Matt Whitheiler

Yeah, I think things would be slow until the big ones go out.

And we talk about SpaceX a lot, obviously.

You all have spent a lot of time on that subject.

But I think you can add into that mix OpenAI and Anthropic, potentially a Databricks.

I think that's really what the market catalyst will be for the IPOs going forward.

I mean, I think if you just think about the capital intensity of some of these businesses, maybe set Databricks aside for a second, but you think about SpaceX, OpenAI, and Anthropic, the capital consumption that these businesses are going through really necessitates tapping into a bigger pool of capital that you can't really get access to on the private side.

So I do think it's not if, it's when for those companies for sure.

I'm not really sure that it impacts the order or timing of the IPOs.

And I think the reason why you have some name overlap in the investor set for those names is simply due to the fact that those three companies have raised a tremendous amount of money.

So it's less a reflection of some market dynamic and more a reflection of the fact that when you're raising $10, $20, $50 billion in financing, on the private side, there's only a limited pool of investors you can go to.

Is that complicated?

Again, I don't think that's super complicated.

I think that the banks assisting these companies and helping them to list will figure out ways to solidify their position in those books in order to capitalize on the opportunity because we're really talking about the potential for some of the biggest listings ever to be coming to market this year.

Yeah, no, I think it's a great question.

Obviously, sitting inside of Wellington, we have the benefit of seeing the full picture of what's going on in the public market versus what happens in the private market.

And there definitely are instances where these SPVs may come into the private companies, and even the companies themselves aren't sure who's actually buying pieces of their shares.

And I think what an interesting trend has been recently is

is we have seen the more in-demand companies really clamping down on the number of SPVs and the ability for SPVs to come into their financings.

Because they know in the private markets, they get to choose who goes on their cap table.

They get to decide who they're going to let invest.