“they grew from roughly 10 billion of ARR to 30 billion, so it tripled. And then in April... They went from 30 to 44 billion of ARR... I think it's pretty much…”
Sacks argues Anthropic is on a clean 10X-a-year exponential that compute deals have now unblocked, so its private valuation only goes one way from here. The pre-IPO synthetic is the one tracked instrument that captures that staked value-up call.
“We hear very good things about Codex now based on GPT 5.5... Their rate of growth appears to be accelerating now because of 5.5. So, look, there's reason to…”
Sacks flags a real catalyst: GPT-5.5 is re-accelerating OpenAI's growth and Codex is taking coding share. That share-take into accelerating growth is what would mark OpenAI's private valuation higher, which the vntl:OPENAI perp tracks.
“I'm sure that Google won't be asleep at the wheel. They're very, very good at coding. They've got a really good team”
Google Cloud growing 63% and a real shot at coding share, still only 24x earnings
“Did you guys see the deal that was announced yesterday between Polty Homes, which is a huge builder”
Homebuilder Pulte tying GPU clusters to new homes opens a distributed-compute revenue angle
“This is why the SpaceX IPO is going to trade at 40 to 50 times revenue, okay? So next year, if they do 40 to 50 billion, and this thing goes out at 2…”
Sacks puts a hard number on the Elon premium: SpaceX IPOs near $2T at 40-50x revenue because no comparable company has its innovation pipeline. The vntl:SPACEX perp tracks exactly that implied private valuation in billions, so a long captures the value-up he is staking.
“when Tesla and SpaceX merge and we have all things Elon and Elon Corp, okay, which will happen, probably by the end of the year, maybe it'll happen in the…”
Chamath stakes that 'Elon world' uniquely commands a valuation premium because it keeps innovating, and predicts a Tesla-SpaceX merger that re-rates the combined asset upward. Tesla is the only publicly tradeable leg of that Elon-premium thesis.
“We have the best companies in the world at doing that. We have Crowdstrike, we have Palo Alto Networks, we talked about that before. We have the best…”
Sacks names CrowdStrike as a best-in-world cyber defender that should be armed with frontier AI tools, framing it as a force-multiplied beneficiary of the AI-cyber buildout. CRWD is the single cleanest US-listed pure-play of the two names he cites.
“Meta's trading at 17 times fully taxed gap earnings, Nvidia at 19 times, Microsoft at 20 times... This is not the stuff that bubbles are made of... 80% of our…”
Brad frames Nvidia at 19x earnings as not-a-bubble and says 80%+ of his book sits in compute/AI/memory, an explicit staked long. Chamath separately names 'the Nvidias' as the makers of the new thing that still has to be valued up.
“the memory stocks that everybody's excited about, we have 25% of our portfolio in. SK Hynix, five times fully taxed gap earnings, Samsung six times, Micron…”
Brad discloses memory is a quarter of his book and argues the stocks are cheap (5-7x fully-taxed earnings) against the AI-compute buildout, so they are mispriced to the upside. Micron is the cleanest US-listed pure memory play of the names he lists.