David Friedberg

What do you hear?

Yeah, so you know, Nick, maybe you can find it.

You know that image of the Raptor engines?

Yeah, Nick, can you maybe just throw that up?

What I would say is like SPAC 1.0, of which I was right in the front of the parade, had a bunch of misfires.

And it was complicated, but it worked.

There were some hot fires that worked, but then there were some clear misfires.

And the whole point was to prove that you could create a competitive alternative to the IPO.

The thing that I'm the most proud of, quite honestly, is for all intents and purposes, I started...

a normalization of this vehicle that's now raised more than $150, $200 billion for American companies.

I am very proud of them.

That's an important thing for the American capital markets.

I think what we did in American exceptionalism is Raptor II.

It's not yet perfect.

But I do think it tries to improve on the things that I noticed was not working in Raptor One.

And in that is a lot of the compensation and incentives.

And so when I showed that to investors, they were quite excited.

I think that they want a competitive IPO market that brings many, many American businesses to the public market so that they can be owned by everybody, the transparency they like,

And the fact that the incentives are such now where there's absolutely no compensation unless this thing really works.

And founder shares.