The largest IPO in history was Alibaba in 2014 at $22 billion. SpaceX alone wants to raise more than three times that this Thursday at a target valuation of $1.77 trillion… which would make it the seventh-largest US public company on day one!

OpenAI and Anthropic are queued up behind it. There is roughly $135 billion in combined fresh stock the market has to absorb in a few months, across just three companies.

The story of capital concentration is a major one here. The top ten companies in the S&P 500 were 40% of the index by weight at year-end 2025, and, through April 2026, 80% of venture dollars went into just 29 companies.

Episode 08 of Money Moves is about what ripple effects happen in the private and public markets when three behemoths are the only thing everyone is talking about.

Money Moves is a weekly conversation about the technologies rebuilding the global financial system. Stablecoins, tokenization, private credit, market structure, prediction markets, and what generative AI is doing to capital.

Three hosts, three vantage points. Dave Sutter builds the rails: he built one of the first Bitcoin wallets in the App Store, was an executive at Centre, the joint venture behind USDC, and now runs stablecoin infrastructure for global fintechs. Ian Epstein builds the markets that run on them: a decade running his own book as a senior portfolio manager at one of the best performing macro funds of its era, now co-CEO of Profitr. Samantha Lewis funds both, investing at Mercury Fund at the point where these worlds meet.

Two kinds of episodes. Deep dives are the three of them taking one question all the way down. Most weeks a guest joins who sees a piece of it none of the three can see alone: a founder, an allocator, a regulator, or someone who thinks the hosts have it wrong.

Made for people who work in finance and want the mechanism, not the marketing. No hype, no maximalism, no financial advice.

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