The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel

Hey, 2026 could be an all-time [music] record for IPOs. 嘿，2026 年可能创下 IPO 的历史最高纪录。 The AI IPO of the year so far. 这是今年迄今最重磅的 AI IPO。 That company is Cerebras. 这家公司就是 Cerebras。 Cerebras Systems founder and CEO Andrew Bubman. Cerebras Systems 创始人兼 CEO Andrew Feldman。 We are participating [music] in something extraordinary on everything we do. 我们所做的一切，都在参与一件非同寻常的大事。 We are the fastest bar none. 我们是最快的，没有之一。 Well, Marshall is the co-founder and CEO of Planet [music] Labs. 好，Marshall 是 Planet Labs 的联合创始人兼 CEO。 Space and AI are really um a match made in heaven. 太空和 AI 真的是天作之合。 They're getting married. 它们要结婚了。 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. 事实上，就像 Google 找到了为互联网建立索引并让它可搜索的方法一样，我们正在为地球建立索引，让它也能被搜索。 [music] [音乐] He's got his glasses, the famous red glasses. 他戴着那副眼镜，那副著名的红眼镜。 Brad Gersner is here, founder and CEO of Autoimmet [music] Capital, a leading tech investment firm. Brad Gerstner 来了，他是领先科技投资公司 Altimeter Capital 的创始人兼 CEO。 I believe that the wave is the biggest wave in the history of technology, [music] will be incredibly beneficial for America. 我相信，这股浪潮是科技史上最大的一股浪潮， 它将为美国带来巨大利益。 I'm rooting for all of them because I'm rooting for America. 我支持他们所有人，因为我支持美国。 Ladies and gentlemen, please welcome Brad Gersonner, Will Marshall, and Andrew Feldman. 女士们先生们，请欢迎 Brad Gerstner、Will Marshall 和 Andrew Feldman。 On the couch, we switch on the couch. 在沙发上，我们换到沙发上。 Nice to see you, my friend. 很高兴见到你，我的朋友。 Hey, [music] big boy. 嘿， 大块头。 Nice to see you. 很高兴见到你。 Last last time I saw you, we were in 上上次见到你时，我们在 Yes, 对， we were in Davos causing another drop. 我们当时在达沃斯，又引发了一次下跌。 Another JL. 又一个 JL。 Do you hear that little Davos? 你听见那个小达沃斯了吗？ We were just, you know, it was preipo. 我们当时只是，你懂的，那还是 IPO 前。 We're chopping it up 我们正在热聊 with Davos. 和达沃斯一起。 We're in Davos. 我们在达沃斯。 Hanging out at Davos. 在达沃斯闲逛。 Well, no. 嗯，不是。 Listen, I was 听着，我当时 Everybody knows the story. 大家都知道这个故事。 I'm supposed to go on my yearly Japan ski trip. 我本来要去参加一年一度的日本滑雪之旅。 Sax calls me Sacks 给我打电话 with Tucker. 和 Tucker 一起。 Yeah. 对。 Well, anyway, we don't drop that name, but [laughter] I'll pick it up for you. 嗯，总之，我们不提那个名字，但我来替你接着讲。 Put it over here. 把它放这边。 Tucker. Tucker。 Anyway, so I cancel on Tucker. 总之，所以我放了 Tucker 鸽子。 I cancel because Sax calls me. 我取消了，因为 Sacks 给我打电话。 He says, "Listen, Pus needs you, the world's greatest moderator in Davos." 他说：“听着，POTUS 需要你，这位达沃斯最出色的主持人。” I said, "No problem." 我说：“没问题。” I said, "Saxs, POTUS, and Davos." 我说：“Sacks、POTUS 和达沃斯。” So I said, "When?" 所以我问：“什么时候？” He says, "In 3 days." 他说：“3 天后。” I say, "You got it." 我说：“没问题。” I go and they give me a badge. 我去了，他们给了我一张证件。 And it's like the special green badge and they buzz you through the security and I look at the monitor and it says Jason McCabe Calacanis with Donald J. Trump. 那是一张特殊的绿色证件，他们放你通过安检，我看向屏幕，上面写着 Jason McCabe Calacanis 与 Donald J. Trump 会面。 Oh wow. 哦，哇。 How did you feel? 你当时什么感受？ I thought it was hilarious. 我觉得太好笑了。 [laughter] [笑声] So then I went and we did a great interview there and we did like six or seven of these great all-in interviews and it was fun. 然后我去了，我们在那里做了一场很棒的访谈，还做了大概 6 或 7 场精彩的 All-In 访谈，非常有趣。 Let's start this because uh the two of you guys run two of the most interesting and consequential newly public companies in the stock market. 我们开始吧，因为你们两位经营着股市上最有意思也最具影响力的两家新上市公司。 Andrew Feland is the founder and CEO of Cerebrus. Andrew Feldman 是 Cerebras 的创始人兼 CEO。 Will Marshall is the founder and CEO of Planet Labs. Will Marshall 是 Planet Labs 的创始人兼 CEO。 But you are also the insight and a gateway for all of us to understand these two big trends. 但你们也是我们所有人理解这两大趋势的洞见来源和入口。 One is in AI silicon, the other one is in space data centers. 一个是 AI 芯片，另一个是太空数据中心。 I think it would be a really interesting thing to 我觉得这会是一件很有意思的事 and emerging. 而且才刚刚兴起。 And emerging. 而且正在兴起。 Yeah. 对。 Um but let's just take one step back. 不过我们先退一步说。 Uh you just heard the last conversation about being public, going public early. 你刚听了上一场关于公司上市，关于尽早上市的讨论。 Let's just talk about that cuz 我们就聊聊这个因为 I'm just very curious. 我真的很好奇。 How's it been? 感觉怎么样？ It's been 3 weeks or so for you. 你上市大概3周了。 It's been about a year and a half or two years for you. 你上市大概一年半到两年了。 Uh 呃 it's more fresh. 他的感受更新鲜。 Was it 这是不是 Was it everything that you thought it would be? 这一切和你想象的一样吗？ Like 比如 what's clear so far is I need to upgrade my namerop game. 目前很明确的一点是我得提升自己报人名的水平。 I mean that that was a tour to force. 我是说那真是一场精彩绝伦的表现。 [laughter] [笑声] But by the way, you were you were in Davos with 不过顺便说一句，你当时在达沃斯和 J. I was I was there but that um uh J. 我当时在那儿但那个呃 tour [laughter] to force uh look I I 精彩绝伦呃你看我我 I think you do all this work and I I think it's really difficult to to overestimate the amount of garbage that's involved in in going public. 我觉得你做了这么多工作而且我觉得上市过程中的破事多到怎么高估都不为过。 the number of meetings where you you look on the the Zoom and there are 130 attendees and the amount of times you review these documents and the commas move and and just no value added. 你开了无数次会看着 Zoom 里有130名参会者又无数次审阅这些文件结果只是逗号挪来挪去根本没有任何价值。 You go there and you have this enormous event and the next morning you've sold no more stuff. 你去那里办了一场盛大的活动而第二天早上卖出的东西一点也没增加。 your engineering projects have made no progress since the day you weren't public. 从上市前一天到现在你的工程项目毫无进展。 And you go back to work and um you you have some new constituents that that you have to to to address and communicate with, but the core parts of your business, you have more money in the bank. 然后你回去工作并且有了一些需要回应和沟通的新利益相关方，但业务的核心部分没变，银行账户里的钱更多了。 Um but not a damn thing changes in the important parts of your business. 但你业务中重要的部分压根没有任何变化。 um if you still if you need new supply or if your relationships with your vendors are bad, they're still bad. 如果你仍然需要新的供应或者你和供应商关系不好，关系还是不好。 If they're good, they're still good. 如果关系好，还是一样好。 And and so I I think what what we've seen is um you your employees have a party, everybody's really excited, and you put your head back down, you high five, and you go back to work. 所以我觉得我们看到的是员工们办了场派对，大家都特别兴奋，然后你又埋头苦干，互相击个掌，接着回去工作。 Can 能 can I can I just give a little context and then I want to hear from Will. 能不能让我先补充一点背景，然后我想听听 Will 怎么说。 You know, if if I can, Andrew, you know, we were investors in Cerebrus. 你知道，如果可以的话，Andrew，你知道，我们当时是 Cerebras 的投资者。 I was on the board a year earlier where we were trying to go public. 一年前我们尝试上市时，我还在董事会。 Um, and you know, aside from just being a warrior who weathered a decade worth of storms that would have taken out any normal human being, the path to going public for Cerebras was a particularly challenging one. 嗯，你知道，除了你本身就是一名勇士，扛过了足以击垮任何普通人的十年风雨，Cerebras 的上市之路也格外艰难。 One of their investors was the UAE. 他们的一位投资者来自阿联酋。 So there was questions about CPHAS, you know, in in the prior under the Biden administration challenging to get public. 所以当时存在一些 CFIUS 方面的问题，你知道，在之前的 Biden 政府时期很难上市。 My observation outside looking in is everything was really hard until it got really easy like n 9 and a half years of really hard and then 12 months you know of of of really easy where everybody wanted to get in. 我作为局外人的观察是之前一切都非常艰难直到突然变得非常容易大概有 9 年半特别难然后有 12 个月你知道特别容易所有人都想参与。 They priced the IPO at 185 which was up the range was taken up two times. 他们把 IPO 定价为 185 定价区间上调了两次。