Most people think of an IPO as a news event. A company goes public, the ticker starts flashing, and you decide whether to buy in or not. But what's coming in the next 12 to 18 months isn't just a news event — it could be one of the most consequential reshufflings of capital in stock market history.

Wheeler and Colin use the story of Uber's IPO as a starting point: a company that was visionary, polarizing, massively hyped, and still managed to underperform the S&P 500 by nearly 20 points over six years. From there, they build the case for why the pending IPOs of SpaceX, Anthropic, and OpenAI are categorically different in scale — and why the ripple effects will reach people who never buy a single share.

The conversation covers how IPOs actually work, what history says about which ones survive and which collapse, why passive investors are going to own SpaceX whether they want to or not, and what happens to a market when three companies worth a combined $3 to $4 trillion try to enter it simultaneously. Colin also walks through the tax and strategy considerations for people sitting on locked-up private equity — and why borrowing against appreciated stock is often smarter than selling it.

This is an episode about preparation over prediction. The IPO wave is coming. The question is whether you understand what it means before it arrives.

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Credits:
Created By: Wheeler Crowley and Colin Walker
Production, Editing and Post-Production: Tori Rothwell

What the Biggest IPO in History Means for Your Money