Susanna Batley

And now these technology companies have really come to the conclusion that actually to win the AI arms race requires

massive capital intensity.

And that's in compute, data centers, buying Nvidia chips, and then also the power to generate all of this.

And so private markets, while they've been pretty successful at being able to help companies raise capital, there are limits.

And SpaceX, I think, is a great example where $75 billion at IPO, largest in history,

But I think we can point to others, not just IPOs, but other companies that are just raising more money.

So right before the SpaceX transaction, Alphabet, the parent company of Google, raised about $80 billion.

So that was actually the largest equity raise on record.

So it does feel like we're in a new era.

So in terms of unprecedented, it's really the scale.

And I think that those are the things that are blowing us away is those just the sheer numbers, you know, 75 billion, the very large escrows that are going to be coming onto market in the next few months.

But in terms of some of those other dynamics, they are what we would probably expect for a successful IPO.

There's been more demand than supply, which is ideally what you want.

And there's been a lot of net buying and the trading's been very, very healthy.

And that's been reflected in a higher price now than what the shares listed at.

What will be interesting is also beyond that 366-day period as well, when all escrows have come off, is around SpaceX and what additional capital they'll need to raise.

$75 billion is obviously a massive number, but actually I saw one analyst report that had looked at that S1 document and looked at all of the contracted commitments that SpaceX has.

out till 2030 and estimates that they will require around $235 billion in order to fulfil those commitments over the next four years.

So $75 billion is obviously a good start but that is only around the third and so it will be interesting beyond that first year as well SpaceX may well come back to the market and that obviously has implications for supply and demand as well.

Oh, I love hearing stories like that.