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

Now, if we look at the 2021 cohort, which is the red line, two things stand out.

First, that 20 quarters in, you can see less than 20% less had either exited or raised.

But look at the number 479 versus 73 in the prior cohort.

So now here comes this new cohort, what we'll call our 2024 cohort of AI companies.

And the key question is, what will happen in the future?

which of these cohorts will they resemble the most?

So we talked about how AI is concentrating the funding base of unicorns, but what we also see is the top 10 is capturing a significant share of funding.

So it's not just AI companies, it's a small number of AI companies, which probably makes sense since we know that Anthropic and OpenAI are raising massive rounds.

And so what I like to think is we kind of have a new index.

If we really thought about what the index of the future is, what for now I'll be able to call the magnificent eight, but that number is going to shrink as these companies go public.

The first thing that jumps to my mind is, wow, what an incredible group of companies.

And look at the diversity, SpaceX, Stripe, Anthropic, Databricks, Revolut, ByteDance, Andoril.

We have internet, we have AI, we have fintech, we have space tech.

I'd feel pretty comfortable owning this index if I could for the next decade plus.

And obviously, the performance of this index has been incredible.

It represents almost $4 trillion of value and has really crushed the traditional kind of MAC-7.

Almost every single one of these names has outperformed that index.

We'll go to the next slide.

Now, another positive sign is that if we look at the exits, the exits are thawing.

So one of the things that we've talked a lot about with the besties over the years is we know the unicorn economy is great at consuming cash, but how much cash is it really returning?

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