OpenAI has confidentially filed its S-1 registration statement for an initial public offering.

SpaceX disrupted the launch industry's business model by shifting from a "cost plus" to a "firm fixed price" model.

SpaceX's core launch business was profitable for a very long time.

The JOBS Act removed the pressure for large private companies to go public by changing the 500 shareholder count rule.

SpaceX President Gwynne Shotwell has been with the company for 22 years.

Justin Fishner-Wolfson anticipates that Brett Johnsen will serve as the public company CFO for SpaceX and lead its future earnings calls.

A key value proposition for Cognition is providing enterprise customers with access to multiple underlying AI models, thereby avoiding vendor lock-in.

SpaceX offers broad equity compensation that includes non-software roles such as welders and electricians.

SpaceX has bought back its own shares in tender offers primarily to manage shareholder dilution.

137 Ventures' investment philosophy prioritizes cash-on-cash returns over achieving a specific ownership percentage.

Justin Fishner-Wolfson believes that for complex systems like Anduril's Fury or SpaceX's Starship, physical testing is the most effective way to learn and iterate, even if it results in failures.

The secondary market for private company stock has grown by several orders of magnitude since 2011.

SpaceX historically provided employee liquidity through company-organized tender offers, initially occurring once a year and later increasing to twice a year.

Anthropic has confidentially filed its S-1 registration statement for an initial public offering.

SpaceX is projected to conduct nearly 200 launches this year, while no other global competitor is expected to launch more than 15 to 20 times.

In its late private stage, Facebook threatened to fire employees who sold their shares on the secondary market.

By 2019, it was evident to insiders that SpaceX had successfully figured out how to economically build its Starlink satellite constellation.

137 Ventures has not invested in any major foundational AI model companies due to uncertainty about which will be the dominant player in ten years.

Justin Fishner-Wolfson believes Cognition is strategically positioned as the last independent company in its specific AI market segment.

Facebook's decision to go public was primarily driven by the 500 shareholder count rule, which mandated public financial reporting.