AI isn’t a bubble — it’s a supercycle. Altimeter CEO Brad Gerstner joined Sara Eisen on CNBC’s Money Movers to unpack the OpenAI headlines, the AI infrastructure buildout, and what’s next for the market. Key takeaways from Brad: “We’re in a global AI race with China. This is like the Manhattan Project — a national and economic security imperative.” “We’ve lived through three supercycles — internet, social, mobile and cloud — and each ended up far bigger than we thought. AI will be no different.” “The market is on edge — it’s saying show us the money. But the trajectory is on pace for $100B+ in revenue by 2028.” AI is real. The opportunity is generational. We’re investing for the long term. 🎥 Watch the full Money Movers interview with Sara Eisen:
About us
Altimeter is a leading technology-focused investment firm built by founders for founders. Our mission is to help visionary entrepreneurs build iconic companies, disrupt markets and improve lives through all stages of growth. Altimeter manages a variety of venture and public funds and serves as an expert long-term partner to companies as they enter the public markets. At Altimeter, essentialism is not just the flavor of the day - it’s an ongoing practice. It’s a key to our culture whether thinking about organization, compensation, our portfolio, our investor base and the balance between our work and personal lives. We believe strong cultures require repetition. Our highly focused team has extensive operational, financial, venture capital and capital markets experience. We are excited and honored to back the entrepreneurs and companies that will help move our global economy forward while making a positive impact in our communities along the way.
- Website
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http://www.altimeter.com/
External link for Altimeter
- Industry
- Financial Services
- Company size
- 11-50 employees
- Headquarters
- Menlo Park, California
- Type
- Privately Held
Locations
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Primary
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2550 Sand Hill Rd
150
Menlo Park, California 94025, US
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One International Place
Suite 2400
Boston, MA 02110, US
Employees at Altimeter
Updates
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Altimeter reposted this
This week on Clouded Judgement: Market Cycles - Median software multiple: 4.9x - High Growth software median: 16.3x - Mid Growth software median: 6.3x - Low Growth software median: 3.8x - 10Y: 4.1% https://lnkd.in/gTKXvbcH
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Altimeter reposted this
📊 Incremental Margins With Q3 earnings nearly wrapped for the major rideshare, delivery, and travel platforms, we’re starting to see a clearer picture of who’s compounding operational leverage and who is hitting a ceiling. At the below link is one of my favorite charts that captures the state of play: EBITDA margins (as a % of GBV) versus incremental margins across the Experience & Mobility ecosystem. Incremental margins show how much profit falls through from each new dollar of growth. Plotting that against absolute EBITDA margins gives you a quick read on who’s expanding efficiently versus who’s buying growth. Caveat that Instacart hasn’t reported yet so that’s still TTM through Q2 2025, but there’s a couple interesting takeaways: Incremental margins for the majority of the space are super healthy Booking.com continues to defy gravity with 5.3% TTM EBITDA margins on $185B of GBV, and still expanding. For a company that should be in harvest mode, it continues to compound like a growth stock. Uber, Expedia Group, Instacart, Lyft, and DoorDash I would characterize as very solid. There’s a bit of reinvesting into the product at each, but incremental margins > actual margins = margin expansion which is what matters. 🏬 What is going on at Airbnb? While they’re certainly re-investing into the product and trying to re-launch experiences and services and create a host marketplace, the incremental margins at Airbnb are horrendous and have consistently been getting worse. And this is while the business is essentially growing in-line with peers at Expedia and Booking. It’s no wonder that the stock has been dead money with slower growth at industry average and no margin expansion: Is the S-curve for alternative accomodations over? Are Booking and Expedia just getting better at competing for supply and customers? Is is a struggle of affordability and value for STRs versus traditional hotels? Is it lack of hyperfocus on the cost structure? It could be a bit of all of it but it’ll be interesting to see what/if Brian Chesky and the team can do over the next 12mo with experiences and services and accelerating the core alternative accomodations market. On the Q3 2025 call, they did hint at margin expansion next year and 2025 being a heavier investment year vs 2026: ”And as we look to ‘26, we anticipate that, one, obviously, we’re scaling the revenue associated with those businesses. And while there is ongoing investment, we don’t have the same heaviness of the kind of first year launch. So you should anticipate that across experience services across hotels, across AI, we will be investing in those next year to drive growth.” 🔗 Link https://lnkd.in/g8Cn6-Ri
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Altimeter reposted this
Huge congrats to LiveKit being named the top AI Infra startup by The Information!
We're proud to share that LiveKit has been recognized as the #1 AI Infrastructure startup by The Information's 50 Most Promising Startups of 2025. Thank you to our community, customers, and partners. More to come! https://lnkd.in/eBVrcn2f
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Altimeter reposted this
The re-industrialization of is moving at warp speed. After leading Vulcan’s Series A just 3 months ago - we are honored to be partnering w Pete Hegseth & Howard Lutnick to bring large-scale production of rare earth magnets to America in 2027. John Maslin 🚀
Vulcan Elements is proud to announce a $1.4 billion partnership with the United States Department of War, United States Department of Commerce, and ReElement Technologies to scale Vulcan Elements and ReElement Technologies’ 100% vertically-integrated, domestic rare earth magnet supply chain. This partnership proves that America can manufacture rare earth magnets—entirely on U.S. soil. Since its inception, Vulcan Elements’ mission has been to build a domestic rare earth magnet solution that can propel the United States into the 21st century and enable the next era of American economic dynamism and national security. This partnership is a milestone for the company’s mission, and for the United States of America. As Secretary of Commerce Howard W. Lutnick stated: “Our investment in Vulcan Elements will accelerate U.S. production of rare earth magnets for American manufacturers. We are laser-focused on bringing critical mineral and rare earth manufacturing back home, ensuring America’s supply chain is strong, secure and perfectly reliable.” “As a former Navy officer, I am honored by the trust that the American government and American people have placed in Vulcan Elements,” said Vulcan Elements CEO John Maslin. “Now more than ever, we remain focused on execution and performance, so that we can deliver a capability that the nation urgently needs. Vulcan Elements and ReElement Technologies already have a record of strong collaboration, and I look forward to continuing to work together as we move forward into this next phase of our partnership.” This is an honor and responsibility that Vulcan Elements takes very seriously. We will continue to stay laser-focused on delivering real results at a rapid pace. Full press release: https://lnkd.in/epfEJ2As
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Altimeter reposted this
Dev - thx for one of the most epic runs in Silicon Valley history. Altimeter invested in two pre-IPO rounds in 2013 & 2015 - they were hard rounds to get done - growth was slowing but we believed in Dev. He launched Atlas, built a world class team & the rest is history. 🫡 🚀 🙏
I have some news to share. After more than eleven years leading MongoDB, I have decided to retire as CEO, effective November 10, 2025. This was not an easy decision. Leading MongoDB has been one of the great privileges of my life, but this is the right time for a thoughtful transition. MongoDB is on strong footing, with a clear strategy, an exceptional leadership team, a product platform that is more relevant than ever, and a business that is executing incredibly well. I wanted this change to happen from a position of strength, not necessity. I am excited to share that Chirantan "CJ" Desai will become MongoDB’s next CEO. CJ brings a rare combination of deep product and go-to-market expertise, proven growth-at-scale experience, and the humility and curiosity that define great leaders. From our first conversation, it was clear he shares our belief that MongoDB is uniquely positioned to shape the future of data and AI. I have complete confidence that CJ will lead the company to even greater heights, and I will remain on the Board to support him and the team through a seamless transition. To our employees, customers, and investors, thank you for your trust, hard work, and belief in MongoDB. Our people are the reason this company has achieved so much, and it has been the honor of my career to work alongside you. MongoDB’s best days are still ahead, and I will always be cheering for this team as it continues to build something truly special. This is the email I sent this morning to all employees around the world. https://lnkd.in/eJEfvJXi
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October Highlights from Altimeter🚀 Momentum isn’t a moment — it’s a movement. October brought mergers, milestone raises, and fresh thinking across AI, autonomy, and data. Here’s what moved the needle at Altimeter.👇 🔥Portfolio News - Congrats to dbt Labs on their merger with Fivetran!🤝 - Congrats to ClickHouse on their Series C!💰 - Congrats to Base Power Company on their $1B raise!⚡ - Shoutout to XBOW on being named in the Early Growth Stage Category of the 2026 Cyber 60 by Fortune, AWS, and Lightspeed🏆 ✍Thought Leadership - Brad Gerstner co-hosted NVIDIA GTC in Washington D.C. alongside visionary leaders - Jamin Ball sat down with The Information's TITV to unpack what separates fleeting AI experiments from enduring businesses - Freda Duan broke down the foundations of agentic commerce and its complex impact on key players in her Robonomics substack - Jamin Ball's blog, Clouded Judgment, discussed benchmarks, data quality vs. quantity, OpenAI's App Store moment, and the new RL training grounds - Brad Gerstner joined Squawk Box to discuss the latest market trends, the state of the AI tech race, and brewing concerns over an AI bubble - Thomas Reiner's Platform Aeronaut broke down the next phase of rideshare autonomy, Uber's Driver app as an on-ramp for AI work, AI travel distribution, and DoorDash's TAM expansion efforts - On a Halloween episode of BG2, Brad Gerstner sat down with OpenAI's Sam Altman and Microsoft's Satya Nadella to discuss all things AI Here's to more to be thankful for in November!🦃🍂
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Brad Gerstner sat down with OpenAI's Sam Altman and Microsoft's Satya Nadella for a Halloween-special BG2 podcast to discuss all things AI. 🎥 https://lnkd.in/eXZ-tYYz
All things AI w @altcap @sama & @satyanadella. A Halloween Special. 🎃🔥BG2 w/ Brad Gerstner
https://www.youtube.com/
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Altimeter reposted this
Important partnership between Vulcan Elements and the United States Government that advances resilient and secure supply chains for America’s economic and national security. Secretary Howard W. Lutnick puts it well, “Our investment in Vulcan Elements will accelerate U.S. production of rare earth magnets for American manufacturers. We are laser-focused on bringing critical mineral and rare earth manufacturing back home, ensuring America’s supply chain is strong, secure and perfectly reliable.”
Vulcan Elements is proud to announce a $1.4 billion partnership with the United States Department of War, United States Department of Commerce, and ReElement Technologies to scale Vulcan Elements and ReElement Technologies’ 100% vertically-integrated, domestic rare earth magnet supply chain. This partnership proves that America can manufacture rare earth magnets—entirely on U.S. soil. Since its inception, Vulcan Elements’ mission has been to build a domestic rare earth magnet solution that can propel the United States into the 21st century and enable the next era of American economic dynamism and national security. This partnership is a milestone for the company’s mission, and for the United States of America. As Secretary of Commerce Howard W. Lutnick stated: “Our investment in Vulcan Elements will accelerate U.S. production of rare earth magnets for American manufacturers. We are laser-focused on bringing critical mineral and rare earth manufacturing back home, ensuring America’s supply chain is strong, secure and perfectly reliable.” “As a former Navy officer, I am honored by the trust that the American government and American people have placed in Vulcan Elements,” said Vulcan Elements CEO John Maslin. “Now more than ever, we remain focused on execution and performance, so that we can deliver a capability that the nation urgently needs. Vulcan Elements and ReElement Technologies already have a record of strong collaboration, and I look forward to continuing to work together as we move forward into this next phase of our partnership.” This is an honor and responsibility that Vulcan Elements takes very seriously. We will continue to stay laser-focused on delivering real results at a rapid pace. Full press release: https://lnkd.in/epfEJ2As
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Altimeter reposted this
This week on Clouded Judgement: Cloud Giants Report Q3 - Median software multiple: 5.1x - High Growth software median: 26.3x - Mid Growth software median: 7.5x - Low Growth software median: 4.0x - 10Y: 4.1% https://lnkd.in/gWd7C-Z9