Jacqui Newman

It's quite a unique construct.

Historically, when companies have IPO-ed, one of the key drivers there has really been this access to capital as being a driver, as Suze mentioned.

So we're growing really rapidly.

We need to access more capital.

So we need to raise money.

And that has been the traditional route that many companies have gone.

In the last few years, we've seen an explosion, really, of private capital markets.

And these markets are incredibly deep now.

And we've got, you know, trillions of dollars of very patient, often long-term capital being

that's coming from these markets.

And so this is why you are seeing companies like SpaceX, Anthropic, OpenAI raise billions of dollars in private markets and not really having to tap into public markets.

Yeah, so what you're referring to there are called the lock-up provisions or the escrow provisions.

And you typically see these in IPOs where you have a sell-down component and then some of those investors are retaining stock.

And so...

The idea there is that they have got skin in the game and that they will hold on to this and that sort of any sort of forward looking statements or prospectus forecasts, they're sort of somewhat held to those because they've got that skin in the game and they can't sell down for a period of time.

little bit more nuanced in SpaceX.

So there is this concept of 180-day lockup for a number of key insiders.

But interestingly, they are contemplating some early release provisions.

And so what that means is that

Should certain performance hurdles be met in terms of the IPO price and where it moves, then, you know, stock might come out early, be released from the escrow early.