# @20vc on YouTube

- **Type:** Video
- **Original URL:** https://youtube.com/watch?v=Wna2Ds4dt50
- **Gondola URL:** https://gondola.cc/posts/69910874-20vc-youtube
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/65554408c8.jpg
- **Posted:** 2026-08-31T13:59:58.000+00:00
- **Account Owner:** 20VC with Harry Stebbings (@20vc) — https://gondola.cc/20vc

## Caption

Aaron Katz is the Co-Founder and CEO of ClickHouse, the real-time analytics database powering companies including OpenAI, Anthropic, Tesla and Microsoft. ClickHouse just surpassed $350M in ARR and raised over $1B from investors including Dragoneer, Khosla Ventures, Coatue, 20VC and Benchmark. Previously, Aaron was CRO at Elastic, where he helped scale revenue from approximately $5M to $500M and led the company through its IPO. Before Elastic, he spent 12 years at Salesforce, working alongside Marc Benioff and helping transform it from a 200-person startup into a global software giant.

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Timestamps:
00:00 - Intro
01:52 - Are We Still Early in the AI Cycle?
03:49 - The Biggest Risk in AI Investing Today
04:46 - Is Anthropic’s Revenue Actually Durable?
06:16 - How Should Companies Think About AI Token Spend?
10:04 - AI Is Pulling Product Roadmaps Forward by Years
12:01 - What Happens When AI Agents Become the Customer?
16:12 - Every AI Agent Will Need an Identity and a Budget
17:59 - Will Every Company Have Its Own AI Model?
21:20 - Open Models vs Frontier Models: Who Wins?
22:35 - Could OpenAI and Anthropic Become Infrastructure Companies?
24:46 - Are Enterprises More Scared of Frontier Labs Than Chinese Models?
28:01 - Why Enterprises Are Moving Back On-Prem
36:25 - What Founders Get Wrong About Fundraising
38:36 - ClickHouse’s Path to $1BN ARR
39:33 - Can Startups Compete With OpenAI and Anthropic for Talent?
46:51 - Is 0 to $100M ARR in One Year the New Standard?
48:26 - Does Revenue Concentration Still Matter in AI?
53:44 - Quick-Fire Round

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Subscribe on Spotify:
https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465

Follow Harry Stebbings on X:
https://twitter.com/HarryStebbings

Follow Aaron Katz on X:
https://twitter.com/ceo_clickhouse

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https://www.tiktok.com/@20vc_tok

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https://www.20vc.com

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https://www.thetwentyminutevc.com/contact

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#20vc #harrystebbings #ai #founder #clickhouse #ceo #aaronkatz

## Stats

- **Views:** 22,067
- **Likes:** 155
- **Shares:** 0
- **Comments:** 12

## Credits

| Name | Username | Profile | Role |
| --- | --- | --- | --- |
| 20VC with Harry Stebbings | @20vc | https://gondola.cc/20vc | Podcast |

## Tags

clickhouse, harrystebbings, aaronkatz, ceo, ai, founder, 20vc

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