Altimeter Capital

“The Series B that Cotu and Altimeter jointly led at two billion felt expensive. We had no revenue. We had no product. We had control of an open source database. We had no customers. We had 15 employees.”

“We passed on this in the last three funding rounds, right? Which I think we're at 2,000,000,005 1,000,000,011 billion.”

“But today, as I sit here today, Altimeter would be a buyer at scale and at size in both of those IPOs.”

“We're also a shareholder. you know, we also expect to be buying in the IPO.”

“Our own, ah, projections were that they could exit this year at up to ten billion dollars of revenue, so they were growing very fast, ah, ah, one of the leading coding agents.”

“We are selling into this.”

“10 years ago, we invested pre-IPO at a billion dollars. We distributed the shares, I think, at three or four billion, and then it went to fifty billion over, you know, the course of the next 24 months, and we had people who called us who said, well, why didn't…”

“We just had two of the biggest months in the history of altimeters public funds. That's 18 years.”

“You know, we've really made massive bets, the biggest bets in the history of Altimeter, between OpenAI and Anthropic, which you know, is consuming billions and billions of dollars.”

“80% of our exposures or more have been in compute, AI, memory, et cetera.”

“This was a company we led the series A in, in 2018. We led a six million dollar round at a pretty reasonable valuation at the time. Big, big owner in the company. And the last round ended up getting done at about four billion dollars by Altimeter”

“No, we've got billions of both companies.”

“Early in the year when we were worried about tariffs, altimeter was positioned small, right? By May, we thought they would land the plane with the best in consensus, you know, on trade, we'd get the big, beautiful bill passed, and we went to kind of extra larg…”

“We entered last year at the hundred and fifty billion dollar round.”

“The rough math of our business is there's 5000 companies that raise every year that we track. 500 of those, so 10% of those, will raise from tier one investors, 15 of the 5000 will return over 90% of the gross profits for a given vintage.”

“OpenAI is our largest investment in the history of Altimeter.”

“I suspect in five to 10 years, we wouldn't have to work to earn a living anymore.”

“So we're excited to announce that we have raised a sixty-five million dollar Series A bringing us up to a total investment to date of seventy-five million dollars. This round is led by Altimeter, so Brad Gerstner and Eric Kreisman, major participation from Raj…”

“At Altimeter, we just led the Series A in a company, I don't even know if we've announced it, but I'll announce it here, which is an all-American producer of rare earth magnets, right?”

“Sonny's going to raise a huge new round here. We're happy to be investors with Sonny as well.”

“We just raised another two hundred sixty million dollars equity and factory financing. So Founders Fund and Lux led the round. So a hundred and ten million in new equity dollars as well as new investors like Altimeter.”

“KOTU and Altimeter did like a bunch of different surveys and data science around OpenAI's traction and daily active users against social platforms. So they're comparing it against like, okay, there's like a resource, like a learning tool for knowledge, and now…”

“We're a big investors in Andrew. You know, we're big investors in ByteDance.”

“Biggest bet right now in terms of position size is Andrel.”

“You kind of can attract, like, exceptional talent into your company at an early stage because there's kind of, like, nobody else doing this thing, and so if someone is passionate or wants to come work on something that's meaningful, that's difficult, that's ch…”

“Obviously our investment, you know, in SpaceX helped inform our investment in K-II.”

“In, in fall of 20, 23, we made our first investment.”

“We are highly concentrated investors. We think diversification is the enemy of outlier returns.”

“All of the private sort of, you know, investment in stuff that was going on in 2022 informed, you know, our public investment into NVIDIA and our public investment in NVIDIA helped inform our private investment into CoreWeave and our, you know, relationship wi…”

“We're investing out of our seventh venture fund right now. I, you know, don't quote me on this, but I think like less than 70 total investments on, on the private side across those seven funds.”

“If we're doing a Series A, it's typically like a 15 to twenty million dollar check, or maybe 25, and then, you know, at growth stages, call it 50 to, you know, two 50 or more.”

“And so we closed a series B today. That's led by Altimeter Capital.”

“And so we closed a series B today. That's led by Altimeter Capital.”

“I said at the end of January, early February, when you and I did the pot, I said, we've taken down our units of risk because there's just more uncertainty in the world. Discount rates need to come up. Multiples are coming down. And we did. And I would say over…”

“I think from an altimeter perspective, we were pretty cautious, and now we're looking at, again, leaning back into markets on some of these down days where it's big risk off, because I think ultimately the president is going to make deals, you know, Besant is …”

“It is the most important thing and it is impacting everything that we're looking at both on the public and on the venture side of the business today.”

“The round was led by Addition, Andreessen Horowitz, Lightspeed coming in as new investors, and then existing investors, Valor, Thrive, Altimeter, Trust Ventures, Terrain, and a number of other smaller investors.”

“We're going to get a little bit more positive on the companies we like the best because we think some of this fear Is now getting priced in.”

“Altimeter participated along with several others who were reported, and the valuation was like 260 pre which would make it, if all the money were to come in, a 300 post valuation”

“As you know we're shareholders in CoreWeave. Since a couple rounds ago, we were one of the largest buyers in the IPO, and we're happy we did.”

“Remember, the shareholders in ByteDance, 60% of those are U.S. Investors like Altimeter.”

“They're on track to make 3.7 billion dollars this year. They're forecasting to triple that next year to 12.5 billion dollars. So first thing, the valuation, and this is kind of what blows my mind, the 2.5 billion dollar syndicate of KOTU, Altimeter, Thrive, Th…”

“One of the first times I met Brad, he had just raised a 1.6 billion dollar fund, which was three times the size of any previous pool of capital he had raised.”

“If you actually look at the historical data, there's been very few funds in history that have achieved three X plus that were over a billion dollars”

“Altimeter was an investor with Sutter Hill in a company called Lacework. Right. Right. And it was competing in a very, very similar space. This was the thesis of Lacework. Lacework raised a lot of money, too much money, I would argue, you know, at the ti…”

“I'm on the buy side. So when Goldman or Morgan Stanley want to sell one of these things, our phone rings. And they want to check market conditions. They want to check what we're thinking, you know, and then eventually you know, the roadshow occurs, et cetera. …”

“My risk profile is lower than our standard risk profile. What do I mean by that? Very simply, you know, I own half as much as I would normally own at a point in time.”

“If rates were to go to five or five and a half percent and we see that happening, our exposures would come down”

“On the one hand, we were short a little bit of target because we're worried about tariffs and we're worried about the retail consumer holding up, especially around You know, these highly levered consumers when it comes to housewares and things that Target has …”

“Founders Fund, Altimeter, a few others have downsized the fund size.”

“Open AI. Raised, as you know, six and a half billion dollars this week at like a hundred and fifty billion dollar valuation. We both participated.”

“I can confirm that Altimeter is talking with the company, so of course there's some things I can share and things I can't share”

“I think we may have four IPOs in the pipeline in the next four to six months. The rumors out there around companies like Cerebris and CoreWeave and Databricks, those are all in our portfolios.”

“We had a company that wasn't performing at the levels that you know, it previously had been. It had been priced at many billions of dollars in, you know, at the peak of Zurb in 20, 21, a company called Lacework. And we ultimately, you know, we pushed to sell t…”

“So we had much lower units of risk. What's that mean? It means we sell some of our longs, or we put edges on, or we add to our short positions so that our net exposure directionally to the market, right, is three units of risk, not the nine units of risk that …”

“I would say that we looked at both inflection and character. We really liked what we saw at character. We wanted to be involved in it, but it was really hard to underwrite it for exactly this reason. We said the most likely outcome is that they're going to be …”

“Well, first to say we own them all. Okay. And you know, the second thing I would say is Altimeter's peak exposure to these names was about 70% over the course of the last 12 months. So we had 70% of our dollars at one point in time in these names. Remember, at…”

“We've recently sold two companies in our portfolio. One was reported by the Wall Street Journal for a billion to two billion dollars to Databricks called Tabular.”

“As an investment firm, as you know, that on the public side, you know, we look at who's going to be disrupted. I think it, you know, this is the list of companies that we have that are potentially disrupted. Is as long as it's ever been, you know, we've, we're…”

“We've turned down our exposures a little bit, taken a little bit of our net exposure, so added to some shorts, taken some of our longs down a little bit”