20VC: Lovable Raises at $2BN & Hits $100M ARR | Is Cursor Worth $28BN at $1BN in ARR | How Do All Providers Deal with Anthropic Dependency Risk | Are Seed Funds F******: Have Mega Funds Won | Figma IPO Breakdown: Where Does it Price?

In this episode of 20VC, Harry Stebbings hosts Jason Lemkin and Rory O'Driscoll to discuss a range of topics in the venture capital and tech world. The conversation begins with Jason's experience with Replit and the security issues he faced while vibe coding, leading to a broader discussion on the security risks associated with AI agents and the potential for new security apps. They then delve into the defensibility and potential of Lovable, Cursor, and Windsurf, analyzing the value and risks associated with relying on platforms like Anthropic. The discussion shifts to OpenAI and Anthropic's differing strategies, followed by an analysis of Perplexity and its competitive edge in search. The hosts also discuss Figma's IPO, seed fund strategies, and the challenges faced by seed firms in a competitive market, concluding with a quickfire round of predictions on future tech events.