📝 Are VCs dumb for investing in crazy $1B+ seed rounds? There are ~25 companies with a ~$1B+ headline valuation in their first round of raised capital (TML, SSI, Ineffable, Ricursive, World Labs etc). Here are 11 reasons this happens, and the case for it: Outcomes are larger than ever before. Anthropic and OpenAI are ~$1T outcomes that are mostly liquid in private markets. Many of these startups are "neolabs", big bold expensive research ideas pre-revenue and pre-product. If every single…