Allbirds Pivoted to AI Data Centers | SpaceX $1.5T IPO, Anthropic $800B, $175M Seed Rounds

About this episode

The episode discusses SpaceX's potential IPO, Allbirds' pivot to AI, and the current state of seed valuations and the AI market.

SpaceX might be the biggest IPO ever but there’s a math problem no one’s pricing in. Once you factor in capital gains, you need to believe it’ll underperform the market by ~50% just to justify selling. That creates an invisible floor under mega-cap stocks and a market increasingly detached from reality. Meanwhile: Allbirds goes from $4B to $40M and pivots to “NewBird AI.” Seed valuations hit $175M — 3x YoY, above 2021 peak. And AI labs are allegedly planting stories on each other. This week on More or Less: SpaceX’s $19B revenue / $5B losses, the AI bubble, Anthropic $800B rumors, and why fund math is breaking Chapters: 0:00 — Waymo vs. Uber: the autonomous tipping point 8:29 — Allbirds: $4B → $40M → “NewBird AI” 12:56 — Boom Supersonic and the data center pivot 15:17 — SpaceX IPO: bulls vs. bears 16:14 — The tax problem no one is pricing in 20:16 — Can mega-cap still 50x?26:47 — SpaceX breakdown: Starlink vs. launch 28:20 — Anthropic $800B rumors 30:08 — OpenAI vs. Anthropic: leaks and competition 31:08 — The model switching problem (no real moat) 33:36 — AI behavior shift: “ask the agent” 38:17 — AI labs running oppo research 40:05 — Seed valuations surpass 2021 peak42:00 —…

People in this episode

Hosts: Dave Morin, Jessica Lessin, Brit Morin, Sam Lessin

Topics covered

• SpaceX IPO
• Allbirds pivot
• AI data centers
• seed valuations
• AI bubble
• market analysis

Keywords

• SpaceX
• Allbirds
• AI
• IPO
• seed valuation
• market analysis
• Anthropic

Mentioned in this episode

Organizations: Allbirds, SpaceX, Anthropic

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