Shreya Murthy

Confidential IPO filing.

It doesn't mean that you IPO in secret.

It means the company submits a draft S-1 to the SEC for private staff review SEC employees.

Yeah, it's a smoke grenade.

It's a smoke grenade, yeah.

Great analogy.

Before releasing the prospectus on Edgar, which then every hedge fund can download, anyone can download, it becomes public.

So, this lets...

companies run the SEC review process while keeping the sensitive financial details private.

And there's a few reasons why you might want to do that.

So any regulatory stumbling blocks can be dealt with in advance.

And so the final filing is clean and ready to go.

SpaceX did the same thing, filing a draft submission confidentially before the public S-1 dropped a week or two ago.

So

After the 2008 financial crisis, this is where this all starts.

There's a lot of regulation that results from the fallout.

Sarbanes-Oxley is the main one.

And the financial markets slowly built back and started opening up as the economy rebuilt.

Post Dodd-Frank, post Sarbanes-Oxley, you get a lot of regulation, and then over the next few decades, certain pieces get re-litigated, renegotiated, and different paths open up to slightly less regulatory burdensome decisions.

pathways in the financial markets.