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

Page: https://stenobird.com/podcast/more-or-less-6425141/allbirds-pivoted-to-ai-data-centers-spacex-1-5t-ipo-anthropic-800b-175m-seed-rounds
Text version: https://stenobird.com/podcast/more-or-less-6425141/allbirds-pivoted-to-ai-data-centers-spacex-1-5t-ipo-anthropic-800b-175m-seed-rounds.md
Podcast: [More or Less](https://stenobird.com/podcast/more-or-less-6425141)
Published: 2026-04-17T16:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/moreorlesspod/episodes/Allbirds-Pivoted-to-AI-Data-Centers--SpaceX-1-5T-IPO--Anthropic-800B--175M-Seed-Rounds-e3i1fgr
Audio file: https://anchor.fm/s/e3c9ef30/podcast/play/118586331/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-3-17%2F422243092-44100-2-ca7930901ea22.mp3
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Duration seconds: 2647

## Resource

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 YouTube: https://youtu.be/FQ5TEs_3Dq8 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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