All-In with Chamath, Jason, Sacks & Friedberg
The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel
06 Jun 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Hey, 2026 could be an all-time record for IPOs. The AI IPO of the year so far.
Chapter 2: What insights do CEOs Andrew Feldman and Will Marshall share about going public?
That company is Cerebrus. Cerebrus Systems founder and CEO, Andrew Feldman. We are participating in something extraordinary. On everything we do, we are the fastest bar none. Will Marshall. is the co-founder and CEO of Planet Labs.
Space and AI are really a match made in heaven. They're getting married, in fact. Just like Google figured out how to index the internet and make it searchable, we are indexing the Earth and making it searchable.
He's got his glasses, the famous red glasses. Brad Gerstner's here, founder and CEO of Altimeter Capital, a leading tech investment firm.
Chapter 3: What are the implications of space datacenters for the tech industry?
I believe that the wave is the biggest wave in the history of technology will be incredibly beneficial for America. I'm rooting for all of them because I'm rooting for America.
Ladies and gentlemen, please welcome Brad Gerstner, Will Marshall, and Andrew Feldman.
Nice to see you, my guy.
Hey.
That's a big one.
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Chapter 4: How is AI transforming the silicon market according to Cerebras?
Nice to see you.
Last time I saw you, we were in Davos.
Yes.
We were in Davos causing trouble.
Another name drop.
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Chapter 5: What liquidity considerations do Founder/CEOs face on the road to going public?
Another J. Cal. Do you have that little Davos?
Yeah, we're just, you know, it was pre-IPO. We're chopping it up. Just Davos. We're in Davos. Hanging out at Davos. Well, no. Listen, everybody knows the story. I'm supposed to go on my yearly Japan ski trip. Sax calls me. With Tucker. Yeah, well, anyway, we don't drop that name, but I'll pick it up for you. Put it over here. Anyway, so I cancel on Tucker. I cancel Skidtrip because Sax calls me.
He says, listen, POTUS needs you, the world's greatest moderator in Davos. I said, no problem. I said, Sax, POTUS, and Davos. So I said, when? He says, in three days. I say, you got it. I go, and they give me a badge. and it's like the special green badge and they buzz you through the security. And I look at the monitor and it says, Jason McCabe Calacanis with Donald J. Trump. Oh, wow.
How did you feel? I thought it was hilarious. So then I went and we did a great interview there and we did like six or seven of these great all-in interviews and it was fun.
Let's start this because the two of you guys run two of the most interesting and consequential newly public companies in the stock market. Andrew Feldman is the founder and CEO of Cerebrus. Will Marshall is the founder and CEO of Planet Labs. But you are also the insight and a gateway for all of us to understand these two big trends. One is in AI silicon. The other one is in space data centers.
I think it would be a really interesting thing to... And emerging. And emerging, yeah. But let's just take one step back. You just heard the last conversation about being public, going public early. Let's just talk about that because I'm just very curious. How's it been? It's been three weeks or so for you. It's been about a year and a half or two years for you. Yeah. More fresh for you.
Was it everything that you thought it would be?
What's clear so far is I need to upgrade my name drop game. That was a tour de force.
By the way, you were in Davos with J-Cal.
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Chapter 6: What challenges did Cerebras encounter on their path to going public?
So we knew that this new problem would present an opportunity for massive change. So we saw that. We made two bets. The first was dedicated silicon would be the answer. The second was it couldn't look like a GPU. And our view as computer architects is if you want to be 20 times better than somebody, your architecture can't look like them. It can't.
They have enjoyed and eaten all the low-hanging fruit. So if you build a GPU, the odds that you're better than NVIDIA and RV are approximately zero. That led us to a fundamentally different architecture. The hard part here, the hard part is moving data from memory to compute. This is the fundamental problem in AI.
And we solved it with a way that very few others had even attempted, which was to build a very big chip and to put memory right next to compute. By building a big chip, a chip the size of a dinner plate, whereas most chips are the size of a postage stamp, we could use a different type of memory.
And by using a different type of memory, a memory that was vastly faster, we opened up all sorts of opportunity. So when open AI uses us, we're 15 or 18 times faster than a GPU. That means your answers are delivered more quickly. It means your engagement with the AI is more enjoyable. It means you can use the AI to solve harder problems and not wait.
And the way to think about this is sort of to ask yourself the counterfactual question. How big is the market for slow search today? Right? It's zero. How big is the market for dial-up? It's zero. How long do you wait for a website to resolve before you click away? Three seconds, five seconds? You will not wait for AI. We have to deliver it to you in a... in real time. And that's what we saw.
That's what we built. So the panel's on going public. A lot of LPs in the room, they need to get liquid. I'm curious about the journey for your investors. Yeah. Okay. So Will, you guys went public what year? 2021. 2021 by way of a SPAC. Correct. Okay. And your VCs were who?
Draper Fisher Jervison was one of the earliest, Capricorn, Peter Thiel's Founders Fund, then we got Uwe Milner's DST.
Okay, so your investors come in, you go public at two billion via a SPAC, Now, we're four years later. Really, it wasn't until year three or four that 90% of the value was created, okay? So did those early investors capture this 90% move? Did they stay in it?
Most of them did, yeah. Most of them did, which is really smart on their part, obviously. I think they should hold on even more.
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