Domenic Giovanzana

Growth capital investments for vertical software.

General partner at Lambda Capital.

[Domenic Giovanzana @VestlessVC]

Why I am going vestless on VC and building a HoldCo via M&A.

A thread.

[Domenic Giovanzana @VestlessVC]

@jbfinancebull GIANT figure.

[Domenic Giovanzana @VestlessVC]

Alphabet, Meta and Oracle have signed about $774B of leases that aren't on their balance sheets.

Sounds like Enron. It isn't. A lease only hits the balance sheet once it starts.

Oracle expects just 13% of its $664B contracted revenue in the next year.

https://t.co/W5gy8yC5AN

[Domenic Giovanzana @VestlessVC]

@Clara_Gold How can we try it?

[Domenic Giovanzana @VestlessVC]

20% off for paying annually = borrowing at roughly 25 to 40% APR.

A monthly plan plus a 10 to 12% lender can be over 50% cheaper.

#SaaS #GrowthCapital

[Domenic Giovanzana @VestlessVC]

Why I left venture capital

[Domenic Giovanzana @VestlessVC]

@katieruthmishra I do this.

[Domenic Giovanzana @VestlessVC]

@ConnorAbene Do you read the entire 10K or do you focus on particular parts in the morning?

[Domenic Giovanzana @VestlessVC]

@investing_law Easiest promotion of my life.

[Domenic Giovanzana @VestlessVC]

I signed up for the X account, the unified X, Cursor, and Grok Bot account.

For the first time ever, I'm completely out of usage in less than a week.

They say I'm on the Super plan too.

It's shocking to me that by unifying the account, my user experience got worse.

@elonmusk please fix this

[Domenic Giovanzana @VestlessVC]

It's a different skill and it results in missing the forest for the trees.

You have to be directionally correct on long-term revenue potential.

Modeling whether the company has 25 AR days or 32 AR days and getting that down to a decimal point isn't the primary driver of the business.

[Domenic Giovanzana @VestlessVC]

@Scott_Wiener Why are you allergic to good things?

[Domenic Giovanzana @VestlessVC]

Meta's Hyperion leases are only 4 years. So Meta is only on the hook for 4 years of rent, right?

Wrong.

The $27.3B of bonds aren't on Meta's balance sheet. But the 10-K shows a $45.95B maximum exposure to loss.

Off balance sheet isn't off the hook.

https://t.co/wRUnIpJJhG

[Domenic Giovanzana @VestlessVC]

SpaceX closed $40B of GPU debt. Most neoclouds can barely borrow right now.

Lenders aren't underwriting the chips. They're underwriting revenue that shows up either way.

Same reason I read signed contracts and renewals, not who led your round.

https://t.co/9irRndQLhy

[Elon Musk @elonmusk]

Pretty much.

As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers.

SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue.

That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.

[Domenic Giovanzana @VestlessVC]

@hthieblot MW2 and BO1

[Domenic Giovanzana @VestlessVC]

A feature where you can enter your password once and it's stored. You can feed it to Grok Bot every single time that it asks for it without having to go back and forth between Google Password Manager and Grok Bot. The password will still be separate so the bot doesn't see it constantly. You can just hit "Enter password for Gmail" every time it asks for the Gmail password so you don't have to constantly switch back and forth

[Domenic Giovanzana @VestlessVC]

@LD103006 One of the greatest feelings is sending that email.

[Domenic Giovanzana @VestlessVC]

@boardyai I'm an investor for software. Feel free to dm me.

[Domenic Giovanzana @VestlessVC]

"If France calls upon me."

Meanwhile:

"I saw the crown of France lying in a gutter, so I picked it up with my sword." - Emperor Napoleon I

[Trad West @trad_west_]

“The situation has never been so serious; the Fifth Republic is on the verge of collapse. My family has served France for centuries, and if France calls upon me, I will be at its service. The indispensable condition is that France desires the return of the monarchy - a monarchy above parties, unifying.”

- Luís de Bourbon, direct descendant of Saint Louis IX

[Domenic Giovanzana @VestlessVC]

Legitimately the funniest thing I've seen this week.

[michael @mchlhess]

should I be offended by this

[John Kiriakou @JohnKiriakou]

Folks, the Greek ambassadorship is open. President Trump, I know you love a dark horse candidate. Especially one who has been unjustly persecuted by the Obama DOJ.

If you want someone who knows Athens like the back of his hand from hunting terrorists, I’m your guy.

https://t.co/gKulLLXsS9