Chamath Palihapitiya (@chamath) puts a hypothetical Anthropic IPO at $1 trillion or less in rough numbers, versus maybe $2 trillion for a clean deal. "If I were on the board, I would keep Dario as a CEO ... He's built essentially the greatest business ramp in all time." "You're just going to have to water down the expectations of the IPO sellers and create a much larger margin of safety for the IPO buyer." "I'm just giving out rough numbers, right? Even if you think that they're on $100 billion run rate, what would otherwise in a very clean sheet IPO maybe would have been a $2 trillion market cap. Now, you know, you're at one or less." "The hedge funds and the pension systems and the long only mutual fund complexes, who have a fiduciary responsibility to their sources of capital, will justify all the risks by essentially asking for a lower and lower price." "It's probably going to clear at a much lower price than anybody thinks." "These other risks are going to weigh on the IPO. And the only way to flush them is to just bring the price way down." - Chamath Palihapitiya, Social Capital founder, on the All-In Podcast. Uploaded September 26, 2026. The valuations are his own rough estimates. In the same answer he says he recruits against Anthropic for talent.