OpenAI, Anthropic and SpaceX bets are cyclical trades, First Round’s Kopelman says

• First Round Capital’s Josh Kopelman views late-stage investments in SpaceX, Anthropic and OpenAI as a cyclical trade.
• Seed investing can generate returns in both risk-on and risk-off markets, Kopelman argues. He does not expect AI to break the model.
• First Round’s fund grew from under $150 million in 2004 to about $500 million without changing its strategy.

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