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IPOs

Mar 31 2026

The IPO Trap: Why I’m Ignoring OpenAI and SpaceX to Own the “Plumbing” Instead

Nasdaq is fast-tracking the IPOs of OpenAI and SpaceX. David explains why these “trophy” listings might be valuation traps for long-term investors and why he prefers owning the “Sovereign Foundation” instead.

Written by David Thomas · Categorized: Insights · Tagged: Databricks, IPOs, OpenAI, Risk Management, SIPP Strategy, SpaceX, Valuation

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