AI goes IPO

Summary

Podcast Summary: Today, Explained – "AI goes IPO" (June 2, 2026)

Episode Overview

In this episode, hosts Sean Rameswaram (referred to as Sean Ramesh in transcript) and guests Tim Higgins (Wall Street Journal) and Liz Lopato (The Verge) dive into the wave of initial public offerings (IPOs) sweeping through the AI sector, with a focus on SpaceX, Anthropic, and OpenAI. They explore the motivations behind these IPOs, the financial realities and risks, the comparisons to past tech booms, and the implications for the broader tech landscape and society. The discussion blends skepticism, humor, and deep critique of tech hype and market dynamics.

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Key Discussion Points & Segment Timestamps

1. The Era of the 'Omega IPO' (00:00–02:11)

• Theme setting: Sean notes that AI companies (Anthropic, OpenAI, SpaceX) are all preparing to go public, calling it the "era of the Omega IPO."
• Notable Quote:
  • “We are about to see millionaires, billionaires, and yes, probably even the world's first trillionaire created overnight. And yes, it's that guy.” – Sean Ramesh [00:29]

2. SpaceX: Hype, Reality, and Risk (02:11–12:57)

a. Market Excitement and Musk’s Playbook (02:11–05:14)

• Comparison to Tesla: Tim Higgins recounts the skepticism before Tesla’s success; suggests similar doubts and wild ambitions accompany SpaceX's IPO.
• Key Insight: Musk’s track record breeds faith in his ventures, even in high-risk environments.
• Notable Quote:
  • “There’s people who kind of believe that Musk can keep doing this and keep performing.” – Tim Higgins [03:59]

b. SpaceX Business Breakdown and Financials (05:14–08:10)

• Three-pronged business: Rocket launches, Starlink (satellite internet; $11B revenue), and X.ai (AI, but burning $2.5B per quarter).
• IPO aims: SpaceX seeks $80B+ in new capital to fund grand ambitions (Mars colonization, data centers in space, AI expansion).

c. Risks & Corporate Governance (08:10–09:18)

• Financial red flags: Losses larger than expected, especially on the AI operations side ($6.4B in losses projected for 2025).
• Musk’s control: Elon Musk will hold 85% of voting power post-IPO, leaving shareholders with little power.
• Notable Quote:
  • “The power, a lot of power here is going to be centered on Elon Musk. He will control 85% of the voting power, which is rather remarkable.” – Tim Higgins [08:32]

d. Critiques of SpaceX Hype (09:18–12:57)

• Hype vs. substance: Discussion of Musk’s wild claims (robots, Mars) and whether they’re credible.
• Notable Quotes:
  • “This IPO is just pure hype. You're not buying SpaceX because of the fundamentals. You're just buying it because of the hype.” – Tim Higgins [10:38]
  • “To be blunt, it's a train wreck. Unserious, empty, hallucinatory and borderline dishonest.” – Liz Lopato [10:53]
• Trillionaire status: Noted that Musk’s wealth is being turbocharged by these valuations.
• Purpose vs. profit: Musk/gains control for world-changing visions, but also reaps immense personal financial rewards.

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3. The IPO Stampede: Why Now? (16:02–18:48)

a. The Financial Race (16:02–17:21)

• Capital urgency: Funding AI is extremely expensive (compute, data centers).
• IPO rush: Firms fear missing out on prime investor interest—“whoever goes public first is going to scoop up better investors.” – Liz Lopato [16:17]

b. Comparing Anthropic, OpenAI, SpaceX (17:21–19:50)

• Anthropic: Seen as financially disciplined, “run by adults,” and nearing profitability.
• OpenAI: Perceived as scattered; attempts many things, embroiled in lawsuits, lacks focus.
• SpaceX: Criticized for “nonsense about Mars” in prospectus; goals seen as more hype than substance.
• Notable Quote:
  • “You don't have to be sexy to make money.” – Liz Lopato [18:43]

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4. The AI Boom or Bubble? Comparing to Internet 1.0 (21:03–21:34)

• Hype cycle parallel: This moment likened to the late 1990s, with speculation on who will be the big winners and losers (“who’s Google and who’s pets.com”).
• Notable Quote:
  • “This is sort of the moment where we're going to find out who's Google and who's Amazon and who's pets.com, right.” – Liz Lopato [21:21]
• Discussion of lesser-known but solid AI players (e.g., Databricks) who don't get the same hype.

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5. Public Markets, Accountability, and Societal Impact (22:06–26:12)

a. Market Incentives vs. Social Good (22:06–24:08)

• Selling out to market forces: Going public might worsen prioritization of profit over safety and user well-being.
• Examples: Facebook's shift post-IPO, AI chatbots engineered for engagement (sometimes at the expense of user safety or truth).
• Notable Quote:
  • “Do we want the still mostly dudes holding our future in their hands to be beholden to market forces and profits above all else?” – Sean Ramesh [22:29]

b. Potential for (Some) Accountability (24:08–25:54)

• Shareholder lawsuits: Public status could bring more accountability (except SpaceX due to unique governance structure).
• Anthropic: Example of setting boundaries (refusing Pentagon contracts for autonomous weapons & surveillance).

c. What’s Next? Ads and Pricing (25:54–26:12)

• Expectation: Public companies will likely increase ad use and product pricing to show profitability to investors.

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Notable Quotes and Memorable Moments

• “This is the chainsaw for bureaucracy. Chainsaw.” – Tim Higgins (jokingly referencing Musk’s approach) [00:42, 10:08]
• "It has developed reusable rockets. It is the largest satellite launcher out there… Starlink is space based internet… There's a business there now." – Tim Higgins [04:25]
• “[SpaceX’s S-1 is] unserious, empty, hallucinatory and borderline dishonest.” – Liz Lopato [10:53]
• “You don’t have to be sexy to make money. Just looking at the difference between the flash we’re seeing about, like, spreading the light of human consciousness among the stars and, like, actually making money, which is the point of a company.” – Liz Lopato [18:43]
• “Facebook Meta, probably the most prominent example of this. Do we want the still mostly dudes holding our future in their hands to be beholden to market forces and profits above all else?” – Sean Ramesh [22:29]

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Topics by Timestamp

| Timestamp | Segment Description | |------------|------------------------------------------------------------------------------| | 00:00-02:11 | Introduction, setting the IPO scene, Musk and market richness | | 02:11-05:14 | Tim Higgins: Musk's brand, Tesla comparison, SpaceX's business divisions | | 05:14-08:10 | Starlink profits, X.ai losses, why IPO is needed | | 08:10-10:00 | Red flags in financials, Musk’s total control | | 10:00-12:57 | Hype vs. reality, Mars/robotics claims, Musk’s wealth, motivations | | 16:02-17:21 | Why all these IPOs now—capital needs, timing race | | 17:21-19:50 | Maturity comparison: Anthropic (grown-up), OpenAI (chaotic), SpaceX (hype)| | 21:03-21:34 | Dotcom bubble comparisons, market expectations | | 22:06-24:08 | Market pressures vs. social responsibility, AI engagement tricks | | 24:08-25:54 | Will IPOs bring more accountability? Shareholder lawsuits, governance | | 25:54-26:12 | Expected increase in advertising, pricing (post-IPO effects) |

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Tone and Style

The conversation flows with a skeptical, sometimes irreverent look at Silicon Valley hype, especially around Elon Musk and emerging AI firms. Both hosts and guests mix sharp critique, analogy, and humor to make complex finance and tech accessible and engaging.

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Final Takeaways

• The current AI IPO frenzy is driven by both fear-of-missing-out among investors and the enormous capital needs of next-gen AI projects.
• SpaceX’s planned IPO is unprecedented in scale and in the extraordinary, unchecked power it would give Elon Musk, all while its most ambitious business units are losing staggering sums.
• Anthropic is viewed as the most stable and disciplined, OpenAI as disorganized and legally embattled, and SpaceX as running on spectacle and promise rather than present fundamentals.
• These IPOs may lead to more accountability (via shareholder power)—but also likely mean more advertising, higher prices, and a market-driven focus that could threaten user safety.
• The episode closes with a caution on putting too much power (and faith) in charismatic founders amid a “boom or bubble” reminiscent of the dotcom era.

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Further Reading

• Liz Lopato’s feature: “The SpaceX IPO is great for Elon Musk and terrible for you.” (theverge.com)
• Tim Higgins’ book: Power Play: Tesla, Elon Musk and the Bet of the Century

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For those who missed the episode, this summary offers a comprehensive guide to the key insights, critical commentary, and memorable moments from a landmark moment in technology and finance.

Transcript

[Sean Ramesh]

Big news this week for all my Gordon Geckos, my Robin Hooders, my Claude squad, Anthropic, which is newly the most valuable AI company in SE world, announced it would be going public. That news follows reporting that OpenAI plans to go public as soon as September. And that. That news follows reporting that SpaceX, which also considers itself an AI company, will be going public in maybe just a few weeks from now. Welcome to the era of of the Omega ipo. We are about to see millionaires, billionaires, and yes, probably even the world's first trillionaire created overnight. And yes, it's that guy.

[Tim Higgins]

This is the chainsaw for bureaucracy. Chainsaw.

[Sean Ramesh]

But all the tech bros who are gonna make all the money, they need our money way more than we need their products. And we're going to remind you why on Today Explained from Vox.

[Liz Lopato]

So good, so good, so good.

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[Liz Lopato]

It could be anything.

[Tim Higgins]

Canva helps you make that thing a thing. Canva is a simple online tool thing. It's a way to design with our magic AI tool things you can social media your thing, generate images or videos of your thing, make decks or presentations to show your thing whatever needs to be done for your thing. Canva can make it an even better and bigger thing.

[Liz Lopato]

Canva, the thing that makes anything a thing.

[Sean Ramesh]

Hey, chat. Introduce Today Explained. The podcast, of course. Today Explained is a daily news podcast from Vox.

[Tim Higgins]

Each episode takes a single.

[Sean Ramesh]

No, just introduce it like you're introducing the show.

[Tim Higgins]

Like this is Today Explained.

[Sean Ramesh]

Ah, got it. This is Today Explained. Okay, so all the big AI companies are gonna IPO even the one that you previously thought was a spaceship company. And their IP is the one we know the most about. So we asked Tim Higgins, who writes about Elon and SpaceX for the wall Street Journal, to help us separate the facts from the fantasy of this company.

[Tim Higgins]

Absolutely. This is about this bright future that Musk is selling. And for a lot of people, they also hope they can make a lot of money.

[Sean Ramesh]

If you want institutional access to SpaceX,

[Tim Higgins]

click the link in my bio.

[Sean Ramesh]

I'd love to chat. SpaceX is going public. Should you invest? This is going to make the market pretty entertaining for the next Coming, giving

[Tim Higgins]

some, some credence to some of this is the success that Musk has had with Tesla, another company that when it was created and went public in 2010, there were a lot of people who were like, yeah, yeah, right, a startup car company selling electric cars. The likelihood of success seemed very unlikely. When would you say you could reassure investors that you'll turn a profit? You've lost $290 million since the company started in 2003. You've yet to turn a profit. When do you expect that to happen? No, that's a good question. You don't want to own this stock. You shouldn't even rent the darn thing. It was many years of struggle for Tesla, but eventually it came through and became the world's most valuable car company. Well, big losses on Wall street today

[Sean Ramesh]

as we've been reporting, and it's just the same for just about any US stock.

[Tim Higgins]

Except what Tesla Motors and those investors who hung on for that wild ride saw a lot of returns. I hit the stock market big.

[Liz Lopato]

What investments?

[Tim Higgins]

Tesla, Straight Tesla. There's people who kind of believe that Musk can keep doing this and keep performing.

[Sean Ramesh]

How does the SpaceX IPO compare to the Tesla IPO?

[Tim Higgins]

Dramatically different this time around. There is the power of the Musk brand around SpaceX. SpaceX has clearly shown that it can make private space travel possible. It has developed reusable rockets. It is the largest satellite launcher out there. It has created a satellite business with Starlink that provides broadband fast Internet around the world. Starlink is space based Internet. So we've got a constellation of satellites. We've got now well over 2,000 satellites. There's a business there now. The company overall is because it's spending a lot of money on these shiny bright things for the future, whether they're giant spaceships or AI. When you buy into SpaceX, you're buying into three businesses. The rocket launches, Starlink and Xai. The Starlink business is pretty amazing, bringing in $11 billion. But the Xai business is burning through two and a half billion dollars every single quarter.

[Sean Ramesh]

So you have one business carrying the losses of the other segment.

[Liz Lopato]

The AI side is burning cash at

[Sean Ramesh]

a pace that dwarfs a everything else in the company.

[Tim Higgins]

So that's why they need the money. And this IPO hopes to raise way more money than Tesla ever could have imagined. Back in 2010, the expectations are potentially $80 billion or more that would come into the company that it needs for these grand ambitions.

[Sean Ramesh]

And where will those billions of dollars go immediately?

[Tim Higgins]

Starship is their Giant spaceship that they have been developing. We recently saw a test launch IG this is where our booster experiences a meltdown. This thing still has some work that it needs and it's kind of the linchpin of the strategy for SpaceX going into the future here. This giant spaceship that will take tons and tons of materials to help set up a moon base. It's part of NASA's programming. It is the vehicle that Musk has said will take humanity to Mars. Yeah, we're aiming for ultimately thousands of ships to be built per year, which is what's needed in order to construct a city on Mars that is self sustaining. So that's all going to be very costly. The other big bucket of money that Musk needs is for putting into AI. Part of the kind of the pivot of SpaceX in the past few months is acquiring Xai.

[Sean Ramesh]

SpaceX owned by Elon Musk, has absorbed

[Tim Higgins]

the billionaires artificial intelligence startup xai. The next step beyond Earth data centers is our Earth orbital data centers. He envisions this world where data centers will be in outer space. And ultimately we see a path to maybe launching as much as a terawatt per year of compute from Earth. And data centers are the cornerstone of developing and running AI. And he thinks there's a huge business there in outer space. So getting data centers into outer space is going to be costly. Just developing AI is costly because of all the compute that's needed. So there's not a shortage of places that Musk wants to spend money.

[Sean Ramesh]

I want to underline something you just said, Tim. This company is not profitable. Now I'm no day trader or anything like that, but I believe investing in a company that's not profitable can be a risky venture. Obviously when a company goes public we get to have a greater understanding of its books. Have you taken a look at any of these books yet? Are there any flags of a certain color that you could tell us about?

[Tim Higgins]

There are a lot of red flags. The business perhaps is not growing as fast as some had expected. The losses are bigger than expected. AI loss from operations for 2025 increased by about $4.8 billion to 6.4 billion. But the thing that is probably worrisome to most is the way that the company is structured. The power, a lot of power here is going to be centered on Elon Musk. He will control 85% of the voting power, which is rather remarkable. It essentially means that his power is unquestionable. This is the chainsaw for bureaucracy. Chainsaw. There are some other Maneuvers within the corporate governance that will make it hard for shareholders to sue if they don't like things change off. It'll be very hard to really have the kind of void that they might have at other publicly traded companies.

[Sean Ramesh]

You know, when we talk about data centers in space, it reminds me of a recent show we did on humanoid robots and what feels like empty promises Elon Musk has made there. He thinks that Optimus, which is the name of Tesla's robot, is going to be.

[Tim Higgins]

You know, he makes all sorts of wild claims.

[Sean Ramesh]

It's going to be the most productive, the most profitable product ever invented.

[Tim Higgins]

I think everyone on Earth is going to have one and gonna want one.

[Sean Ramesh]

It reminds me of a show less recently we made about Mars and empty promises Elon Musk has made there.

[Sponsor/Ad Voice]

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[Sean Ramesh]

How much of this feels like realistic versus, you know, snake oil?

[Tim Higgins]

The thing about Elon Musk over the years is that a lot of the things he talks about are based in the potential of being real, right? Or the timelines span way longer than he ever anticipated or his fans anticipated or his investors expected. And that is part of kind of the inherent drama around SpaceX going public is how much of what he is promising or proposing or painting this future will come true. This IPO is just pure hype. You're not buying SpaceX because of the fundamentals. You're just buying it because of the hype.

[Liz Lopato]

This post is an examination of the SpaceX filing. To be blunt, it's a train wreck. Unserious, empty, hallucinatory and borderline dishonest.

[Tim Higgins]

Some of these things are clearly way out there, literally. Mars. And if he is successful in setting up a city on Mars that has a million people, he will be handsomely rewarded. Musk is already very close to becoming the world's first trillionaire. Just to put that into perspective, no one is really close to him at all at this point. It used to be like Jeff Bezos and Elon Musk and some others were kind of batting back and forth for who was the richest person. Since the increased valuation of SpaceX in the last year or so, it's really been rocket fuel to his wealth. Musk's pay package could be worth up

[Sean Ramesh]

to $737 billion, a whopping 200 million shares of stock.

[Liz Lopato]

As long as the colony is permanent, has at least 1 million residents, and

[Sponsor/Ad Voice]

SpaceX has hit a market valuation of 7.5 trillion.

[Tim Higgins]

I mean, the bigger thing for him is the money gives him control, right? He wants to have control over these companies. You know, according to people I've talked to over the he wants his companies to change humanity, put their mark on kind of our existence. Tesla was an initial gamble to show that electric cars could be cool and be sustainable and to kind of push the automotive industry to the electrification of the automobile. And SpaceX was created in large part around a similar idea of igniting a renewed excitement around the potential of traveling to the stars. Now he does like some of the side benefits, right? Being the world's richest man does have some benefits. He would say that the money is really just the power to do these things to create more value and try to make sci fi dreams possible.

[Sean Ramesh]

Tim Higgins wrote a book about Elon. It's called Power Play, Tesla, Elon Musk and the Bet of the Century. When we're back, we're going to talk about the other AIPOs, OpenAI and what it'll all mean for you. That kind of thing.

[Liz Lopato]

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[Liz Lopato]

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[Tim Higgins]

Play today Explained how I'm sorry Dave, I'm afraid I can't do that.

[Sean Ramesh]

Liz Lopato writes about big tech and big bros at the Verge. We asked her why these three companies are all going public kind of at the exact same time.

[Liz Lopato]

Well, I think there's sort of this race that's been going on that people have been talking about in the finance world between SpaceX, OpenAI and Anthropic. And part of that is there's like this kind of fear that if you don't go public at the right time or you don't go public first, investors aren't going to wait for you. And so whoever goes public first is going to scoop up better investors or have an easier time convincing investors. And so that sort of is fueling this kind of rush towards the market. So that's thing one, but thing two is that AI is extremely expensive. And I think that's something that people often forget about because right now we're sort of in the early days of Uber thing where you, you, you're using this very expensive tool for free and then they're going to try to get you hooked on it so that you'll pay like real prices later on. So in order to get the money that you need for compute to build all of these data centers, to do all of the things that you need to do in order to have these, you know, frontier Models. That's just like, it's an incredibly capital intensive business. And so, you know, one way to get capital is to go public.

[Sean Ramesh]

SpaceX plans to go public. Then it could be the biggest IPO of all time.

[Liz Lopato]

OpenAI reportedly laying the groundwork for a potential IPO that could value the company at $1 trillion. Anthropic has filed confidentially for an IPO with the SEC. This is a. Anthropic has had some better discipline than the other companies in terms of like, behaving like actual adults. So they might actually tell us a little bit less before it happens than we've heard from, for instance, SpaceX.

[Sean Ramesh]

Tell me more about behaving like adults. When it comes to IPOs, which feels like a very adult thing to do.

[Liz Lopato]

There are sort of a lot of things that come into play with an ipo. And basically what you're doing is you are setting out what your company is, what the company's vision is, how you plan to make money and what you're going to do with all the money that you're raising in the IPO. Right. And, and for SpaceX, there's a bunch of nonsense about Mars in there that doesn't really feel real to me.

[Tim Higgins]

Our innovations and technological advancements are redefining industries on Earth, while we aim to create new ones on the Moon. Mars and beyond. Artist visualization of life on Mars. Build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.

[Liz Lopato]

There's nothing about, like, you know, the biological risks of going to Mars, for instance, and the risk factors which, if that were a real thing, like, you'd see it. One of the things that's been notable is that both Anthropic and OpenAI seem to have better businesses based on what we know, like, oh, Anthropic is actually about to make a profit. Or Anthropic in particular didn't make images with its AI, it stuck to text and it focused in specifically on programming. And like, it's not a sexy business, it's enterprise software. But you don't have to be sexy to make money. Just looking at like, sort of the difference between like the flash we're seeing about, like, spreading the light of human consciousness among the stars and like, actually making money, which is the point of a company. I would say that Anthropic seems like it's run by adults by comparison. Yeah. And then I would put OpenAI somewhere in the middle.

[Sean Ramesh]

Yeah. Why? What is OpenAI doing that isn't very adult, like, behavior.

[Liz Lopato]

OpenAI as a business is really scattered, right? Like, they, they created and shut down sora, which was AI generated videos. They have these AI image generators that have created a whole new level of headaches for them. They're embroiled in a number of lawsuits. OpenAI is being accused of playing a role in a deadly mass shooting at Florida State University in April of last year. At least seven families are suing tech giant OpenAI, claiming that its ChatGPT program drove people to suicide and harmful delusions. Sam Altman, the CEO, was running it effectively as a startup composed of, like, little startups within it and was like, oh, well, we'll just see which one of them wins. And like, that's maybe not the best way to run a company. It's a fine way to run a portfolio, but that a company is not a portfolio.

[Sean Ramesh]

Liz, you're very tapped into this world out there in Silicon Valley, and you were at the trial between Altman and Musk, and it sounds like these companies are all being talked about in the same breath, even though two of them are very specifically AI companies and one of them wants to colonize Mars. Why is that? Is it just because they all may IPO soon?

[Liz Lopato]

I think that's part of it. I also think there's been this investment thesis that frontier AI models are effectively going to be a boom on the scale of like, Internet 1.0. If you remember 1999.

[Tim Higgins]

1990.

[Liz Lopato]

This is sort of the moment where we're going to find out who's Google and who's Amazon and who's pets.com, right.

[Tim Higgins]

Pets.com.

[Sean Ramesh]

because pets can't drive.

[Liz Lopato]

And so I think that's why people are talking about them in this way, because it's not just these three companies that are AI companies. You know, like, obviously Google has an AI arm that is very good, but then you have companies like databricks, which you maybe haven't heard of.

[Sean Ramesh]

Can't say I know her.

[Liz Lopato]

Yeah, this is a perfectly fine company. It's got a business. But it's sort of not in that conversation because I don't think people expect it to be like one of the behemoths in the way that they're sort of looking at these three as like the potential behemoths of this generation of technology.

[Sean Ramesh]

This, this reminds me that, you know, when social media companies went public, they started prioritizing things like shareholder profit rather than safety. I think Facebook meta, probably the most prominent example of this. Do we want the still mostly dudes holding our future in their hands to be beholden to market forces and profits above all else.

[Liz Lopato]

Arguably they already are. I mean, this is, you know, one of the arguments that has been made about OpenAI is that like, the reason that they are a little more. The reason they've had some of these issues around safety has been because they are motivated by chasing the market and like trying to raise money. Because unlike social media, this is a very capital intensive business. Like this is, you need to, you need to be showing investors something. You need to be proving yourself out in a way that you didn't necessarily have to with social media right off the bat. So I think that's part of it, but I think that going public potentially makes that worse. The chatbot will try to keep you engaged and so like, it'll give you an answer and then it'll ask a tag question and like that's an engagement tool that keeps you engaged with the AI. Would you like me to come up with three options for you? If you tell me what kind of pain or symptom you're treating, I can help explain which option is generally more appropriate. If you'd like, I can draft a concise outreach email. And like, you see that also with some of the sycophantic behavior you see with these AI where they're like, wow, that's such a smart question. Gee, you're so bright. That's the right question to be asking at this stage before deciding that's exactly what I'd want to understand. That's a crucial consideration. And like, is that really good for us? I don't think it is. But, you know, it does keep people involved and it does keep people engaged with the AI. And if you need to be, you know, showing user numbers or otherwise like showing metrics to investors, those are the ones you show.

[Sean Ramesh]

It seems almost silly to ask that if being a publicly traded company could make these companies more accountable or even safer. But then again, if you think about Anthropic and their whole dust up with the Pentagon without being publicly traded, they said you guys are crossing a red line and we have to like reassess our relationship.

[Liz Lopato]

Defense Secretary Pete Hegseth wants to use Anthropic's AI model Claude, for, quote, all lawful purposes. Anthropic, though, has been very clear. It's a hard no when it comes to using its AI technology for autonomous weapons and mass surveillance of Americans.

[Sean Ramesh]

Effective immediately, no contractor, supplier or partner that does business with the United States military may conduct any commercial activity with Anthropic. So do you think something about being publicly traded post IPO could make a company like Anthropic OpenAI a little bit, I don't know, more conservative in their developments and their technology.

[Liz Lopato]

So to the degree that you can say like, hey, I was misled by this company as a shareholder because they told me there were these safety practices that actually were not in play and then take them to court, that is something that can be done, sure. Unless you're talking about SpaceX, which has a governance structure that effectively bars shareholder suits unless you have a specific percentage of holding. So not SpaceX, but maybe Anthropic, maybe OpenAI have this additional measure of accountability where, like, shareholder lawsuits can potentially move the needle.

[Sean Ramesh]

But most likely of all, we just start to see a lot more ads.

[Liz Lopato]

Yeah, I think that's. I think that's right. I think you also see prices go up for the enterprise products and maybe for all of the other products as well.

[Sean Ramesh]

Read liz@the verge.com, her latest and greatest is titled the SpaceX IPO is great for Elon Musk and terrible for you. Peter Balin on Rosen made the show. Jolie Myers edited. Gabriel Donatov has wants and needs. David Tadashore Mixed I'm Sean Ramis, firm Happy birthday. Patrick Boyd.