A free live session on :
Frameworks, not stock tips.
Free · Educational Only
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WHY THIS MATTERS NOW
SpaceX's valuation at IPO on June 11, 2026 — the largest listing in US history.
Example, not a recommendation
SpaceX's trailing revenue multiple at IPO. Launch economics alone can't support it — the price assumes large future monetization from connectivity, AI compute, and software.
Example, not a recommendation
Cumulative AI infrastructure capex committed through 2026 — roughly $535B above the pre-AI spending trend.
Voting power held by one founder post-listing through a dual-class structure — a governance concentration that deserves an explicit discount, not a red flag by itself.
Example, not a recommendation
IPOs that lost ground over the following three years, across 9,253 US listings from 1980–2024 (median 3-year return: −25.7%).
Average first-day IPO pop vs. average 3-year underperformance versus the market. The opening print is not the investment case.
Sources: Reuters, Jay R. Ritter (University of Florida, Updated IPO Statistics 2026), Exponential View. Figures as of June–July 2026. Statistics are for illustration only and are not recommendations to buy or sell any security.
WHAT WE'LL COVER
The facts behind the largest IPO in US history, and what the price already assumes.
Three distinct kinds of AI listing — and why they don't share the same economics.
Where the scarcity actually sits in the AI buildout, and who's funding it — cash or debt.
Across the AI stack, the layer determines the cash flow. We map which layers can compound.
A remarkable company at a demanding price — the four questions that actually move the stock.
A century of IPO evidence, and what it means for a patient owner's portfolio.
The final stretch belongs to you. Submit your question at registration or ask live.
The IPO is the headline. Scarcity is the story. The question is not whether these companies are extraordinary — it is whether today's price still leaves room to compound.
Kaushal "Ken" Majmudar, CFA
Founder & Chief Investment Officer, Ridgewood Investments
For educational context only. Not a forecast or investment recommendation.
It's about the checklist we actually run before underwriting any business caught in a capital-intensive hype cycle — and how that discipline applies to whatever concentrated positions, RSUs, or "story stocks" are already sitting in your portfolio.
Free · Educational Only
YOUR HOSTS
Two Ridgewood investors, one long-term, value-oriented lens on a fast-moving story.
Founder & Chief Investment Officer · Ridgewood Investments
Partner & Portfolio Manager · Ridgewood Investments
ABOUT THE FIRM
Ridgewood Investments, LLC is an SEC-registered investment adviser focused on long-term, disciplined, research-driven investing. Founded by Ken Majmudar in 2002, the firm brings institutional rigor and deep fundamental analysis to wealth management for individuals, families, and institutions who've outgrown a transactional relationship with Wall Street.
ridgewoodinvestments.comRESERVE YOUR SEAT
Free. Educational. Own scarcity, not slogans.
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