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JC John Coogan John Coogan Entrepreneur

“The IPO roadshow was not focused on doom and fear-mongering. It was very focused on the Age of Miracles, curing cancer, the more optimistic side. And it also wasn't particularly focused on geopolitical considerations, even though you could imagine that driving the marginal investor, but maybe it's too scary, maybe too complicated to lay that out in an IPO roadshow.”

TBPN · Startups & Venture · November 2026

“The IPO roadshow was not focused on doom and fear-mongering. It was very focused on the Age of Miracles, curing cancer, the more optimistic side. And it also wasn't particularly focused on geopolitical considerations, even though you could imagine that driving the marginal investor, but maybe it's too scary, maybe too complicated to lay that out in an IPO roadshow.” — John Coogan, TBPN

Context

After his co-host said Anthropic and Nvidia hold opposing views on chip exports, Coogan notes that conflict isn't what Anthropic is pitching to IPO investors. He says the roadshow stressed adoption, revenue and margins.

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Transcript

TBPN Around 05:11 into the episode
John Coogan

…from six to 12 months to three days. That's like that's a 10x increase, no, more like a 30x, 50x, 100x increase in speed. And yet there's still a lot of debate over whether Anthropic is seeing a 2x increase in AI development. And there's some debate in the latest model card in the league. Yeah, the

Jordi Hays

…the original LLM, also like creating the technology to ultimately disrupt itself. And so I would just see Dario will be out there continuing to push Anthropic's worldview at a time when Jensen is greatly weakened, right? And his ability to fight for his view is just so diminished. So yeah. At the

John Coogan

same time, it feels like all of that is true behind the scenes, probably in Washington right now, especially with the realignment post midterms. But that was not the focus of the IPO roadshow. The IPO roadshow was not focused on doom and fear-mongering. It was very focused on the Age of Miracles, curing cancer, the more optimistic side. And it also wasn't particularly focused on geopolitical considerations, even though you could imagine that driving the marginal investor, but it's a little too crazy, maybe too scary, maybe too complicated to lay that out in an IPO roadshow. So focus on the impact of the technology, the adoption, the revenue, the margins, et cetera. SP 500 is up. It's ripping. The stock market's ripping.

Jordi Hays

NVIDIA also rallying.

John Coogan

We're 3% away from a new record high. The SP 500 surges above 7,600 as DIP buyers continue to rotate back into technology stocks. We talked to a very sharp market analyst about the sell-off, and he said, I think it's a buying opportunity. And I think he was right. How's NVIDIA doing?

Jordi Hays

Almost 4% today. Okay,

Speaker names come from our own diarization. The position is estimated from where the line sits in the episode.

More from TBPN

“NVIDIA is fighting an OpenAI chip team, a Broadcom chip team, a Google chip team, an Anthropic chip team, a Meta chip team, an Amazon chip team. These guys are fucking good… As great as Lisa Su is, she took down Intel, who is incompetent, right? It's very different than being second place.” — Dylan Patel, TBPN “Open source in America would not exist without Jensen. Both Reflection and Thinking Machines are pushing the open source frontier in America, and both of them have massive investments in backing from NVIDIA… And if we're slamming the hammer down now on China way harder because the biggest defender against restrictions was Jensen and his team… there's going to be a lot more restrictions… I think the biggest loser is the open source ecosystem for sure.” — Dylan Patel, TBPN