In the All-In Podcast #280 aired on July 11, 2026, guests discussed a trillion-dollar IPO race: SpaceX went public at a $1.75 trillion valuation, Anthropic confidentially filed on June 1st, and OpenAI is close behind. Gavin Baker predicted Anthropic’s annual revenue could surpass $100 billion this year, with an IPO valuation potentially reaching $3 trillion. Brad Gerstner stated Altimeter would heavily buy into both IPOs. However, Chamath Palihapitiya reported his company’s token costs are doubling every 45 days while downstream productivity gains are at most 5%, and that stripping out Nvidia’s revenue from Amazon, the S&P 493’s actual EPS growth is only 9%, with true AI ROI between 0% and 2%. The latter half focused on China: Reuters reported the CCP is considering restricting overseas access to China’s top AI models. David Sacks noted China’s strategy mirrors Sam Altman’s—open source while catching up, then close source once ahead—and revealed GLM-5.2 contains distillation watermarks from US frontier models. The show concluded with Trump Accounts, a plan giving $1,000 to every newborn American; the app opened 1.5 million accounts and attracted over $1 billion in deposits within 24 hours.