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.

Trend

recordings per month · last 12 months

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

Appearances

newest first · ▶ plays the moment

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 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?

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.

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