Allbirds Pivoted to AI Data Centers | SpaceX $1.5T IPO, Anthropic $800B, $175M Seed Rounds

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SpaceX might be the biggest IPO ever but there’s a math problem no one’s pricing in. Once you factor in capital gains, you need to believe it’ll underperform the market by ~50% just to justify selling. That creates an invisible floor under mega-cap stocks and a market increasingly detached from reality. Meanwhile: Allbirds goes from $4B to $40M and pivots to “NewBird AI.” Seed valuations hit $175M — 3x YoY, above 2021 peak. And AI labs are allegedly planting stories on each other. This week on More or Less: SpaceX’s $19B revenue / $5B losses, the AI bubble, Anthropic $800B rumors, and why fund math is breaking Chapters: 0:00 — Waymo vs. Uber: the autonomous tipping point 8:29 — Allbirds: $4B → $40M → “NewBird AI” 12:56 — Boom Supersonic and the data center pivot 15:17 — SpaceX IPO: bulls vs. bears 16:14 — The tax problem no one is pricing in 20:16 — Can mega-cap still 50x? 26:47 — SpaceX breakdown: Starlink vs. launch 28:20 — Anthropic $800B rumors 30:08 — OpenAI vs. Anthropic: leaks and competition 31:08 — The model switching problem (no real moat) 33:36 — AI behavior shift: “ask the agent” 38:17 — AI labs running oppo research 40:05 — Seed valuations surpass 2021 peak 42:00 — Fund math is broken We’re also on ↓ X: https://twitter.com/moreorlesspod Instagram: https://instagram.com/moreorless Spotify: https://podcasters.spotify.com/pod/show/moreorlesspod Connect with us here: 1) Sam Lessin: https://x.com/lessin 2) Dave Morin: https://x.com/davemorin 3) Jessica Lessin: https://x.com/Jessicalessin 4) Brit Morin: https://x.com/brit

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