IPOs will have a good year in 2026 with rate cuts and private company backlog: Saga Ventures' Nguyen
December 26, 2025 • 4m 55s
? (Correspondent)
00:00.390
all
right
medlines
market
debut
earlier
this
month
closed
out
a
strong
year
for
IPO
's
the
biggest
since
twenty
twenty
one
chime
circle
core
weave
also
listing
in
twenty
twenty
five
thompson
wynn
is
the
co-founder
and
managing
partner
of
sega
ventures
saga
ventures
sega
ventures
? (Correspondent)
00:16.190
which
ventures
reddit
saga
ventures
which
backed
reddit
anderol
and
ramp
yeah
i
guess
sega
would
be
probably
copyrighted
thank
you
very
much
for
joining
us
so
you
know
we've
seen
the
IPO
market
come
back
to
some
extent
this
year
obviously
twenty
twenty
one
was
an
anomaly
by
many
? (Correspondent)
00:34.870
measures
but
i'm
curious
if
you
think
next
year
could
be
even
bigger
than
that
given
what
we're
expecting
at
least
what's
been
reported
with
regard
to
the
potential
for
open
AI
and
throatic
spacex
i
mean
that
could
be
beyond
records
if
they
ultimately
raise
capital
at
levels
? (Correspondent)
00:52.830
that
are
being
reported
right
now
Thomson Nguyen (Co-founder & Managing Partner)
00:55.510
i
think
that's
right
first
thanks
for
having
me
i
think
twenty
twenty
six
will
be
a
good
year
for
IPO
's
to
to
be
honest
i
think
you
know
we're
expecting
modest
rate
cuts
in
the
next
year
we
see
this
surge
of
AI
and
by
extension
chip
and
energy
companies
that
are
continuing
to
Thomson Nguyen (Co-founder & Managing Partner)
01:11.150
grow
and
as
you
mentioned
there's
this
continuing
backlog
of
large
cap
private
companies
you
know
in
addition
to
spacex
open
AI
and
anthropic
we've
got
stripe
service
systems
and
databricks
as
well
? (Correspondent)
01:22.680
do
you
think
that
the
private
markets
are
more
or
less
disciplined
than
the
public
markets
will
be
i
ask
that
because
we've
seen
these
private
fundraisers
at
what
appears
to
be
eye
popping
valuations
we
don't
know
all
of
the
specifics
as
it
pertains
to
the
fundamentals
for
many
? (Correspondent)
01:39.590
of
these
companies
but
then
at
the
same
time
on
the
on
the
flip
side
you
have
a
public
market
environment
where
there's
been
just
such
a
dearth
of
big
growth
name
brand
companies
coming
to
market
over
the
last
few
years
i
wonder
if
there
will
be
sort
of
this
supply
demand
? (Correspondent)
01:55.150
dynamic
whereby
the
buy
side
is
clamoring
to
get
into
these
names
just
because
they
haven't
had
exposure
to
them
in
quite
some
time
Thomson Nguyen (Co-founder & Managing Partner)
02:02.950
i
think
it's
natural
for
for
private
valuations
to
sort
of
kind
of
be
a
leading
indicator
and
then
once
they
IPO
we'll
we'll
see
this
sort
of
like
correction
or
reversion
to
to
PE
multiples
that
make
more
sense
in
public
markets
but
at
the
end
of
the
day
you
know
when
you
play
a
Thomson Nguyen (Co-founder & Managing Partner)
02:18.390
long
term
game
these
companies
have
to
eventually
build
and
provide
goods
and
services
to
people
and
so
you
know
you
look
at
open
AI
they've
got
eight
hundred
million
users
for
what
is
essentially
a
three
year
old
product
they
have
a
million
using
it
it
really
is
sort
of
amazing
Thomson Nguyen (Co-founder & Managing Partner)
02:35.550
growth
and
and
sort
of
a
trajectory
that
we've
really
not
seen
at
all
before
with
these
what
we're
calling
AI
native
companies
? (Correspondent)
02:42.630
that
i've
heard
is
you
know
maybe
some
concerns
around
the
market
being
able
to
absorb
all
the
supply
if
it
if
it
does
come
to
pass
that
these
big
companies
all
come
out
next
year
around
the
same
time
is
the
market
able
to
absorb
all
of
that
new
issuance
or
do
you
think
you
? (Correspondent)
03:00.030
could
see
some
pockets
of
volatility
as
a
result
of
it
Thomson Nguyen (Co-founder & Managing Partner)
03:04.080
i
mean
i
think
one
thing
we
always
worry
about
in
early
stage
venture
capital
is
that
you
know
the
the
market
can't
really
bear
thousands
of
small
startups
working
in
AI
infrastructure
and
AI
applications
and
you
know
the
the
same
is
probably
true
in
the
public
markets
as
well
Thomson Nguyen (Co-founder & Managing Partner)
03:16.320
you
know
we
we
will
see
as
companies
IPO
value
accrue
to
the
winners
just
as
we
saw
in
the
twenty
tens
we
had
value
accruing
to
amazon
web
services
to
google
cloud
platform
and
microsoft
azure
cloud
we
will
see
this
similar
consolidation
effect
for
application
layers
and
what
AI
Thomson Nguyen (Co-founder & Managing Partner)
03:35.470
infrastructure
companies
? (Correspondent)
03:37.670
so
there's
this
formation
phase
in
this
rationalization
phase
which
one
is
next
year
we're
still
in
the
formation
of
creating
these
new
companies
we're
going
to
start
to
rationalize
the
next
year
Thomson Nguyen (Co-founder & Managing Partner)
03:48.390
i
still
think
we're
in
the
very
early
innings
of
what
we're
calling
transformer
style
LLM
companies
you
know
you
think
about
like
chatgpt
really
being
three
years
old
we
now
have
open
AI
and
nvidia
announcing
their
hundred
billion
dollar
infrastructure
data
center
in
september
Thomson Nguyen (Co-founder & Managing Partner)
04:08.470
that'll
provide
ten
gigawatts
of
power
to
nvidia
chips
to
to
basically
train
their
next
generation
models
we're
still
in
the
very
very
early
stages
of
allowing
for
these
AI
models
to
understand
synthesize
and
provide
curated
internet
for
users
and
then
we've
not
even
touched
Thomson Nguyen (Co-founder & Managing Partner)
04:27.190
upon
what
we're
calling
the
sort
of
like
agentic
internet
the
idea
that
these
AI
agents
can
perform
actions
on
our
behalf
the
most
specific
examples
like
agente
commerce
the
idea
that
you
know
if
i
have
an
AI
agent
that
understands
and
knows
my
preferences
it'll
automatically
Thomson Nguyen (Co-founder & Managing Partner)
04:43.030
buy
things
on
my
behalf
so
you
know
knows
that
once
i've
logged
three
hundred
miles
on
my
running
shoes
it'll
automatically
just
buy
a
pair
of
you
know
the
the
latest
running
shoes
that
i
i've
been
using
for
the
last
couple
of
years
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