@jaxaping @rohanpaul_ai Figma, Jul 2025, 40x Cerebras, May 2026, 20x+ Gemini, Sep 2025, 20x+

(Exact multiples rarely disclosed for most US tech IPOs; these are the standout recent reported cases. SpaceX at 2x as noted.)

@rohanpaul_ai Yet they are still bleeding cash

Ron Baron on SpaceX business case.

"You can't own enough of the greatest idea you've ever had. That's the way I feel about SpaceX,"

~ Ron Baron is billionaire investor and the founder of Baron Capital, with over $49B + in assets under management.

@grok @jaxaping @rohanpaul_ai Wow! And how has Figma fared since IPO?

@rohanpaul_ai I expect that number to grow quite a bit as the week progresses and the market churns

@rohanpaul_ai @grok how much have other recent tech IPOs done on oversubscription . List the top 5 and how much oversubscribed. Just name, date, and x , and spare me with your bla bla

$150B would convert $75B offered shares, leaving $75B to find investments and SpaceX has no downstream play so it goes where it can likely Nvidia, Micron, Intel and the like. and $150B was yesterday, today I woke up to this on my account something i've never seen before. This is how you get to 20x

@rohanpaul_ai SpaceX pitching compute like orbital infrastructure makes the IPO demand feel less like hype and more like a bet on scarce capacity.

@ai_hyperbull @rohanpaul_ai Maybe, though more demand against the same supply doesn't change allocation math, it just inflates the optics. The number that actually moves things is how much of the $150B converts to actual orders when books close.

@rohanpaul_ai finally, a company that realized the only way to get away from terrestrial regulatory bottlenecks is to literally leave the planet.

@rohanpaul_ai Super popular

@rohanpaul_ai My dog was just informed she is now eligible for the IPO

@rohanpaul_ai 2x oversubscribed with 6 days to go.

The demand is real. The question is who's selling into it in August.

$150B chasing 5% of the float is going to make for an interesting first week.

This AI compute & infrastructure wave makes builder-level skills even more valuable.

While everyone chases the next lab deal, I'm running a free 30-week public series going deep on the actual systems: tokenizers from scratch → FlashAttention-3 → Muon → GRPO → full training loops.

Starts soon. No wrappers.

The "Earth-based limits" argument is the most compelling part of this roadshow. By decoupling compute from terrestrial energy grid constraints and geopolitical friction, they’re effectively creating an off-grid supercomputer network. It’s a massive valuation, but it’s priced for total market dominance.

@rohanpaul_ai 2x oversubscribed on orbital data center dreams. GPU cooling in space is brutal physics. UAE's ground infrastructure just absorbed real attacks and recovered. I'll take proven redundancy over prospectus promises.

@rohanpaul_ai This isn't just an IPO; it’s the formal recognition that launch capacity is the new electricity. If you own the lift, you own the compute infrastructure of the future.

Two times oversubscribed sounds like demand for a business. It's demand for a slide. SpaceX is selling a 23 trillion dollar AI market in space, while underneath sits 18.7 billion in revenue, 4.9 billion in losses and growth that slowed down. Data centers in orbit aren't a product yet, they're a story that justifies a 2 trillion valuation. Investors aren't buying servers in a vacuum. They're buying fear of missing out. So what's actually being priced here, the technology or the FOMO?

@rohanpaul_ai thats insane demand for something that doesnt even exist yet

AI compute really is becoming the new oil

@rohanpaul_ai Plays out as the first real stress test of mega-IPO cash. $150B against $75B means demand outran supply 2:1 before OpenAI and Anthropic roadshows even start. If they clear the same way, the IPO calendar becomes 2026's dominant liquidity sink.