Uploaded August 2026 | Updated September 2026, 2 weeks ago
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:
open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466
Subscribe on Apple Podcasts:
podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465
Follow Harry Stebbings on X:
twitter.com/HarryStebbings
Follow Aaron Katz on X:
twitter.com/ceo_clickhouse
Follow 20VC on Instagram:
instagram.com/20vchq
Follow 20VC on TikTok:
tiktok.com/@20vc_tok
Visit our Website:
20vc.com
Subscribe to our Newsletter:
thetwentyminutevc.com/contact
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#20vc #harrystebbings #ai #founder #clickhouse #ceo #aaronkatz
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.
-----------------------------------------------
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
----------------------------------------------------------------------------------------------
Subscribe on Spotify:
open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466
Subscribe on Apple Podcasts:
podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465
Follow Harry Stebbings on X:
twitter.com/HarryStebbings
Follow Aaron Katz on X:
twitter.com/ceo_clickhouse
Follow 20VC on Instagram:
instagram.com/20vchq
Follow 20VC on TikTok:
tiktok.com/@20vc_tok
Visit our Website:
20vc.com
Subscribe to our Newsletter:
thetwentyminutevc.com/contact
-----------------------------------------------
#20vc #harrystebbings #ai #founder #clickhouse #ceo #aaronkatz
