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TBPN · 4 min · Oct 27, 2026

Public listings could unlock more capital for AI

Gavin Baker says SpaceX and Anthropic going public could free up mutual-fund buying power for private markets. He also expects cloud cash flows to help finance the 2027 buildout.

Gavin Baker

Gavin Baker is managing partner of Atreides Management.

Runs the Atreides Management investment firm, a technology investor and former Fidelity OTC Fund portfolio manager.

  • John Coogan, Host · Co-host, TBPN

    Co-founded Soylent and Lucy; OpenAI bought his show TBPN in April 2026.

  • Jordi Hays, Host · Co-host, TBPN

    Founded Branded Native; co-founded fintech Capital, which Rho bought.

About this segment

Gavin Baker says SpaceX and Anthropic going public could free up mutual-fund buying power for private markets. He also expects cloud cash flows to help finance the 2027 buildout.

From “Gavin Baker on Anthropic's S-1, GPU Prices, and SpaceX”, Oct 27, 2026. Watch the full episode

“I think you're gonna see a pretty continuous acceleration in the sum of the big hyperscalers cloud revenue growth, the neo clouds.”
Gavin Bakerat 37:38 · TBPN37:38

Takeaways

  1. Public listings can free up mutual-fund capacity for private investments.
  2. Sovereign wealth funds are already active AI investors.
  3. Baker expects cloud revenue growth and cash flow to keep accelerating.

In this episode

Full episode
  1. 12:46GPU supply is tight despite the capacity coming online6:56
  2. 7:56AI agents are helping investors route information faster3:51

  3. 34:35Public listings could unlock more capital for AI3:49

  4. 3 more moments in the full episode
Up next · 20VCCompanies should keep the intelligence their AI use createsPro pick 3:24

Transcript

From the transcript TBPN publishes with the episode.

  1. 34:38

    How are you thinking about the evolution of, like, the the marginal capital decider sort of changing in 2027 potentially? Like, if you go back a couple years, you have essentially like seed stage VCs making bets on these AI labs and then eventually some more scaled up venture firms being important capital partners. Some of them have taken Board seats, but they are not deciding the race now. It's big hedge funds, pre IPO rounds. But we're coming up to a world where the fidelities of the world, the insurance agencies are going to be involved, and the insurance funds and sovereign wealth funds are gonna be increasingly involved in financing the build out.

  2. 35:20

    Like, what does the next year look like from a perspective of, like, how we get the big dollars into the AI build out?

  3. 35:29

    I mean, I think you named all the big dollar sources. Yeah. And something that I think is pretty underappreciated is, you know, American mutual funds. Okay. You are limited in the percentage you can hold in a liquid asset. Sure. And so SpaceX and Anthropic Yep. Going public Yep. Is actually gonna free up a huge amount of buying power Interesting. In private markets Yep. Once those are fully unlocked. Because they have to be public and unlocked. Interesting. So I think you will see mutual funds, you know, and they they've they've always been involved.

  4. 36:10

    You know, my former colleagues, Capital Research, zero price, m Sam, g Sam, you know, Franklin Templeton. If I forgot anyone, I'm sorry. I love you all. But, like, they've been they've been pretty involved. I mean, the sovereigns have been very involved, particularly, you know, particularly the ones in the GCC and particularly the ones in The UAE. Yeah. Like MGX Mubadala. Mubadala, all the sovereigns there. I mean, Atreides and Valor, we co led Crusoe with Mubadala.

  5. 36:41

    Yeah. So I think the The UAE in particular has been extremely front footed Yeah. With all their sovereigns with respect to AI.

  6. 36:50

    Yeah. And now Apollo is taking a stake in Mubadala, which sort of completes the the cycle.

  7. 36:57

    Yes. Yeah. But I mean, that... That's gonna have to evolve. But it's also... Do think we're probably getting has these underpriced... So all these clouds, they signed contracts at well below what are below market values. And has those contracts reprice higher? Has they bring on more compute with more spot like we discussed with, you know, the same thing that CoreWeave is is is trying to do. I do think you're going to see...

  8. 37:32

    Like, there's a pretty big acceleration in the clouds last quarter. Mhmm. And, you know, forget relative to expectations this or that, but I think you're gonna see a pretty continuous acceleration in the sum of the big hyperscalers cloud revenue growth, the neo clouds. That number is just going to continue to accelerate. And then, you know, it's it's dropping down at very high margins so that, you know, operating cash flow is following. And then you're gonna be able to, I think, finance probably more than people think of the 2027 build out out of cash flow. Like, I don't know if we've seen the peak of external financing, but I think we're getting close.

  9. 38:21

    Yeah. Yeah. That's... And that'll be really helpful.