Companies are staying private longer. Retail investors have more access than ever. And when companies like SpaceX or OpenAI eventually go public, they could become major tests for how today’s IPO market actually works.

In this episode of The Important Part, Liz Thomas sits down with Tom Farley, CEO of Bullish and former president of the New York Stock Exchange. Farley watched roughly 600 companies go public during his time at the NYSE, including Alibaba, Snap and Spotify. But when he took Bullish public himself, he says he saw the process from an entirely different angle.

Liz and Tom discuss why the IPO market has changed, what retail investors are bringing to the table, and why some companies may still see public markets as a source of credibility, liquidity and long-term opportunity. They also get into blockchain, tokenized securities, and whether the plumbing of modern finance could look very different in the years ahead.

Subscribe to The Important Part for smarter conversations about markets, investing and the forces shaping your financial future.

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