an amazingly named list but they're forbidden now from buying batteries from China.”
Torenberg: 99% of needed software will be built in next 5 years
“On the investment team, we've said that there's, you know, the world has one percent of the software that it needs and that the rest is going to be built in the next five years.”
Horowitz: Big company partnerships fail without massive financial commitments
“Look, you got to get them to put enough, they're such a big company that they're going to lose interest many times. So if you don't have them write you such a big check that somebody in there is going to get fired if it doesn't go well, you're, it doesn't matt…”
Horowitz: Redpoint ghosted Databricks' Series C, forcing insiders to co-lead
“On the series C Jan had a handshake with the red point with red point and Redpoint just stopped returning his calls to the point where the Series C was led by us, who also led the Series A, and, ah, NEA who led the Series B, like we co-led the Series C, becaus…”