Today, we are announcing Greylock 18, a new $1.5 billion early-stage venture fund. A company begins when a founder sees a future others cannot yet see. There is no team, product, or revenue. Only a deep insight and the courage to start. Being early is lonely work. For years, being right can look exactly like being wrong. Greylock has spent more than six decades partnering with founders through those earliest moments to build enduring companies. Airbnb, Facebook, and Palo Alto Networks all began as improbable ideas driven by founders determined to make them inevitable. AI has made the map blank again. Every part of the economy is now open to reinvention. We believe many of the defining AI companies do not yet exist. We invest selectively and partner deeply with the founders we back. Each Greylock partner makes only one or two new investments a year because the work demands depth. We bring the full attention, network, and resources of Greylock to every partnership. We are builders backing outliers. Founders have their choice of investor. When a founder chooses to partner with Greylock, we understand the weight of that choice and the profound responsibility that comes with it. We seek to be a founder’s first believer and long-term partner. Greylock 18 is our commitment to what does not exist yet.