The SpaceX IPO Is Here. Time to Lift Off? | REKT Vision

**SPEAKER_1** (0:07)
Happy Friday, everyone, and welcome back to REKT Vision. Today's a big one, guys. We are recording the final ever episode of REKT Vision. And of course, we have Mando back with us to send us off. Mando, how are you doing today, man?
Great.

**Mando** (0:27)
Yeah, I'm glad to have come back. Obviously, I had to leave the show, what was it, two months ago now, but just for personal reasons and that hasn't really resolved itself. So it's bittersweet. I may come back in some form, but it's difficult, because I think it could be the regular show as it is. But yeah, it's been a blast.

**SPEAKER_1** (0:45)
Yeah, the audience would love to have you back anytime that you are available. You've been here. REKT Vision first appeared on Real Vision in May 2024
So you've been here for over two years. You've done almost a hundred episodes including drinks with OV, market crashes, market runs. There's a lot of crazy moments in between. So glad we can have the final one. Today, obviously, it's not only just the last day of REKT Vision, but the SpaceX IPO, huge news, market breaking news is coming today. So what are your thoughts, just like your initial thoughts on the lead up to SpaceX, biggest IPO valuation in history? I think early talks are saying, I don't think it's hit live just yet, but early talks are looking like it might even open at 165
The pre-IPO was 135 So just what are your thoughts in general on this?

**Mando** (1:45)
I think it's always a difficult one to trade on the first day. It's got a lot of retail interest in it, but it's almost impossible to value because it's all about valuations or revenue that can be coming in the next few years. That depends on things like data centers in space to build out of Starlink. But there's a lot of uncertainty about the forward revenue, which means that you're really just trading sentiment. I think it will probably stay in between this $1.5 to $2 trillion range. I think there's going to be enough of demand from there.
And just with the backdrop of the strength in the equity market right now, I just think it's got a very unique position in that nothing really else you can value against and it's got this uncertainty around future revenue that it's really just going to trade in sentiment. I think sentiment is strong right now. So I think it's going to have a sustained bit around like the $1.5 range. I think it is live right now. It's around $1.6, at least, or what I'm looking on Hyperliquid, which is basically live.

**SPEAKER_1** (2:53)
All right, so yeah, just basically hit that mark.
Do you think this is pulling away? Obviously, it is. We've seen crypto drip, dip and prices go down and the talk is that people are selling their positions in crypto to have some powder for the IPO and then just get in on this. Do you think this is something that's going to last? Like is it going to be pulling real capital out of crypto and it's not going to come back? Or is it like maybe rising tides type of thing where this will eventually rotate back into crypto?

**Mando** (3:24)
No I definitely think this is drawing capital away from crypto. Same with the Google secondary offering that happened recently and then we've obviously got Anthropic and OpenAI which will probably be in Q3 and then Q4. So there's a decent amount of money being drawn away right now. I don't think that's all of crypto's problems but it's not the focus of retail right now. There's no doubt about it. This is the focus of retail right now. Your barber is talking about SpaceX IPO, they're not talking about crypto coins anymore.
That's just something I think we have to accept with. Maybe it's a maturing of the space in general, but I also think it's partly our own failures just in terms of product.

**SPEAKER_1** (4:12)
How do you think this impacts or what do you think SpaceX does for the other AI POs that are coming out? Chagy, OpenAI, Anthropic. Do you think this is like a gauge for what they'll do or are they like just SpaceX is just so different from the other two that it's hard to draw comparisons?

**Mando** (4:34)
I was looking on Polymarket yesterday, just about the timings for the other two, and it seems as though people are expecting Anthropic in September or Q3 at least, and OpenAI before the end of the year. So I think it's going to go Anthropic next, then OpenAI in terms of the timing.