SpaceX's highly anticipated IPO is finally here, and Brian Belley and Scott Kitun break down what it means for retail investors. They discuss the performance of pre-IPO vehicles like Republic's mirror tokens, the challenges faced by some secondary market allocations, and why investors should understand the structure behind SPVs, syndicates, and private market access before chasing the next hot IPO. The conversation also explores how investors should think about valuation, long-term conviction, and avoiding emotional decision-making when high-profile companies hit public markets.

In the second half, Brian welcomes Teddy Lyons to review Rejuvenate Bio, a gene therapy company focused on aging-related diseases. Teddy explains the company's unique strategy of commercializing animal-health applications first, supported by partnerships with major industry players including Merck Animal Health. The discussion covers the company's technology, revenue opportunities, development milestones, and why Kingscrowd Capital is closely evaluating the deal.

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Chapters
00:00 Intro & Today's Topics
00:38 SpaceX IPO Takes Over the Market
01:01 Who Won From SpaceX Pre-IPO Investing?
03:09 Is SpaceX Overvalued or a Trillion-Dollar Opportunity?
05:24 Why Scott Thinks Investors Need Patience
08:31 IPO Mechanics Explained
12:44 Building an Investment Plan Before Buying
18:18 Mirror Tokens, Republic & Retail Access
21:19 Binance Allocation Problems & Counterparty Risk
23:04 The Future of Secondary Markets
28:08 How to Evaluate SPVs and Syndicates
31:37 Rejuvenate Bio Deal Review Begins
32:31 What Rejuvenate Bio Actually Does
34:35 Why Animal Health Comes First
37:19 Merck Animal Health Partnership Explained
38:20 The Cost Advantage in Gene Therapy
40:17 Brian's Questions & Investment Risks
45:44 Potential Exit Opportunities
49:23 Final Thoughts on Rejuvenate Bio
50:42 Wrap-Up