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Barney Lerten's avatar

Fascinating topic, akin to me wondering if one day we will also be able to engineer or set parameters for not just when we die but how- peacefully in our sleep, doing what we love, making sure we don't linger in pain, unable to communicate. A truly "advance directive."

Scenarica's avatar

The $1.2 quadrillion TAM is the number that will get quoted everywhere and its worth pressure-testing because it determines wether longevity is the greatest investment opportunity of the century or the greatest mislabelling of consumer surplus as addressable revenue.

ARK's methodology values quality-adjusted life years at $100K each. Thats a valid way to calculate the total economic value of longer healthier lives. But TAM in the venture capital sense means capturable revenue, and you cant capture consumer surplus as revenue unless you can charge people $100K per additional healthy year and have them pay it. Most people would pay significantly less than that, which means the investable market is a fraction of the headline number. The question is what fraction and the answer depends entirely on the cost curve.

This is where the AI convergence you describe becomes the most important variable in the entire thesis. If AI-engineered proteins achieve 50x improvments in cellular reprogramming factors as you report, and if autonomous drug discovery platforms like Lila Sciences compress the R&D timeline from decades to years, the cost of longevity interventions follows the solar panel trajectory: expensive at inception, rapidly declining through technological learning curves, eventually cheap enough for mass adoption. In that scenario the TAM genuinley approaches something extraordinary because the addressable population expands from billionaires to the entire middle class within 15-20 years.

The alternative trajectory is the luxury goods curve. Interventions stay expensive because the R&D costs are high, the regulatory pathway is slow, and the companies are incentivised to maintain premium pricing because their initial customer base can afford it. In that scenario longevity becomes a permanent advantage for the wealthy rather than a universal human advancement and the investable market caps out at maybe $50-100B annualy. Still enormous. Not $1.2 quadrillion.

The Retro Biosciences $1B raise and the NewLimit $280M are both priced for the solar panel trajectory. If theyre right and the cost curve bends the way it did for genomic sequencing, which went from $3 billion per genome to under $200 in twenty years, then the companies entering clinical trials now are positioned at the start of the steepest value creation curve in medical history. If the cost curve follows the pharmaceutical trajectory instead, where drugs stay expensive behind patent walls for 20 years, the returns are still good but the transformative TAM doesnt materialise.

The bowhead whale observation from medical school is the most effective framing in the piece by the way. 200-year lifespans already exist in nature. The question isnt wether radical healthspan extension is biologicaly possible. Its wether we can engineer the mechanism and price it for mass adoption within a single generation.

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