{"id":12683,"date":"2026-05-26T07:00:15","date_gmt":"2026-05-26T12:00:15","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=12683"},"modified":"2026-05-25T14:05:36","modified_gmt":"2026-05-25T19:05:36","slug":"wealth-podcast-ep-289","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-289\/","title":{"rendered":"IPO Buzz: What to Know &#8211; Ep. 289"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12683\" class=\"elementor elementor-12683\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-71ded9e elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"71ded9e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-62738cd9 ae-bg-gallery-type-default\" data-id=\"62738cd9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-72cbcd8b elementor-widget elementor-widget-heading\" data-id=\"72cbcd8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How upcoming IPOs could shape the market and what factors to consider before investing. <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ac35e1c elementor-widget elementor-widget-text-editor\" data-id=\"2ac35e1c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div><p><span data-contrast=\"none\">In this episode of the Accumulating Wealth podcast, Hunter Satterfield and Judson Crawford delve into the dynamic world of IPOs. With SpaceX, OpenAI, and Anthropic\u00a0reportedly gearing\u00a0up to go public, this discussion unpacks the buzz around these\u00a0anticipated\u00a0events and explores their potential market\u00a0impact.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><span data-contrast=\"none\">Brad Sanders from\u00a0<\/span><a href=\"https:\/\/tectonicadvisors.com\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\"><span style=\"text-decoration: underline; color: #33cccc;\">Tectonic Advisors<\/span><\/span><\/a><span data-contrast=\"none\">\u00a0joins to explore the intricacies of IPOs, from their benefits and risks to why companies are choosing now to go public. Whether\u00a0you\u2019re\u00a0an aspiring investor or\u00a0just curious\u00a0about the financial landscape, this episode\u00a0provides\u00a0valuable insights.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><\/div><div>\u00a0<\/div><div>Have questions or ideas for Hunter and Judson? Reach out at <a href=\"http:\/\/cainwatters.com\/wealth\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">cainwatters.com\/wealth<\/span><\/a>.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b6f4c42 libsyn elementor-widget elementor-widget-shortcode\" data-id=\"2b6f4c42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><iframe title=\"Embed Player\" src=\"https:\/\/play.libsyn.com\/embed\/episode\/id\/41399685\/height\/128\/theme\/modern\/size\/standard\/thumbnail\/yes\/custom-color\/0c2340\/time-start\/00:00:00\/playlist-height\/200\/direction\/backward\/download\/yes\/font-color\/FFFFFF\" height=\"128\" width=\"100%\" scrolling=\"no\" allowfullscreen=\"\" webkitallowfullscreen=\"true\" mozallowfullscreen=\"true\" oallowfullscreen=\"true\" msallowfullscreen=\"true\" style=\"border-width: medium; border-style: none; border-color: currentcolor; border-image: initial;\"><\/iframe><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-580337d4 elementor-widget elementor-widget-heading\" data-id=\"580337d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">WHAT YOU\u2019LL LEARN<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66aece4f elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"66aece4f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Why 2026 IPOs are eagerly anticipated<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The benefits and risks of going public<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">How SpaceX\u2019s IPO could influence the market<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Differences between early and current IPO markets<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The roles of regulatory changes and private markets<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">How to invest in IPO shares <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36c2a173 elementor-widget elementor-widget-heading\" data-id=\"36c2a173\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Questions Answered in this Episode<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19908a45 elementor-widget elementor-widget-text-editor\" data-id=\"19908a45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Why are these IPOs happening now?<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><span data-contrast=\"auto\">Companies want to&nbsp;fuel growth&nbsp;and are&nbsp;leveraging&nbsp;a favorable market.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">What are the major barriers for companies going public?<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><span data-contrast=\"auto\">Regulatory compliance and pressure from shareholders&nbsp;are&nbsp;significant hurdles.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">How does an IPO affect a company\u2019s valuation?<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><span data-contrast=\"auto\">It provides a clear market valuation, attracting public investment.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Can I get access to SpaceX (or similar companies) before the IPO?<\/span><\/b>&nbsp;<br><span data-contrast=\"auto\">Most \u201cinside access\u201d claims are misleading. Once the S<\/span>\u2011<span data-contrast=\"auto\">1 is filed, true&nbsp;early access&nbsp;is limited to institutions or ultra-high-net-worth investors.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:210,&quot;335559739&quot;:210,&quot;335559740&quot;:300}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Should I invest in SpaceX at the IPO?<\/span><\/b><\/p>\n<p><span data-contrast=\"auto\">It depends on your strategy, but it\u2019s a high-risk bet on future growth and leadership \u2014 not current fundamentals \u2014 and should only be considered if it fits your overall plan.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:210,&quot;335559739&quot;:210,&quot;335559740&quot;:300}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Is this a \u201cnext Amazon\u201d&nbsp;type&nbsp;opportunity?<\/span><\/b>&nbsp;<br><span data-contrast=\"auto\">Unlikely, as today\u2019s IPOs are coming to market at much higher valuations, meaning much of the growth is already priced in.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:210,&quot;335559739&quot;:210,&quot;335559740&quot;:300}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">How do I actually buy shares at the IPO?<\/span><\/b>&nbsp;<br><span data-contrast=\"auto\">Access is limited, often requiring large account minimums, approved custodians, and no guarantee of allocation even if you qualify.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:210,&quot;335559739&quot;:210,&quot;335559740&quot;:300}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Should I buy IPO shares at all?<\/span><\/b>&nbsp;<br><span data-contrast=\"auto\">Only if it aligns with your financial plan. These positions should be intentional and limited, not relied on for long-term wealth building.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:210,&quot;335559739&quot;:210,&quot;335559740&quot;:300}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">What are the risks of investing in IPOs like this?<\/span><\/b>&nbsp;<br><span data-contrast=\"auto\">High valuations, significant losses, and volatility make these investments unpredictable and heavily dependent on future execution.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:210,&quot;335559739&quot;:210,&quot;335559740&quot;:300}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">If I&nbsp;don\u2019t&nbsp;buy&nbsp;at&nbsp;IPO, when can I access it through indexes?<\/span><\/b>&nbsp;<br><span data-contrast=\"auto\">Index inclusion may happen sooner than in the past, but timing is uncertain and evolving.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:210,&quot;335559739&quot;:210,&quot;335559740&quot;:300}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Will the stock price settle after the IPO?<\/span><\/b>&nbsp;<br><span data-contrast=\"auto\">Possibly, but early index inclusion and large capital flows could distort traditional price discovery.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:210,&quot;335559739&quot;:210,&quot;335559740&quot;:300}\">&nbsp;<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f1337b1 elementor-widget elementor-widget-heading\" data-id=\"5f1337b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key TakEaways<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51fc1b88 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"51fc1b88\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">IPOs can boost and stabilize market confidence <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">High valuations carry significant risks <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Being first in the market can be advantageous <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Regulatory changes impact IPO frequency <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36c5403f elementor-widget elementor-widget-heading\" data-id=\"36c5403f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Who's this episode for?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11b22b57 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"11b22b57\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Aspiring investors<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Business professionals<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Anyone curious about IPOs and market trends<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd8148b elementor-widget elementor-widget-heading\" data-id=\"fd8148b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">ABOUT THE HOSTS<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2791ea93 elementor-widget elementor-widget-text-editor\" data-id=\"2791ea93\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #003366;\"><a style=\"color: #003366;\" href=\"https:\/\/www.cainwatters.com\/hunter-satterfield\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Hunter Satterfield &#8211; CPA &amp; Partner<\/strong><\/span><\/a><\/span><\/p><ul><li>Financial Advisor with Cain Watters &amp; Associates since 2007<\/li><li>Chief Investment Officer<\/li><\/ul><p><span style=\"color: #003366;\"><a style=\"color: #003366;\" href=\"https:\/\/www.cainwatters.com\/judson-crawford\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Judson Crawford &#8211; CPA &amp; Partner<\/strong><\/span><\/a><\/span><\/p><ul><li>Financial Advisor with Cain Watters &amp; Associates since 2004<\/li><li>Public speaker, New associate mentor, Marketing Committee member<\/li><\/ul><p>Reach Hunter and Judson here: <a href=\"https:\/\/www.cainwatters.com\/wealthpodcast\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">cainwatters.com\/wealthpodcast\/<\/span><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1bb6fbaa elementor-widget elementor-widget-heading\" data-id=\"1bb6fbaa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">About the show<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e75e589 elementor-widget elementor-widget-text-editor\" data-id=\"3e75e589\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Accumulating Wealth Podcast helps business owners and professionals make smarter financial decisions through insights on tax strategy, investing, and long-term wealth planning.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f243a99 elementor-widget elementor-widget-heading\" data-id=\"2f243a99\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Additional Resources<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-25a869ce elementor-widget elementor-widget-n-accordion\" data-id=\"25a869ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;multiple&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-6310\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-6310\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Podcast video <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-5dcece71 e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-6310\" data-id=\"5dcece71\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2fc8f43d elementor-widget elementor-widget-text-editor\" data-id=\"2fc8f43d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"https:\/\/youtu.be\/LuOGouE02io\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration-line: underline; color: #33cccc;\">Podcast Video<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-6311\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-6311\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Full transcript <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-72526ad8 e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-6311\" data-id=\"72526ad8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-20947887 elementor-widget elementor-widget-text-editor\" data-id=\"20947887\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Welcome to the Accumulating Wealth podcast.\u00a0I&#8217;m\u00a0Hunter Satterfield. And\u00a0I&#8217;m\u00a0Judson Crawford.\u00a0We&#8217;re\u00a0CPAs, wealth advisors, and partners at Cain Watters &amp; Associates, a financial services firm here to help you navigate the decisions you face every day.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Today,\u00a0we&#8217;re\u00a0talking about what could be one of the biggest stories in the market this year.\u00a0That&#8217;s\u00a0right, 2026 IPO talk. With names like SpaceX, OpenAI, and Anthropic\u00a0reportedly leading\u00a0the way, investors are watching closely to see whether this opens the door for a broader wave of new offerings.\u00a0Yeah, if these listings go well, they could boost confidence and bring more companies to\u00a0market.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But if they\u00a0disappoint, that could cool momentum just as quickly.\u00a0So\u00a0let&#8217;s\u00a0break down the opportunities, the risks, and why this IPO cycle matters beyond just a few headline names. Today,\u00a0we&#8217;ve\u00a0got a guest on to help us break it all down: the opportunities, the risks, and why this IPO cycle matters beyond just a few of those headline names.\u00a0There&#8217;s\u00a0a lot to unpack here, so\u00a0let&#8217;s\u00a0jump in.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Now, listeners, we have failed because last time this guest was on, we promised that he would have his own intro music, and I\u00a0don&#8217;t\u00a0think that our co-producer, KelsieAnn, listened to what I needed.\u00a0That&#8217;s\u00a0right. What was the walk-on music? Do you remember what you said?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">&#8220;Protect Ya Neck&#8221; by Wu-Tang Clan. It was\u00a0Wu-Tang Clan. Oh<\/span><span data-contrast=\"auto\">, he came with a s- It wasn&#8217;t Wu-Tang.<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">\u00a0He\u00a0came\u00a0with a song this time.\u00a0Yeah.\u00a0Yeah. KelsieAnn, get it ready.\u00a0I&#8217;m\u00a0not sure that you can do the residuals or anything on that\u00a0anyway, probably.\u00a0Yeah, good\u00a0point.\u00a0Yeah.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:360,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, welcome, Story Time with Brad. Thanks. As usual. We teased this one, listeners a few shows ago. It is indeed\u00a0IPO\u00a0talk. You will,\u00a0in all\u00a0likelihood\u00a0be hearing this on what? Tuesday after Memorial Day.\u00a0We are recording today, Thursday, May 21st, with really breaking news.\u00a0I mean, stuff is breaking right now on SpaceX IPO, which is now set, Judson, for June 12th.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It was, like, speeding out to\u00a0market.\u00a0There&#8217;s\u00a0a whole bunch of rumors and cynical\u00a0reasons\u00a0potentially why. Looking at\u00a0probably\u00a0$175 trillion\u00a0to\u00a0$2 trillion. Is that all?\u00a0That&#8217;s\u00a0just a small one,\u00a0yeah. Looking to raise\u00a0$75 billion. Y&#8217;all,\u00a0we&#8217;re\u00a0going to\u00a0break it all down.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">What is an IPO? Why do they do them?\u00a0What&#8217;s\u00a0the history of them?\u00a0And also, why\u00a0now for\u00a0these companies?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But before we do, gentlemen,\u00a0we&#8217;re\u00a0going to\u00a0play a little game. Alright, I went back from 1995 to 2005, and I said, &#8220;What were\u00a0the\u00a0the\u00a0best performing IPOs?&#8221; And I said the top four during that time. Can y&#8217;all rattle them off? Go.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Nvidia. Yes. Amazon. Yes. Google. No. No, not Google. Nvidia, Amazon.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Salesforce? Nope. Nope.\u00a0This,\u00a0it&#8217;s\u00a0a streaming DVD service. Netflix. Netflix. And\u00a0the\u00a0last\u00a0but not least\u00a0is a beverage company. Monster. Monster. All right.\u00a0<\/span><span data-contrast=\"auto\">Monster? Monster.<\/span><span data-contrast=\"auto\">\u00a0Listen to these numbers, y&#8217;all. That was better than MasterCard? It was. Wow. Okay.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The fourth best\u00a0performing\u00a0is\u00a0indeed<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0Netflix. May 2002, if you invested $10,000 at that time,\u00a0you&#8217;d\u00a0have $7.5 million. Shame on\u00a0all\u00a0you that\u00a0didn&#8217;t\u00a0do that.\u00a0That&#8217;s\u00a0a 99,000% return. Amazon coming in at three, May\u00a01997,\u00a0$10,000 turned to $25 million. Nvidia is number two.\u00a0That&#8217;s\u00a0right, it is not the first. January 1999, $10,000 turned to $50 million.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But y&#8217;all, Monster, August of 1995, if you put just a measly $10,000, you would have $80 million.\u00a0That&#8217;s\u00a0insane. Wow.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Interestingly enough, some\u00a0of the ones that weren&#8217;t in the top four, I was just looking back at this, eBay.\u00a0Yeah. Some of the ones that- Soon to be GameStop &#8230; VeriSign.\u00a0Yeah, indeed. The Monster gain I had to\u00a0like,\u00a0I had to practice saying this, listeners.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The gain on Monster is 818,000%. On Monster. Wow.\u00a0That&#8217;s\u00a0a lot of caffeine.\u00a0That&#8217;s\u00a0a lot. 35% compounded annually- A lot of taurine.\u00a0Yeah.\u00a0Yeah.\u00a0It&#8217;s\u00a0a lot of- Well- &#8230; a lot of\u00a0bros. And\u00a0we&#8217;re\u00a0going to\u00a0break down these three that are coming, and many more listeners. These are not your mom&#8217;s Amazon, Monster, okay?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">These are going to\u00a0be\u00a0very, very different\u00a0for a whole lot of reasons. But before we get there,\u00a0we&#8217;re\u00a0going to\u00a0tease that.\u00a0Before we get there, we\u00a0have to\u00a0talk about why companies even IPO.\u00a0You know what? We need to even just say what\u00a0IPO\u00a0stands for. Initial public offering.\u00a0That&#8217;s\u00a0right.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Again, listeners, this is\u00a0basically companies\u00a0going from privately held, whether\u00a0it&#8217;s\u00a0owned by one person, whether\u00a0it&#8217;s\u00a0owned by many people, whether\u00a0it&#8217;s\u00a0backed by VC, whatever else it is, and going out and listing themselves on the public stock exchanges.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0the question becomes why they would do that. Now, there are a couple\u00a0different reasons\u00a0here. The first-\u00a0I&#8217;m\u00a0just going to\u00a0answer it. I have\u00a0the\u00a0answer. Oh, good. Go for it. Money. Oh,\u00a0yeah. The first is to raise capital. Exactly.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, number one is\u00a0raise\u00a0capital.\u00a0So\u00a0they can raise&#8230; SpaceX is looking to raise\u00a0$75 billion.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, when, when you were saying they can raise,\u00a0apparently now\u00a0it&#8217;s\u00a0$75 billion. Yes.\u00a0It&#8217;s\u00a0not even hundreds of millions.\u00a0Yeah.\u00a0It&#8217;s\u00a0now\u00a0multiples\u00a0billions. And they can do that, Brad, without taking on new debt, which is a good thing or giving up control\u00a0to\u00a0a VC firm. The question is why do they want to\u00a0raise money? Like, what is it that\u00a0they&#8217;re\u00a0raising\u00a0money for\u00a0as a part of this process?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">To fuel growth. I mean,\u00a0you&#8217;re\u00a0basically shifting\u00a0to where now you have access to public capital. And\u00a0so\u00a0when you have a company as big as SpaceX which is going to\u00a0be just top of mind because\u00a0it&#8217;s\u00a0coming private capital,\u00a0you&#8217;ve\u00a0been\u00a0through\u00a0round after\u00a0round after round after round.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You just\u00a0have to: A, make those guys liquid.\u00a0They&#8217;re\u00a0going to want their exit at some point, and B,\u00a0there&#8217;s\u00a0more money in public markets than there is in private. And\u00a0so\u00a0by listing yourself, you now have access to that. You can issue new shares and raise money if you want to\u00a0do something. A lot of companies go public too because their balance sheets tend to be fueled by debt when\u00a0they&#8217;re\u00a0private companies.\u00a0So\u00a0when you go public, you can clean their balance sheet up\u00a0pretty quickly\u00a0too.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Yeah, exactly. And\u00a0I think maybe Judson\u00a0summed this way, because, like, that money can fund growth, to his point. It can do R&amp;D, acquisitions, debt\u00a0repayment, as you mentioned.\u00a0Maybe the\u00a0best way is just,\u00a0like,\u00a0a DSO, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean, a lot of our clients are experienced or know of that. A DSO starts with\u00a0maybe one,\u00a0maybe two\u00a0people backing it. Then when they want to\u00a0get liquidity so that they can go buy more\u00a0practices, they go to\u00a0maybe a\u00a0bigger group. Then they go to a bigger group or multiple sponsors at that point.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And at some\u00a0point\u00a0it&#8217;s\u00a0just too big for\u00a0any one, two, three investors, and they\u00a0have to\u00a0get it to the public markets, which is\u00a0$65 trillion\u00a0of market cap.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, and some of that, and this goes along exactly with what\u00a0you&#8217;re\u00a0saying, but some of that may be to get some of the owner&#8217;s equity out of it, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0yes\u00a0to raising capital, yes to\u00a0cleaning\u00a0up the balance sheet and\u00a0taking\u00a0care of some debt. But it also may be that they want some of the current owners to be able to take some capital off the table.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That&#8217;s\u00a0right,\u00a0yeah, and that&#8217;s number two on the list. Excellent\u00a0segue.\u00a0It&#8217;s\u00a0liquidity for existing\u00a0shareholders\u00a0repayment of debt, as\u00a0we&#8217;ve\u00a0mentioned.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And the other thing, Judson, to that point is it does create a liquid market for employee incentives too, right? Now you can start to have stock options. You can have RSUs &#8211; restricted stock units &#8211; for employees, and\u00a0those,\u00a0they now have a liquid market for those employees to be able to\u00a0actually capitalize\u00a0on that and monetize, and we&#8217;ll talk about that with the lens of SpaceX here in just a second.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That&#8217;s\u00a0what SpaceX will be is, like, if you go live on the Mars colony, then you get options.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well,\u00a0it&#8217;s\u00a0also, I mean, just to be able to\u00a0retain\u00a0talent and to get talent. Like, if Elon wants to hire the best rocket scientist on the planet, and the guy wants $10 million. He can now say, &#8220;How about\u00a0a $1 million a year, and we&#8217;ll give you $10 million in stock grants,&#8221; right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And that&#8217;s going to\u00a0be very, very\u00a0enticing to\u00a0those guys to come, and then those are restricted, so they\u00a0have to\u00a0work there for three to five years\u00a0in order for\u00a0those to become vested.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0it&#8217;s\u00a0just a whole\u00a0<\/span><span data-contrast=\"auto\">n<\/span><span data-contrast=\"auto\">other\u00a0way instead\u00a0of just shelling out and cash flowing salaries, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Exactly.\u00a0So\u00a0the third one, gentlemen, is to\u00a0establish, like, a market valuation.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0as we have talked about\u00a0before, like, the private markets are notoriously opaque.\u00a0It&#8217;s\u00a0very difficult\u00a0to understand what\u00a0a value\u00a0might do, and Brad, when you go to the public markets, there is a clear daily market value. Correct.\u00a0It&#8217;s\u00a0called a market cap. Exactly. I mean, and we can go right now on our\u00a0phones,\u00a0we can pull up a share price for every one of those.\u00a0There&#8217;s\u00a0really truly\u00a0tons of\u00a0liquidity\u00a0so\u00a0that&#8217;s\u00a0a big one.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And then I think the fourth one, which is\u00a0maybe a\u00a0little bit of a soft\u00a0skill\u00a0one, it\u00a0offers\u00a0some,\u00a0credibility\u00a0and visibility to the brand, right? I mean,\u00a0it&#8217;s\u00a0kind of\u00a0like\u00a0they&#8217;re\u00a0putting their big\u00a0boy\u00a0pants on, in going to the public markets, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0a maturation thing for companies to say, &#8220;Hey, we&#8217;ve\u00a0rung\u00a0the bell. We are now public.&#8221; And I mean, broadly, that can be good for the companies and existing partnerships, to your point, to attract top talent, things like that.\u00a0Yeah, 100%. Being public and being on a Forbes 500 list, that does something for your business.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean, it just does. It makes\u00a0you,\u00a0world-class.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So those all sound\u00a0really good.\u00a0What are the downsides?\u00a0So\u00a0let&#8217;s\u00a0run through some of the downsides. I think the first big one, Judson, you and\u00a0I were,\u00a0very much in this world back when we were at Ernst &amp; Young at our\u00a0previous\u00a0employer, is regulatory compliance.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0so\u00a0we&#8217;ll\u00a0go through some of this, but Senators Sarbanes and Oxley post Enron, WorldCom\u00a0they\u00a0had this act that got passed. It just became incredibly burdensome on corporations from a reporting standpoint, and some companies just\u00a0don&#8217;t\u00a0want to\u00a0go through that.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And some companies, as we&#8217;ve talked about before when we&#8217;ve talked about the difference between public and private investors or investing, some companies\u00a0actually\u00a0go\u00a0the opposite direction at some point for those very reasons, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Exactly. And\u00a0so\u00a0I think\u00a0that&#8217;s\u00a0a big one, right? And\u00a0we&#8217;re\u00a0not going to\u00a0go into all the SEC rules and things like that. We will talk here in a second\u00a0like\u00a0what the process is for that, because a lot of that is clearing those regulatory hurdles. But\u00a0secondarily\u00a0is,\u00a0a lot of these CEOs and, now board, once\u00a0you&#8217;re\u00a0public\u00a0don&#8217;t\u00a0want the quarterly pressure from shareholders, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean,\u00a0we&#8217;re\u00a0always talking about, NVIDIA just printed earnings yesterday, Brad. We talked several weeks ago about the other big boys doing that as well, and that just can create pressure\u00a0from,\u00a0public sentiment, headlines, things\u00a0like\u00a0that,\u00a0that a lot of these companies\u00a0don&#8217;t\u00a0want.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, and now your quarterly profitability&#8217;s on display, and if\u00a0you&#8217;re\u00a0a growth company, you might be going through a period of softness that was by design. Like, &#8220;We&#8217;re going to ramp here.\u00a0It&#8217;s\u00a0going to hurt our margins for a year,&#8221; and some stock might get punished for that.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">If\u00a0you&#8217;re\u00a0a private company, you just do that for a year and keep going. But like a public company, your stock could drop 25% when you announce that.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That&#8217;s\u00a0right, and that can create a little bit of\u00a0a short-termism, I just made that word up, short-termism by your board, right, Brad?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. I mean, you want to\u00a0explain what that\u00a0means?\u00a0If it&#8217;s,\u00a0they&#8217;re\u00a0chasing these quarterly\u00a0numbers,\u00a0the view of the company\u00a0probably is\u00a0no longer long term as much.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, I mean, when you become public,\u00a0you&#8217;re\u00a0running the company for the shareholders now, not just the founder or the owner or the employees there.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Like, your\u00a0number one mission is to your shareholders, and your board is there for oversight to make sure\u00a0you&#8217;re\u00a0doing that. And\u00a0so\u00a0if\u00a0you&#8217;re\u00a0a company that says, &#8220;Hey we&#8217;re a potato chip company. We&#8217;re pivoting to AI,&#8221; or whatever, all this silly stuff you hear now, but you want to\u00a0do that and you have a clear, defined plan, your board can say, &#8220;Nah,&#8221; and if you try to do that, you&#8217;re out as the CEO, so you have this whole other thing you have to deal with.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And sometimes the board will shut down plans that are\u00a0actually long\u00a0term, to your point, good for the shareholders,\u00a0in order to\u00a0keep the stock price up in the short<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, I think, for many of our clients, Judson, they can run their practice however they want. They\u00a0don&#8217;t\u00a0have to\u00a0answer to\u00a0anybody but themselves as the owner. For us as Cain Watters\u00a0<\/span><span data-contrast=\"auto\">P<\/span><span data-contrast=\"auto\">p<\/span><span data-contrast=\"auto\">artners, we can make very long-term decisions that are\u00a0maybe loss\u00a0leaders for our organization or whatever\u00a0else it\u00a0is because we\u00a0don&#8217;t\u00a0have to report to anybody but ourselves.\u00a0Yeah.\u00a0Right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And I think\u00a0that&#8217;s\u00a0a big win for\u00a0sort of the\u00a0long-term approach, how you bring success upon companies. But you give that up\u00a0in order to\u00a0go get\u00a0money or get liquidity for existing shareholders.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Well, as Brad pointed out, when you first talked about the fact that, hey, there&#8217;s positives and negatives to everybody knowing what your price is every day. And I think that, for any large company, you are beholden to the\u00a0shareholder,\u00a0you are beholden to the stock price,\u00a0which it\u00a0just makes decisions two-sided in a lot of ways.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Exactly. And I think the last one here, just very quickly, listeners, is a little\u00a0bit of\u00a0loss\u00a0of privacy, right? I mean,\u00a0you&#8217;ve\u00a0got regulatory\u00a0compliance,\u00a0you have things you have to talk about as\u00a0nitty-gritty\u00a0as sales in individual countries of an individual product or business unit you have. And that just\u00a0isn&#8217;t\u00a0the case with private companies.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So those are some of the reasons why, some of the downsides.\u00a0We&#8217;re going to\u00a0talk about here in just a second why these companies\u00a0in particular are\u00a0looking at the current market.\u00a0But before we do that, SpaceX is about to go on a little road show here, Brad. Anthropic and OpenAI will do that as well.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You want to\u00a0give the\u00a0listeners, like\u00a0a 60-second rundown. We\u00a0don&#8217;t\u00a0need to get too complex here. A 60-second rundown from, &#8220;Hey, I&#8217;m ready\u00a0to IPO.\u00a0I&#8217;m\u00a0going to\u00a0file my S<\/span><span data-contrast=\"auto\">&#8211;<\/span><span data-contrast=\"auto\">1,&#8221;\u00a0to\u00a0it\u00a0is hitting\u00a0the actual exchange and\u00a0I&#8217;m\u00a0ringing the bell.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah,\u00a0there&#8217;s\u00a0lots of ways to do it. So back in the beginning of my career, the really, the only way to do it is kind of the traditional way, where\u00a0you file your S<\/span><span data-contrast=\"auto\">&#8211;<\/span><span data-contrast=\"auto\">1, you get regulatory approval to go public, and then you pair up with an investment bank.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And the investment bank used to do the whole IPO process for you. So that was securing the financing, finding the investors going down the list, doing your roadshow for you, flying you around the world, all that stuff, and then they would take, like, 7% of the IPO price on average.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0for SpaceX, that would be\u00a0somewhere in the neighborhood of\u00a0$140 billion\u00a0that they would have taken.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Where can I put my application in?\u00a0Yeah. Judson and I applied for this banking job- &#8230; I\u00a0almost was\u00a0an investment banker,\u00a0believe it or not. I got to the final round, and then it was 2001, and they\u00a0didn&#8217;t\u00a0hire anybody.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But,\u00a0so that was\u00a0kind of the\u00a0deal, and then as technology gets better and as fees compress,\u00a0there&#8217;s\u00a0lots of other ways to go public now. SpaceX is kind\u00a0of doing\u00a0a hybrid. But there&#8217;s direct listings, right? Like, you could just go to an exchange. You can file your S<\/span><span data-contrast=\"auto\">&#8211;<\/span><span data-contrast=\"auto\">1, get approval, and just go to exchange.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Some of those that have come out recently, Spotify, Roblox, Coinbase, and Palantir, were all direct listings. Those are all like, if you\u00a0have\u00a0brand\u00a0awareness, you\u00a0don&#8217;t\u00a0need an investment bank and all that. You can just go\u00a0list\u00a0your stock, and the investors will come rushing in because everybody\u00a0knew\u00a0who DraftKings were.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Everybody&#8217;s kid was\u00a0probably playing\u00a0Roblox. Thankfully,\u00a0mine\u00a0missed that. And\u00a0so\u00a0you can just do that. Then there was a big wave where they\u00a0kind of had\u00a0a negative connotation for a while. You can go public via SPAC, which stands for Special Purpose Acquisition Company, where\u00a0that&#8217;s\u00a0just like a public\u00a0company that raises a bunch of capital, and then they go buy a business and turn it into a public company.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Vertiv and DraftKings were two of\u00a0<\/span><span data-contrast=\"auto\">the<\/span><span data-contrast=\"auto\">&#8230;\u00a0<\/span><span data-contrast=\"auto\">I think I<\/span><span data-contrast=\"auto\">\u00a0said DraftKings was a direct listing. You mean Spotify. Spotify,\u00a0<\/span><span data-contrast=\"auto\">yeah<\/span><span data-contrast=\"auto\">.<\/span><span data-contrast=\"auto\">\u00a0So Vertiv and DraftKings were SPAC, and Spotify was direct listing.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So those are all ways you can go public now that\u00a0didn&#8217;t\u00a0really exist back then. And\u00a0so\u00a0the market for this is very, very\u00a0more\u00a0competitive\u00a0and\u00a0it&#8217;s\u00a0kind of more of a flat landscape than just having a few big investment banks that you really\u00a0can&#8217;t\u00a0go public unless you use them.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That&#8217;s\u00a0right. And\u00a0so\u00a0listeners, where we\u00a0are at\u00a0in that process right now is the S<\/span><span data-contrast=\"auto\">&#8211;<\/span><span data-contrast=\"auto\">1 has dropped.\u00a0And inside of that, you can\u00a0actually see\u00a0all the terms of what SpaceX is proposing for going public.\u00a0The lockup period for instance, on SpaceX, and we were talking about that one because\u00a0it&#8217;s\u00a0the one\u00a0that&#8217;s\u00a0most probable here from a timing perspective.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">For instance, Elon\u00a0can&#8217;t\u00a0sell any shares for the first year. Like,\u00a0that&#8217;s\u00a0just\u00a0stated\u00a0in the S<\/span><span data-contrast=\"auto\">&#8211;<\/span><span data-contrast=\"auto\">1. And again, this is all part of the process of marketing SpaceX to the public to say, &#8220;Hey, buy our stock when it drops.&#8221;\u00a0So\u00a0we&#8217;ll\u00a0talk about some of those specifics, but I want to\u00a0pivot, guys. I want to\u00a0pivot to\u00a0a little bit about the market, all right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0I&#8217;m\u00a0going to\u00a0throw some stats at\u00a0real\u00a0quick, and then\u00a0we&#8217;re\u00a0going to\u00a0talk about some of the\u00a0shift\u00a0in the market, because\u00a0I think this\u00a0goes to the story of, like, &#8220;why now&#8221; for these companies.\u00a0So\u00a0from 1995 to 2005, which is that\u00a0period\u00a0listeners, I was referencing earlier when we were talking about the Big Four that I mentioned.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">From 1995 to 2005, there were 3,200 IPOs. On average, 290 per year, okay? So\u00a0almost\u00a0300 IPOs per year. So that was through 2005. 2015 through 2025, so same\u00a0time period, just 10 years later. And the reason I chose that one is\u00a0really post-Enron, WorldCom post-GFC. It was sort of an interesting market.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But things got frothier again in 2015.\u00a0So\u00a0from 2015 to 2025, it was only\u00a01,500\u00a0total, so exactly half as many IPOs, only 140 per year. For peak year numbers during that\u00a0first\u00a0time\u00a0period\u00a0the highest year was in 1996. There were 677 IPOs in one year, in 1996. A lot of those are\u00a0probably garbage\u00a0companies, pets.com.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0The peak for that second\u00a0time period\u00a0was only 311, and that was right after COVID, 2021. That was the SPAC period.\u00a0Yeah. Brad,\u00a0you&#8217;re\u00a0shaking your\u00a0head or nodding your head. That was the SPAC period. So again, well less than half of the numbers. The last three years, only 54 IPOs in 2023, 72 in 2024, and only 90 last year.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0the numbers have just plummeted. Is that more private money? So\u00a0yeah,\u00a0let&#8217;s\u00a0talk about the\u00a0reason why. I think that&#8217;s\u00a0the\u00a0really good\u00a0one.\u00a0And there&#8217;s really four broad reasons, so let&#8217;s rip through these very quickly.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The first, Judson, are those regulatory changes, like, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Senators Sarbanes and Oxley just really made things difficult to be a public company.\u00a0That was\u00a0actually my\u00a0first gig when I was at EY, was on a SOX 404 engagement, and it was just incredibly burdensome.\u00a0Also\u00a0the\u00a0reason why\u00a0you&#8217;re\u00a0not at EY. Correct. That is why\u00a0I&#8217;m\u00a0here. So, RIP. Thanks, Sarbanes, Hunter.\u00a0That&#8217;s\u00a0right.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The second one is exactly what you said, right? And I want to\u00a0double-click on this thread. The growth of the private markets, I mean,\u00a0it&#8217;s\u00a0just exploded, and\u00a0that&#8217;s\u00a0why I picked\u00a0the 2015\u00a0through 2025\u00a0time period, because, especially now with private credit, these companies, Brad, can\u00a0just\u00a0go\u00a0get\u00a0private financing.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah.\u00a0So\u00a0you had a two-headed thing there.\u00a0So\u00a0in 2008 all the banks, the big banks to get bought out, or to get bailed out, excuse me, had to convert to an actual bank from an investment bank.\u00a0So\u00a0a lot of investment banking\u00a0kind of went\u00a0away, and then you had interest rates at zero.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And so what that did is that drove a lot of the lending that was traditionally from the big banks got driven into the private markets, because the big banks, first of all, their balance sheets were kind of smoldering craters at that point, and their investment banking had to be pared down to basically nothing.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0they\u00a0couldn&#8217;t\u00a0lend in that space, and so here comes private credit and says, &#8220;We can do it.&#8221; And then you keep interest rates down that\u00a0low\u00a0it&#8217;s\u00a0way more\u00a0competitive to hit the private market than it is to\u00a0go get\u00a0a traditional bank loan. And\u00a0the private\u00a0credits tend to be a little bit more flexible with you, particularly as a company when\u00a0you&#8217;re\u00a0financing through them.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And so\u00a0that&#8217;s\u00a0just fueled the growth of the private markets. And once you have all that money in the private markets, it\u00a0kind of behooves\u00a0you to stay private and just keep your valuation going up as long as you have access to rounds of financing. Why have the headache of\u00a0Sarbox?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And then you also, on the regulatory front, you had the wrath of Khan, which was a thing. That was Lina Khan, the head of the\u00a0FTC\u00a0that was\u00a0kind of\u00a0shutting\u00a0down deals left and right.\u00a0She&#8217;s\u00a0gone now, so\u00a0that&#8217;s\u00a0why some of this stuff&#8217;s starting to come out.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, I mean, and Judson, it pairs with, I mean, for damn near five years, we&#8217;ve\u00a0been talking about the private markets and how that&#8217;s\u00a0have\u00a0to\u00a0be a part of our portfolio because so much of the value exists over there, and this is part of that story. And listeners, stay tuned because this is going to\u00a0be a big topic on\u00a0sort of the\u00a0numbers as we look at SpaceX and Anthropic here in a second.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The third\u00a0reason why\u00a0is that you\u00a0sort of have\u00a0this, what I would call just a longer private maturation period, right? Just\u00a0like a comfortability\u00a0with being willing to mature more in the private markets.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The financing is there. Investors are a little bit more comfortable being over there. There are now liquidity options in the secondary space for investors to be able to get out\u00a0sort of mid-cycle, and so\u00a0that&#8217;s\u00a0happened as well.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And I think the fourth and\u00a0maybe a\u00a0little bit lesser discussed one is really over the last 15 years, these mega cap tech companies have so much cash on their balance sheets that\u00a0they&#8217;re\u00a0just buying all these companies pre-IPO at\u00a0really incredible\u00a0values, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And\u00a0so\u00a0I think that a lot of the founders of these companies are like, &#8220;Oh, we can sell to Google,&#8221;\u00a0or,\u00a0&#8220;We can sell to Meta or Apple and just become a part of that company, get our valuation, and not have to go through the process and headache.&#8221;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Interesting\u00a0stat, in the 1980s, 90% of VC-backed companies\u00a0went\u00a0IPO. Only 10% were\u00a0acquired. That is completely flipped.\u00a0It&#8217;s\u00a0now 10\/90. And listeners, in case\u00a0you&#8217;re\u00a0wondering, Google owns 7% of SpaceX and 15% of Anthropic. Google.\u00a0Yeah.\u00a0So\u00a0like, I mean,\u00a0These\u00a0two companies have just been able to get all that financing from Googles of the world. Tesla owns them, Amazon owns\u00a0them\u00a0and I think\u00a0that&#8217;s\u00a0a lot of the\u00a0reason why\u00a0as well.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And, and Nvidia owns like, five pages worth of small chip companies and other AI ancillary stuff that buys some of their stuff.\u00a0They&#8217;ve\u00a0been investing in those along the way. They have like a,\u00a0almost like\u00a0a little VC fund inside their company.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, and\u00a0doesn&#8217;t\u00a0it&#8230; I mean,\u00a0a lot\u00a0of these reasons, sort of breed themselves together, right? Because of the prevalence of private equity and the money there, a private equity company can take a company, build it up to something, and\u00a0it&#8217;s\u00a0just much easier for them to say, &#8220;Oh, Google wants to buy me over here.\u00a0We&#8217;re\u00a0all going to\u00a0make a bunch of money here,&#8221; and then it just continues to perpetuate itself.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. I mean&#8230;\u00a0Yeah. And they have\u00a0the war\u00a0chests, right? They have\u00a0the war\u00a0chests. They can finance\u00a0it\u00a0themselves.\u00a0That&#8217;s\u00a0right.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Exactly.\u00a0So\u00a0this is changing the story, and again, this is going toward our June 12th date. The median market cap at IPO of those companies from 1995 to 2005 was only $150 million.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Only. Only,\u00a0yeah. The median market cap in that second\u00a0time period, 2015 to 2025, was $1 billion.\u00a0So\u00a0we&#8217;ve\u00a0gone from\u00a0a $150 million to\u00a0$1 billion\u00a0for median market cap. The bottom line\u00a0is\u00a0as I said earlier, the game has changed. These IPOs are not your mom&#8217;s or your grandma&#8217;s Amazon&#8217;s Nvidia&#8217;s, Netflix&#8217;s, Monster&#8217;s.\u00a0They&#8217;re\u00a0just not.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Or Brad&#8217;s favorite IPO of the last 20 years, which was Beyond. Beyond Meat. Beyond Meat,\u00a0yeah.\u00a0Yeah, that was a great\u00a0one.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So let me give you some stats.\u00a0This is\u00a0just bananas. The revenue to market cap multiple, right? So\u00a0basically\u00a0just like, hey, how much sales do you have compared to what your company is valued at?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">At IPO, Amazon was three times, Nvidia was four times, Monster was eight times. The expected for Anthropic, which could change, who knows, the expected for Anthropic is\u00a040,\u00a0the expected for SpaceX is 125.\u00a0Yeah. Listeners, hear me again Three times was Amazon&#8217;s, four times was\u00a0NVIDIA&#8217;s. SpaceX is\u00a0expected\u00a0125\u00a0multiple\u00a0of sales. Of sales. Yes.\u00a0Yeah. Of sales.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, that&#8217;s not earnings. Correct. Earnings would be\u00a0negative\u00a0infinity. Like negative infinity.\u00a0Yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0To give you some perspective, the highest sales multiple in the S&amp;P 500 right now is\u00a0Palantir at\u00a063 times, meaning SpaceX is two times the highest when\u00a0it\u00a0IPOs.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, and NVIDIA is, like, 35 times right now on\u00a0trailing\u00a0basis. Like, a little bit less if you look forward because\u00a0they&#8217;re\u00a0public\u00a0and they have all those\u00a0estimates.\u00a0But,\u00a0so\u00a0it&#8217;s\u00a0talking to me four\u00a0times\u00a0the valuation of NVIDIA, which is the largest company.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0yeah, to think\u00a0that,\u00a0folks saying, &#8220;Hey, I&#8217;m going to\u00a0invest $10,000 in SpaceX when\u00a0it\u00a0IPOs on June 12th, and it&#8217;s going to\u00a0be worth $80 million,&#8221; like, the market cap of that company would have to be\u00a0gagillion\u00a0dollars.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, I\u00a0can&#8217;t\u00a0even do that math. I mean,\u00a0it&#8217;s just\u00a0not going to\u00a0happen. I\u00a0can&#8217;t\u00a0do that math.\u00a0Yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">All right, so the question becomes why now, right?\u00a0So\u00a0these companies, why are they going public? And again, I think that there&#8217;s a couple of things. Number one, massive capital needs and they really have run out of runway in the private markets.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean, you hear SpaceX about\u00a0all of\u00a0the things that they are trying to do right now with this capital.\u00a0Yeah, these are not cheap things\u00a0they&#8217;re\u00a0doing. Correct.\u00a0Yeah. Exactly.\u00a0They&#8217;re\u00a0standing\u00a0up\u00a0huge data centers.\u00a0They&#8217;re\u00a0trying to build a colony on Mars, go to the moon, fully reusable heavy lift starships orbital data centers.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">They want to\u00a0become\u00a0a strategic\u00a0military supplier. I mean, at the end of the day, these companies need this capital because they\u00a0have to\u00a0keep growing to justify these multiples. And\u00a0so\u00a0when you see SpaceX trying to raise\u00a0$75 billion, to give you a little perspective, the largest ever IPO\u00a0previous to\u00a0this was Saudi Aramco in 2019, and they only raised\u00a0$26 billion.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">They&#8217;re\u00a0trying to raise\u00a0three times the largest\u00a0ever. Insane.\u00a0But they\u00a0have to.\u00a0And\u00a0they&#8217;re\u00a0going to. Good point. The\u00a0<\/span><span data-contrast=\"auto\">money&#8217;s<\/span><span data-contrast=\"auto\">money is<\/span><span data-contrast=\"auto\">\u00a0already there.\u00a0Yeah. Guaranteed,\u00a0yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The second is liquidity for\u00a0those early\u00a0investors. Tom Mueller, who is famously the first employee of SpaceX. This one shocked me. I thought it started\u00a0in like\u00a02008, 2009. It started in\u00a0April of\u00a02002. He has gotten some of his money out, but at the end of the day, many of these companies have been hanging for 20-plus years.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I think the third and more important one and\u00a0maybe\u00a0tells\u00a0a little bit of the story about why\u00a0we&#8217;re\u00a0rushing to market right now, obviously, guys,\u00a0there&#8217;s\u00a0a huge enthusiasm about AI in space, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0a recovering IPO market. Lina Kahn&#8217;s gone. Things are screaming higher. The\u00a0<\/span><span data-contrast=\"auto\">administration&#8217;s<\/span><span data-contrast=\"auto\">administration is<\/span><span data-contrast=\"auto\">\u00a0all behind it. I think\u00a0they&#8217;re\u00a0taking advantage of what is a very enthusiastic market.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And another thing is these things are so big, it behooves you to be first.\u00a0I think I\u00a0talked about this on our last podcast, but the market cap of the US stock\u00a0market&#8217;s\u00a0like\u00a0$65 trillion, give or take a trillion, depending on the day.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You&#8217;re\u00a0talking\u00a0about,\u00a0a\u00a0not insignificant\u00a0percentage of the stock market\u00a0you&#8217;re\u00a0listing in one IPO, and if you stack OpenAI and Anthropic together,\u00a0you&#8217;re\u00a0talking about a 10% boost in terms of market cap. Like,\u00a0you&#8217;re\u00a0taking 10% of the market cap and trying to IPO that.\u00a0There&#8217;s\u00a0not that many dollars, to your point.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0not going to\u00a0go to\u00a0$800 trillion\u00a0or whatever.\u00a0So\u00a0if you want to\u00a0go public and you need this financing, and you want to\u00a0fuel your growth this way, it behooves you to go first, to be a first mover, and\u00a0that&#8217;s\u00a0what I think Elon&#8217;s doing.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">All right, listeners, so that is our rundown on where we stand.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But\u00a0we&#8217;ve\u00a0gotten a lot of questions from clients, and so\u00a0we&#8217;re\u00a0going to\u00a0do a little Q&amp;A. Judson&#8217;s going to\u00a0do a little Q&amp;A with Brad and I, and\u00a0we&#8217;re\u00a0going to\u00a0rip through some of these questions.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Okay. My first question, not related to IPO, but people have been talking about the fact that this IPO of SpaceX could make Elon the first trillionaire, right?\u00a0Yeah. Yep.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Who was the first billionaire?\u00a0You guys\u00a0know this. Rockefeller? Yeah, I was going to\u00a0say\u00a0it&#8217;s\u00a0either Rockefeller or Carnegie or somebody like that. Rockefeller. Okay. And they estimate it was 1916.\u00a0So\u00a0we&#8217;re\u00a0talking about a little over 100 years later, he could become the first trillionaire, which is interesting.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">He will become the first trillionaire. He will become the first trillionaire. If\u00a0anybody&#8217;s\u00a0going to\u00a0do it,\u00a0it&#8217;s\u00a0going to\u00a0be him-\u00a0Yeah\u00a0&#8230; right? I mean.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0my friend told me he knows someone that can get me into SpaceX, all right? Can I get into these companies, and should I do it?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Let&#8217;s\u00a0address the &#8220;should you do it.&#8221; It was Hunter, by the way. None of this is investment\u00a0advice, by the way.\u00a0Yeah,\u00a0we&#8217;re\u00a0going to\u00a0qualify\u00a0this about 50 times, that\u00a0we are not giving investment advice, but we&#8217;ve\u00a0have\u00a0to\u00a0give you answers to\u00a0your questions.\u00a0Let&#8217;s\u00a0address the &#8220;can I get in before IPO,&#8221; &#8220;I have a friend who has access,&#8221; whatever else it is.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Look, this S<\/span><span data-contrast=\"auto\">&#8211;<\/span><span data-contrast=\"auto\">1 has been filed, listeners. If you have a friend that is somehow saying, &#8220;Hey, I can get you in right now,&#8221; I think there&#8217;s &#8211; this is not correct, right? I mean,\u00a0I think a first question\u00a0becomes at what value? Because the reality\u00a0is\u00a0you should\u00a0probably just\u00a0wait for the actual IPO to do it.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And if the value is less than the IPO price, which is going to\u00a0be $175 to\u00a0$2 trillion, why is your friend giving you access to it? Why aren&#8217;t they just taking it, right? Unless your friend is Elon Musk, I would,\u00a0Yeah\u00a0&#8230;\u00a0probably ignore\u00a0it. Exactly.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean, the reality is that there are funds out there that you can buy that own it.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean, there are public companies that are out there that you can buy that own it. You mentioned Google. Yeah, I mean,\u00a0it, this\u00a0is not complicated. If you want access, you can get it out there, but to say that your friend is giving it to you or, &#8220;Hey, is there a way I can get it when we&#8217;re only, what, two and a half weeks from it?&#8221;\u00a0I think the answer\u00a0is no.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. The only SpaceX your friend is getting you is bought at a dispensary. Yeah, I mentioned how the IPO\u00a0market<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">&#8216;<\/span><span data-contrast=\"auto\">i<\/span><span data-contrast=\"auto\">s\u00a0different. I mean, it used to be if Goldman Sachs\u00a0was\u00a0the lead investment banker on a deal, and they would get\u00a0allocated\u00a0a ton of the stock, and then they would&#8230;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">If you were a Goldman client, you might be able to get some of the IPO shares. But most of those that happen today go to the\u00a0uber wealthy\u00a0wealth management part of those businesses.\u00a0So\u00a0if Merrill Lynch gets some of this,\u00a0it&#8217;s\u00a0going to\u00a0go to, like, their super high net worth customers to try to\u00a0retain\u00a0them.\u00a0Like, the, for\u00a0the retail guys,\u00a0it&#8217;s\u00a0just not\u00a0available for the most part.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0let&#8217;s, I\u00a0think\u00a0just the second part of your question, Judson,\u00a0is\u00a0should you? Again, hear us loud and clear. This is not investment advice. We are not telling you to buy or not\u00a0buy\u00a0this company, all right? And\u00a0we&#8217;re\u00a0just going to\u00a0deal with SpaceX first.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">A\u00a0couple\u00a0things\u00a0to address here. Number one, you are betting, we already gave all the stats, 100 times sales. Elon owns 85%, has full voting control at 85%.\u00a0Their loss was\u00a0$5 billion\u00a0last year if you\u00a0actually use\u00a0correct accounting.\u00a0They have piled up\u00a0$37\u00a0billion\u00a0of\u00a0losses over their career. No\u00a0one&#8217;s\u00a0even close.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Prior to Uber IPO-ing, they only had\u00a0$8 billion. They have piled up\u00a0$37\u00a0billion\u00a0of\u00a0losses, okay? This is 100%\u00a0a bet\u00a0on Elon.\u00a0That&#8217;s\u00a0all it is. Yes. 100%.\u00a0It&#8217;s\u00a0an Elon meme stock. I mean- It, it&#8217;s\u00a0an Elon bet-\u00a0It&#8217;s\u00a0a very cool Elon meme stock, but\u00a0it&#8217;s\u00a0an Elon meme stock.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And quite frankly, a lot of people have said\u00a0it,\u00a0he&#8217;s\u00a0probably not\u00a0who you want to\u00a0bet\u00a0against, broadly speaking.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0listeners\u00a0this is, again, this is not a situation where\u00a0you&#8217;re\u00a0going to\u00a0put $10,000 in, walk away with $80 million. And this is not a situation where you can expect to make generational wealth\u00a0necessarily. I would just say that if you believe in Elon and believe in what\u00a0he&#8217;s\u00a0doing,\u00a0maybe you\u00a0consider doing it. Otherwise, the\u00a0valuation\u00a0of this company makes\u00a0zero\u00a0sense.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah.\u00a0It&#8217;s\u00a0being valued based on what\u00a0he&#8217;s\u00a0saying\u00a0they&#8217;re\u00a0going to do in the next three to five years. And if he can achieve 60% of\u00a0that\u00a0it can\u00a0kind of work\u00a0its way into that valuation or somewhere nearby it. If he fails to do some of that, if the economy craters, if something else happens, you&#8217;re buying it at the highest valuation I&#8217;ve ever seen for a newly public company, and that includes some of the\u00a0dot com\u00a0stuff and some of that was\u00a0just,\u00a0ideas with capital. But this\u00a0actually has\u00a0revenue and stuff.\u00a0But this is not cheap. This\u00a0isn&#8217;t, like,\u00a0something your grandma is going to\u00a0retire on\u00a0or anything.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, I think\u00a0it&#8217;s\u00a0important to know that these stocks tend to be very volatile. Now, Tesla&#8217;s\u00a0probably the\u00a0best example because it was a bet on Elon, and obviously\u00a0it&#8217;s\u00a0done very, very well since IPO. And\u00a0so\u00a0it&#8217;s\u00a0probably the\u00a0best one. It was a lot less volatile than many other IPOs that hit around 2010 as well.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That being said, well, and I should say in addition, the lockup on this\u00a0one&#8217;s\u00a0particularly interesting.\u00a0It&#8217;s\u00a0not a traditional\u00a0180 days.\u00a0There&#8217;s\u00a0actually going\u00a0to be lower lockups for a lot of the original investors that can begin to get out on certain spots, and that&#8217;s\u00a0actually going\u00a0to\u00a0pair nicely with the liquidity that&#8217;s going to\u00a0be coming from the indexes as well.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0I do think there might be a little less vol. Who knows? Geopolitical things aside. But this\u00a0could,\u00a0this will\u00a0in all likelihood\u00a0be a very volatile position in your portfolio.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Alright, Judson,\u00a0<\/span><span data-contrast=\"auto\">what&#8217;s<\/span><span data-contrast=\"auto\">\u00a0next? Should I buy these stocks at\u00a0<\/span><span data-contrast=\"auto\">IPO<\/span><span data-contrast=\"auto\">?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">If\u00a0<\/span><span data-contrast=\"auto\">you&#8217;re<\/span><span data-contrast=\"auto\">\u00a0a big believer in SpaceX and you want to<\/span><span data-contrast=\"auto\">\u00a0own some-\u00a0<\/span><span data-contrast=\"auto\">Did<\/span><span data-contrast=\"auto\">\u00a0we not just spend the last like-\u00a0<\/span><span data-contrast=\"auto\">Yeah<\/span><span data-contrast=\"auto\">. I was going down the list &#8230;\u00a0<\/span><span data-contrast=\"auto\">no<\/span><span data-contrast=\"auto\">, nobody here is going\u00a0<\/span><span data-contrast=\"auto\">to<\/span><span data-contrast=\"auto\">\u00a0tell you not to do that as long as\u00a0<\/span><span data-contrast=\"auto\">you&#8217;re<\/span><span data-contrast=\"auto\">\u00a0not wrecking your financial plan by doing so. But\u00a0<\/span><span data-contrast=\"auto\">don&#8217;t<\/span><span data-contrast=\"auto\">, but to Hunter&#8217;s point\u00a0<\/span><span data-contrast=\"auto\">you&#8217;re<\/span><span data-contrast=\"auto\">\u00a0not going to<\/span><span data-contrast=\"auto\">\u00a0go $10,000 to $80 million at this point.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0If I want to\u00a0buy, how do I do that? So\u00a0that&#8217;s\u00a0interesting. We\u00a0referenced\u00a0this a little bit earlier. SpaceX is going to\u00a0be a little bit different,\u00a0as in what\u00a0shows\u00a0in their S<\/span><span data-contrast=\"auto\">&#8211;<\/span><span data-contrast=\"auto\">1.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">They&#8217;re\u00a0actually going\u00a0to\u00a0offer about 30% of the shares to\u00a0retail\u00a0and that&#8217;s not normal. Brad, you had already mentioned that a lot of it just goes to the big institutions. They have already named those the retail place custodians that\u00a0they&#8217;re\u00a0going to give allocation to. Vanguard is not on the list, so if you are a Vanguard person, sorry, you\u00a0can&#8217;t\u00a0buy it at\u00a0IPO.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Schwab and Fidelity are. Schwab just announced\u00a0today\u00a0you\u00a0have to\u00a0have $100,000 with them\u00a0in order to\u00a0even buy it. Then you\u00a0have to\u00a0file for\u00a0a letter of intent, and you still may not get any shares.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Fidelity said you\u00a0have to\u00a0have $500,0000 with them.\u00a0So\u00a0this is not something that you can just\u00a0on June 12th go in\u00a0when the market opens and buy SPCX with one share in your account that has $5,000 in.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0not going to\u00a0work that way. If you are interested in it, please talk to your financial advisor, your planner\u00a0go\u00a0out and look on the process with your custodian because it is more complicated than just opening your app and buying something.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, and those Fidelity and Schwab, they\u00a0don&#8217;t\u00a0even know how much stock\u00a0they&#8217;re\u00a0going to\u00a0get.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So\u00a0you\u00a0have to\u00a0basically have an account, have real money in there, and file an LOI and cross your fingers, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But again,\u00a0not\u00a0investment advice in any way. Just if\u00a0you&#8217;re\u00a0interested\u00a0that&#8217;s\u00a0how you do about it, go about it.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Okay last question, guys. If I\u00a0don&#8217;t\u00a0get any at IPO or\u00a0I&#8217;m\u00a0not interested in this crazy valuation, when will it\u00a0enter into\u00a0the indexes so I can become part of my diversified portfolio?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah\u00a0it&#8217;s\u00a0interesting because the rules here are a little bit different as well.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean, the reality is that, you know, Nasdaq, FTSE, SPY, like they have rules on when they let things in, and Brad, you can talk through those a little bit.\u00a0That being said, as\u00a0I mentioned, there are opportunities as original investors are going down that the indexes will be given opportunities to put this in to help balance that out, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Because that can create significant volatility like we saw with Facebook back in the day when everybody exited and the stock just went- it just plummeted overnight. The index, I think, is going to\u00a0be used a little bit, Brad, as a buffer to help as people sell off.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. Each index company has defined rules, so\u00a0let&#8217;s\u00a0just take\u00a0everybody&#8217;s\u00a0favorite, the S&amp;P 500.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">In order to\u00a0be included in the index, their original stated rules are that you had to be public on a listed exchange for a year, and you had to have shown a cumulative profit for those four quarters.\u00a0Doesn&#8217;t\u00a0mean you have to be profitable every fourth quarter, but you had to have a profitable business in that running four quarters to even be added to the index.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Nasdaq had something similar. It was shorter. You keep going down,\u00a0MSCI,\u00a0they all have different rules, but they all had some\u00a0wait\u00a0period, and they are all\u00a0basically filing\u00a0to bend those now.\u00a0So\u00a0I&#8217;ve\u00a0heard\u00a0it,\u00a0it&#8217;ll\u00a0be in the S&amp;P by the fall.\u00a0I&#8217;ve\u00a0heard\u00a0it&#8217;s\u00a0going to\u00a0be in\u00a0the Nasdaq\u00a0basically in\u00a0a couple\u00a0weeks\u00a0after\u00a0it&#8217;s\u00a0IPO&#8217;d.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0going to\u00a0be included in the Vanguard Total Stock Market Index within five days of its IPO listing. And\u00a0so\u00a0to Hunter&#8217;s point, when those get added to those indexes, all the indexes rebalance to buy those shares, and so\u00a0that&#8217;s\u00a0going to\u00a0create a lot of liquidity. And we,\u00a0Judson\u00a0and I\u00a0kind of\u00a0talked\u00a0about this later.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That\u00a0money&#8217;s\u00a0going to\u00a0be coming out of other index constituents\u00a0in order to\u00a0buy this and provide that liquidity\u00a0to\u00a0it. And so\u00a0that&#8217;s\u00a0going to\u00a0be\u00a0a very interesting\u00a0process. I\u00a0don&#8217;t\u00a0like this, if I may say so, because what happens when you IPO is that you go through a six-month to a year period where you get price discovery in the market.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Investors are buying and selling\u00a0it,\u00a0the business is moving around, and you\u00a0kind of arrive\u00a0at a price for a market cap for the business, and then it gets put into the index.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Now, if you&#8217;re putting it in the index early, it&#8217;s just going to\u00a0kind of\u00a0justify current valuation or wherever it&#8217;s trading on that day, and all that money&#8217;s going to\u00a0be coming in, and it&#8217;s going to\u00a0kind of\u00a0distort that.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So again,\u00a0that&#8217;s\u00a0something to consider if\u00a0you&#8217;re\u00a0buying this. If it&#8217;s overpriced by 30%, it may not have the opportunity to\u00a0reprice down\u00a030% before the indexes start jumping in, and that&#8217;s just a&#8211; That&#8217;s 60% of all investment dollars are coming from ETFs these days, so that&#8217;s a tremendous amount of money.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. Listeners hear us out. Most people don&#8217;t\u00a0know\u00a0what&#8217;s\u00a0going to happen. We are not the only ones. I was actually up in New York City last week meeting with an asset manager that has\u00a0$2 trillion, and I asked this question, and they were split internally on what&#8217;s going to happen to the index, when it&#8217;s going to\u00a0get in, what are going to\u00a0be the implications, what&#8217;s Vol going to\u00a0look like.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And then you layer on top of\u00a0that geopolitics and inflation\u00a0and interest rates. This is going to\u00a0be\u00a0probably the\u00a0story of 2026, which is why we spent so much time on it today. And goodness, I hope this was helpful. It was fun. It was\u00a0very fun.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Now, my last question of the day. You got the right first billionaire.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Does anybody know who the first millionaire is? Now, this\u00a0doesn&#8217;t\u00a0include monarchs because monarchs\u00a0didn&#8217;t\u00a0really report, and they were\u00a0probably more\u00a0than a millionaire, but the first self-made millionaire. Any\u00a0idea? Like in the world or the United States? I mean- Well, it is in the United States, but\u00a0he&#8217;s\u00a0the first credited as being the first millionaire.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s\u00a0have\u00a0to\u00a0be somebody around railroads or something like that.\u00a0That&#8217;s\u00a0all I can think of.\u00a0Yeah. It\u00a0wouldn&#8217;t\u00a0be\u00a0banking, because\u00a0they had to have\u00a0been in\u00a0there before that.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Charles Ponzi. John Jacob Astor. Oh,\u00a0yeah. Oh,\u00a0okay.\u00a0Yeah, that makes sense. Fur trading\u00a0into\u00a0real estate into international commerce. Good call, Hunter<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. John Jacob Astor. Is he a part of one of\u00a0them\u00a0songs that we used to sing? He is John Jacob\u00a0Astor,\u00a0Hymer Smith. La, la, la, la, la, la, la. I\u00a0don&#8217;t\u00a0think\u00a0that&#8217;s\u00a0how it goes.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The best way to keep up with us is to subscribe to this podcast. That way you never have to miss an episode, and you can go back to listen to all the others.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">If\u00a0you&#8217;re\u00a0enjoying it so far, leave us a review. Have a question, comment, or suggestion for a future episode, drop us a line at cainwaters.com\/wealth. We really do answer these. And if you want to\u00a0learn more about what we do when\u00a0we&#8217;re\u00a0not recording these episodes, visit cainwaters.com to see how\u00a0we&#8217;re helping over 3,500 clients reach their long-term financial goals.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-6312\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-6312\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Timestamps <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-46276909 e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-6312\" data-id=\"46276909\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6873ed0b elementor-widget elementor-widget-text-editor\" data-id=\"6873ed0b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"none\">01:50<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; SpaceX IPO Breaking News<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">02:23<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Best IPOs Trivia<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">04:37<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Why Companies IPO<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">09:36<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; IPO Downsides<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">13:53<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; How the IPO Process Works<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">16:59<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; IPO Market Stats Shift<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">18:35<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Why IPOs Declined<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">19:39<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Private Credit Boom<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">20:24<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Why Stay Private<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">21:26<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Big Tech Buys Pre IPO<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">23:05<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; IPO Valuations Explode<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">23:48<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Wild Sales Multiples<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">25:18<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Why Go Public Now<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">27:53<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Client Q&amp;A Begins<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">28:39<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Can You Buy Pre IPO<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">30:38<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Should You Buy SpaceX<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">33:47<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; How to\u00a0Get IPO Shares<\/span><span data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">35:18<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Index Inclusion Timeline<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"has_ae_slider elementor-element elementor-element-11437c8c e-flex e-con-boxed ae-bg-gallery-type-default e-con e-parent\" data-id=\"11437c8c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7e6cc426 elementor-widget elementor-widget-text-editor\" data-id=\"7e6cc426\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Have questions or ideas for Hunter and Judson? Reach out at\u00a0<a style=\"background-color: #00295b;\" href=\"https:\/\/www.cainwatters.com\/wealthpodcast\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: bold; line-height: inherit;\"><span style=\"text-decoration-line: underline; color: #33cccc;\">cainwatters.com\/wealth<\/span><\/span><\/a>. Don\u2019t miss an episode, subscribe and leave the guys a review on Apple Podcast, Spotify, or wherever you listen.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>This episode dies into the dynamic world of IPOs. With SpaceX, OpenAI, and Anthropic reportedly gearing up to go public, this discussion unpacks the buzz around these anticipated events and explores their potential market impact. <\/p>\n","protected":false},"author":56,"featured_media":12685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[44,41],"tags":[],"ppma_author":[172],"class_list":["post-12683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-podcast","category-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IPO Buzz: What to Know - Ep. 289<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-289\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IPO Buzz: What to Know - Ep. 289\" \/>\n<meta property=\"og:description\" content=\"This episode dies into the dynamic world of IPOs. With SpaceX, OpenAI, and Anthropic reportedly gearing up to go public, this discussion unpacks the buzz around these anticipated events and explores their potential market impact.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-289\/\" \/>\n<meta property=\"og:site_name\" content=\"Cain Watters Blog\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-26T12:00:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2026\/05\/AW-Guest-Template.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Hunter Satterfield\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hunter Satterfield\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"70 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/wealth-podcast-ep-289\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/wealth-podcast-ep-289\\\/\"},\"author\":{\"name\":\"Hunter Satterfield\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/#\\\/schema\\\/person\\\/fd79cde66dccf85097c8dcd13a945b00\"},\"headline\":\"IPO Buzz: What to Know &#8211; 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