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The Thesis by Leonis

Leonis Capital is a research-driven VC fund based in Silicon Valley. We distill our data-backed findings and contrarian theses into actionable insights for founders and fellow VCs.

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The Two Token Economics of AI

Why the same token is a bargain for one buyer and an overpay for another

Inside the Claude Code Leak

The Model Is the Engine. We Still Need to Build the Car

From Stopwatches to Systems of Action

The New Factories of the AI Age

OpenClaw (aka Clawdbot) and the AI Threshold Effect

Magical Demos, Boring Winners, and Where Real Money Goes After the Hype

Early Team Hire: Build the Machine Behind the Investing

Want to build a venture firm, not just work at one?

Our Predictions for 2026

What 2025 Got Wrong and the Bets We’re Making for This Year

Leonis Capital AI100 Report 2025

Insights and learnings from the top 100 AI Startups

[Profile] OpenAI: Building the "Everything Platform" in AI

Introducing the Leonis company profile series.

MCPs: Value Creation, Capture, and Destruction—Lessons from the API Era

Why Most MCP Startups Will Die (and Who Won’t)

Goldmines or Graveyards? The Divergent Fate of AI Developer Tools

A Case Study for the Zero or Hero Framework