TBPN Elon’s go-to banker leads SpaceX IPO, SaaSination, Bejing’s robot Boom | Diet TBPN
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Feb 11, 2026 They unpack why Michael Grimes’s return hints at a blockbuster SpaceX IPO and the underwriting spectacle it could bring. They debate AI lab strategy as XAI and safety researchers depart and explore how AI threatens SaaS valuations and headcount. They survey where capital for mega IPOs might come from and Beijing’s rapid push to commercialize humanoid robots.
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Grimes Signals SpaceX IPO Momentum
- Michael Grimes's return to Morgan Stanley signals a serious push toward a SpaceX IPO and massive capital raising.
- His history of deep product engagement and deal-making positions him to lead a record-breaking roadshow.
Grimes Learns By Doing
- John recounts that Michael Grimes once drove for Uber before taking the company public to deeply understand the product.
- Grimes also played Farmville during the Facebook IPO process to learn how the platform enabled businesses.
Avoiding Software Paid Off For Apollo
- Apollo largely avoided software investments and now benefits as AI fears hit software valuations and loans.
- That positioning may make Apollo comparatively 'prettier' than peers during the SaaS sell-off.