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Interview2026-08-14
Baker argues that press leaks about a targeted IPO valuation typically originate from banks that lost the lead underwriting role.
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Gavin Baker · All-In Podcast · Anthropic's $2T IPO, Zuck's AI Manifesto, Nvidia's $500B AI Bet, Grok's Comeback
“But you just got to remember these leaks are always coming from the bankers who probably lost lead left and they want to make Lead Left look bad. So if it comes out at two trillion, it probably means that the testing the waters and the road show just went incredibly well.”
Key terms
- lead left
- — The lead underwriting bank on a stock offering, whose name appears first on the prospectus cover.
- testing the waters
- — Pre-IPO conversations in which a company gauges investor interest before formally marketing the deal.
Educational summary of a public statement. Not investment advice.