00:00 Speaker A
If you’ve proven you can raise a ton of money in the private market, why go public? Why open your books up? Why take that risk of disclosure and the market seeing everything? Why not stay private? Why go public?
00:15 Speaker B
Well, in this case, I mean, I think that they are going to need to raise yet more cash. So that’s part of it. Some of the investors want to get out who have been in for a long time. Yeah. Sure, people want liquidity. Sure. So that’s definitely uh I would imagine part of the impetus also. Yeah.
00:28 Speaker A
Yeah, yeah, sure.
00:29 Speaker C
I think those are important keys. I think the biggest thing is just they need capital, right? Like OpenAI is is spending so much and you know, I am an AI bull. I believe in the technology and the investment thesis. but at the same time, you have to acknowledge Open I is spending itself into oblivion. So at some point they need to tap public markets, probably tap retail a little bit, which could be risky. I think as a individual investor getting into these IPOs, OpenAI, SpaceX Anthropic.
00:54 Speaker C
Generally, I uh I would not participate in IPOs and I’m very bullish uh let’s say specifically Elon Musk and SpaceX. I think he’s a visionary, world class entrepreneur. I would bet on him every day. Not on day one of an IPO though. Probably not even first six months.
01:09 Speaker B
You know what’s so funny about this is that like almost everyone who has come on has said this. So like who are all the people who are buying this thing? That’s the big question, right? They’re they’re doing a retail allocation for SpaceX, right? And they’ve talked about that there is demand there. And it’s true that like anecdotally, you’re certainly not the only person who has said, wait a little while, like see what it does. So I am curious who all of the people are who
01:13 Speaker A
The exact same thing.
01:17 Speaker C
Who’s buying it? Who’s buying it?
01:31 Speaker A
I mean part of this is probably the age game, right? Again, if you’re 25 and you really believe in the vision of multiplanetary species, of data centers in space, of the Falcon Rerockets and you believe the long-term bull case. Sure, get in, hold it long. If you are a, if you’re a bank or some other advisor advising a 45 to 50-year-old client, maybe the risk is a little heavy right at front, especially when we see a lot of IPO stocks underperform in the six months following.