Founder Who Raised From Nvidia: It's Not Circular Financing, It's Filling a Funding Gap
williamfalcon · x · 2026-11-14
Will Falcon—who raised from NVIDIA as a software founder and later worked with them as a neocloud CEO—argues Wall Street has it backwards: NVIDIA isn't manufacturing GPU demand, it's filling a funding gap nobody else will.
Key points:
- NVIDIA's diligence is done by AI experts who built tools in your space, making it a more specialized investor than most VCs.
- There are no SaaS margins in AI: a token is just a GPU dressed up as software.
- AI companies grow like software, spend like infrastructure, and aren't investment grade—no single investor type has the deep pockets, risk appetite, and AI knowledge to fund them. NVIDIA does.
- Wall Street confuses strategic investment with circular financing; NVIDIA is effectively a new kind of investor.
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