IPO

“I just think we don't think about the velocity of cash enough, and what I mean by that is like, you know, yes, there might be another double, but if I have to wait five years, and then the IPO, and then an 18 month lockup, Jesus, give me 50% of that now, and I…”

“My hottest take right now is that the SpaceX IPO is the, gonna be viewed historically as the most undervalued IPO of all time. I think they will tear through 10 trillion within, you know, certainly within the next couple of years, and then have almost unlimite…”

“Anthropic will go public. I would be shocked if they're not public in September.”

“Now these companies are, you know, nine, 1011 years in, and a lot of those gains are gone. So you gotta be careful with that big pop.”

“We knew that IPO is not possible in this market, right? So acquisition is unfortunately the only like credible, big exit path in MarTech.”

“Largest IPO ever, raising more than eighty-five billion dollars at a 1.77 trillion dollar valuation.”

“I think most companies that go public, it does not directly help The business grow, but if you take something like Kinder Morgan, direct benefit acquisitions, acquisition financing.”

“I think the IPO nominally will be a dud. I don't think it will trade up dramatically.”

“I've always thought of Wall Street as the buyer of the product that venture capitalists create because of the eventual liquidity is either an M&A or an IPO. And now the price is being set by that group and that institution. So if I know what they value, even i…”

“I think historically more money is made after IPO than before. I think every single study shows that there is more money to be made both in percentage and in, in what we care about, which is absolute.”

“As you prepare to go public, the number of people who call you and try and sell you stuff is insane. Just suddenly developing a presentation, Which should cost 20,000 dollars is a 200,000 dollar project.”

“The base rate return on IPOs, not from the day of the IP, not from the day of pricing, but from the first day's closing price, which is typically way above it, the base rate return on that is negative. One, six months, 12 months, one year. Yeah, two years, rig…”

“If you look at IPOs today, you can't IPO with less than five hundred million in revenue.”

“We are on the precipice of some of the largest IPOs ever.”

“Too low a float makes you more volatile, and if the valuation is lower and you can do a 10 to 15% float, you end up attracting better investors who can end up being long-term with you. If you push the valuation where you can't fill a bigger round, you end up w…”

“OpenAI wants to IPO later this year.”

“And then yes, there's the option to go IPO, but then you don't have a distribution partner. So it's just a really tough situation to be in, in beverage.”

“In a world where there's no right time to go public, you can't time the market. Just go public, you take the capital you raise, and you build forward”

“The minute a company comes public, it belongs in an index fund. We've had that belief for a long time. You might need a few days for it to get trading and figure out price discovery. Our best indexes add those securities in day three or day five.”

“Right now, open AI and Anthropic are in like a death race to who can get out first in terms of their IPO.”

“If you're prepared for that journey, if you're ready to take it through the next 1015, 20 years, then it's time to go public. And it doesn't matter if on day one you're below your last private round, the question is where do you end up five years from now, 10 …”

“Elon Musk and co have filed for that IPO.”

“Going public is not a financial event. It's a branding event. It's a, it's an occasion where you tell your customers, your partners, your employees, your future employees, I'm here to stay. That's IPO. Cause typically it's not a financial event. It's not a liq…”

“If there's like a slowdown in the economy and less excitement About these companies, that's when they're going to be maybe more forced to IPO because the private capital then won't be available.”

“Our approach to that was for the IPO was very much like, okay, databases, data at rest. But now all the parts of the company are connected. There's going to be an equally important problem of data in motion. And so, you know, the goal was to convey, Hey, these…”

“SpaceX aims to file IPO as soon as this week.”

“If you go out at a lower price, and this is what I, the advice I generally give is go out at a lower price so you can have that momentum carry your price up. Everybody's happy. Your new investors are happy. Your employees will be happy. It costs you a little b…”

“Every investment I make, I think has the potential of becoming a unicorn or an IPO, but I know from statistics and reality that stuff's going to happen.”

“IPOs are very binary, right? Either folks get super greedy. And they're genuinely massively oversubscribed or they barely get done at all. So I just think that is overstated by the media that there's existential IPO. Until, until it shows up in the numbers, I …”

“If you look at the last 12 odd months, about half the IPOs that have happened are below their last financing round.”

“We're entering an era of just Utter wealth creation from IPOs like we have never seen. Like it's just, we're underestimating, you know, I used to be a billion, you know, Billy, a unicorn used to be great.”

“What you just saw is the rehabilitation of the IPO. I'm going to call it the end of stay private forever.”

“Companies used to go public routinely with fifty million dollars in revenue. That wasn't a good idea, but companies used to go public routinely with fifty million dollars in revenue. That wasn't a good idea, but companies used to go public routinely with fifty…”

“And we did it with our IPO, which was the largest retail allocation of an IPO of its size. And we did something like 25% retail. And this was in 20, 21.”

“This year, basically every consequential company going public is reaching out to us beforehand, asking us, you know, for advice on their retail strategy, how they can engage retail.”

“I think 2026 is going to be a big year for IPOs. I'm not going to say which ones. I think there's going to be a bunch of them, a bunch of successful ones, and I think we could see trillions of dollars of new market cap created of public companies.”

“I mean, the reality for most businesses is they're never going to be big enough. They either have to sell the, to get liquidity, they have to sell the business because most of them can't go public. And how else can you get liquidity? Either, you're going to ei…”

“And there's almost a thousand of these unicorns from 20, 21 waiting to possibly never go public.”

“There will be one, but only one, five hundred billion dollar plus IPO.”

“Our best outcomes, as an aside, have always been an oligopolistic industry structure where there's three or four players who are going to irrationally compete to own the asset because they want it and they don't want their competitor to get it leads to the bes…”

“Usually the VCs would want to talk to the press, and some of them had been clients, at the IPO time. So they wanted to basically have no risk. But then when the company goes public, it's like, hey, I did that, right?”

“There were a lot of IPOs in that market environment, the dot-com bubble. They would go up a hundred percent, 200% or more on the day that they priced, and there were a small number of investment firms that would get allocations to these IPOs, and they would of…”

“I think what we're going to see more of is acquisitions by private equity firms and other startups, mergers, and of course, strategics being a form of liquidity versus just the IPO.”

“You now have to assume that that 400,000,500 million is the threshold for an IPO.”

“They're just laying this groundwork and infrastructure for just lots of ads, and I actually think they're gonna have to release this ahead of any kind of IPO because, you know, online advertising, especially whatever that next wave of AI platform advertising i…”

“This is a real honest, honest to goodness American corporation, a different kind of American corporation, but they can go public with this. They've gotten out of the straitjacket. So that's the big, and it's big news. It means, you know, what, for example, it …”

“And another thesis was how you go early with startups. And you are also taking some chips off the table until they go IPO or, you know, wherever they go, which obviously is a good idea in my opinion, because with the Chad GPT era, the risk is massive, even for…”

“Europe and also Switzerland is not very well known to do IPOs with startups. Pretty much all deals are either with buyout funds or private equity or M&A deals.”

“I still, I'm skeptical it'll be an amazing replacement to IPOs, but it definitely is less egregious and less misaligned than the last time.”

“The SEC has really tight laws about what you can say about an IPO. Really, really tight, and you can't make any future leading statements at all. But bizarrely enough, SPACs are exempt from that, so you're allowed, because it's a merger, so you're allowed from…”

“Of the 15 IPOs year to date, 10 of them have almost no AI story, right?”

“I think in later stages, as you get close to IPO, you're looking for a very different type of investor. You're looking for an investor who Primarily does public markets.”

“Rory's point, I mean, look, I mean, what, 80% of IPOs trade down, right?”

“The way a stock opens, if it's built correctly, is going to purport the way it trades forever. Now it doesn't guarantee it's going up, but it will have structure and foundation.”

“The problem is bankers are still just pricing based on what things are worth when they should be pricing based on, like, mimetic warfare and, like, community shit to get the bump and let the degens pay the price, right, for their silliness.”

“I think these are bigger private IPOs than any public IPO done in the last five years in the tech market, right?”

“I mean, it's like watching some of these IPOs, they're like meme coins now. Bam, they take off, and then it's musical chairs to see who can get out the last but first, right? And if you don't get out first, or at near the beginning, you're getting crushed, you…”

“I think, in, by and large, we tend to hold pretty much everything until IPO.”

“For four years, it was just a desert. A bunch of companies silently died. The state blocked IPOs. They're blocking M&As. It was just an all-out anti-tech assault.”

“Sarbanes-Oxley in the early 2000 which was passed in the wake of Enron. That was the intent to stop Enron. So what it actually did stopped IPOs. So the number of public companies has just declined, the number of IPOs has declined, and tech companies started go…”