John Collison

speaker

6,048 appearances 22 recordings 1 series first heard Jun 2025 last heard 5 Feb

John Collison’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 10 in all, peaking in Oct 2025 with 5.

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The change in discussion around a SpaceX IPO is because previously SpaceX was very capital efficient, just it wasn't that expensive to develop.

And even though it sounds expensive, it's actually very capital efficient in how it runs.

Whereas now you're going to need more capital than just can be raised in the private markets.

Like if the private markets can accommodate raises of, as we've seen from the AI labs, tens of billions of dollars, but not.

need more than tens of billions of dollars per year and that's about to take it public?

You know, there's a price to pay for these things.

Make some general statements for us about the depth of the capital markets between public and private markets.

But isn't it also the case that things that tend to be very um capital intensive, if you look at say real estate as, you know

A huge industry, uh, that raises a lot of money each year is at an industry level.

That tends to be debt financed because by the time you're deploying that much money, you actually have a pretty You have a clear revenue stream.

Exactly.

And a near-term return.

And you see this even with the data center build-outs, which are famously being financed by the uh the private credit industry.

And so why not just debt finance?

Um speed.

magnitude better faster.

Here's a very simple lens.

We can categorize technologies and how hard they are.

And one categorization could be: look at things that China has not succeeded in doing.

And if you look at Chinese manufacturing,

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