SpaceX Mania, Mirror Tokens & A Promising Biotech Startup

SpaceX Mania, Mirror Tokens & A Promising Biotech Startup

SpaceX's highly anticipated IPO is finally here, and Brian Belley and Scott Kitun break down what it means for retail investors. They discuss the performance of pre-IPO vehicles like Republic's mirror tokens, the challenges faced by some secondary market allocations, and why investors should understand the structure behind SPVs, syndicates, and private market access before chasing the next hot IPO. The conversation also explores how investors should think about valuation, long-term conviction, and avoiding emotional decision-making when high-profile companies hit public markets. In the second half, Brian welcomes Teddy Lyons to review Rejuvenate Bio, a gene therapy company focused on aging-related diseases. Teddy explains the company's unique strategy of commercializing animal-health applications first, supported by partnerships with major industry players including Merck Animal Health. The discussion covers the company's technology, revenue opportunities, development milestones, and why Kingscrowd Capital is closely evaluating the deal. Resources Subscribe to free Kingscrowd Newsletter [https://newsletter.kingscrowd.com/subscribe] View Rejuvenate Bio's deal [https://kingscrowd.com/rejuvenate-bio-on-wefunder-2026/] on Kingscrowd Become a Kingscrowd Member [https://kingscrowd.com/register/free/] Chapters 00:00 Intro & Today's Topics 00:38 SpaceX IPO Takes Over the Market 01:01 Who Won From SpaceX Pre-IPO Investing? 03:09 Is SpaceX Overvalued or a Trillion-Dollar Opportunity? 05:24 Why Scott Thinks Investors Need Patience 08:31 IPO Mechanics Explained 12:44 Building an Investment Plan Before Buying 18:18 Mirror Tokens, Republic & Retail Access 21:19 Binance Allocation Problems & Counterparty Risk 23:04 The Future of Secondary Markets 28:08 How to Evaluate SPVs and Syndicates 31:37 Rejuvenate Bio Deal Review Begins 32:31 What Rejuvenate Bio Actually Does 34:35 Why Animal Health Comes First 37:19 Merck Animal Health Partnership Explained 38:20 The Cost Advantage in Gene Therapy 40:17 Brian's Questions & Investment Risks 45:44 Potential Exit Opportunities 49:23 Final Thoughts on Rejuvenate Bio 50:42 Wrap-Up

The New Battle for Retail Investor Dollars

Report and discuss why equity crowdfunding activity fell to its lowest level since 2021. From seasonal fundraising trends and filing deadlines to increasing competition for retail investor dollars, the duo explores what may be driving the recent slowdown in startup investing. The conversation also examines broader market dynamics, including the impact of booming public markets, high-profile IPOs like SpaceX, and the growing number of alternative private market products competing for investor attention. Despite the slowdown, Brian and Teddy highlight several positive signals, including strong raises from select issuers and emerging trends that investors should continue monitoring in the months ahead.

SpaceX Goes Public: What Investors Need to Know

This week on the Kingscrowd Podcast, Brian Belley, Scott Kitun, and Teddy Lyons tackle one of the biggest stories in investing: the upcoming SpaceX IPO. With reports suggesting a valuation approaching $2 trillion, the team breaks down what investors are actually buying—from rocket launches and Starlink to AI infrastructure, orbital data centers, and Elon Musk's long-term vision for humanity beyond Earth. The discussion explores SpaceX's financials, the surprising dominance of Starlink revenue, the role of AI through XAI and Colossus, and whether today's valuation reflects current business performance or a bet on a future that hasn't been built yet. The team also discusses what the IPO could mean for secondary markets, accredited investors who bought into private shares, and the broader evolution of private-to-public investing. Highlights include... 1. SpaceX Is No Longer Primarily a Rocket Company Starlink generated roughly 70% of revenue in Q1 2026, while launch services represented just 13%. 2. Investors Are Buying a Vision of the Future The IPO valuation appears tied less to current profits and more to SpaceX's potential dominance in AI infrastructure, connectivity, and space-based computing. 3. Retail Investors Could See Historic Liquidity Many accredited investors gained exposure through secondary markets, SPVs, and other private vehicles. This IPO may become one of the largest retail exit events in private-market history. 4. The Next IPO Wave Could Be Massive SpaceX, Anthropic, OpenAI, and Stripe represent trillions of dollars in potential future public-market demand. 5. The Public-Private Market Divide Is Shrinking SpaceX staying private for more than two decades highlights how value creation increasingly occurs before companies reach public markets. Chapters  [00:13] Introduction and overview of the SpaceX IPO discussion [02:17] SpaceX's three business pillars: Space, Starlink, and AI [03:49] Teddy breaks down SpaceX's financials and revenue sources [06:12] Why Starlink has become the company's primary business [08:13] The future of AI infrastructure and orbital data centers [10:21] Elon Musk's Mars colony incentives and long-term vision [12:58] How early private investors could see massive exits [16:34] What investors are really betting on with SpaceX stock [18:46] Could this become the largest retail liquidity event ever? [21:04] The coming wave of mega-IPOs: SpaceX, Anthropic, OpenAI, and Stripe [24:50] Why every S&P 500 investor may soon own SpaceX [27:54] Governance, Elon Musk, and centralized control [31:09] Is SpaceX an aerospace company, AI company, or something else entirely? [34:02] Closing thoughts and preview of future episodes

10 Years of Reg CF, Reg Crypto, and the Future of Startup Investing

This week on the Kingscrowd Podcast, Brian Belley and Scott Kitun break down three major developments shaping the future of retail investing and online private markets. First, they reflect on the 10-year anniversary of Regulation Crowdfunding, exploring how the industry has evolved from an experimental framework into a market that has helped companies raise more than $13 billion from everyday investors. The conversation then shifts to the newly proposed CLARITY Act and the emergence of “Reg Crypto,” a potential new fundraising exemption designed specifically for blockchain-native projects. Brian and Scott discuss what the legislation could mean for tokenized assets, startup fundraising, liquidity, and the broader future of private investing. Finally, they examine the viral “Let’s Buy Spirit Airlines” campaign and what it says about retail investor appetite for collective ownership and crowd-powered finance. Chapters 00:13 Welcome Back + 10 Years of Reg CF 01:20 Crowdfunding by the Numbers 02:27 Retail Investing Has Changed Forever 04:42 The CLARITY Act Explained 05:29 What Is Reg Crypto? 07:40 Tokenized Investing & Crypto Markets 13:58 Tokenized Securities vs Crypto Assets 18:28 Could Reg CF Evolve Next? 20:02 The Future of Startup Investing 24:57 Can the Crowd Buy Spirit Airlines? 27:30 DAOs, Crowd Ownership & Retail Investing 31:16 The Rise of Ownership Culture

Evaluating Totem’s $15M Bet on Offline Navigation Tech

Brian Belley and Teddy Lyons open the episode with a reminder about Kingscrowd’s upcoming Atlanta Startup Showcase before diving into Totem [https://kingscrowd.com/totem-on-wefunder-2025/], a consumer hardware startup building wearable offline tracking devices for concerts, festivals, cruises, and crowded venues (00:00-01:32). Teddy explains how Totem’s proprietary mesh network technology allows users to locate friends and family without relying on cellular service, GPS, or Wi-Fi, and why the product immediately resonated with live event audiences (01:32-05:06). The conversation then shifts toward Totem’s early traction, including 52,000 users, $1.7 million in 2025 revenue, and more than 600 million organic social media views generated with virtually no paid advertising (05:06-08:46). Brian and Teddy debate whether the company’s virality can translate into long-term scalable growth, discussing subscription potential, venue partnerships, hardware margins, and rental opportunities across festivals, cruises, and amusement parks (08:46-14:31). Léa Bouhelier-Gautreau joins later in the episode to question Totem’s customer acquisition durability, pricing strategy, and adoption hurdles, while the team explores how the company may evolve from a viral gadget into a broader consumer platform with recurring venue and analytics opportunities (14:31-17:52).