In many ways investing in a very late IPO like SpaceX, Anthropic, or OpenAI is the worst of all worlds for the public investor.

On the one hand you'll never see a 100x return – that's been captured by private equity. But there's still a lot of long-term risk because these companies haven't proven they can deliver free cash flow to justify their valuations. Investing in SpaceX or Anthropic at $1T valuation is very different from investing in Apple or Nvidia.