Downtown Josh Brown
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Appearances Over Time
Podcast Appearances
What they needed was the liquidity of the market.
So what they did was they just listed.
No lockup in that case.
So they were free and clear to sell day one.
They had to, because there were no shares being made available to anybody else.
So that is the difference here.
This is obviously not a direct listing.
This is a gigantic $75 billion share sale in the case of SpaceX.
One other thing I did with Nick and Jessica, they took the average IPO return from 1997, 1999, and 2025, modern era.
2025 is like 29%.
1999 was like 70%.
They overlaid it on the price that SpaceX is going to go public, which is $135 a share.
They said, here's how you're going to know if it's 1999.
Does this thing close at a 70% premium on the first day?
I really hope not.
Then you're in a bubble.
Then you're in 1999.
If it's closer to that 29% average of 2025, then we're still in that environment.
These are public restaurants.
It's Marriott and Hilton.