Excess Returns

Quote · Excess Returns

Andy Constan on the SpaceX IPO, AI CapEx, and the End of the Buyback Tailwind

Explore episode Jun 16, 2026

There's no sign that the bubble is about to pop. So consumer dissaving still has room to go. Now, the thing is, dissaving can only go so far.

Andy Constan

Andy Constan on the SpaceX IPO, AI CapE…

Where this was said

Intro and key themes

At 2:06 · chapter starts 0:00

Launch announcement for the First Principles podcast with Andy Constan, previewing the episode's topics: SpaceX IPO, AI and the economy, and market structure.

That's $600, $700 billion of shift from share reduction to no share reduction. And so that, that's a big deal.

Andy Constan

Andy Constan on the SpaceX IPO, AI CapE…

The tokens gonna create disinflationary productivity growth, meaning more output for the same costs? If so, nobody loses their job, and so they can buy the output. And the output can be worth the tokens spent on it.

Andy Constan

Andy Constan on the SpaceX IPO, AI CapE…

Business

Why the IPO Is the Most Important Thing Markets Do

Andy Constan on the SpaceX IPO, AI CapEx, and the End of th… · Jun 16, 2026 Business

Markets exist to connect those who need money with those who have it. The IPO is the most critical expression of that purpose — it transforms private companies into entities that can raise equity, reward employees, and fund growth at scale.

The purpose of markets is to connect those who need money to those who have money. And so in particular, the ability for a company to raise equity capital when they have historically been private has been a critical aspect of the company being able to realize its potential.

Andy Constan

Andy Constan on the SpaceX IPO, AI CapE…

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