Coatue Management’s Thomas Laffont outlines AI IPO wave, predicts trillion-dollar valuations for OpenAI, Anthropic, and SpaceX
At the All-In Liquidity Summit, Laffont argued that upcoming IPOs from just three companies will exceed the entire last decade of venture-backed exits.
Share
Add us on Google by Editorial Team Jun. 7, 2026Thomas Laffont, co-founder of Coatue Management, just made one of the boldest predictions in recent tech investing history. Speaking at the All-In Liquidity Summit on June 4, 2026, he projected that IPOs from SpaceX, OpenAI, and Anthropic will collectively surpass the total exit value generated by all venture-backed companies over the past decade.
The Magnificent 8 and $4 trillion in private value
Laffont’s thesis centers on what he calls the “Magnificent 8,” a group of private tech and AI companies that includes SpaceX, Stripe, Anthropic, Databricks, Revolut, ByteDance, Anduril, and OpenAI. Together, these eight firms carry a combined valuation of nearly $4 trillion.
AdvertisementSpaceX is preparing an IPO targeting a valuation of at least $1.8 trillion, potentially raising $75 billion in the process. That listing alone would be the largest IPO in history by a wide margin, dwarfing Saudi Aramco’s roughly $25 billion raise in 2019. Anthropic, meanwhile, has already filed a confidential S-1, a clear signal that its public debut is imminent rather than theoretical.
Coatue Management has exposure to multiple members of the Magnificent 8, including significant positions in Anthropic.
The probability math behind trillion-dollar outcomes
Laffont shared data suggesting that companies with billion-dollar valuations have an 8% chance of eventually reaching $10 billion. The more striking number involves centacorns—companies that have already crossed the $100 billion valuation mark. According to Laffont, these firms have a 31% chance of reaching $1 trillion.
What this means for investors
For public market investors, the arrival of SpaceX, OpenAI, and Anthropic would immediately reshape index compositions and sector weightings. A $1.8 trillion SpaceX listing would make it one of the five most valuable public companies on the planet from day one.
For venture capital allocators, Laffont’s data creates an interesting tension. The 8% probability of a unicorn reaching $10 billion suggests that broad-based unicorn portfolios still carry significant binary risk. But the 31% probability at the centacorn level implies that the biggest winners are far more likely to keep winning than conventional wisdom assumes.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
