Tom Schmidt

Ended up being obviously very oversubbed and then, you know, totally, totally popping after the IPO.

So I don't know where it's going to go from here, but I certainly think, you know, Elon is not one to doubt.

I think there's a lot of, yeah, like path dependency to it, right?

Like the way in which you raise the capital and, you know, I think of almost some of these other, you know, businesses as almost like kind of filling in the gaps in like a jar of nuts of like, oh yeah, you can't just rely on this very chunky sort of not as immediately repeatable or sexy like government contracts to do these space launches.

We also have all these little things kind of sprinkled in that allow you to sort of get there long term in addition to obviously, you know, the Elon aura.

I think there's also an incredible vindication for pre-IPO perps and on-chain perps.

I don't know if you talked about this on the last show, but I think TradeXYZ, which is the RWA platform on hyperliquid HIP3 markets,

They priced the IPO pretty much perfectly.

They priced it like 160 and it got there at the end of the trading day.

And even today, they're still doing hundreds of millions of volume on SpaceX.

And so, you know, we saw a little bit of this with the Cerberus IPO a couple of weeks ago, but it just feels like this is something that we're going to see continuing for OpenAI and Anthropic and every new, you know, hot IPO that's coming out this year and coming years.

Yeah, totally agree.

I mean, in some ways, it reminds me of kind of the 24 election and poly market.

And hey, you have this, you know, third market that you're probably not paying attention to, but it's providing way more signal, way more insight and way more accurate information than you're getting through kind of your conventional signals.

And that ultimately ends up being the way the market goes.

Yeah, I think as always, it's like it takes one person to kind of break up in a category and then you have...

many fast followers i think some of them definitely have um you know a right to be there and they take an original idea and twist a little bit or serve a unique audience or um you know have some interesting distribution story um some of them i will say also as a vc uh do not and you as soon as you know um some new categories been out for a year you get like a million new copycat kind of pitches um it is interesting to see i would say like the next evolution of a lot of these um you know

pretty OG DeFi protocols that have maybe hit the ceiling of what their original market looks like.

And so if you're Jito, okay, great.

You have this great product on Solana, works super well.