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 699 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 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
Bedecarre: 81% of top 160 YC companies adopted hybrid work models
“We did a study of the top 160 YC, most valuable YC companies
published last year 81% of them are going hybrid in some form or fashion.”
Brown: Data Shows Freelancers Upskill More Frequently Than Captive Employees
“And so we also see that in the data, professional freelancers actually do more to upskill themselves constantly than captive employees do. That's just a fact.”
Neo4j's $325M Series F is the largest investment round in database history
“We just raised a three hundred and twenty five million dollar series F, which actually is the largest investment in database history”
55% of buyers decide on $20K+ software in under three months
“55% of buyers say that they need less than three months to make a decision of 20,000 dollars or more.”
Deeter: Canva and other private cloud companies will cross $1B ARR
“There are private cloud companies that now have line of sight, or in Canva's case and a few others, will be crossing the billion dollar ARR mark while still private.”
D'Onofrio: Cloud 100 average multiples grew from 9x to 34x
“The average cloud 100 company, so the top cloud companies in the world at any one moment, had a nine X ARR multiple in 2016, increasing 270% until 2021, where it earned a 34 X multiple.”
Deeter: Cloud will become dominant delivery model for all software in 3 years
“And we do believe that within the next three years, cloud will become the dominant delivery model for all of software in this enabled cloud first world.”
HubSpot's partner ecosystem generates $5B alongside its $1B software revenue
“So our channel, like we do a billion in revenue, our channels by, if you add in the partners, it's five billion.”
Campbell: Improving monetization or retention 1% has a 4-8x revenue impact
“If you improve your revenue per customer, your monetization, or your overall retention by about one percent, you're actually going to see about a four to eight X impact on your revenue.”
Flexport achieved in five years the revenue Expeditors reached in fifteen
“In five years, we did, it took them their first 15 years to get to our revenue number”
Tejada: PagerDuty leadership is gender balanced and 65% immigrant
“Our leadership team is gender balanced. That was not easy to do. 65% of our leadership team is born outside the U.S.”
Deeter: The 2020 market crash is the fastest 30% decline in history
“This by contrast is the fastest 30% plus decline by the broad market in history. I mean, this beats the great depression, the oh, wait, the dot com, et cetera.”
Perret: Plaid fought a patent lawsuit for 2.5 years as an eight-person startup
“When we were an eight person company, we actually got sued for patent infringement on a handful of patents that under today's patent standards are not patents. So for example, passing financial data via an API. In that case all of Silicon Valley infringes on, …”
Cummings: SalesLoft will reach a $1B unicorn valuation within two years
“And so now, seven years later, SalesLoft has over 400 employees, has raised over seventy-five million dollars of venture capital, and in the next two years, if not sooner, my prediction is that they will be a unicorn that you'll be able to read about on TechCr…”
Prins: Legacy bank systems still process 85% of electronic payments
“I think if you look at payments in general, probably 85% of all electronic payments out there are currently still processed by banks, old systems. That's all out there to be To be replaced with something better.”
Deeter: Public cloud industry will cross $1T market cap in a few years
“And if you extrapolate this, take 10, take a third off the growth rate, 10 full points of CAGR, we still have a line of sight to crossing that trillion dollar milestone in the next few years as an industry.”
First Salesforce equal pay audit adjusted salaries for almost as many men
“That first year we did the audit, we almost paid as many men as we did women to balance the salaries, and no one actually gets a pay cut.”
Smith: Qualtrics reached $50M in sales with zero PR or media
“For the first 10 years we didn't do one media interview and we got to fifty million in sales. Think about that. Right? Not, not one media interview, not one press release.”
Columbia study: 21 of 22 wealthy exited founders were depressed
“So there was a study, ah, ah, by Columbia Business School of 22 entrepreneurs who all exited their businesses and made ten million or more personally from it. So in other words, success. 21 out of the 22 were depressed after having that success.”
Shen: Cloud software investment quadrupled in six years, taking 50% of VC
“If you look at what's been invested in cloud software, it has literally quadrupled in a six year time period and represents about 50% of total venture capital funding”
Deeter: Stripe and Adyen will be multi-billion dollar successors
“Companies like Stripe and Adyen will certainly be multi-billion dollar successors.”
Lemkin: Atlassian monetized its AI agent and drove its stock up
“Atlassian just launched. They finally were able to really monetize their AI agent and it's crushed their stocks up.”
Drumright: Harvey is deployed in over 60% of the Am Law 100
“We're in 60 plus percent of AMLA 100. We're in Fortune 500.”
Lee: Gamma's launch tweet went viral after Paul Graham threw shade
“We got Paul Graham to respond, throwing a little shade at us and the tweet ended up going viral.”
Madonna, Snoop Dogg, and Will Smith Use Higgsfield for Fan Engagement
“But also there is a strong adoption by creator economy with people like Madonna, Snoop Dogg, Will Smith using Higgs field just to create engagement across their audience.”
Customers Will Pay Higher Prices for Canva as It Becomes Agentic
“Now people are going to start paying more for Canva as Canva gets more gentic with two point O.”
Lemkin: Databricks generates over $5B in revenue with 50-60% growth
“Five point something in billion re-accelerating at 50 or 60% growth.”
Lemkin: Twilio's Growth Accelerated to 20% Over 18 Months Due to AI
“They're using Twilio's APIs, and boom, growth goes from four percent, or six, to 20% in 18 months. That's an epic turnaround for a public company at this scale.”
Lemkin: Salesforce is acquiring pipeline generation platform Qualified
“Qualified, which Salesforce is buying.”
Lemkin: The Trade Desk is the worst-performing software stock over 12 months
“The worst performing software stock of the last 12 months is the Trade Desk, just destroyed by all of this.”
Anthropic, Figma, and Cursor Use Clay for Inbound Qualification
“And this is, by the way, workflows that Anthropic, Figma, Cursor are all using play to power.”
Gartner: Global Enterprise Software Spending Accelerated to 11.9% in 2025
“Software spend slowed for awhile. And we accelerated in 25 because of AI to 11.9% at 1.2 trillion.”
Lemkin: Gamma Hit $100M ARR and $2B Valuation With 50 Employees
“Now Gamma just said, I'm not going to gamble, but I just noticed in the last, you know, two billion valuation, a hundred million ARR, 50 employees.”
Lemkin: Enterprise software growth is half price hikes, quarter AI budgets
“Gartner said overall enterprise software is going to grow the fastest it ever has at 15% a year at this scale, right? I mean 400 billion. It's hasn't grown this fast ever, but of that 15%, almost half is taken up by price increases from existing investors. Eve…”
Lemkin: Reeve.art built its own proprietary image models
“Just to add the inside tip for guys that might not, you know, for Reeve.art, it is a team that built their own image LLMs. It's not the same stuff.”
Lemkin: Gamma reached $100M ARR and raised at a $2B valuation
“They just said they crossed a hundred million AR this year and raised around at two billion.”
Public SaaS Companies Take Two Full Years to Break Even on CAC
“Traditionally it's scale in SAS. And this is true across almost all public SAS and B to B companies takes you two years to go profitable on the customer two years.”
AI-Native B2B Converts 56% of Free Trials to Paid Versus 32%
“And if you look here, it's especially prominent scale north of a hundred million AI native B to B companies close turn. 56% of their free trials to paid. Versus 32 of non-AI.”
94% of Public B2B Software Companies Claim to Have AI Agents
“94% of public B to B companies now mention AI and say they have AI agents.”
Startup ARR per Full-Time Employee Climbed From $182K to $237K
“Startups are going, as they scale up, have ARR per FDE has gone from 182 to 237. Again, once you're public, it's more like 400 to 500. But this is materially more significant while operating expenses has remained flat even with inflation.”
Lemkin: Notion Is Re-Accelerating at $500M ARR Following Agent Launch
“Notion just said they're re-accelerating at five hundred million in AIR as they launch their agents.”
Lemkin: OpenAI Relies on Customer Pilots to Close Enterprise Deals
“OpenAI does pilots now. OpenAI, the hottest company on planet earth. Are you another video to close big deals? They have to do pilots.”
Lemkin: Intercom's Fin AI Agent Crossed $50M in Revenue
“Intercom said Finn as a standalone product has already crossed fifty million.”
Lerutte: Every AI SDR platform requires two weeks for domain warmup
“So every AISDR platform I talk to needs this two week warm up.
So that's part of it. It's going to spend time just warming up those domains and mailboxes for you.”
Lemkin: Vibe coding platforms do not support native mobile app store deployment
“Right now, none of these platforms really support native mobile. Okay. It's complicated. Do they help you prototype a native mobile app? Yes. Can you hook up things like Expo and others and get close? Yes. But if you talk to the folks that work at these platfo…”
Sloan: G2 data shows enterprises were the fastest to adopt AI
“And surprisingly in that same report, the fast, the fastest people to switch are enterprises. Usually enterprises aren't the ones that adopt it first, but that is what the data showed us is that enterprise were first movers here and they were doing it because …”