SpaceX IPO at 110x revenues
SpaceX went public at 110 times revenues, making Anthropic at 40 times revenues appear comparatively cheap to institutional investors.
Snapshot · The Prof G Pod with Scott Galloway
What SpaceX's IPO Means for Tech Stocks, and Coping With Panic Attacks
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Jul 13, 2026
Where this was said
The Flippening: Anthropic Eclipses OpenAI
At 4:02 · chapter starts 3:35
The episode's most structurally interesting financial point arrives here: Anthropic, long considered OpenAI's ambitious but smaller rival, has now filed for its IPO at a valuation of $965 billion — overtaking OpenAI's $850 billion figure [1] — Scott Galloway "Anthropic has filed confidentially for its IPO at a $965 billion valuation, leapfrogging OpenAI's $850 billion. Galloway calls it 'the flip…" 03:25 . Galloway coins this 'the flippening,' borrowing crypto terminology to describe a power inversion in AI market leadership. He then turns the conventional wisdom about post-IPO cooling on its head: instead of making boards cautious, SpaceX's performance should embolden the AI companies. If the market will pay 110 times revenues for SpaceX, Anthropic entering at 40 times revenues would look like a bargain — actively encouraging rather than delaying their listings. The logic is counterintuitive but financially coherent.
OpenAI's IPO Delay Is a Cover Story
The New York Times reported OpenAI may delay its IPO until 2027 due to market volatility. Galloway says that's a lie. The real story is OpenAI is a 'drunk spender' whose growth is collapsing and whose CFO needs to clean house before going public.
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