At TechCrunch Disrupt 2026, Benchmark's entire partnership—Jack Altman, Peter Fenton, Chetan Puttagunta, Everett Randle, and Eric Vishria—came together on stage for the first time to discuss where the next breakout startup might emerge. This session, titled "What We Believe Now," focused on the evolving venture landscape, exploring founders’ misconceptions, shifting investment theses, and untapped opportunities amid the rapid growth of AI. Benchmark recently raised about $2 billion, including a $750 million flagship early-stage fund and its first $1.25 billion growth fund, signaling an adaptation to the changing market dynamics.

The Benchmark partners highlighted how AI startups dominated venture investment in 2025, capturing 61% of global funding with $258.7 billion poured into the space. However, much of this capital was concentrated in a small number of mega-deals exceeding $100 million, creating a competitive environment for founders and raising questions about where real defensibility lies—whether in AI models, infrastructure, data, or market distribution. The discussion framed a broader inquiry: are founders chasing saturated themes, and how do investors determine which startups hold genuine category leadership potential?

Each partner brought a distinct perspective shaped by their backgrounds in founding companies, enterprise software, frontier tech, and guiding startups through IPOs and acquisitions. For example, Eric Vishria shared Benchmark’s experience with Cerebras Systems, an AI chip startup they nearly passed on in 2016 due to hardware unfamiliarity but eventually co-led its Series A. The startup's successful IPO, with Benchmark holding a 9.5% stake, underscored the value of reassessing assumptions and being open to investments that challenge existing theses. This story epitomizes the panel’s broader message about the importance of conviction combined with adaptability.

Founders attending Disrupt can gain valuable insight by hearing Benchmark’s views on where entrepreneurs often go wrong and how top investors evaluate markets and teams. The session offers entrepreneurs, operators, and aspiring founders a rare window into venture decision-making amid today's fast technological shifts. TechCrunch Disrupt 2026 gathering over 10,000 attendees in San Francisco from October 13–15 promises to reveal where new technologies, business models, and startup opportunities are emerging, helping all participants refine their strategies in the face of a dynamic industry.