Brad Gerstner

Before we run out of time, we had an IPO, which we haven't had very many of. Let's talk IPOs, both CoreWeave, but after that, let's just talk about IPOs in general.

Yeah, and look, you're absolutely right. It's so funny. We sit around and complain about the IPO market not being open. And for the entirety of 2024, the markets were up 30%. The sunshine was out and no one was going. So here, someone finally gets the guts to go. And the markets, of course, have turned the other way. And that's why, man, I...

Yeah, and look, you're absolutely right. It's so funny. We sit around and complain about the IPO market not being open. And for the entirety of 2024, the markets were up 30%. The sunshine was out and no one was going. So here, someone finally gets the guts to go. And the markets, of course, have turned the other way. And that's why, man, I...

Yeah, and look, you're absolutely right. It's so funny. We sit around and complain about the IPO market not being open. And for the entirety of 2024, the markets were up 30%. The sunshine was out and no one was going. So here, someone finally gets the guts to go. And the markets, of course, have turned the other way. And that's why, man, I...

anyone that tells you when you're ready to go public that you have to wait on the markets to be in a particular place, I would tell them to shut the fuck up and take your company out. You can't control that thing. That's an external factor. And And I also believe a lot of people, because of my stance on direct listing, said, was this a good IPO, a bad IPO?

anyone that tells you when you're ready to go public that you have to wait on the markets to be in a particular place, I would tell them to shut the fuck up and take your company out. You can't control that thing. That's an external factor. And And I also believe a lot of people, because of my stance on direct listing, said, was this a good IPO, a bad IPO?

anyone that tells you when you're ready to go public that you have to wait on the markets to be in a particular place, I would tell them to shut the fuck up and take your company out. You can't control that thing. That's an external factor. And And I also believe a lot of people, because of my stance on direct listing, said, was this a good IPO, a bad IPO?

I mean, as you said, there's stuff moving all over the place. Like you have a leader in their field, unquestionably, huge revenue growth. Their business model isn't fully unpacked because the CapEx is invested so far ahead of the product. So you can't look at the income statement and say, oh, the unit economics are perfect.

I mean, as you said, there's stuff moving all over the place. Like you have a leader in their field, unquestionably, huge revenue growth. Their business model isn't fully unpacked because the CapEx is invested so far ahead of the product. So you can't look at the income statement and say, oh, the unit economics are perfect.

I mean, as you said, there's stuff moving all over the place. Like you have a leader in their field, unquestionably, huge revenue growth. Their business model isn't fully unpacked because the CapEx is invested so far ahead of the product. So you can't look at the income statement and say, oh, the unit economics are perfect.

And there's questions about what is the appropriate depreciation schedule and all these things. But I am glad that they got out and I'm glad that it's done fine. They've had basically two customer announcements since they went out, which shows how fast this AI world moves. And I think that's why the stock went from 40 to 36 and way back up above that now.

And there's questions about what is the appropriate depreciation schedule and all these things. But I am glad that they got out and I'm glad that it's done fine. They've had basically two customer announcements since they went out, which shows how fast this AI world moves. And I think that's why the stock went from 40 to 36 and way back up above that now.

And there's questions about what is the appropriate depreciation schedule and all these things. But I am glad that they got out and I'm glad that it's done fine. They've had basically two customer announcements since they went out, which shows how fast this AI world moves. And I think that's why the stock went from 40 to 36 and way back up above that now.

Let's hope that it brings more IPOs to the table. This company needed capital because it's a capital intensive business. And those are the ones that tend to come to the markets eventually no matter what. We have this offsetting reality The stripes of the world and Databricks and others are choosing to delay being public and have massive access to private capital.

Let's hope that it brings more IPOs to the table. This company needed capital because it's a capital intensive business. And those are the ones that tend to come to the markets eventually no matter what. We have this offsetting reality The stripes of the world and Databricks and others are choosing to delay being public and have massive access to private capital.

Let's hope that it brings more IPOs to the table. This company needed capital because it's a capital intensive business. And those are the ones that tend to come to the markets eventually no matter what. We have this offsetting reality The stripes of the world and Databricks and others are choosing to delay being public and have massive access to private capital.

And maybe that's a discussion for another day. But there are a few others, Klarna's in the pipeline. We've talked about Cerebrus being in the pipeline. And so I'm always hopeful. I'm always kind of... Just wanting for there to be more companies that are willing to move into the public markets. But the offset of what we talked about at the beginning is going to be there.

And maybe that's a discussion for another day. But there are a few others, Klarna's in the pipeline. We've talked about Cerebrus being in the pipeline. And so I'm always hopeful. I'm always kind of... Just wanting for there to be more companies that are willing to move into the public markets. But the offset of what we talked about at the beginning is going to be there.

And maybe that's a discussion for another day. But there are a few others, Klarna's in the pipeline. We've talked about Cerebrus being in the pipeline. And so I'm always hopeful. I'm always kind of... Just wanting for there to be more companies that are willing to move into the public markets. But the offset of what we talked about at the beginning is going to be there.

And so we'll see how those things interact with a choppy market.