More or Less

Author: Dave Morin, Jessica Lessin, Brit Morin, and Sam Lessin

Dave Morin, Jessica Lessin, Brit Morin, and Sam Lessin have debated the future of Silicon Valley and tech as the closest of friends for the last 15 years. Now six companies, two venture funds and more than a decade at Google, Apple and Facebook later, they are opening up the debate. From The Information, Offline Ventures, and Slow Ventures. Follow the crew: http://x.com/davemorin http://x.com/brit http://x.com/lessin http:/x.com/jessicalessin Follow the pod: https://moreorlesspod.com/ http://youtube.com/moreorlesspod https://x.com/moreorlesspod
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Language: en

Genres: Technology

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Allbirds Pivoted to AI Data Centers | SpaceX $1.5T IPO, Anthropic $800B, $175M Seed Rounds
Friday, 17 April, 2026

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 breakingChapters:0:00 — Waymo vs. Uber: the autonomous tipping point8:29 — Allbirds: $4B → $40M → “NewBird AI”12:56 — Boom Supersonic and the data center pivot15:17 — SpaceX IPO: bulls vs. bears16:14 — The tax problem no one is pricing in20:16 — Can mega-cap still 50x?26:47 — SpaceX breakdown: Starlink vs. launch28:20 — Anthropic $800B rumors30:08 — OpenAI vs. Anthropic: leaks and competition31:08 — The model switching problem (no real moat)33:36 — AI behavior shift: “ask the agent”38:17 — AI labs running oppo research40:05 — Seed valuations surpass 2021 peak42:00 — Fund math is brokenWe’re also on ↓X: https://twitter.com/moreorlesspodInstagram: https://instagram.com/moreorlessYouTube: https://youtu.be/FQ5TEs_3Dq8Connect with us here:1) Sam Lessin: https://x.com/lessin2) Dave Morin: https://x.com/davemorin3) Jessica Lessin: https://x.com/Jessicalessin4) Brit Morin: https://x.com/brit