The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel

**Jason Calacanis** (0:00)
Hey, 2026 could be an all-time record for IPOs.

**SPEAKER_2** (0:04)
The AI IPO of the year so far, that company is Cerebras.

**Chamath Palihapitiya** (0:09)
Cerebras Systems founder and CEO Andrew Feldman.

**Andrew Feldman** (0:11)
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.

**Will Marshall** (0:20)
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.

**Brad Gerstner** (0:33)
He's got his glasses, the famous red glasses. Brad Gerstner is here, founder and CEO of Altimeter Capital, a leading tech investment firm.

**David Sacks** (0:40)
I believe that the wave is the biggest wave in the history of technology. It will be incredibly beneficial for America. I'm rooting for all of them because I'm rooting for America.

**Chamath Palihapitiya** (0:50)
Ladies and gentlemen, please welcome Brad Gerstner, Will Marshall and Andrew Feldman.

**David Sacks** (1:11)
It's Davos.

**Jason Calacanis** (1:12)
We were in Davos.

**David Sacks** (1:14)
Well, no. Listen, everybody knows the story. I'm supposed to go on my yearly tour. I'm supposed to go on my annual tour.

**Jason Calacanis** (1:18)
I'm supposed to go on my annual tour. I'm supposed to go on my annual tour.

**David Sacks** (1:22)
I'm supposed to go on my annual tour.

**Jason Calacanis** (1:23)
Well, no, listen, everybody knows the story. I'm supposed to go on my yearly Japan ski trip. Sacks calls me.

**Friedberg** (1:29)
With Tucker.

**Jason Calacanis** (1:30)
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 the ski trip because Sacks calls me. He says, listen, POTUS needs you, the world's greatest moderator in Davos.

**David Sacks** (1:42)
I said, no problem. I said Sacks, POTUS and Davos.

**Jason Calacanis** (1:46)
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 a 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.

**Friedberg** (2:05)
Oh, wow. How did you feel?

**Chamath Palihapitiya** (2:07)
I thought it was hilarious.

**Jason Calacanis** (2:10)
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.

**Friedberg** (2:16)
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 Cerebras, 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-

**Will Marshall** (2:40)
And emerging.

**Friedberg** (2:42)
And emerging. But let's just take one step back. You just heard the class conversation about being in 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.
Was it everything that you thought it would be?

**Andrew Feldman** (3:03)
Like what's clear so far is I need to upgrade my name drop game. That was a tour de force.

**Jason Calacanis** (3:11)
But by the way, you were in Davos with Jay Cal. I was.

**Andrew Feldman** (3:14)
I was there.
Tour de force.
Look, I think you do all this work. And I think it's really difficult to overestimate the amount of garbage that's involved in going public. The number of meetings where you look on the Zoom and there are 130 attendees. And the amount of times you review these documents and the commas move and just no values added. And you go there and you have this enormous event. And the next morning, you've sold no more stuff. Your engineering projects have made no progress since the day you weren't public. And you go back to work. And you have some new constituents that you have to address and communicate with. But the core parts of your business, you have more money in the bank.
But not a damn thing changes in the important parts of your business. If you still, if you need new supply or if your relationships with your vendors are bad, they're still bad. If they're good, they're still good. And so I think what we've seen is your employees have a party, everybody's really excited and you put your head back down, you high five and you go back to work.