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 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jun 2026 with 2.
Appearances
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
by 2028.
Now these hyperscalers aren't sitting still, they're seeing the disruption, but actually they're doing more than seeing it, they're actually funding it.
Because if you look at the ChatGPT moment that we know happened, look at how much these companies, the largest in the world, have invested in enabling and creating this change.
Truly unprecedented.
So I know SpaceX, a lot of people are going to talk about SpaceX, so I thought I would share a little bit of how we as investors think about SpaceX so that as you think about whether it's a stock that you want to own or you just want to seem smart at a cocktail party, you can benefit from our knowledge.
The first thing that pops out when we look and study SpaceX is that the number one driver correlated to the valuation of SpaceX is cadence of launches.
Which intuitively makes sense.
If your business is the launch business, the more you launch, the higher your value should be.
So I think we see that in the data.
But there's another fundamentally different ratio that I want to point you to, which is, what if we took the valuation, we divided it by the number of launches, what would that look like?
Well, you can see it was kind of in a fixed range for a while, and then it really started to move up.
And we believe that markets are rational, and so we started thinking, well, why is it that the market is valuing SpaceX higher on a per-launch basis when it's launching more than when it was just starting out?
Showing 61–80 of 504 · page 4 of 26
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