More Trillion Dollar IPOs, Anthropic $3T, Zuck's Price War, China Ends Open Source?, Trump Accounts

**Jason Calacanis** (0:00)
All right, everybody, welcome back. Number one podcast in the world. It's July, AllIn, Episode 280
Friedberg is on a little vacay. We'll leave it at that. And yeah, bestie Brad is here. How are you doing, Brad?

**Brad Gerstner** (0:16)
I'm doing great.
Vacay in maybe Idaho or somewhere, Jay Cal? I don't know. Who knows? Who knows? Who knows?

**Jason Calacanis** (0:23)
It could be anywhere. It could be anywhere. I mean, there's lots of things. He could be in plenty of places. And it looks like you are somewhere in the Northeast. I'll leave it at that. You having a little vacay for yourself this week?

**Brad Gerstner** (0:34)
Very, I'm in my flag room, very patriotic room here.

**Jason Calacanis** (0:38)
Very nice.

**Brad Gerstner** (0:38)
You know, where I work on the East Coast in the summertime and spent some time in DC this week.
And it's been a great week. Been a great week celebrating America 250

**Jason Calacanis** (0:49)
Great. And you're going to be out of there by the second week of August, yeah? So I have it August 10th through the 30th. I'm good?

**Brad Gerstner** (0:55)
Exactly, exactly.

**Jason Calacanis** (0:56)
I just want to make sure.

**Brad Gerstner** (0:59)
Jason, BNB.

**Jason Calacanis** (1:00)
Oh, absolutely.

**Brad Gerstner** (1:03)
You don't know the half of it, man.

**Jason Calacanis** (1:04)
I am on a summer bender. I'm like, where's your vacation home?

**Brad Gerstner** (1:08)
By the way, where are you right now?

**Jason Calacanis** (1:09)
I am in Paris. I did about eight interviews at the RAISE conference. They'll be coming out in the AllIn feed. And of course, tackling from the factory. Look at them. You're working in the factory, Chamath Palihapitiya.
It's going to be a hot software summer for Chamath. How's your hot software summer going?

**Chamath Palihapitiya** (1:28)
It's good. Selling enterprise software is hard, but it's good.

**Jason Calacanis** (1:32)
Chamath's like, man, I was such a dick to all my CEOs. Hey, the SaaS period, and now you know.

**Chamath Palihapitiya** (1:38)
I went to Geneva.
Shout out to Mark Benioff. I went to Geneva. He works out of Europe, sees all his European customers, and he had a dinner in Geneva, which I joined. And then me, Jensen, Brad Smith, Anthony Tan from Grab, and a bunch of other folks were put on this UN Commission for AI that Mark is the co-chairman of. When you see Mark Benioff in Actionman, this guy is a f***ing master.

**Jason Calacanis** (2:03)
Holy s***. He is the impresario of impresarios.

**Chamath Palihapitiya** (2:06)
Yeah. You see how he's built such a ginormous business. It's impressive. It's impressive.

**Brad Gerstner** (2:12)
What is a commission by the United Nations for AI? What is their calling?

**Chamath Palihapitiya** (2:19)
Open source.

**Brad Gerstner** (2:21)
No, but no, I mean, it's like the United Nations actually do anything. They actually do anything.

**Chamath Palihapitiya** (2:27)
Actually, it's so funny.

**Brad Gerstner** (2:28)
Yeah.

**Chamath Palihapitiya** (2:28)
I mean, Anthropic was there too. One of the co-founders, Tom Brown, I think was his name. Yeah. That's good.

**Jason Calacanis** (2:33)
Was the Anthropic guy running around saying it's the end of the world? It's the end of the world.

**Brad Gerstner** (2:37)
No, no, no.

**Jason Calacanis** (2:38)
He was very...

**Brad Gerstner** (2:39)
Tom's awesome. Tom's awesome.

**Chamath Palihapitiya** (2:41)
In fairness to him, he wears it on his sleeve, which is like, hey, we really believe we're doing the right thing.

**Jason Calacanis** (2:49)
Right.

**Chamath Palihapitiya** (2:50)
And just trust us. And I think the future is open source for all these countries.

**Jason Calacanis** (2:54)
Well, we're going to get into that. That's on the docket for sure.
But let's start with the IPO update. You know, there's a trillion dollar IPO rush to the exits. And, you know, this was a big topic of discussion, Brad, at the Liquidity Summit last month. And we'd never seen a trillion dollar IPO. We had one this year already. SpaceX trading right about where it went public. So it was priced, I guess, to perfection.
And, theoretically, we're going to see two more. Brad has the inside information, so I'll try to get it out. OpenAI and Anthropic are slated to go out. Let's just go quickly over what happened with SpaceX. It ran up to $200 a share. It's been down a bit. It's at $150 a share, as I said, that's right at the IPO price. So it's trading at that $2 trillion. MarketCap, currently 7th largest company in the world. And Anthropic, confidentially filed on June 1st. I don't know why they call this confidential filing when it immediately comes out, but I guess the information is confidential. PolyMarket says 65% chance Anthropic's IPO will happen this year on light volume, 360K. And two weeks ago, Gavin Baker, another bestie, said he thinks they're going to end 2026 with over $100 billion in revenue and very profitable. He said, a couple of us guests on the program, that he thinks it would trade at $3 trillion right now if it went public. Chamath, you made a great call on the pod. You said, hey, good idea for Elon to get out first. What are the chances here, Chamath, that these other two get out this year or maybe in like, say, nine months in the first quarter of next year? We'll start there.