Renaissance IPO ETF

Friedberg oppose ×2 ▲ on 📈 2026 is the year of mega-IPOs E267 · 2026-04-03 ▶ 33:09

One of the things that's probably being underestimated at the moment is the liquidity crunch that's ahead for capital intensive technology businesses, given the conflict in the Middle East... a large chunk of it has historically come from Middle East sovereigns... there is so much pent up selling demand... I don't know who the big buyers are that everyone's expecting to show up.

Chamath oppose ×2 ▲ on 📈 2026 is the year of mega-IPOs E267 · 2026-04-03 ▶ 22:26

I don't think we're going to have these quote-unquote blockbuster stream of IPOs. I think what happens is SpaceX is going to get out, they're going to do great. And then maybe the next one does good to great, then the next one will do good, and then the appetite runs out because you just can't absorb incrementally trillions of dollars of new demand.

Jason support ×2 ▲ on 📈 2026 is the year of mega-IPOs E257 · 2026-01-10 ▶ 1:20:00

Stripe, Anthropic and OpenAI. I think two of those file, and it is going to be gangbusters. ... this will be the year of the mega IPOs.

Sacks support ×2 ▲ on 📈 2026 is the year of mega-IPOs E257 · 2026-01-10 ▶ 35:42

2026 is going to be a big year for IPOs. ... a bunch of successful ones. And I think we could see trillions of dollars of new market cap created of public companies.

Jason oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E234 · 2025-07-04 ▶ 1:07:16

And Chamath, you talked about all this sideline cash sitting there in money market accounts, markets at an all-time high, Uber blew past 88, so I should be retired right now. What are your thoughts on M&A, IPOs? Feels like, man, we've got a really frisky, hot market right now.

Then wait till we see the flurry of S1s that have already been filed. Figma is a generational potential company that's going to be coming. I think we're going to see fantastic assets coming out. I think the market is saying we're open for business.

Chamath support ×2 ▲ on 📈 Rate cuts plus the AI wave start a new venture cycle - a golden era, not a bubble E232 · 2025-06-21 ▶ 1:17:01

really what happened was I had a lot of very smart money people on Wall Street and some crypto folks call me that I respect. ... Basically, what they said is like, it would be really good if you did it. I don't know if I'm going to do it, but I'm heavily leaning towards doing it.

I do think that we're starting to see a healthier market where we know a lot of dollars have gone in, but now we're starting to see some dollars coming out. So I think that's both in M&A, by the way, and it's also in IPOs.

Friedberg reversal ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E232 · 2025-06-21 ▶ 1:01:08

So are the institutional fund managers hungry for access to some of these new high-growth offerings? ... And now is there kind of this pent up hunger or pent up demand for new issuances, for high growth tech issuances? Is that what we're seeing? ... And if there is, obviously it bodes well for late stage growth startups that are looking to go public because the demand will be there.

Jason oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E232 · 2025-06-21 ▶ 59:37

Lena Conn is no longer in the building and M&A is back on the menu. As are IPOs ... So when you look at what's happening under the Trump administration, look at what's actually happening. The game on the field is three major IPOs, and then massive amounts of billion-dollar acquisitions.

Jason oppose ×2 ▲ on 📈 Rate cuts plus the AI wave start a new venture cycle - a golden era, not a bubble E227 · 2025-05-09 ▶ 1:09:05

And now we have venture capital constricting in terms of new funds being done. And people are making larger funds to do later and later stage investments

ever since, you know, the 20 and 21, which were very high, if you look at 22, 23, 24, and now the 25, I'm like, how is this that it's worse than 0.4, 0.5, 0.6 that were normal years? How is this worse than 13 and 14 and 15?

Friedberg support ×2 ▼ on 📈 Venture has to shrink to clear public-market alpha - fund sizes and GP count come down E227 · 2025-05-09 ▶ 1:10:09

At the end of the day, it is what it is, and you're going to see a reduction in venture dollars. And that's just the market normalizing.

Chamath support ×3 ▼ on 📈 Venture has to shrink to clear public-market alpha - fund sizes and GP count come down E227 · 2025-05-09 ▶ 1:12:35

at current course and speed, with the lack of IPOs and with the lack of M&A, you can't justify that asset class on its own, in my opinion, unless you think about it as like something that you're doing almost philanthropically

Jason oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E227 · 2025-05-09 ▶ 1:09:05

since the wrath of Lina Khan the last four years under Biden, you know, you had this 2021 spike of IPOs, peak ZERP, a lot of inventory, a lot of risk capital have been put to work for 10 years. And after that 2021 spike, things have been flatlined and companies are preferring to stay private.

there's such a view that like large companies are bad and we got to bust them and we're not going to let them do any M&A. And as a result of that, small companies no longer get bought by big ones. And for me, it's a disaster

Chamath oppose ×3 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E227 · 2025-05-09 ▶ 1:10:41

part of the reason is because of this strangulation of illiquidity that's caused artificially by administrations, by regulations, and by agencies like the FTC.

Gavin Baker oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E221 · 2025-03-29 ▶ 15:49

But there have been quite a few acquisitions by big companies of smaller companies in the last month. And I think because none of the companies that have been bought have been public, maybe it's flying a little under the radar, but it's happening in an, I think, an accelerating way. And I think this would be very good for the market and animal spirits and everything that we care about.

Jason oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E221 · 2025-03-29 ▶ 15:22

I mean, M&A with Whiz and now CoreWeave going public. Rathalina Khan is over. We got to give the administration a lot of credit for maybe removing the roadblocks to M&A and IPOs, or at least people perceive that.

Yeah, that's a Saudi conglomerate. And so that exited for 3.7 billion. And I think we're going to start seeing some movement, especially with the new administration.

Jason oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E220 · 2025-03-22 ▶ 32:13

there is great news, I think, for the venture industry. This Google acquiring Wiz, I think this could be the starter's pistol.

Friedberg support ×2 ▼ on 📈 Venture has to shrink to clear public-market alpha - fund sizes and GP count come down E217 · 2025-03-01 ▶ 1:04:10

As you guys know, we looked at the data, even the best venture capital firms in Silicon Valley, with the smartest, most sophisticated people investing in private assets, were not able to beat the NASDAQ over the last few years.

Chamath support ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E216 · 2025-02-21 ▶ 1:39:16

If you look at companies like SpaceX, they're able to provide this yearly liquidity, which actually is probably better because it smooths out a lot of the vol, and then people can get back to work and just kind of

I also think the environment has changed quite a bit, where it used to be the case that to do any return of capital to shareholders, you know, or if you needed any kind of large sums of money, you needed the public markets. That's obviously not true today, where the, you know, stable private markets exist... And, you know, up to this point, we have determined private.

My anecdotal experience is there's AI companies where the market's pretty hot, maybe cooling a little bit, but hot, and AI companies with the right team are getting funded frequently, quickly, etc.