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

And my fundamental view, and we'll kind of call this our code-true framework, is that the reason is that the quality of SpaceX's business model increases the more you launch.

So in phase one, which we call pre-constellation, you're just trying your rockets, and we know rockets are hard, and maybe you have a few government customers, and that's a one-time revenue business, and it's unpredictable.

Then you get into your initial ramp, and now you might have one constellation.

So why is a constellation important?

Well, it's an end market, and it's a recurring revenue business.

The more satellites you put up, the more subscribers you have, the more revenue, etc.

Now you can move from ramp into scale.

Now you don't just have one constellation, you have multiple constellations.

And ultimately we believe that a wide variety of companies and governments and militaries will want to own their own constellations so they can control their own destiny.

So now you move into being a scale business, which ultimately becomes a platform.

And we know how valuable these platforms are in this technology age.

And platform means not only do you have many more customers in your core business, but you also have new businesses.

It could be space data centers.

It could be the optionality of the moon and Mars and other space applications.

Now we know one defining feature of this era has been how quickly these companies are scaling and if we just look at whether it's the PC or the internet or the mobile, Anthropic in particular is scaling like no other company that we've ever seen.

Now this was kind of an interesting analysis and this is what I'm curious to kind of discuss with the besties, but we looked at essentially three buckets of companies.

And we said, okay, within each bucket, what is the likelihood that you will have a 10x?

Which I would view as an investor, maybe not a seed investor like J-Cal, but for us as growth investors, wow, a 10x is pretty good.

They're hard to find.

So the data showed us that if you're a unicorn, the odds of you one day becoming a decacorn are about 8%.

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