“I think this is probably going to be the biggest venture outcome of all time, especially given the time in which this was created. This is only a six-year-old company. I think the exit here is going to be on par with SpaceX's IPO, but SpaceX has been around for like 20-something years. So this is probably the fastest value creation of any venture-backed company in history.”
All-In with Chamath, Jason, Sacks & Friedberg · Money & Markets · October 2026
Context
David Sacks reacts to Anthropic's S-1 filing, which targets a roughly $100 billion raise. He argues the company's speed from founding to exit has no precedent in venture.
Transcript
We'll see an Ant's S1, but like, you know, you can build a ginormous business with singles and doubles.
…run rate, which is ARRR, like a pirate. They've got $112 billion in cash and a very unique ownership structure. Seven founders, yes, they have seven, are going to hold 50.1% of the voting power through a single class F share. Sachs, is this the greatest business in the history of capitalism?
It could very well be. I mean, I think this is probably going to be the biggest venture outcome of all time, especially given the time in which this was created. I mean, this is only a six-year-old company. I think the exit here is going to be on par with SpaceX's IPO, but SpaceX has been around for like 20-something years. So this is probably the fastest value creation of any venture-backed company in history. And I don't know if you saw, but there was a tweet this morning about the distribution of wealth this is going to create among the employees. Hundreds and hundreds of employees are going to be making hundreds of millions of dollars, and then thousands of employees are going to be making $10 million plus. I mean, this is going to be an enormous wealth creation event like San Francisco and maybe all of Silicon Valley has never seen before. Now, there's a few other data points in this S1 that I think reflected the strength here. So, number one is that this $80 billion loss number that we've heard so much about, that the media has constantly been pumping and harping on as proof that Anthropic was either a fake business or that we were in this sort of…
Freeberg, your thoughts on the impact of this massive deluge of capital coming in to Silicon Valley and then this corporate structure, 51% ownership, and what impact this might have on the technology industry, the venture capital industry, and then on democracy here in the United States. We've…
Can I just comment on the economic value that's arising from AI that kind of perhaps gets revealed a little bit in this? So in the S1, Anthropic shows how many customers they have that are spending 100K or more. If we take a look at the image here, it's a pretty remarkable ramp in customers…
What is this chart? Is this like AI output?
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