VC: Nearly 100 Companies Valued Over $1B Have Zero Revenue or Product
ai · x · 2026-10-11
VC Rick Zullo criticizes the current zeitgeist trade: nearly 100 companies valued over $1B have zero revenue or product, yet are getting marked up aggressively. He draws parallels to the COVID crypto wave, when failed founders and VCs flocked in claiming a new world order. The same dynamic is now playing out in pockets of deep tech, manufacturing, and defense, though he acknowledges rational investors exist in these sectors.
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