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.

Appearances

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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

We need to have a balance between the amount of cash consumed to the amount of cash returned.

That's how an ecosystem stays in balance.

And if we look, 2026 is actually on a pretty good trend.

Not quite where 2021 was, but pretty good.

And we still have half a year to go.

But that doesn't include three companies that we know will be coming public pretty shortly, SpaceX obviously in the next few weeks, and we know Anthropic just today, the headlines hit that they've submitted confidentially for their S1.

And if you add up the totality of just those three companies, you can see that it's basically gonna be more than the 10 years kind of combined.

which ultimately means if you remember, and you were there when I presented the first online summit in 2024, we knew our ecosystem was out of balance.

We were consuming way more cash than we were returning, which is just a fundamental imbalance.

And you can see that now, even pre the liquidity events that I just mentioned, our ecosystem is significantly more balanced and that will continue to improve.

Part of it is that the growth rates of OpenAI and Anthropic are unlike anything that we've ever seen.

So if you look at this chart, just remember this chart starts in January of 2025.

That was only a year and a half ago.

Just a few months in, these companies passed Workday, a pretty incredible HR company.

Then it was ServiceNow.

It was Adobe by the end of the year.

Salesforce on the way just in January.

Now even bigger than Google Cloud and Azure.

So what can that look like in the future?

Well, this is just based on kind of some assumptions and some forecasts, but you can see that we estimate that not only is it bigger than Azure, but by the end of the year, it could be bigger than AWS and potentially bigger than all of Microsoft

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