Tyler Crowe

Am I wrong, or was this expected for the development of the Neutron rocket?

Space has become a popular investing theme and it's gained a lot of momentum, I think, in 2025.

coming in here to 2026, in large part because of Rocket Lab and many other competitors, actually, to Rocket Lab, SpaceX, and some of the others.

Now, I'm not a Rocket Lab shareholder myself, and I have my reservations about the increasing competition in the launch space that Rocket Lab works at.

But I want to see where you both stand.

And are either of you Rocket Lab shareholders, or are you invested in some other space-related companies that keeps you looking at this industry in particular?

Speaking about things that are about to take off, after the break, we're going to talk about the 2026 IPO market and the big names that just had some recent announcements.

Part of the reason I wanted to touch on Rocket Lab at the top is the other space-related news.

Several news outlets today are reporting that SpaceX has lined up several banks for an IPO potentially in 2026.

There's been a lot of investor appetite to own shares of SpaceX, even to the point that several asset managers have launched private asset funds and ETFs, which

literally say in the market, we own some SpaceX.

It looks like 2026 could be a big year for IPOs.

Even before the SpaceX announcements, there are rumors that OpenAI and Anthropic could go public.

We're talking big names in AI and space, some of the largest private companies in the world.

Guys, this touches on a couple of conversations we've had recently, the ongoing AI bubble watch and last week's volatility and vibes conversation that

shape the results at investment banks.

I'm curious to hear your thoughts if this surge of IPOs is some concoction of the vibes are great right now to raise massive amounts of capital for our ambitions, or is it, we better get the bag before the AI speculative stock bubble bursts?

Where do you land on that spectrum?

Matt, I think you were being very generous or modest when you said they have committed tens of billions because I think it's closer to hundreds of billions in commitments.

I want to throw this both at you because thinking about IPO investing in general, some of these big names are obviously going to go public with S1 statements and all that.