Equity

It’s hot IPO summer, and the MANGOS are ripe

34 min

This episode of Equity covers a hot IPO summer with SpaceX, OpenAI, and Anthropic preparing to go public, marking a shift from the old FANG to the new MANGOS. The hosts also discuss Waymo buying Apple's former proving ground for $220 million, and Apple's WWDC event, which felt like a do-over after past missteps. Key insights include the ripple effect of these IPOs on the broader startup ecosystem and the tension between SpaceX's futuristic narrative and its short-term revenue from compute deals.

Summarized by Podsumo

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✨ Key Takeaways

1

SpaceX is preparing for the biggest IPO in history, driven by a $920 million/month compute deal with Google and a similar deal with Anthropic, though both are cancelable with 90 days' notice.
2

Waymo bought Apple's former proving ground in Arizona for $220 million, signaling a scaling up of its autonomous vehicle operations and marking the end of Apple's self-driving car project.
3

Apple's WWDC event was a 'do-over' after past missteps, with the company walking back controversial design choices, holding a live Q&A, and promising a revamped Siri, but skepticism remains.
4

The IPO race between OpenAI and Anthropic is heating up, with analysts suggesting finite capital and valuation ceilings could create a scramble to go public first.
5

The AI boom is reshaping the economy, with legacy automakers like Ford and GM pivoting to energy storage for data centers, and startups like Quantum Space riding the SpaceX wave.

💬 Notable Quotes

"It’s not Fang anymore, it’s MANGOS. And the idea that… we’ve got Meta, Anthropic, NVIDIA, Google, OpenAI, SpaceX. And to me, it signals still massive tech companies, but there is a shift here."

— Kirsten Korosek
"SpaceX is really trying to take some of the most extreme aspects of Google and Meta’s original IPOs… and mashing it up with that kind of we’ll lose money forever with Amazon."

— Sean O’Kain
"This felt like a very almost expected sort of transition period event… we saw the company sort of walking back a lot of things… it’s a moment for the company to change direction a little bit."

— Anthony Ha