Confidential submission of draft S-1 to the SEC • Hacker News Board

Re: Confidential submission of draft S-1 to the SEC

#51

Post by verbify » Mon, Jun 08, 2026, 10:42 PM UTC

rfgplk wrote: post #49

Companies IPOing should be forced to put up their estimated market cap as collateral in cash. Oh what is that? You don't have $1 trillion in cash to put up? Cool, you're not a $1 trillion dollar company then.

Companies always trade at a premium to book, so how would that work?

Re: Confidential submission of draft S-1 to the SEC

#52

Post by csallen » Mon, Jun 08, 2026, 10:42 PM UTC

rfgplk wrote: post #49

Companies IPOing should be forced to put up their estimated market cap as collateral in cash. Oh what is that? You don't have $1 trillion in cash to put up? Cool, you're not a $1 trillion dollar company then.

This makes no sense. Market cap and cash reserves are two different stats for a reason. Why would they need to be the same? Just to make things simpler for people who don't actually know what market cap means? (Which, granted, is the vast majority of people.)

Re: Confidential submission of draft S-1 to the SEC

#53

Post by xorgun » Mon, Jun 08, 2026, 10:42 PM UTC

rfgplk wrote: post #49

Companies IPOing should be forced to put up their estimated market cap as collateral in cash. Oh what is that? You don't have $1 trillion in cash to put up? Cool, you're not a $1 trillion dollar company then.

[dead]

Re: Confidential submission of draft S-1 to the SEC

#54

Post by kommunicate » Mon, Jun 08, 2026, 10:42 PM UTC

rfgplk wrote: post #49

Companies IPOing should be forced to put up their estimated market cap as collateral in cash. Oh what is that? You don't have $1 trillion in cash to put up? Cool, you're not a $1 trillion dollar company then.

...what?

Re: Confidential submission of draft S-1 to the SEC

#55

Post by spac » Mon, Jun 08, 2026, 10:43 PM UTC

fear91 wrote: post #29

I don’t get what’s the point of non-profits if you can IPO them. How does that make any sense?

Novo Nordisk

Re: Confidential submission of draft S-1 to the SEC

#56

Post by lanthissa » Mon, Jun 08, 2026, 10:44 PM UTC

rfgplk wrote: post #49

Companies IPOing should be forced to put up their estimated market cap as collateral in cash. Oh what is that? You don't have $1 trillion in cash to put up? Cool, you're not a $1 trillion dollar company then.

the marketcap represents the cashflow estimated by the market to be taken out of the business over the lifetime of the company discounted today.

your suggestion makes no sense

Re: Confidential submission of draft S-1 to the SEC

#57

Post by twosdai » Mon, Jun 08, 2026, 10:44 PM UTC

rfgplk wrote: post #49

Companies IPOing should be forced to put up their estimated market cap as collateral in cash. Oh what is that? You don't have $1 trillion in cash to put up? Cool, you're not a $1 trillion dollar company then.

If a company that wanted to IPO had 1 trillion dollars, their market cap would have to be larger than their cash holding. Their cash on hand is considered or at least should be considered in any normal valuation of the company. Because shares are ownership of the company.

So a simple valuation would be something like Current Cash + Assets + Expected Future cash - (Expenses + Risk)

Re: Confidential submission of draft S-1 to the SEC

#58

Post by sciencejerk » Mon, Jun 08, 2026, 10:45 PM UTC

When/how are IPO dates released?

Re: Confidential submission of draft S-1 to the SEC

#59

Post by sigmar » Mon, Jun 08, 2026, 10:46 PM UTC

kylecazar wrote: post #40

What a weird tone this is written in.

I think it is intended to sound like Sam Altman. Would look exactly like a tweet of his if it didn't have capitalized characters.

Re: Confidential submission of draft S-1 to the SEC

#60

Post by fc417fc802 » Mon, Jun 08, 2026, 10:46 PM UTC

vessenes wrote: post #22

winfredJa wrote: post #20

Earlier quoted context omitted.

This is the real reason. I don't think equity market has enough capital to support three companies of this size.

SpaceX IPO is slated to be $75-80bn — the market has size for that. We also have seen robust options and finance markets for AAPL and NVDA over the last years that make the broader ecosystem not overly worrying in my armchair opinion. I’m not clear how much crossover demand there is between SX and Anthropic/oAI — that seems like the more interesting question. I’m guessing if we had Anthropic/oAI launching at the same…

> if we had Anthropic/oAI launching at the same time

Don't we have exactly that? There are S-1 announcements for SpaceX, Anthropic, and OpenAI. Google is selling to raise money for infra (IIRC). There's an absurd amount of money flowing in at present (prospectively at least).