Costolo: First mega-cap IPOs will soak up limited institutional liquidity
Dick Costolo · Predicting the SpaceX, OpenAI, and Anthropic IPOs — With Dick Costolo · May 27, 2026 · at 23:18
Dick Costolo, former Twitter CEO and managing partner at 01 Advisors, explains institutional equity allocation constraints facing SpaceX, OpenAI, and Anthropic.
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“Again, another, another advantage to going first and, or going second and not going third is there's not infinite capital out there. You're going to want to be in, you know, one or two of these things, and then probably, probably not all three Although we'll see, and they're going to require a lot of capital, and I think the advantage of going first is you have access to everybody's liquidity, and then you go second, you have access to some of that liquidity, and then when you go third, like, well, we're, you know, we put this much into SpaceX and this much into, and Anthropik, and we, you know, I'm sort of capped out on my public, the percentage of money I devote to public equities, et cetera.”
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