[replicatorblog]

It's a great headline for TC, but looking at the numbers from a slightly different perspective it wouldn't be hard to make a negative case either. Airbnb+Dropbox probably account for at least $8 billion, perhaps more. Figure that another 10 companies probably have Heroku-sized valuations and you're close to $11 billion. Now you're down to $2.7 billion spread among 500 or so companies. In any case, YC is in great shape, but don't be surprised if you see headlines equating YC founders to share croppers if YC is ever perceived to stumble.