The Rundown 1/23/25: Truth Bombs at Davos, Chaos in Markets, Big IPOs Ahead

In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack Prime Minister Mark Carney’s China agreement and his Davos speech, calling out the collapse of the rules-based international order and pushing “middle powers” to coordinate against coercion. John and Matt agree the speech was sharp, but they hammer the real issue: Canada has to build leverage at home (resources, infrastructure, internal trade, and actual execution) or “diversifying” becomes a vibes-only strategy.

The conversation then pivots to Trump’s Greenland framework, rare earth realities, and why the real choke point is processing, not just “owning minerals.” Finally, they switch lanes into markets, covering the biggest anticipated IPOs of 2026 (SpaceX, OpenAI, Databricks, Stripe, Revolut, Canva), why liquidity could snap back for LPs, and why SPACs are creeping back as a funding path for deep tech, including General Fusion’s SPAC and the emergence of the Canadian Rocket Company as Canada tries to repatriate space talent.

Canada–China trade reset and what it actually means (02:13)

Matt tees up the January 16 China agreement and the idea of trade diversification under U.S. tariff uncertainty. John frames it as a fix for specific trade pain (not a full political pivot) and warns against treating China as a “safe alternative.”

Davos speech: “truth bombs” vs real-world action (04:11)

They break down Carney’s Davos message on coercion, great power tactics, and middle-power coalitions. John calls it “spectacular,” but both stress the gap between rhetoric and measurable outcomes.

Canada’s leverage problem: “build Canada first” (06:39)

John argues Canada can’t diversify trade if it has nothing competitive and scalable to trade. The conversation turns into a blunt call for domestic execution: resources, pipelines, and the hard stuff that moves GDP.

Matt’s frustration: Why no national address to Canadians? (08:06)

Matt goes off on the lack of direct, plainspoken communication to Canadians about what has to change, what’s coming, and what tradeoffs might be required.

Trump and Greenland: Bond markets, politics, and power (12:32)

John calls Trump’s posture performative and points to constraints that actually matter, including internal GOP pressure and market reactions (he highlights the bond market as the real “adult in the room”).

Top anticipated IPOs of 2026: the mega list (19:12)

They run through what’s being floated as the monster class of potential offerings: SpaceX, OpenAI, Databricks, Stripe, Revolut, Canva (and more speculation). The bigger point: it’s not number of IPOs, it’s dollar value and liquidity unlock.

Canada’s space bets: Canadian Rocket Company emerges (21:15)

Matt shares CRC’s emergence from stealth with $6.2M funding (all Canadian investors including BDC and Garage). Focus: repatriating SpaceX/Blue Origin talent and pushing Canada deeper into the space industrial base.

Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

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