I think it's inaccurate about the deal with SV Angel and DST, isn't it SV Angel and Yuri Milner as an individual?
As for breakeven, I wonder whether that's accurate, but considering the low percentage of shares YC takes I wouldn't be surprised if lots of successful but not blockbuster spawn could still leave them without huge returns.
What does YC take? 5% for $20,000? They're getting a return if it sells for $500,000. Granted there's going to be a lot of dilution 99 times out of 100, but if most acquisitions are in the $10m-$100m range then they can still take the dilution and do pretty damn well with their current batting average.
As for breakeven, I wonder whether that's accurate, but considering the low percentage of shares YC takes I wouldn't be surprised if lots of successful but not blockbuster spawn could still leave them without huge returns.