
Hosted by Sam Fiske, Kingscrowd · EN

This week on the Kingscrowd Podcast, Brian Belley, Scott Kitun, and Teddy Lyons tackle one of the biggest stories in investing: the upcoming SpaceX IPO. With reports suggesting a valuation approaching $2 trillion, the team breaks down what investors are actually buying—from rocket launches and Starlink to AI infrastructure, orbital data centers, and Elon Musk's long-term vision for humanity beyond Earth. The discussion explores SpaceX's financials, the surprising dominance of Starlink revenue, the role of AI through XAI and Colossus, and whether today's valuation reflects current business performance or a bet on a future that hasn't been built yet. The team also discusses what the IPO could mean for secondary markets, accredited investors who bought into private shares, and the broader evolution of private-to-public investing. Highlights include... 1. SpaceX Is No Longer Primarily a Rocket Company Starlink generated roughly 70% of revenue in Q1 2026, while launch services represented just 13%. 2. Investors Are Buying a Vision of the Future The IPO valuation appears tied less to current profits and more to SpaceX's potential dominance in AI infrastructure, connectivity, and space-based computing. 3. Retail Investors Could See Historic Liquidity Many accredited investors gained exposure through secondary markets, SPVs, and other private vehicles. This IPO may become one of the largest retail exit events in private-market history. 4. The Next IPO Wave Could Be Massive SpaceX, Anthropic, OpenAI, and Stripe represent trillions of dollars in potential future public-market demand. 5. The Public-Private Market Divide Is Shrinking SpaceX staying private for more than two decades highlights how value creation increasingly occurs before companies reach public markets. Chapters [00:13] Introduction and overview of the SpaceX IPO discussion[02:17] SpaceX's three business pillars: Space, Starlink, and AI[03:49] Teddy breaks down SpaceX's financials and revenue sources[06:12] Why Starlink has become the company's primary business[08:13] The future of AI infrastructure and orbital data centers[10:21] Elon Musk's Mars colony incentives and long-term vision[12:58] How early private investors could see massive exits[16:34] What investors are really betting on with SpaceX stock[18:46] Could this become the largest retail liquidity event ever?[21:04] The coming wave of mega-IPOs: SpaceX, Anthropic, OpenAI, and Stripe[24:50] Why every S&P 500 investor may soon own SpaceX[27:54] Governance, Elon Musk, and centralized control[31:09] Is SpaceX an aerospace company, AI company, or something else entirely?[34:02] Closing thoughts and preview of future episodes

This week on the Kingscrowd Podcast, Brian Belley and Scott Kitun break down three major developments shaping the future of retail investing and online private markets. First, they reflect on the 10-year anniversary of Regulation Crowdfunding, exploring how the industry has evolved from an experimental framework into a market that has helped companies raise more than $13 billion from everyday investors. The conversation then shifts to the newly proposed CLARITY Act and the emergence of “Reg Crypto,” a potential new fundraising exemption designed specifically for blockchain-native projects. Brian and Scott discuss what the legislation could mean for tokenized assets, startup fundraising, liquidity, and the broader future of private investing. Finally, they examine the viral “Let’s Buy Spirit Airlines” campaign and what it says about retail investor appetite for collective ownership and crowd-powered finance. Chapters 00:13 Welcome Back + 10 Years of Reg CF 01:20 Crowdfunding by the Numbers 02:27 Retail Investing Has Changed Forever 04:42 The CLARITY Act Explained 05:29 What Is Reg Crypto? 07:40 Tokenized Investing & Crypto Markets 13:58 Tokenized Securities vs Crypto Assets 18:28 Could Reg CF Evolve Next? 20:02 The Future of Startup Investing 24:57 Can the Crowd Buy Spirit Airlines? 27:30 DAOs, Crowd Ownership & Retail Investing 31:16 The Rise of Ownership Culture

Brian Belley and Teddy Lyons open the episode with a reminder about Kingscrowd’s upcoming Atlanta Startup Showcase before diving into Totem, a consumer hardware startup building wearable offline tracking devices for concerts, festivals, cruises, and crowded venues (00:00-01:32). Teddy explains how Totem’s proprietary mesh network technology allows users to locate friends and family without relying on cellular service, GPS, or Wi-Fi, and why the product immediately resonated with live event audiences (01:32-05:06). The conversation then shifts toward Totem’s early traction, including 52,000 users, $1.7 million in 2025 revenue, and more than 600 million organic social media views generated with virtually no paid advertising (05:06-08:46). Brian and Teddy debate whether the company’s virality can translate into long-term scalable growth, discussing subscription potential, venue partnerships, hardware margins, and rental opportunities across festivals, cruises, and amusement parks (08:46-14:31). Léa Bouhelier-Gautreau joins later in the episode to question Totem’s customer acquisition durability, pricing strategy, and adoption hurdles, while the team explores how the company may evolve from a viral gadget into a broader consumer platform with recurring venue and analytics opportunities (14:31-17:52).

Brian Belley and Scott Kitun open the episode by discussing Scott’s new role and the launch of GigaStar Capital before zooming out to a larger trend: the rise of private market funds for both accredited and retail investors (00:00–03:40). Scott explains how the new creator-focused fund is built around revenue streams, monthly payouts, and the idea of creator income as a kind of “digital real estate,” while Brian compares the fund structure to broader shifts happening across Fundrise, AngelList, Robinhood, Republic, and other private market products (03:40–11:25). The conversation then breaks down why GigaStar chose a permanent capital vehicle structure, how evergreen funds differ from traditional venture funds, and why liquidity, secondary markets, and flexible fund mechanics may matter more as private markets mature (11:25–20:12). Brian and Scott close by debating whether these fund products compete with traditional crowdfunding or expand the overall market, why retail investors may prefer diversified baskets over one-off startup picking, and how platforms like Kingscrowd could help investors compare the growing universe of private market funds (20:12–40:20).

AngelList just launched a new registered fund that allows retail investors to access top-tier private companies like OpenAI and Anthropic with just a $500 minimum. In this episode, Brian Belley and Scott Kitun break down what this means for the future of private market investing — and why investors need to look closely at fees, structure, and timing before jumping in. Then, Teddy Lyons and Léa Bouhelier-Gautreau dive into a unique deal review of Alaffia, a clean beauty brand rebuilding after a private equity acquisition disrupted its supply chain. With the founder back and a new team in place, the question becomes: can this company reclaim its growth — and exceed it? 02:30 — What the USVC fund actually is 04:00 — Why this is a big moment for retail investing 06:30 — The hidden issue: secondary exposure 09:00 — Are retail investors buying too late? 11:00 — Fees, carry, and layered fund structures 14:00 — Funds vs picking individual startups 16:00 — Why portfolios may outperform retail investors 18:00 — Long-term expectations (and reality check) 20:00 — Where private market investing is heading 24:30 — Deal review intro: Alaffia 25:30 — Alaffia origin story & private equity impact 28:00 — Financials breakdown & revenue drop 30:00 — Key concern: growth ceiling 32:00 — Private equity case study (Toys “R” Us comparison) 34:00 — Why the new team matters 36:00 — Valuation analysis (~1x revenue) 38:00 — Final takeaways: betting on the team

Brian and Scott kick things off by recapping Investment Crowdfunding Week and the growing expansion into new asset classes like creators and collectibles (01:40). They introduce the core idea that crowdfunding has become a “buffet” of opportunities — spanning startups, SMBs, fractional assets, and more (03:05). The conversation then shifts to platform innovation, including new security types, revenue-share structures, and acquisitions like StartEngine’s move into wine investing via Vinovest (07:54). Midway through, Brian shares insights from a global crowdfunding research conference, highlighting how Europe’s market has evolved differently — with more debt-focused investing and less startup-driven hype (22:25). The episode closes with a critical discussion on why crowdfunding hasn’t fully met expectations: retail investors invest too infrequently, with too little capital, and often misunderstand venture-style outcomes — making repeat behavior and portfolio construction the real missing pieces (27:45).

Register for Investment Crowdfunding Week 2026 Brian and Scott kick things off with a look at Fundrise’s Innovation Fund and a viral investor return story showing shares jumping dramatically post-listing (01:25). They unpack why early trading prices can deviate significantly from net asset value (NAV), and what that means for investors chasing exposure to companies like OpenAI (12:10). The discussion expands into broader private market dynamics — including lockups, limited float, and why early buyers may be price-insensitive (18:43). They then shift into a deeper conversation about liquidity pressures across private equity and credit, where both institutional and retail investors are increasingly seeking exits (19:53). The episode closes with a critical insight: illiquidity isn’t a bug — it’s a feature. But as retail investors enter private markets expecting public-market flexibility, a fundamental mismatch is emerging that could reshape the entire ecosystem (28:50).

Brian and Scott kick things off with a preview of Investment Crowdfunding Week and the growing importance of the creator economy as an investable asset class (00:13). They recap a recent CFP webinar on emerging investment structures, including the debate around mirror products and synthetic venture exposure (04:19). The conversation then shifts to the realities of investing in late-stage private companies and whether current valuations justify secondary market participation (06:52). They explore how new alternative products are expanding access — but also increasing complexity for everyday investors (08:28). Finally, they discuss recent SEC updates, crypto clarity, and the shutdown of FranShares, using it as a lens to examine what works — and what doesn’t — in building sustainable crowdfunding platforms (10:00+).

Scott and Teddy open with a look at a new SEC petition proposing structural updates to Regulation Crowdfunding, including raising the Reg CF cap and modernizing fundraising pathways (00:00). They preview Investment Crowdfunding Week and Tim Draper’s keynote before digging into the petition’s core proposals (00:56). The discussion explores whether increasing the $5M cap would meaningfully impact the market (04:03), why Reg CF → Reg A transitions remain clunky (07:18), and how loosening advertising rules could unlock more issuer and investor participation (09:22). Scott shares a hot take on raising minimum investment sizes to improve issuer economics (12:04), while Teddy questions SEC incentives to prioritize Reg CF reform (14:38). They close with a candid discussion on compliance fatigue, why many issuers stop investor updates, and what industry maturity should look like as equity crowdfunding approaches its 10-year mark (16:08).

This week on the Kingscrowd Podcast, Teddy, Scott, and Léa break down one of the most important — and often overlooked — questions in startup investing: when should you follow on? Using Pirouette Pharma as a case study, the team explains why Kingscrowd Capital is reinvesting and what milestones matter most when deciding to double down. The conversation explores how retail investors should think differently than institutional VCs, what progress signals real execution, why pro rata participation from prior investors matters, and how valuation discipline plays into blended returns. If you’ve ever wondered whether to invest again in a company you already backed, this episode gives you the framework.