E212: Josh Brown, Michael Batnick, and Aaron Dillon talk 2H 2025 IPOs, pre-IPO stocks to watch, dynamics of the private stock market

In this episode, Josh Brown hosts Aaron Dillon, an IPO and pre-IPO venture-backed startup expert, to discuss the current state of the IPO market. They analyze recent IPO successes like Circle and CoreWeave, debate whether these IPOs were underpriced, and discuss the imperfect nature of the IPO process. Aaron shares insights on top 10 pre-IPO stocks, including SpaceX, OpenAI, and Anduril, highlighting their valuations and the active secondary market for these shares. The conversation covers why companies like XAI are opting for debt financing, the potential of Groq as a competitor to NVIDIA, and the increasing demand for companies like Anduril. They also touch on AI applications in law firms with Harvey, compare Cal-she and Polymarket, and discuss Meta's aggressive AI talent acquisition strategy, concluding with a look at potential IPOs in the second half of 2025, such as Klarna and Kraken, while noting many companies are finding liquidity in the private market without going public.