Anthropic's $2T IPO, Zuck's AI Manifesto, Nvidia's $500B AI Bet, Grok's Comeback

**Jason Calacanis** (0:00)
All right, everybody, welcome back to the All-In Podcast, the number one podcast in the world.
David Sacks and Gavin Baker are with us this week. We got a short crew, but a long docket, and we are going to rock it. How are you doing, Gavin? Nice to see you.

**Gavin Baker** (0:16)
Fantastic.

**Jason Calacanis** (0:18)
You're still in that SpaceX afterglow? This is the biggest win of your career, correct?

**Gavin Baker** (0:24)
You know, SpaceX was a magical moment. There's only one SpaceX, but to quote Bill Belichick, you know, it's on to Cincinnati.

**Jason Calacanis** (0:34)
Got it.

**Gavin Baker** (0:34)
And there's a lot, I think, ahead for SpaceX, so the SpaceX story isn't over.

**Jason Calacanis** (0:39)
Yeah. And you're only as good as your last investment in our business, I guess.
Everybody's like, what now? Sacks, you're back. How are you doing, brother? How's the summer wrapping up for you?

**David Sacks** (0:48)
Good. I'm looking forward to talking to Gavin.

**Jason Calacanis** (0:51)
Oh, fantastic.
Well, I'll try to stay half the way and not step on you. You missed a really great discussion we had on the All-In interview show with your guy, Rahm Emanuel.

**David Sacks** (1:02)
Rahm Emanuel was on that go. I heard actually it got kind of spicy, you know?

**Jason Calacanis** (1:06)
It got super spicy. Rahm came in like full guns blazing, but it's a really great interview and we'll take anybody who wants to do the interview show, who's running in 2028 Did you catch it, Gavin, by chance? Did you catch it?

**Gavin Baker** (1:18)
I haven't watched it yet.

**Jason Calacanis** (1:19)
Okay. Got it in the queue.

**Gavin Baker** (1:21)
Beautiful. Of course.

**David Sacks** (1:23)
Based on the verdict on Rahm is that he's a throwback to the Clinton Obama DNC.

**Jason Calacanis** (1:29)
I think if you were thinking of a Clinton moderate.

**David Sacks** (1:31)
Which means he has no chance whatsoever in the Mamdani DSA Democrat Party.

**Jason Calacanis** (1:37)
This is the great irony.
It's a very similar moment, I think, to what happened in your Republican Party where you had this sort of civil war internally. I'm hoping the moderates have a chance here, but who knows what's going to happen with these lunatic democratic socialists. We don't have too much of that.

**David Sacks** (1:55)
Did he have a take on that?

**Jason Calacanis** (1:57)
I mean, I'd say first of all, he's got incredible amount of experience having worked for Obama, Clinton, been mayor of Chicago and ambassador to Japan. He was awesome on foreign relations, etc.
Yeah. To your point, he thinks hard no on democratic socialists and the socialist policies are a road to nowhere. So he just went totally hard at it, as hard as you would, Sacks. In fact, I hope he has, nothing would be greater than to have a moderate or more moderate candidates. I think we can all agree on that.
So we'll see. It's worth checking out. All right. Let's get to the docket, breaking news at the time of this recording. For those of you who don't know, we record on Thursdays, publish on Fridays, Anthropic targeting a $2 trillion IPO. According to the Financial Times, this would obviously break the record-setting $1.75 trillion IPO by SpaceX.
FT reported Wednesday night that investors expect the company to go public in October, which is like six to eight weeks away. This lines up with the Polymarket, the shop sharps at Polymarket, saying 80% chance of Anthropic IPOing this year. And Brad Gerstner, a fifth bestie, he also was signaling that this would happen sooner rather than later. Annualized run rate, we talked about this, Sacks & Bunch, will end the year between $100 and $120 billion. This is an extraordinary ramp up of revenue that we have never seen in Silicon Valley. At a $2 trillion valuation, obviously, you all can do the math, but it's 16 to 20 times sales, which is a fraction of what SpaceX and Palantir and some of these highly valued stocks went out at. So pretty interesting revenue growth over the last year. 10x. Anthropic still has AI's top model, but Grok, and we're going to get into it today, is catching up quickly and OpenAI not too shabby as well. Polymarket says 67% chance that at the end of the year, Anthropic will have the top model breaking. On Thursday, Anthropic and talks to buy an AI startup called Descartes for $6 billion. Their software lowers the cost of AI training and inference by making chips more efficient. I'll stop here. Gavin, if you could comment, and I don't know if you're a shareholder, Anthropic or not, so it'd be great to get that out of the way. But what's your take on just straight up the revenue ramp we're seeing here, and then what to expect from an IPO?