OpenAI’s $6.6 billion fundraising event affirms the historic firepower of venture capital. But, even as the private markets soar, OpenAI’s round dynamics are irrelevant to most founders. After a dramatic influx of cash into the asset class over the last several years, venture capital is now at a crossroads defined by a critical conflict: founders who raise too much money will make very little. Even as mega-rounds and mega-funds grow, a subset of investors is quietly instructing founders to prioritize capital efficiency and ownership over valuation. READ MORE