All-In with Chamath, Jason, Sacks & Friedberg

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Thomas Laffont: The $4T AI IPO Wave, 2026's Unicorn Economy, and the 10X Paradox

Explore episode Jun 4, 2026

Why is it that the market is valuing SpaceX higher on a per-launch basis when it's launching more?

Thomas Laffont

Thomas Laffont: The $4T AI IPO Wave, 20…

Where this was said

The case for SpaceX: Compounding launch monopoly and Starlink

At 9:15 · chapter starts 7:48

One of the most viscerally striking slides Laffont presents shows Anthropic's revenue growth curve since January 2025 — barely 18 months ago. The line bends upward in a way that makes every historical software benchmark look slow: Workday fell first, then ServiceNow, Adobe, Salesforce, Google Cloud, and Azure in rapid succession. Laffont is quick to note the hyperscalers aren't standing still — they're actually funding the disruption. But the trajectory is clear: Coatue models Anthropic surpassing AWS by year-end and potentially overtaking all of Microsoft's revenue by 2028.^{[1]

— Thomas Laffont

"In just 18 months, Anthropic went from near-zero revenue to surpassing Workday, ServiceNow, Adobe, Salesforce, Google Cloud, and Azure. Coa…"

06:00} It's a growth curve unlike anything Laffont or his team has ever modeled before.

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