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 2,034 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 41 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
Conrad: Deel and Remote rely on third-party payroll systems country by country
“Companies like Deal and like Remote actually have not built underlying global payroll or payroll really of any kind. And so those companies are sort of secretly running on Other payroll systems country by country.”
Lee: VC Board Member Withheld Tough Feedback to Protect LP Fundraise
“I called the board member, and I was like, hey, what's your feeling about how this, like, what kind of coaching are you giving the team about how things are going? It feels like things are off, and we are not doing the things we should be doing. And he was lik…”
Lemkin: ServiceTitan terminated Podium integration impacting 1,000 shared customers
“That worked great for years until Service Titan shut them off the other day, shut them off after all these years with a thousand joint customers.”
Lemkin: Claude autonomously rewrote SaaStr's production code without human notification
“Fable went in, found it, decided those were changes that should be made to the app, MCP'd into Replit, told Replit to change the app, change the core algorithm around Jason's Gems, and never told me Never shared it. Never did anything. Did all of this autonomo…”
Higgsfield Reached $300M ARR in 11 Months
“It took us maybe 11 months to get to 300. Now it's bigger than that.”
Lemkin: Cerebras is going public at $40B with two Middle Eastern customers
“Like Cerebus is going public, I think today at like a forty billion dollar market cap. It has some interesting customers, but basically it only has two customers today in the Middle East that you've never heard of.”
Masad: Only software agents work; sales and marketing agents do not
“The only agents that work are software agents, marketing agents, sales agents, all that haven't really worked very well.”
Lemkin: SaaStr replaced every departing employee with an AI agent
“Basically anyone that left our tiny team, we replaced them with an agent.”
Queener: 80% of code is currently written by AI
“First, 80% of code is getting written by AI. Now for large companies that have large legacy data code bases, it's a little harder, but like you all are seeing that a lot of the coding is written by AI”
Net Tech Hiring Is Now Negative in Austin and Miami
“SF, almost all the hiring and net hiring in tech is in SF. It's twice New York. And basically after SF in New York, there is no net hiring. It's net negative in Austin. It's net negative in Miami.”
Lemkin: All $100M+ ARR SaaS Portfolios Have Slowed to 10-20% Growth
“If you talk to VCs here that have been around for a while and you have a quiet conversation, ask them how many folks in your portfolio are north of a hundred million, and now are seeing growth in the 10 or 20% range. All of them. All of them. It didn't used to…”
Lemkin: A $100B+ Public SaaS Company Threatens Customers With Lawsuits
“Even worse, a number of public SaaS companies you probably know threatened to sue users or threatened legal action. One of them is well over a hundred billion dollars in market cap has repeatedly. You can see it on X. If you search sent messages threatening to…”
Stebbings: 78% of the time VC follow-on reserves are misallocated
“When you actually look at the data, and we have probably the most data across, I think almost anyone, we have 2700 GP track records, and when you look across that data set, 78% of the time reserves are misallocated.”
Lemkin: Blended VC rolling internal rates of return are negative
“Everyone is full of shit in venture on Twitter. Oh, I'm all my investments are so great. I'm such a genius. I own point. Oh, one percent of this unicorn. I made so much money, but the real IRRs, when you blend it all together, they're negative.”
Conrad: Deel was until recently a Rippling customer for global HR
“Deal was actually, until very recently, a Rippling customer in the United States. They ran, you know, in fact, their global HR on, on Rippling because they didn't have all of these other systems in place.”
Lemkin: All Top US Tech Companies Are Run by Asian/Indian Americans
“All the top US tech companies are run by Asian Americans or Indian Americans. All of them, right? Am I, are there any that aren't? AMD, Microsoft, Google, who am I missing?”
Lemkin: Marc Benioff Is Repeating His Past Mistake by Cutting Sales
“I mean, Mark Benioff in his book wrote his biggest mistake in the last downturns was cutting sales. And what did he just do? Cut sales. So we're all, he's making them, he's making the same mistake three times.”
Lemkin: SaaS giants like Zendesk and Intercom offer shitty phone support
“Even support companies do shitty support, and I go on, and I play, I go on to all the leaders, the, I, okay, does, do all the leaders in SaaS, do the Zendesk and the intercoms, and do they answer their phone and say, none of them do either, right?”
Delatorre: Former Oracle salespeople performed poorly at MongoDB
“So at MongoDB, the sales team Oracle people did really poorly for the most part.”
Delatorre: Former Concur and Amex reps perform poorly at TripActions
“And at TripActions, Concur people and Amex people do poorly.”
Barrett: Most VC Income Comes from Management Fees, Not Carry
“Like, the vast majority of a VCs, of a typical VCs income, will not come from their carry. It'll come from their management fees or some slice of that over the course of their career. They don't give a shit about the outcome or the success of your business by …”
Butterfield: Microsoft Teams is limited to 5,000 users and 200 channels
“It's limited to 5000 people per instance and critically only 200 channels. And if you want to add a 201st channel, you have to hard delete one of them without the whole history.”
Reina: ElevenLabs account executives achieve 300% to 600% quota attainment
“To this point in time right now, like three and a half years in after I started selling the first product, I can tell you we have like account execs doing 600% quota. We have account execs and it's not uncommon. We have account execs doing like a lot of them d…”
Reina: ElevenLabs GTM team averages 167% quarterly quota attainment
“The average quote attainment on a per quarter basis is across the entire go-to-market team is a 167% every single quarter.”
Ibarra: Claude autonomously added unauthorized guardrails to SaaStr's contract workflows
“The agent with Fable, since it was on for so long, decided in the last week, I don't know where along the road, It would exclude some things in our Panadoc that it thought might be an NDA or a non-binding like sales contract.”
Salyers: SaaStr AI Agent Migrated 300 Campaigns in One Hour
“It literally took him an hour to move, like, 300 campaigns 10 years of data in those campaigns, right, of, like, who attended Sass Randall back in 2016. He moved them all into Salesforce on his own.”
Salyers: SaaStr Marketing Data Migration Cost Only $14.28 in AI Compute
“And then I looked at the cost and it was like, 14 dollars and 28 cents or whatever it was. And I was like, that's literally less than California minimum wage.”
Higgsfield Produced a Full Cannes Film in Three Weeks With 10 People
“So for example, this in a week, we are going to present full feature movie in Ken, and we are doing that to showcase the possibility and opportunities unlocked with video AI. So roughly it took a team of 10 and maybe three weeks to accomplish that.”
Lemkin: Hopin raised at $6B, but digital event demand died in 2020
“There was a brief boom in digital event software. Cause you couldn't go to events like this and a company called hop and raised it like six billion. And we ran digital events and they were all dead by September of 20, 20.”
Lemkin claims Replit grew from $2M to $500M revenue in two years
“Replit went from two million to five hundred million in two years.”
Lemkin: AI CROs Are Stressed Because Contracts Face Review Within 10 Months
“A lot of the CROs are stressed because they know all the deals are up for review in eight to 10 months. No matter how well they're doing this, they're actually not that happy.”
Lemkin: New AI Sales Startups Are Generating Millions per Week
“Some of these vendors here guys are doing millions per week and didn't even exist last year or barely existed last year. Okay. They're doing millions per week in new revenue, not because that the leads contacts and opportunity tabs are prettier or have purple …”
Lemkin: SaaStr AI SDRs Outperform Every Human Rep in Company History
“Our, listen, you may have the world's best SDR and outbound team out there, but our AISDRs have done better than any single outbound person has ever worked at Sastor. Ever. They are better, but they weren't good in 2024, ok?”
Lemkin: Global Software Spend Growth Is Accelerating to 15%
“That's going from 12.8% growth in all software spend last year, which was high. To 15% growth this year. It is accelerating.”
Lemkin: ElevenLabs Is Already Generating $500M in Revenue
“What do 11 Labs use, which is already doing five hundred million in like a year and a half? They're using Twilio, ok?”
Masad: Replit users were six months ahead of AI labs on agents
“In reality, actually, Reply users were like six months ahead of everyone else, even people in the labs, because when we launch these agents, a lot of times we get researchers messaging us, it's like, oh, we didn't know Claude was capable of running for, you kn…”
Lovable Crossed $400M ARR With Fewer Than 200 Employees
“We shared our figures at numbers in February that we've crossed over four hundred million dollars in ARR. And we're just shy of 200 people still, so we are operating as a very tiny team for a reason.”
Dorfman: Self-serve drives 54 percent of new Anthropic enterprise logos
“54. 54% of our new enterprise logos have come through the self-serve funnel in 2026.”
LaRoute: Marketo emails contacts explicitly marked as unsubscribed
“Then I look at my contact record. It was literally clicked, unsubscribed. And yet it still sent me a newsletter and that's exactly what happened to these people.”
Lemkin: No master orchestration product exists for multi-vendor AI agents
“We haven't found anyone that can integrate Asian force artisan qualified Monaco. Momentum. Attention. Attentive. Like we don't, there's nothing out there today, even with Tentay, which we built ourselves that at some magical API or other level can integrate ev…”
Lemkin: B2B CEOs report 80% of employees still work like it's 2021
“I talked to public company CO's in B to B, my own portfolio, others a lot. Since our agents blew up, everybody thinks we're some sort of, at least for GTM, we're the agent gurus, ok? It's pretty interesting. And everybody says 80% of their team wants to work l…”
Lemkin: Mobile app creation quintupled in late 2025 due to vibe coding
“At the end of last year, just all of a sudden the number of mobile apps like quintupled at the end of last year because of vibe coding, and it's just starting.”
Adams: Intercom's AI agent Fin is cannibalizing its legacy software usage
“Fin is totally different to Intercom. It's a completely different product. The two of them are like, they've almost nothing in common in some ways. It's a completely different product. I'm like, yes, Fin is, Fin usage is eating Intercom usage at times.”
Lemkin: Salesforce Replaced Up to 4,000 Support Staff With Internal AI
“You know, Mark Benioff said, even at Salesforce, they're growing, they're adding more headcount in sales and marketing, but I think he's, I know the numbers, I think three or 4000 folks in support, they already replaced with AI and their own AI and support Cog…”
An SMB sales rep made $4M in a single quarter
“All of a sudden, you can't have one of them Their rep made four million dollars a quarter. It's like an SMB prep because the commission plan was so high.”
Maggie Hott: OpenAI has a 100% win rate on enterprise pilots
“We have a hundred percent win rate on pilots”
Lemkin: Replit will hit $250 million in revenue this year
“Look at Repli where we just did a whole SK with them. There's zero to two hundred and fifty million already this year.”
Ibarra: SaaStr's hyper-customized AI emails usually get replies on the first send
“And a majority of these target accounts are receiving, you know, highly customized messages and reply on the first send. So that's something I think that is also a big learning, is if you do this right and train the agents the right way, not only is it differe…”