Thomas Laffont, speaking on the All-In Podcast, laid out a stark picture of the private market: unicorn valuations have climbed 70% since September 2024, and AI-related funding for these companies has multiplied fivefold. The investor also tied SpaceX's eye-popping valuation directly to its launch cadence, offering a rare concrete link between operational metrics and market price.
The 70% leap
According to Laffont, the aggregate value of unicorn—companies valued at over $1 billion—has surged seven-tenths in just a few months. He didn't specify which data set he used, but the figure suggests a dramatic re-rating of private tech stocks since the fall. The jump outpaces most public-market gains over the same period.
AI funding per unicorn hits 5x
Laffont also reported that the average AI investment per unicorn has quintupled, based on his analysis. The comment points to a deepening concentration of capital in a small number of AI-native or AI-enabled startups. Investors, he implied, are now willing to bet far bigger sums on fewer companies, a departure from the broad spray of earlier funding rounds.
SpaceX valuation tied to launch frequency
On SpaceX, Laffont offered a straightforward valuation thesis: the company's worth is a function of how often it launches. More launches mean more revenue, more data, and more confidence in Starship's future. He didn't give a specific dollar figure, but the logic links a clear operational metric—launch cadence—to the private-market price that has made SpaceX one of the most valuable companies in the world.
The comments come as the broader IPO market remains tepid, forcing investors to digest these valuations in the private domain. Whether the 70% spike holds—or the AI funding multiples prove sustainable—remains an open question, one that will likely be tested when the next batch of unicorns attempts to go public.
