It’s actually quite interesting that this time SpaceX raised 75 billion dollars, with an estimated valuation of about 1.77 trillion dollars, which indeed is a historically significant event. But prior to this, Saudi Aramco's IPO was also the largest in history, initially raising 25.6 billion dollars, with the greenshoe option potentially bringing it up to 29.4 billion dollars. Looking back further, Alibaba raised around 25 billion dollars in its IPO, SoftBank Corp raised about 23.5 billion dollars, and AIA raised over 20 billion dollars that year.

I basically did not participate in any of these projects.

Some had identity restrictions, some had regional limitations, some channels did not have access to quotas, some simply did not qualify, and some understood the excitement but did not want to enter at that position. Especially for these super large IPOs, very often they are not prepared for ordinary investors; the truly good-priced chips are usually taken by early shareholders, sovereign funds, pension funds, institutional investors, and core clients of underwriters many years before the IPO.

Not participating in these large IPOs does not mean much; it just means that the money that could be made in this last round may be limited, and the so-called "largest in history" is something that is constantly being replaced.

Back then, Alibaba was the largest in history, and later it was replaced by Saudi Aramco. After Saudi Aramco, SpaceX refreshed the market's perception of the scale of IPO financing. In the future, we may also see OpenAI, Anthropic, or new energy, robotics, and AI infrastructure companies continue to redefine everyone's understanding of "largest."

The so-called self-consistency does not actually exist. I spend a lot of time on WTI and Bitcoin every day; it's because I am familiar with it, I understand it, I can make money from it. Not having participated in any large IPO does not mean I am not making money; making money is just a result.

To put it bluntly, most of my peers who participated in SpaceX's IPO might have made less money than I did from a single short position on WTI. If you were me, what would you choose? I would definitely choose what I understand and what can make me more, rather than asking for a little more quota or hoping for good luck.

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