Happy @Stripe annual letter day! Stripe is definitely increasing the GDP of the internet: - In 2025, Stripe businesses generated $1.9T volume, equivalent to ~1.6% of global GDP - Stripe powers 5m+ businesses, including “all of the top AI companies, many of the largest blue-chip companies (90% of the Dow Jones Industrial Average), most of the biggest tech companies (80% of the Nasdaq 100), and a significant fraction of freshly minted startups (25% of all Delaware corporations are now created with Stripe Atlas).” - The 2025 new customer cohort is by far the “highest performing and fastest moving” Stripe has ever seen, growing around 50% faster than the 2024 cohort. The number of companies reaching $10 million ARR within 3 months of launch was double the 2024 count. - In 2025, 20% of Atlas startups charged their first customer within 30 days, up from 8% in 2020. - Businesses that accepted Stripe Capital offers grew 27 percentage points faster over the following year than comparable businesses. What started as “if you are a startup and you charge customers, you build on Stripe” has increasingly become “if you’re any company of consequence and you charge customers, you build on Stripe.” And now with this next wave, “if you are an AI company and charge customers, you build on Stripe.” We @a16z are thrilled to have been their partners since 2010 and even more excited to deepen our partnership in today’s announced tender.