Stephanie Flanders

We could have a one and a half trillion dollar IPO of SpaceX if they live up to their own hype, which you're in.

We could have Anthropic's been talked of for 2026.

Even OpenAI's been talked of for 2026.

Peter, is 2026 going to be the year?

And how do you think about some of your holdings ahead of that as to whether you want to be holding on to them in significant size?

It is unquestionable that many of these companies are of the scale and maturity, solidity, operational robustness to be public businesses.

And I think the real question is, when do they choose to enter the public markets?

I think it's also pretty clear that public market investors are going to have real appetite for these businesses.

I think there are really two questions, though.

At what price, at what valuations will public market investors be willing to commit significant amounts of capital to these businesses?

And how do the public markets digest IPOs of this scale?

The largest tech IPO in history was Alibaba in 2014.

That was a mere $25 billion IPO.

If SpaceX were to list 10% of itself, even at its current valuation, you'd be looking at an $80 billion valuation.

So I think we're in slightly uncharted waters with regards to the scale of these IPOs.

Here at Bailey Gifford, we keep our public and private growth equity franchises tightly integrated.

um and when we own a company that comes to the public markets if our public teams decide to buy that company that's based on their own decision they have to make the right decisions for their public market clients we can potentially become much much owners of these businesses and own them for a really long time into the public markets long-termism is in our dna as an organization we've been doing growth equity investing for 118 years

Right.

We've been doing it in private markets for about 14 years.

And we have really been in this part of the private markets, these large growth stage private businesses for as long as this asset class has existed.