Rory Sutherland

This is the rehabilitation of the IPO, and the end of being private is cool.

Not for any reason other than what we always said.

When the cost of capital gets expensive enough in the private markets, people are going to go public.

You called it, Jason.

Exactly right.

That is the kind of boring but key thing that happened.

And you're right.

Jason made that comment.

I piled in on it.

And I do have to say at the same time, you're going to be able to cite Figma and say, oh, my God, the sassacre of 2026 is horrible.

And you're right.

And we will come to that in terms of what the cutoff is or what the market doesn't like.

But what I think the story about Antropic Open AI and SpaceX says is even for the things that people most like, you're going to need to get capital from the public markets.

This is a weird analogy, Jason, but I was thinking, there was a period of about 10 years when sales and marketing spend was like that for SaaS.

You put in the money and you got out the revenue, and the revenue was worth more than the money went in.

And you're exactly right.

Now what's happening on a far larger scale is you're exactly right.

I mean, Microsoft said the same thing on their investor call.

They're limited on compute, so they just got to allocate it, but they could turn compute into money on the drop of a hat.

If that is true, and if, as Elon says, you can't build in Tennessee, then by God, you'll build in low art orbit.