Why do the biggest startups keep getting more expensive?

José: “I think the mega fund bid and the size of these funds, it just acts almost like indexes in public markets...

The equivalent of index inclusion is when you get to a big enough size that a16z, Sequoia and these mega funds can invest in you.

And there’s only a certain limited number of names that you can plow nine figures or multi nine figures into.

And so those things just keep going up.”

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