Quote · All-In with Chamath, Jason, Sacks & Friedberg
World's First Trillionaire, Anthropic Fable Banned, The New Oligarchs, Iran Peace Deal
Where this was said
SpaceX's record breaking IPO, $60B Cursor acquisition, and trillionaire reactions
At 25:00 · chapter starts 14:18
Sacks and Friedberg explain how wealth is created through machines that make stuff, defending Elon's trillionaire status against critics and debunking the lottery-winner narrative.
SpaceX's IPO raised $85 billion, making it the largest IPO of all time — three times what Saudi Aramco raised in 2019.
The SpaceX IPO at $85B raised three times the amount that Saudi Aramco raised in its 2019 IPO, previously the world record.
SpaceX stock closed up 19% on its first day of trading, reaching $161 per share from the $135 IPO price.
SpaceX briefly surpassed Amazon and Microsoft to become the 4th most valuable company in the world after its IPO.
Chamath predicted SpaceX would acquire Cursor on a stock-for-stock basis timed around the IPO, meaning Elon effectively paid $15B not $60B. The revenue also doubled, making this arguably the most sophisticated large-cap deal in tech history.
SpaceX acquired Cursor for $60 billion, approximately 15 times Cursor's $4 billion in annual revenue.
Chamath Palihapitiya calculated that because SpaceX's valuation doubled between deal negotiation and close, Elon Musk effectively acquired Cursor for $15 billion in real terms.
SpaceX's $85B IPO was 25 years in the making with multiple near-death moments. The wealth Elon accumulated is a reflection of the value this machine will create for humanity for decades — not a lottery win.
