Fadell: Investing at 9- or 10-digit valuations cannot yield venture returns
Tony Fadell · Tony Fadell: How to build real taste (and why AI makes it matter more) · Jun 7, 2026 · at 1:20:29
Tony Fadell, founder of Build Collective and Nest, critiques the ballooning multi-billion-dollar valuation rounds in the artificial intelligence startup ecosystem.
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“Well that doesn't work from a venture perspective. Like with those kinds of, you'd never get the venture returns. You can't invest in things. When the valuations are already nine digits or 10 digits, and you think you're gonna, a small portfolio that's got like that's not the kind of game I want to play.”
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