Coatue Founder Laffont Cools on Bitcoin, Sees Better Bets in AI and Space
Philippe Laffont, founder of Coatue Management, told CNBC he is increasingly unsure about Bitcoin's prospects, arguing that AI and space now offer clearer investment opportunities. Laffont, who built Coatue in 1999 after training under Julian Robertson at Tiger Management, said scarce IPOs once funneled speculative money into Bitcoin, but fresh listings and a fast-growing stablecoin payments boom now provide rival outlets for risk. Bitcoin trades near $60,000, about half its record high near $126,000, while AI and space valuations climb. Laffont believes picking a future $10 trillion company is easier than predicting Bitcoin's path, as global market value could grow from $120 trillion to $200 trillion, with a single company at 5% share worth $10 trillion. Candidates include Nvidia near $5 trillion, SpaceX at $1.77 trillion IPO, Anthropic at $965 billion, and OpenAI at $852 billion. Coatue has invested in both Anthropic and OpenAI. While BlackRock still recommends a small Bitcoin allocation for diversification, Laffont prefers betting on AI and space.
Key facts
- Philippe Laffont says AI and space offer clearer bets than Bitcoin.
- Bitcoin trades near $60,000, half its record high, as AI and space valuations climb.
- Laffont argues picking a $10 trillion company is easier than predicting Bitcoin's path.
- Coatue invests in Anthropic and OpenAI; Nvidia, SpaceX are top candidates.
- BlackRock still recommends Bitcoin for diversification despite Laffont's caution.