IPO

“The big banks have been calling around trying to book build quietly for some IPOs”

“There's only two good outcomes, right? There's IPOs, there's M&A, everything else basically goes, everything else is a zero, it goes bankrupt.”

“Going public does allow you to reset your whole pref stack because all the preferred With all of the rights and preferences converts to common. So post IPO, you just have common. And so it is a way to like clear out all the structure and all the mess that has …”

“The fact is that since 2022, both in 22, 23, and 24, we had fewer IPOs than in 2008 and 2009, the depths of the financial crisis, and 2001 and 2002, post the greatest bubble in history in tech.”

“I think it's gonna still be pretty subdued. Subdued, ok. I don't think that you're gonna see these crazy M&A deals that I think everybody is expecting. I also don't anticipate a lot of these big companies going public, at least in the first half of the year.”

“Some of them will leave and IPO out because maybe that's the best way they can make progress.”

“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.”

“OpenAI wants to IPO later this year.”

“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.”