Owners of SpaceX or Anthropic equity have the potential to get rich if they sell about half of it soon after the IPO and buy a diversified portfolio of stocks, bonds, and real estate. It is likely that many of the grifters and the true believers will not, because grifters often come to believe in their own patter and believers believe number must go up.

The authors working hard to pretend that this isn’t standard practice for IPOs.