IPO

“Going public, if you don't have coverage, and you don't have an institutional base that wants to invest in you, like, is worse than being private. Because you now have a fixed market cap that doesn't go up. You don't really have liquidity.”

“And I think you'll see a wave companies going out starting this year and continuing through next year.”

“Companies used to go public in, you know, three, three to four years you know, back just in the 2000, and that has progressively trended towards seven, 10, I think now on average companies stay private, you know, 12 plus years.”

“Now we're at a place where private companies are very large. They've been staying private for a long time. They're secondary. They're tender offers. There are different ways of getting liquidity back as well. So I sort of look at this trend as larger companies…”

“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.”

“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.”

“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…”

“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.”

“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 …”

“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…”