# Alex Lieberman

Markdown copy of https://realalpha.app/people/alex-lieberman/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Real Alpha has cut 5 moments of Alex Lieberman (Co-founder & Managing Partner, Tenex) talking, from an interview on Latent Space published Oct 21, 2026.

- Role: Co-founder & Managing Partner, Tenex
- On X: https://x.com/businessbarista

## What Alex Lieberman said

- [Only 5% of large enterprises run non-engineering agents](https://realalpha.app/s/only-5-of-large-enterprises-run-non-engineering-agents/)
  Latent Space · Oct 21, 2026 · 5 min
  > “agents in production for non-engineering work drops to like 5” — Alex Lieberman · [21:12](https://realalpha.app/v/Vki6cklFqxo/?t=1272)
- [Rebuilding SaaS depends on value and maintenance burden](https://realalpha.app/s/rebuilding-saas-depends-on-value-and-maintenance-burden/)
  Latent Space · Oct 21, 2026 · 4 min
  > “It is all of the headaches you don't have to think about in maintaining it and improving it when it's not in your core.” — Alex Lieberman · [33:11](https://realalpha.app/v/Vki6cklFqxo/?t=1991)
- [Output-based pay still has to account for non-coding work](https://realalpha.app/s/output-based-pay-still-has-to-account-for-non-coding-work/)
  Latent Space · Oct 21, 2026 · 4 min
  > “And I would say those two concerns have not been concerns at all because of our AI strategists.” — Alex Lieberman · [5:56](https://realalpha.app/v/Vki6cklFqxo/?t=356)
- [Tenex's token spend is roughly one to two times employee spend](https://realalpha.app/s/tenexs-token-spend-is-roughly-one-to-two-times-employee/)
  Latent Space · Oct 21, 2026 · 5 min
  > “I'd say we're somewhere between, if we're talking like raw tokens, somewhere between 1 to 1 and maybe like 2 to 1.” — Alex Lieberman · [15:15](https://realalpha.app/v/Vki6cklFqxo/?t=915)
- [Vertical AI agents face a hard path to software margins](https://realalpha.app/s/vertical-ai-agents-face-a-hard-path-to-software-margins/)
  Latent Space · Oct 21, 2026 · 6 min
  > “there is so much nuance and so much inertia. And so like so many systems you have to wrangle and people you have to wrangle.” — Alex Lieberman · [24:53](https://realalpha.app/v/Vki6cklFqxo/?t=1493)

## Also from this interview

- [AI job changes demand action from employers and workers](https://realalpha.app/s/ai-job-changes-demand-action-from-employers-and-workers/)
  Latent Space · Oct 21, 2026 · 3 min
  > “people are going to be put out of jobs because a lot of people don't have the luxury of liking or not liking a job.” — Shawn Wang (swyx) · [37:38](https://realalpha.app/v/Vki6cklFqxo/?t=2258)

## The episode

- [AI in NYC: How Tenex Builds an AI-Native Engineering Team — Alex Lieberman & CJ Hess](https://realalpha.app/v/Vki6cklFqxo/) · Latent Space · Oct 21, 2026