Ed Elson

even if you can raise money to cheaper costs, to be able to have CNBC analysts fawning over the fact that your first trade was 30% up, that's almost worth the dilution because it creates a certain momentum and halo, wow, this must be a great company.

No, the bankers manufactured the pop.

Sometimes they misestimate it and the pop is more, but the last thing you want is a broken IPO, because that'll be the story.

If SpaceX were to price at 1.8 and go out on the first trade at 1.5,

That would be an extraordinary victory for everyone, including SpaceX.

Obviously not the first trade, the people who bought into the IPO or got allocation, but every story would be SpaceX broken IPO.

Not SpaceX raises money at 80 times,

revenues, but SpaceX, a broken IPO.

So the banks are smart at estimating demand.

They'll look at the number of times oversubscribed it is, and they'll say price lower, price lower, whatever it is, and such that we can manufacture a pop.

So if you're fortunate enough

and 99.9% of people aren't, to get into our allocation in the IPO, then fine.

Have at it, take the bet on the trade and the first trade.

Beyond that, I would say look out below.

And if we're gonna have fun here, I think the company that most likely has the biggest pop is Anthropic.

Because loosely speaking, the story, the overall halo,

is that there's a lot of noise out there that SpaceX is overvalued.

That's just sort of becoming the little bit of the narrative, right?

And in this case, it's true.

The narrative is actually true.