The SpaceX IPO Report Card, OpenAI vs. Anthropic, and the Private Market No One Talks About | CJ Gustafson w/ Guest CJ Gustafson

**Aman Verjee** (0:00)
First ever trillionaire, on paper at least.

**Dave McClure** (0:04)
The largest IPO in human history, the biggest raise.

**CJ Gustafson** (0:09)
I want to invest in whatever company is going to fix the data centers in space.

**Dave McClure** (0:36)
Hey, Aman, welcome back to another episode of our terrible, horrible, no good, very bad secondary podcast, Trading Places.
We are both on the road this week in Romania, of all places. For two geeks that is traveling to Romania and Turkey, Aman, what did you get to do while you were in Romania?

**Aman Verjee** (0:59)
Well, the morning was meeting a bunch of geeks and doing a little bit of a panel on the investment landscape in Romania. Then I just wanted a bit of a different perspective, so I actually joined the Romanian Aeronautics team for an afternoon of dips and dives and barrel rolls.
All right. Aerial acrobatics is a pretty amazing experience. Nice little experience like a level setter when you get to see all of Bucharest from 6,000 feet up and you're inverted. You just get a different perspective on what the world looks like.

**Dave McClure** (1:33)
I guess we were doing a little maverick danger zone there. Well, we're going to go over some of our headlines for this week. We're going to talk about our updated private MAG7 scoreboard, who's in the top seven, who's in the next three that are on deck. We'll talk a little bit about the big three who are going public this year. SpaceX, of course, is coming out later this week, and we'll cover that very specifically. But it looks like OpenAI and Anthropic have also filed and are going to try and go out this year. Google is raising another $80-$85 billion in equity, not in debt, to keep building out data centers. The SaaSpocalypse might be over. At least some of those companies are recovering in value and price.
We'll cover the AI coding land grab, particularly Cognition, which just raised a bunch of money, and Cursor, which is potentially about to be acquired by SpaceX.
Then lastly, we'll talk about a few of the centricorns that have recently been announcing that they're raising more money, Databricks and Revolut. Let's jump into the private Mag-7, Aman. We're looking at the Augment Power 20 here. Who's in your top seven, Aman?

**Aman Verjee** (2:40)
Yeah, I think hard to argue with that list. Stripe is just a quietly, you know, they keep doing what they do. Revenue is growing. They are close to profitability. They seem to do periodic tender offers and manage them really well. Hard to argue with that one. And then Databricks and Revolut are both doing new rounds. So, Revolut is the one that seems to me a little suspicious. I've talked about them in the past about having a heavy dependence on banking revenue and banking multiples are not the same as Fintech multiples. But the fact that they keep proving me wrong and raising higher valuations, I guess at some point, I guess at some point I have to stop talking about them.

**Dave McClure** (3:14)
I guess I would say that SpaceX, Anthropic and OpenAI are certainly the top three by valuation. Maybe OpenAI is a little bit overpriced there. ByteDance probably should be next on that list, I think, at a half a trillion or maybe 600 billion. After that, then I think we've got Stripe, Databricks, maybe Revolut at north of 100 billion.
Andrewol is on this list even though the market cap is slightly below 100 billion. Again, I think we've got some others peeking in here, Ramp and Neuralink. I would probably put Canva on my list just outside the top seven also. Ramp just recently raised at 40, I think Canva is priced somewhere in the mid or low 40s. But we're going to have three of these companies leave this list in the next 12 months, I think. We'll see SpaceX, Anthrophic, and OpenAI go public. Those companies arguably all a trillion dollars or more, maybe OpenAI is slightly below that.
One news item that came out was that SpaceX inked a deal with Google to provide compute power for them. It's similar to the deal that they announced with Anthropic a few weeks ago. And Google is going to be paying SpaceX 900 million a month, $920 million a month, more than 10 billion a year, Aman.

**Aman Verjee** (4:29)
And that's on top of the deal that they signed right as they were flipping the S1 public. They talked about a $15 billion, $1.25 billion a month with Anthropic. So between, let's call it...

**Dave McClure** (4:40)
$26 billion a year between just two customers. That's more than all of SpaceX's revenue last year, right?