Thomas Laffont

speaker

504 appearances 2 recordings 2 series first heard Jun 2026 last heard 4 Jun

Thomas Laffont’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Jun 2026 with 2.

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All-In with Chamath, Jason, Sacks & Friedberg · Thomas Laffont: The $4T AI IPO Wave, 2026's Unicorn Economy, and the 10X Paradox · 4 Jun 2026 podcast

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 going to show you some slides, and we're going to walk you through really an update on the unicorn economy.

So the markets are back.

We can see that the unicorn economy on average since September of 24 is up 70%.

I think that's intuitive to a lot of us.

But what's even more amazing is that the public market has really made the same move up.

So if we look at the share of the unicorn economy of the NASDAQ, which had a significant move up since 2015, it's really kind of plateaued over the past few years.

And I think it speaks to the performance of public companies like Palo Alto and others.

So AI is dominating fundraising.

What's kind of interesting in this slide is you can see their share continues to increase.

So multiple years in a row now that AI is increasing its wallet share of fundraising.

But the composition of that funding has changed.

If you look at the unicorn factory, which really peaked in the Zerp era of 2021, we've now really normalized at a much lower level pre-COVID.

So mathematically, if you put both together, you can see that the funding per unicorn has increased 5x since 2021.

So we have fewer unicorns that are each raising more.

Now I'm gonna spend a minute on this slide because this slide is really about the health of our ecosystem.

So the way to interpret this is if you look at the green line, which is the pre-Zerp era unicorn cohort, of which there's about 73.

You can see that 20 quarters after becoming a unicorn, 80% of them had either raised a new round or exited, which is, I would say, pretty healthy.

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