No one is talking about SPCX anymore, but I think its behavior is extremely consequential, particularly here in the Silicon Valley.
Let’s review:
- This was the hottest and biggest IPO of all time
- It made Elon Musk (for a little while) the world’s first trillionaire
- It blasted higher for its first three days as a public company
- It then proceeded to lose 33% of its value, also in three days, and in spite of an effort to regain its footing, it is at lifetime lows right now
So, we can all stop wringing our hands about someone being a trillionaire. A 33% wipeout in three days is a pretty big deal, and I think this entire debacle puts all the other mega-IPO dreams into question. It is a very real possibility that Anthropic does manage to go public, does poorly, and then OpenAI *never* goes public and is eventually sold off for parts (or is in bankruptcy court as the biggest corporate failure in Earth’s history).
I would hasten to add that all this has happened WITH NO INSIDER SELLING!!!!! That doesn’t even start until August 11, and it keeps unlocking until December 9th.
If you told me this thing would be $50 by Christmas, I wouldn’t be surprised.
