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Where they stand
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Thomas Laffont (Coatue) tells the All-In Summit he would happily own the top private-company index (SpaceX, Stripe, Anthropic, Databricks, Revolut, ByteDance, Anduril) for the next decade-plus.
I'd feel pretty comfortable owning this index if I could for the next decade plus.
Thomas Laffont tells the All-In Summit that combined OpenAI+Anthropic revenue could exceed AWS by end-2026 and all of Microsoft by 2028 (hedged estimate).
but you can see that we estimate that not only is it bigger than Azure, but by the end of the year it could be bigger than AWS and potentially bigger than all of Microsoft by 2028.
Thomas Laffont tells the All-In Summit that Anthropic is scaling faster than any company in the PC, internet or mobile eras.
entropic in particular is scaling like no other company that we've ever seen.
Thomas Laffont tells the All-In Summit that semiconductors are on a generational run that has massively outperformed the index since 2024.
Semis are on a generational run. I was just talking about this with my friend Brad Gerstner earlier.
Nasdaq since this was said: ▼ -2.2% · 26,831 → 26,253 · as of 2026-09-09
Thomas Laffont tells the All-In Summit that AI's per-user memory needs could multiply several-fold, explaining the rally in memory-chip stocks.
the amount of memory per user could can tuple just based on the demand that these AI systems are requiring to provide their services. That helps explain why we've seen some of these moves in these memory companies.
Nasdaq since this was said: ▼ -2.2% · 26,831 → 26,253 · as of 2026-09-09
Thomas Laffont tells the All-In Summit that AI ecosystem revenue is ~$140B today, will be ~$300B in 2026 and double in 2027.
We believe that it's about $140 billion today. It'll be about $300 billion this year, and it'll double in 2027.
Nasdaq since this was said: ▼ -2.2% · 26,831 → 26,253 · as of 2026-09-09
Thomas Laffont tells the All-In Summit that AI-enabled ads at Meta and Google will go from ~25% to 100% of ads served, a $150B revenue pillar (no deadline).
We estimate currently that about a quarter of ads served by Meta and Google are AI enabled. We think that penetration will eventually go to 100%. That's $150 billion.
Nasdaq since this was said: ▼ -2.2% · 26,831 → 26,253 · as of 2026-09-09
BullSpaceX
leaning · 2026-06-04
Thomas Laffont tells the All-In Summit that within a few years Starlink will power a device enabling phone calls anywhere in the world, addressing the global telco profit pool.
I believe that within a few years, Starlink will power a device which will actually enable you to make a phone call anywhere in the world.
Thomas Laffont tells the All-In Summit that the big private outcomes (SpaceX, OpenAI, Anthropic) will be public within roughly 12 months (hedged).
And those outcomes will be public within, it seems like a 12 month period.
Thomas Laffont tells the All-In Summit that today's AI mega-cap private valuations are backed by real, profitable, fast-growing companies, unlike 2000 or 2021, while the public market will be the test.
So the one pushback I would have just on the valuation argument is these are not fake companies.
Thomas Laffont tells the All-In Summit that the thesis that AI models are commodities has been thoroughly disproven.
I do think that the narrative of, oh, these models are commodities and these companies are going to get... I think that's been pretty thoroughly disproven now, right?
NeutralSpaceX
hedged · 2026-06-04
Thomas Laffont tells the All-In Summit he has no view on whether $1.75T is the right SpaceX IPO price.
I don't know whether 1.75 is the right price for the IPO, and you know, frankly, I have no clue.
BullSpaceX
leaning · 2026-06-04
Thomas Laffont tells the All-In Summit that SpaceX's core Starlink business addresses a $200-400B global telco profit pool with a substantially better product.
What I do know is that the global profit pool of telco and service providers across the world is anywhere between $200 to $400 billion
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