Episode summary
The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel
All-In Podcast
· · Hosts: Brad Gerstner · Guests: Andrew Feldman, Will Marshall
Summary
The conversation centered on why newly public tech companies can be more valuable, not less, once they enter the market. The host argued that IPO scrutiny can sharpen execution, while Andrew Feldman said the hardest part of going public is the process itself: endless meetings, paperwork, and little change to the underlying business. He said the main real effects are more cash, more visibility, and a meaningful moment for employees and families, but then it is back to work.
Will Marshall argued that public markets give Planet Labs liquidity, credibility, and staying power with governments, enterprise customers, and other buyers that need confidence a supplier will still be around. He also said the market is starting to understand that space data is becoming part of everyday life, with earth-imaging satellites now useful across agriculture, energy, civil government, defense, and intelligence.
The most forward-looking section was about space-based compute. Marshall said lower launch costs and cheap solar power could make orbit cheaper than Earth for data centers within a few years, while Feldman was more cautious, saying the last 10% of the problem may take most of the work. Feldman then laid out Cerebras’s case for custom silicon: AI expanded the kinds of problems computers can attack, and a very large chip with memory close to compute can be 15 to 18 times faster than a GPU.
Key takeaways
- Andrew Feldman said going public did not change Cerebras’s core business, but it did add cash, visibility, and a major morale event for employees and families.
- Will Marshall said Planet Labs uses its public status to reassure governments and enterprise customers that the company will be around and supported with capital.
- Marshall estimated a $75 billion to $100 billion market for Earth observation data, with AI unlocking more applications on top of satellite imagery.
- Marshall said space data centers could become cheaper than terrestrial ones when launch costs fall to about $200 to $300 per kilogram, possibly within 2 to 3 years.
- Feldman argued that AI created a much larger market for specialized silicon, and said Cerebras’s architecture is built for speed because AI cannot tolerate slow responses.
Notable quotes
“the amount of garbage that's involved in in going public. the number of meetings where you you look on the the Zoom and there are 130 attendees”
“I I I think every single study shows that uh there is more money to be made both in percentage and in in what we care about which is absolute”
“being a public company gives you the kind of force in the world that people go, "Okay, you're here to stay and you have access to capital if you need it and so on, right”
“I estimate there's a 75 to$100 billion market just on Earth observation”
“I think no question within 10 years most compute will be putting in space, which to give you a sense is a lot of money, like trillions”
How the episode opens
Hey, 2026 could be an all-time record for IPOs. — The AI IPO of the year so far. That company is Cerebras. — Cerebras Systems founder and CEO Andrew Bubman. We are participating in something extraordinary on everything we do. We are the fastest bar none.
Well, Marshall is the co-founder and CEO of Planet Labs. — Space and AI are really um a match made in heaven. They're getting married. In fact, just like Google figured out how to index the internet and make it searchable, we are indexing the earth and making it searchable. He's got his glasses, the famous red glasses. Brad Gersner is here, founder and CEO of Autoimmet Capital, a leading tech investment firm.
I believe that the wave is the biggest wave in the history of technology, will be incredibly beneficial for America. I'm rooting for all of them because I'm rooting for America. Ladies and gentlemen, please welcome Brad Gersonner, Will Marshall, and Andrew Feldman.
On the couch, we switch on the couch. — Nice to see you, my friend. — Hey, big boy. — Nice to see you. — Last last time I saw you, we were in Davos. — Yes, — We were in Davos causing another drop. Another JL. Do you hear that little Davos?
We were just, you know, it was preipo. We're chopping it up — With Davos. — We're in Davos. — Hanging out at Davos. — Well, no. Listen, I was Everybody knows the story. I'm supposed to go on my yearly Japan ski trip. Sax calls me
With Tucker. — Yeah. Well, anyway, we don't drop that name, but I'll pick it up for you. Put it over here. — Tucker. Anyway, so I cancel on Tucker. I cancel because Sax calls me.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ipo comeback
- liquidity and public markets
- ai silicon market
- datacenters in space
- founder liquidity planning
Companies and tickers mentioned
- PL
- Cerebras
- Planet Labs
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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