Profile banner
Jay Zhao

Jay Zhao

Founding Partner at Leonis Capital | Investor & Guest Speaker

jay-zhao-1863
San Francisco, California, United States
Joined May 2026
Favicon imagelinkedin.com
Favicon imageleoniscap.com
Favicon imagenexttrillion.substack.com

Network

11K connections

Summary

Jay Zhao is a seasoned venture capitalist with a strong track record in early-stage investing, currently Founding Partner at Leonis Capital. He leads research-driven investments in AI-first and automation companies, has backed 11 unicorns including three IPOs, and helps portfolio founders scale through strategic guidance and technical diligence. leoniscap+5
At Leonis Capital, Jay Zhao focuses on a research-driven, conviction-led investment strategy, particularly in AI-first companies and the automation economy. He is a thought leader in the AI investment space, co-authoring comprehensive research essays and frameworks for valuing AI businesses and understanding absorption risk. His expertise lies in identifying deep technical trends and their commercial applications, rather than solely relying on market momentum. leoniscap+5
Beyond his investment roles, Jay Zhao is an active contributor to the entrepreneurial ecosystem. He has guest lectured and spoken at prestigious institutions like Harvard Business School, Stanford Graduate School of Business, Tulane University, and Wharton. He also engages in mentorship, notably with Girls Who Code and Habitat for Humanity, and publishes a newsletter, 'The Next Trillion,' sharing insights on tech and venture investing. geeksofthevalley+1
Jay Zhao is a recognized thought leader on AI investing and valuation, authoring in-depth research essays and a regular newsletter that analyze foundation models, absorption risk, and investment frameworks. He publishes long-form company profiles and research that inform his conviction-led investment approach and frequently speaks at top business schools. leoniscap+3

Work

Education

Writing

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

August 1, 2025

A long-form company profile co-authored with Jenny Xiao and Liang Wu, examining OpenAI's strategic evolution from a non-profit research lab to an 'Everything Platform' in AI. The analysis explores OpenAI's aggressive platform strategies, competitive landscape, and challenges in maintaining its leadership.

Favicon imageleonisnewsletter.substack.com

Geeks of the Valley

October 1, 2020

An unfiltered essay reflecting on his background, framework for AI automation investment, and insights into what makes a great VC. The essay was based on a podcast interview where he discussed these topics.

Favicon imagenexttrillion.substack.com

Zero or Hero: A Technical Framework for Valuing AI Companies (Part II: AI Applications)

A research essay co-authored by Jay Zhao and others, providing a technical framework for valuing AI companies, particularly focusing on AI applications. It discusses the 'zero-value threshold' principle, absorption risk of AI applications by foundation models, and strategies for building sustainable moats in the rapidly evolving AI landscape.

Favicon imageleoniscap.com

Hobbies

Mentors at Girls Who Code and Habitat for Humanity. geeksofthevalley

Notes

AYAndrew Yangsaid
JZJay Zhao
is one of the top individual or family office investors they've seen in the AI space.

Jan 8, 2026