Jun 6, 2026 · 32m · allin
The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel
Will Marshall · 9m spoken Andrew Feldman · 9m spoken Brad Gerstner · 5m spoken Chamath Palihapitiya · 3m spoken Jason Calacanis · 1m spoken
0:00 / 0:00
▶ Watch on YouTube →
gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions
At the All-In Liquidity Summit, tech leaders Brad Gerstner, Andrew Feldman, and Will Marshall join hosts Jason Calacanis and Chamath Palihapitiya to discuss the resurgence of tech IPOs, pioneering hardware and satellite innovations, and new paradigms for public market value creation.
How this conversation actually went
Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. The hosts hold 15.9% of the talking time here. How this is scored →
The hosts as informed peer 2.4 Guest teaching 2.7 Guest disagreement 1.4 The hosts pushing back 1.3
speaking balance: gold is the hosts, purple is the guest (3 minute bins)
Sharpest disagreement ▶ 18:08 Andrew Skeptical on Space Data Centers
Andrew directly rejects the optimistic timeframe for space-based compute, citing massive unsolved cluster networking challenges both on Earth and in space.
Hardest push from the hosts ▶ 11:28 Jason Pressing on Military Revenue ShareJason refuses to accept general descriptions and repeatedly interrupts to ask for exact military revenue percentages and whether Planet resists defense labeling.
Biggest teaching moment ▶ 22:15 Andrew Explaining Memory Bottlenecks in AI SiliconAndrew provides a deep technical lesson on chip architecture, explaining how dinner-plate-sized chips bypass the memory bandwidth limits inherent in GPU designs.
The host holds their own ▶ 13:16 Chamath Synthesizing Tech Architectural ShiftsChamath demonstrates domain mastery by outlining secular shifts in space data processing and comparing distinct silicon architectural bets made by Grok, Nvidia, and Cerebras.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | The hosts as informed peer | Guest teaching | Guest disagreement | The hosts pushing back | Why |
|---|---|---|---|---|---|---|
| Opening Montage and Speaker Introductions | 1 | 0 | 1 | 0 | The opening segment consists of light banter and introductions, with Jason Calacanis and Brad Gerstner joking about trip cancellations and name-dropping in Davos. There is no serious technical exchange or host pushback. | |
| Andrew Feldman on the Process of Going Public | 1 | 2 | 1 | 0 | Chamath prompts the panel on their recent public market experiences. Andrew Feldman demystifies the IPO process, highlighting the administrative overhead without immediate operational changes. | |
| Cerebras' IPO Journey, Morale, and Employee Impact | 2 | 1 | 0 | 0 | Brad Gerstner recounts Cerebras' regulatory and financial path to IPO before asking about team morale. Andrew reflects warmly on bringing long-tenured engineers and their families to the bell ringing. | |
| Planet Labs' Public Journey, Satellite Capabilities, and Defense Uses | 3 | 3 | 2 | 4 | Will Marshall explains Planet Labs' satellite imaging business and satellite miniaturization. Jason Calacanis presses with targeted follow-ups asking what percentage of revenue comes from military clients and if Planet resists defense positioning. | |
| Debating Space-Based Data Centers and Satellite Compute | 4 | 4 | 4 | 3 | Chamath frames the shift toward space data centers and silicon redesigns. Andrew Feldman openly challenges Will Marshall's timeline for space compute, pointing out unresolved cluster communication bottlenecks. | |
| Cerebras' Wafer-Scale Silicon Architecture and Real-Time AI | 2 | 6 | 1 | 0 | Andrew Feldman delivers an architectural breakdown on why wafer-scale silicon is required for real-time AI. He educates the room on memory-to-compute bandwidth limitations in standard GPUs. | |
| Investor Liquidity, Lockups, and Public vs. Private Value Creation | 4 | 3 | 1 | 2 | The panel discusses lockup structures and public versus private market value creation. Brad and Chamath contribute industry context on liquidity mechanisms and public market discipline. |
Statements from this episode (13)
Gerstner: Cerebras priced IPO at $185 with $50B-$60B market cap
“They priced the IPO at one 85, which was up, the range was taken up two times, ok? The stock opened at 320 dollars a share, I think. Today it's at 230 bucks a share, 50, sixty billion dollars in market cap.”
Marshall: Rocket launch costs dropped 4x to 5x over 10 years
“Rocket costs have come down about four or five X over the last 10 years, which has helped tremendously.”
Marshall: Starship will drastically lower space launch costs in 2-3 years
“On the current trajectory with Starship in particular, I would expect it, the launch costs come down there in two to three years.”
Planet Labs launched NVIDIA GPUs in space and is testing Google TPUs
“So we're partnering, ah, with Google to launch some of their TPUs into space. We've already launched NVIDIA's, ah, some of NVIDIA's GPUs into space. We're launching Google's TPUs into space on an early test.”
Marshall: Most compute will move to space within 10 years
“I think no question within 10 years, most compute will be putting in space, which, to give you a sense, is a lot of money, like trillions, and will be bigger than any of the other space businesses today, comms, earth imaging, this is why we're getting into thi…”
Feldman: Intel and AMD captured zero market share in mobile chip compute
“Share changed when cell phone compute emerged, and Intel and AMD who had fabs and the best architects got zero share, and it all moved to ARM.”
Feldman: GPU builders have near-zero chance of outperforming NVIDIA
“So if you build a GPU, the odds that you're better than NVIDIA in our view are approximately zero.”
Feldman: Cerebras is 15 to 18 times faster than a GPU for OpenAI
“So when OpenAI uses us, we're 15 or 18 times faster than a GPU.”
Gerstner: Altimeter distributed MongoDB shares before it grew to $50B
“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…”
Gerstner: SpaceX will use an innovative lockup structure for its IPO
“With respect to the lockup, I think this is the most innovative, and I think SpaceX is going to have a very similar innovation.”
Feldman: Historically more money is made post-IPO than pre-IPO
“I think historically more money is made after IPO than before. I think every single study shows that there is more money to be made both in percentage and in, in what we care about, which is absolute.”
Gerstner: Tech companies will return to going public at $1B-$5B valuations
“I actually think the public markets may be shifting back in this direction. And a lot of the companies in our portfolios are now thinking about going public at a billion or three billion or five billion. We had this period of a decade where Andreessen was real…”
Marshall: Current LLMs are blind to real-world physical data
“I like to say, like, all the cool stuff that we're doing on the, with LLMs now, is really based on just the text of the internet being absorbed into these models, which is incredibly powerful already, but they don't know shit about the real world. I call them …”