Downtown Josh Brown

I think this, so we just talked about this with the last big IPO, Cerebrus.

That was the test run.

And it's too early to know anything because nobody's been unlocked.

But that was the first time they did a five-week unlock.

Now, when you do a direct listing, which-

There were some technology companies in the last few years that did a direct listing.

Spotify?

I think Spotify is a big one.

A bunch of software companies did this because they had already raised enough money in the private market that they didn't need to sell new shares.

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%.