SpaceX lockups expire in September just as Anthropic and other AI companies plan to go public. A large float hitting the market right at the peak of the IPO frenzy could trigger a meaningful price correction — and the retail investors who rushed in could be left holding the bag.
Where this was said
At 49:20 · chapter starts 45:30
Scott explains that every investment banker working on Anthropic and OpenAI IPOs has now thrown away their old valuation models. SpaceX at 130x revenues gives Anthropic — growing 400% per year — a compelling relative-value argument at 40x. The upcoming IPO season will test whether that narrative holds as SpaceX lockups expire in September, potentially flooding the market with new supply. Meanwhile, Scott reveals a trend he's observing in corporate conversations: companies disappointed by AI ROI are blaming the model and swapping OpenAI for Anthropic, which is now perceived as the hotter brand. [1] — Scott Galloway "Corporations that aren't seeing expected ROI from AI are blaming their model and swapping out ChatGPT for Anthropic. OpenAI's leaked financ…" 47:00 OpenAI's leaked financials showing significant losses will make the apples-to-apples comparison especially revealing when both companies eventually go public. Scott also flags Bending Spoons, an Italian PE firm rolling up orphaned platforms like Evernote and Eventbrite, as an interesting upcoming IPO.
SpaceX's IPO has completely repriced the AI IPO market. Anthropic and OpenAI can now point to SpaceX at 130x revenues and say: we're growing 400% a year, buy us at 40x. Every upcoming AI IPO is now measured against SpaceX — and suddenly they all look cheap.
Corporations that aren't seeing expected ROI from AI are blaming their model and swapping out ChatGPT for Anthropic. OpenAI's leaked financials show significant losses. The upcoming IPO season will expose exactly how much momentum each company has gained or lost — and the gap may be wider than markets think.
PropGPT launched with 20 downloads a day and strong influencer marketing but hit a ceiling at $1,000–$2,000 MRR. High download numbers masked a critical flaw: almost nobody stuck around after the free trial ended.
Eyal and Yali made a bold bet: stop all marketing, go back into the cave, and rebuild PropGPT from scratch. Four months of pure engineering and design work with zero revenue growth — and it paid off massively.
After rebuilding, PropGPT relaunched at $1,700 MRR. Within 2.5 months, it peaked at $40K MRR and 2,000 downloads in a single day. The product hadn't changed its audience — it had changed how well it served them.
Users didn't want a sports betting analytics tool — they wanted to be told the answer. Eyal realized their app was making users do the work when they just wanted the result, and that single insight drove the entire rebuild.
Step 1: know exactly who you're building for. Step 2: worship your data. Step 3: obsess over in-app analytics to find drop-off points. Step 4: scale with influencer marketing only after the product converts. In that order.
A 45% download-to-trial rate sounds great — until you see 13% trial-to-paid. That gap isn't a marketing problem. It's a product problem. Eyal breaks down how to read these signals before they kill your business.
Their 70th influencer video hit 600,000 views and single-handedly pushed PropGPT's ARR from $8,000 to $38,000 in three days. Influencer marketing has a lottery-like upside — but only if the product can hold the users it acquires.
Most founders struggle with distribution. Eyal and Yali had it nailed from day one — and still failed. Their story proves the rarer, less-discussed truth: a great go-to-market strategy is worthless if the product can't retain users.
Get a co-founder who has your back. Be scientifically honest about whether your idea has real demand. Once you convince yourself, it becomes an order of magnitude easier to convince investors and team members to join you.
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