The IPO Wave That's Harder to Price. What Investors Are Paying For | Aman Verjee

The IPO market spent years running well below its earlier highs. Now SpaceX has gone public at a valuation near $2 trillion, Anthropic could follow, and some of the largest private technology companies are approaching the public markets at valuations once reserved for a small group of giants. After years of limited activity, investors are again being asked what these companies are worth.

The obvious comparison is the late 1990s, when technology spending and valuations climbed together before the dot-com crash. But today’s AI cycle is being financed and used very differently, even as the amount of money going into it keeps growing. That makes the comparison less straightforward than it first appears.

Aman Verjee, General Partner at Practical Venture Capital and a former PayPal finance executive, joins Market Insider to explain what makes today’s AI boom different from the dot-com era, and how far that comparison can actually take us.
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00:00 – Intro
05:59 – Who Controls AI Data?
07:50 – What “Open Weight” Really Means
09:09 – Who’s Paying for the AI Boom?
13:31 – Is SpaceX Overvalued?
19:24 – Anthropic vs. OpenAI
24:54 – Why Startups Stay Private
27:38 – Can Stripe Fix PayPal?
33:36 – AI Bubble or New Era?
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