Thomas Laffont: The $4T AI IPO Wave, 2026's Unicorn Economy, and the 10X Paradox
Episode publishedPodcast: All-In with Chamath, Jason, Sa...All-In with Chamath, Jason, Sacks & Friedberg
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Why do you think I waited to make my world podcast premiere for All In? All the ankle biters called, and I said no.
I'm just gonna wait. I'm gonna lean out. The besties call.
CO2 is one of the most successful hedge funds of the last two decades.
$55,000,000,000 under management.
This is their flagship hedge fund. The reason we decided to kinda get into this business is to find great entrepreneurs and find great companies. And they're looking to raise a whole billion dollars more to invest in AI. We're in an idea business and when you have a truly revolutionary idea, it can get really big. I hope to do something a little bit different. Besties, you've been on for a couple hours so you can take a break now for a few minutes. Sit back. We are gonna show you some slides and we're gonna walk you through really an update on the unicorn economy. So the markets are back. We c
to give this a title, The Power Law Rules Our Lives. The Power Law Rules Our Lives. All the great gains are being consolidated into small numbers of companies, but we're still seeing strength in those. How do you see the private market ecosystem, the game on the field evolving because of the stay private longer and these extraordinary outcomes. Obviously, I operate in the earliest stages. You have people who are doing series a's like craft ventures. You have yourselves dipping down into private, I was talking to Brad Gerstner who you discussed earlier. He was like, I have to figure out where t
Yeah. So I think the first breakdown I would I would submit is on the positive side of the ledger, the outcomes are big. Right? We're seeing outcomes that we never thought possible in private companies and I think that's good just generally for our ecosystem. So we have big outcomes. It's really why I wanted to kind of show that SpaceX slide. It was somewhat counterintuitive to me on the launch business. Why is it that the company would be valued more as it launched more? So I think at least we have a number of big outcomes and those outcomes will be public within it seems like a twelve month
What does this mean for where capital allocators should be thinking about putting their money? Because what you're showing here, a rational person who's an LP would just say, wait for whoever gets to a 100,000,000,000 and YOLO every dollar you can in there because it's the most sure thing, it's the least brittle, it's the least amount of effort and it's the quickest return. But as we know, supply demand equals valuation. These valuations are disconnecting from any valuation metric we've ever had. We had it explained to us today by Bill Ackman, I think quite accurately. You're making venture in
And do you worry about this everybody racing to be in three names? Yeah. Look, that obviously was the right strategy for the past five years. The question is about the next five years. Correct. Right? So, the one pushback I would have just on the valuation argument is these are not fake companies. No. Absolutely not. So, I think we have to I remember the bubble in 2000. I also remember 2021, right? These are companies generating substantial revenue at scale that are growing faster than anything we've ever seen. So, know, these businesses are real and they're performing and I think it was widel
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