SpaceX, as you might have heard, reportedly planning to go public next year, telling employees

that it would buy insider shares at an $800 billion valuation. Our dear Deboza has more on that story in today's tech check. Hey, Dee. Hey, good morning, Carl. So I did reach out to SpaceX on those reports, and I'm waiting to hear back. But one thing is for sure, and that is that VCs are watching very closely. After years of muted IPOs, limited exits,

the venture industry, it is still starved for real liquidity events. And this would certainly be

that. One VC and former banker tells me that there's still plenty of capital available and that a

SpaceX IPO would not actually drain the system. In his words, we're still running well below

average annual capital raised,

and 2026 could shape up to be a very big year. Now, from that view, SpaceX could ask as a

catalyst, not a constraint, especially as some very large private companies continue to sit

on the sidelines. He notes, though, that many of them still prefer to not go public. SpaceX

bucks that trend, and that certainly backs up a lot of the conversations that I have

with other VCs and founders here on a regular basis.

Now, Jeff Richards, at notable capital, meanwhile, he says that the narrative around AI would

be, quote, wildly different if public investors had access to financials related to some of the biggest and best

private companies like Databrox, Anthropic, Waymo, Cursor, what he calls the demand side of AI.

Now, Calci markets, they're already leaning in that direction, pricing a roughly 60% chance

that SpaceX formally announces an IPO before late 2026. And that is where the real test will come in because SpaceX, it won't just be one of the

biggest listings ever.

It will help set the terms for the next wave of AI IPOs and force a big question for the

trade at large.

And that is, are public markets willing to fund strategic capital-intensive companies with

massive CAPEX and delayed profits.

Now, those are similar economics that are sitting under the AI model training

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