00:00Matt, what's your take on this company that's going to trade at, I don't know, 100 times
00:06sales? It's not going to make a profit for many years. Is it a flashback to what we saw
00:12in the dot-com bubble? Because it's not an NVIDIA. It is certainly not. I think that,
00:19you know, the technology is a decade ahead of the competition. The company has completely
00:23reshaped the commercial space economy. It's taken some very big swings, rocket development,
00:29global internet. But that price tag, it is very steep. In order for this market cap to make any
00:35sense at all, you really need to go out to 2028, 2029, 2030. It looks like they've got a decent
00:42track record of success, but, you know, really, really have to bank on those 2030 numbers.
00:47Have you ever seen an IPO like this, Matt? I mean, they've got no range. They came out with just
00:52a
00:52price. They're going to have immediate retail ownership in that they'll be in the Nasdaq 100,
01:03likely within 15 days. They're going to have an amplified weighting, even though they have such
01:10a small float and they don't make any money. Does that make sense to you?
01:15This deal is completely unprecedented in a number of ways. And I would even say
01:20systematically important. I mean, just for the IPO market. For the past couple of years,
01:24the IPO market has felt a little bit like Lucy pulling the football away from Charlie Brown,
01:29just as he goes to kick it. A lot of starts and stops. But now I think there's widespread
01:33anticipation that with the biggest IPO of all time, maybe once and for all, we can get the IPO
01:39rebound kicked off and see, you know, other names in the pipeline that we've been looking for.
01:44Anthropic, OpenAI, a dozen others.
Comments