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All-In Podcast E280: The Trillion-Dollar IPO Rush, AI Token Wars & Trump Accounts
In episode 280 of the All-In Podcast, hosts Jason Calacanis, Chamath Palihapitiya and David Sacks are joined by 'bestie' Brad Gerstner (David Friedberg is on vacation) to unpack a trillion-dollar rush to the IPO exits led by SpaceX and expected to be followed by Anthropic and OpenAI. The group debates the sustainability of exploding AI token spend, the tug-of-war between frontier labs and cheap open-source models, sovereign AI ambitions, and whether enterprises can actually prove ROI. The emotional centerpiece is the launch of 'Trump Accounts' (the Invest America Act), a $1,000-at-birth investment account for every American child that Gerstner championed for four years, now live as the number-one app in the App Store, with billionaire philanthropists like Michael Dell and Gwynne Shotwell seeding accounts for lower-income kids.
David Sacks
David Sacks is a South African-born Silicon Valley operator turned venture capitalist and political power broker. He was PayPal's first product leader and COO, founded and sold Yammer to Microsoft for $1.2 billion, rescued Zenefits as interim CEO, and co-founded Craft Ventures, which manages billions in assets. He is a co-host of the chart-topping All-In podcast and served as the first White House AI and Crypto Czar in the second Trump administration before stepping aside in March 2026.