Episodes
How Post-IPO Companies Set Their First Shareholder Letter
When a company goes public, the first shareholder letter is more than a recap—it's a strategic document that sets the tone for years of investor relations. In this episode, Lucas and Luna unpack the craft behind those inaugural letters, drawing on recent examples from the tech IPO wave. They break down why companies like Rivian and Roblox chose specific narratives in their early letters, how they balance transparency with optimism, and what signals investors should actually read for. With…
How Post-IPO Companies Price Their Follow-On Offerings
When a newly public tech company decides to sell more shares, it faces a delicate pricing act. Too high, and investors balk; too low, and it leaves money on the table. In this episode, Lucas and Luna explore how post-IPO companies price follow-on offerings, from the role of the discount to the signal it sends to the market. They break down the mechanics with concrete examples, including how companies like Palantir and Airbnb have navigated secondary sales, and why the discount can be a tool for…
How Post-IPO Companies Use AI to Detect Earnings Call Faux Pas
In this episode of Tech IPO Conversations, Lucas and Luna explore a fresh angle in post-IPO investor relations: how public software companies are using AI to analyze earnings calls for tone, evasiveness, and missteps. They anchor the discussion in the current market—where stocks like Amazon and Rivian have seen sharp weekly drops—and explain how AI sentiment analysis can gauge CEO confidence and catch contradictions before they go viral. The hosts walk through a concrete example: a hypothetical…
How Post-IPO Companies Use Convertible Bonds to Fund Growth
In this episode of Tech IPO Conversations, Lucas and Luna explore how post-IPO tech companies increasingly turn to convertible bonds to raise capital without diluting shareholders immediately. They break down the mechanics of convertibles, why they've become a favorite tool for cash-hungry growth companies, and the risks involved — including the dreaded 'death spiral' and the impact on earnings per share. Using recent examples and current market data, they discuss why companies like Tesla and…
How Post-IPO Companies Time Insider Sales After Lockup
In this episode of Tech IPO Conversations, Lucas and Luna drill into the art of timing insider sales after the lockup period expires. They explore how executives and early investors avoid the optics of dumping stock while still cashing out, using a 10b5-1 plan as their shield. The conversation anchors on real numbers from mid-August 2026: a software stock down roughly five percent over five days, while a hardware chipmaker is up three and a half. Lucas explains why the lockup expiry itself…
How Post-IPO Companies Handle Investor Day Meltdowns
When a post-IPO tech company's investor day goes sideways, the stock usually pays the price. In this episode, Lucas and Luna dissect the anatomy of an investor day meltdown — from overpromising AI revenue to getting grilled by analysts on margins. They walk through what happens in the room, how the stock reacts, and the playbook for damage control. Using the recent Databricks capital raise as a backdrop, they explore why investors are more skeptical than ever of growth-at-any-cost narratives.…
Why Post-IPO Companies Use Employee Stock Purchase Plans
In this episode of Tech IPO Conversations, Lucas and Luna explore the mechanics and strategy behind employee stock purchase plans (ESPPs) at newly public tech companies. They discuss how ESPPs differ from other equity compensation, why companies like Atlassian and Salesforce have used them to drive employee engagement, and the tax advantages that make them attractive. The hosts also examine the recent trend of companies offering discounts on stock purchases and how this can align employee…
How Post-IPO Companies Use Special Dividends to Return Cash
In this episode of Tech IPO Conversations, Lucas and Luna explore why a growing number of post-IPO tech companies are choosing special dividends as a way to return cash to shareholders. Using recent examples like Airbnb's surprise payout and Palantir's strong run, they unpack the signals a special dividend sends, the tax implications, and how it compares to buybacks and regular dividends. They also discuss whether this trend marks a shift in how younger tech firms think about capital…
How Post-IPO Companies Use Earnings Calls to Reset Expectations
In episode 151 of Tech IPO Conversations, Lucas and Luna examine how post-IPO tech companies use earnings calls to reset investor expectations during turbulent markets. Anchoring on recent moves from Airbnb and Shopify — both up over 20 percent in the last five days — they break down the subtle art of managing guidance, framing narratives, and using shareholder letters to shift focus from short-term misses to long-term strategy. The hosts discuss the tension between transparency and spin, and…
How Post-IPO Companies Use Shareholder Letters to Set the Narrative
In this episode of Tech IPO Conversations, Lucas and Luna explore the strategic role of the shareholder letter for post-IPO tech companies. Drawing on recent examples like Palantir's 37 percent weekly surge and Shopify's 30 percent jump after strong earnings, they discuss how CEOs use these letters to frame results, manage expectations, and build long-term credibility. The conversation drills into the mechanics: what makes a letter effective, the risks of overpromising, and how the best letters…
How Post-IPO Companies Use Secondary Offerings to Fund Growth
In this episode of Tech IPO Conversations, Lucas and Luna explore how post-IPO tech companies use secondary offerings to raise capital and fund growth. They start with the recent performance of Palantir, which jumped 36.9% in five days, and discuss how companies like Palantir, Airbnb, and Shopify have used secondary offerings to capitalize on strong stock prices. The hosts break down the mechanics of these offerings, the signals they send to investors, and the risks of dilution. They also…
Post-IPO Tech Companies and the Secondary Market Selloff
In Episode 148 of Tech IPO Conversations, Lucas and Luna examine why post-IPO tech stocks like Palantir and Shopify have been surging in early August 2026, while mega-caps like Alphabet and Amazon have stumbled. They drill into the dynamics of the secondary market — how public investors, index funds, and ETF flows are reshaping the post-IPO landscape, and what that means for companies navigating a sharp rotation. With specific numbers — Palantir up nearly 37 percent in five days, Shopify up…
How Post-IPO Companies Use Green Shoe Options to Stabilize Their Debut
In this episode of Tech IPO Conversations, Lucas and Luna unpack the mechanics and real-world impact of the greenshoe option, the over-allotment tool that underwriters use to stabilize a stock after its IPO. They walk through how the option works, why it matters for post-IPO companies and investors, and what happens when it's exercised or abandoned. Anchored in the current market, they reference the recent surge in Shopify and Palantir shares as a reminder of post-IPO volatility, and touch on…
Why Post-IPO Companies Buy Back Shares Above IPO Price
Episode 146 of Tech IPO Conversations digs into a counterintuitive move some public software companies make: buying back their own stock above the IPO price. Lucas and Luna walk through the 2026 buyback wave, the signaling math, and the risk of capital misallocation. They look at a recent example of a company that repurchased at a premium and what it told the market. The conversation covers how buybacks differ from dividends for growth-stage firms, why CFOs love them, and what can go wrong when…
Why Post-IPO Companies Use Insider Selling Windows
Post-IPO companies face a delicate dance when insiders want to sell shares. In this episode, Lucas and Luna explore the mechanics and strategy behind insider selling windows — the regulated periods when executives can trade without raising red flags. They dig into the recent lockup expiry pressure some tech names have faced, referencing the five-day moves in Palantir and Roblox as contrasting case studies. Lucas explains how Rule 10b5-1 plans, which were covered in a prior episode, fit into the…
How Post-IPO Companies Handle Lockup Expiry Selling Pressure
When the post-IPO lockup expires, the stock can face a wall of selling pressure from insiders and early investors. In this episode, Lucas and Luna break down how recent tech IPOs have navigated that window — from staggered lockups to underwriter-led share distributions — and why the biggest risk isn't always the insiders selling, but the market's perception of the float. They anchor the discussion in the current market, noting that high-flying names like Microsoft and Amazon have rallied hard…
How Post-IPO Companies Use Employee Stock Purchase Plans
In this episode of Tech IPO Conversations, Lucas and Luna explore how post-IPO tech companies use employee stock purchase plans (ESPPs) to boost retention and align employee incentives with shareholder value. They dive into the mechanics of a typical ESPP—how employees can buy shares at a discount, often 15 percent, through payroll deductions over an offering period. Using real-world examples like Apple and NVIDIA, the hosts discuss why a well-designed ESPP can be a powerful tool for building a…
How Post-IPO Companies Use Dual-Class Structures
In this episode of Tech IPO Conversations, Lucas and Luna explore how post-IPO tech companies use dual-class share structures to keep control in the hands of founders. They examine the trade-offs between founder control and shareholder accountability, using recent examples like Google's Alphabet and Meta to illustrate the debate. The hosts discuss how dual-class structures can be a tool for long-term vision but also a source of governance risk, and they reference current market data, noting…
How Post-IPO Companies Navigate Quiet Periods and Blackout Windows
When META dropped 10% in five days, the question wasn't just about earnings—it was about who knew what before the news broke. This episode digs into the regulatory framework that governs how newly public tech companies manage quiet periods and blackout windows. Lucas and Luna explore Regulation FD, the 30-day pre-earnings silence, and the practical challenges for investor relations officers. With real examples from the current volatile market, they explain why these rules matter for preserving…
How Post-IPO Companies Use AI Agents for Investor Relations
Episode 140 of Tech IPO Conversations explores a nascent but rapidly growing trend: post-IPO software companies deploying AI agents to handle investor relations. Hosts Lucas and Luna unpack how these AI tools are being used to streamline routine queries, track sentiment, and even draft responses — while navigating SEC compliance and selective disclosure rules. Drawing on recent headlines — Mark Zuckerberg's prediction of billions of personal AI agents, Microsoft's $3.2 billion gain from its…
How Post-IPO Companies Use Share Buybacks to Signal Confidence
In this episode of Tech IPO Conversations, Lucas and Luna explore how post-IPO companies use share buybacks as a strategic tool to signal confidence and support their stock price. Using Apple's long-running buyback program as a case study, they break down the mechanics, the signaling effect, and why younger tech companies like NVIDIA are slower to adopt buybacks even when their shares are down. Lucas cites Apple's massive $110 billion annual buyback authorization and explains how it boosts…
How Post-IPO Companies Use Stock Splits to Attract Retail Investors
Stock splits don't change a company's valuation, but they can dramatically shift its shareholder base. In this episode, Lucas and Luna explore why some post-IPO companies choose to split their stock—and why others resist. Using Apple's 4-for-1 split in 2020 as a starting point, they examine the trade-offs: increased liquidity, cheaper options for retail traders, and the psychological appeal of a lower share price versus the belief that a high stock price signals quality. They also look at…
How Post-IPO Tech Companies Reprice Stock Options During a Downturn
As Tesla, NVIDIA, and Meta shares tumble—Tesla down 18.4% in five days—employees holding underwater stock options face a dilemma. In this episode, Lucas and Luna explore how post-IPO tech companies adjust stock-based compensation when share prices fall sharply. They examine the mechanics of option repricing, special RSU grants, and the delicate balance between retaining talent and managing dilution. With contrasting examples from Shopify (up 10%) and Rivian (down 3.8%), the hosts unpack the…
Navigating Investor Relations in a Tech Selloff
Growth stocks took a beating this week: Tesla down 18%, Meta off nearly 8%, and the ARK Innovation ETF losing 6.6%. For post-IPO companies, a selloff like this tests their investor relations playbook. In this episode, Lucas and Luna unpack how newly public tech firms communicate with shareholders when the market turns against them. They look at real moves from Tesla, Meta, and others — from withdrawing guidance to leaning on long-term metrics — and ask whether the old IR playbook still works in…
How Post-IPO Tech Companies Withdraw Guidance in a Selloff
With tech stocks tumbling in late July 2026—Tesla down 18% in five days, Meta off nearly 8%—post-IPO companies face a critical capital-markets decision: whether to reaffirm, adjust, or withdraw forward guidance. In this episode, Lucas and Luna examine the strategy behind guidance withdrawals: the legal safe harbor that protects companies, the signaling effect on analysts and investors, and a real-world case of a 2024 IPO that temporarily pulled its outlook and saw its stock stabilize. They also…
How Post-IPO Companies Use 10b5-1 Insider Trading Plans
Episode 134 digs into a quiet but critical tool for post-IPO companies: 10b5-1 trading plans. These pre-scheduled stock sale programs let insiders like founders and executives sell shares without risking insider-trading accusations. Palantir, now trading at $122.92, is a textbook case – its employees and early investors have used these plans to gradually cash out after the direct listing. We walk through how the SEC's 2022 rule changes forced companies to include cooling-off periods and new…
How Post-IPO Companies Use Convertible Notes to Raise Capital
Episode 133 of Tech IPO Conversations explores how recently public companies leverage convertible notes—debt that converts to equity—to fund growth without immediate dilution. Hosts Lucas and Luna break down the mechanics, from coupon rates to conversion premiums, using examples like MongoDB and Snap. They discuss why convertibles appeal to high-growth tech firms, how investors view the risk-reward, and what it means for existing shareholders. The episode also touches on the record $70 billion…
How Post-IPO Companies Use Stock Compensation to Save Cash
In this episode, Lucas and Luna explore how recently public companies are increasingly relying on stock-based compensation to conserve cash while still attracting top talent. They discuss the trade-offs of heavy equity grants, including shareholder dilution and accounting costs, using real-world data from 2021 IPO cohorts. The hosts also touch on Monday.com's recent layoffs and how equity policies factor into downsizing decisions. Plus, a look at the current market environment for tech stocks…
How Post-IPO Companies Use Shelf Registrations for Capital Flexibility
Lucas and Luna explore the strategic use of shelf registrations by recently public companies like Palantir and Airbnb. They explain how shelf filings allow firms to pre-register shares with the SEC, enabling rapid capital raises when market conditions are favourable—but also create dilution overhang. The conversation covers the trade-offs between speed and shareholder dilution, how companies time issuances, and why shelf registrations are a cornerstone of post-IPO corporate finance. Listeners…
How Post-IPO Companies Use Earnout Agreements in Acquisitions
In this episode of Tech IPO Conversations, Lucas and Luna explore how recently-public companies use earnout agreements to structure acquisitions—tying part of the purchase price to the target's future performance. Using the recent example of AMD's $5 billion acquisition of ZT Systems, which includes a $1.2 billion earnout tied to revenue milestones through 2027, they explain why earnouts are especially popular among post-IPO acquirers. These agreements let companies conserve cash, align…
Why Post-IPO Companies Use SPACs to Go Public
Episode 129 of Tech IPO Conversations with Fexingo: Public Software Companies and Capital Markets. Hosts Lucas and Luna dive into the mechanics and motivations behind Special Purpose Acquisition Companies (SPACs) as a route to public markets for post-IPO companies. They discuss the recent volatility in high-growth tech stocks—citing Palantir's 7.7% drop and Coinbase's 2.7% gain over the past five days—and how SPACs offer an alternative to traditional IPOs and direct listings. Lucas explains the…
How Post-IPO Companies Use Direct Listings to Go Public
In this episode, Lucas and Luna explore the mechanics behind direct listings, using Coinbase's landmark 2021 direct listing as a central case study. They explain how direct listings differ from traditional IPOs, why companies like Coinbase chose this route, and what it means for early investors and employees. The conversation also touches on the recent trend of companies using direct listings to avoid lockup periods and underwriter fees, referencing live market data for Coinbase (COIN) trading…
How Post-IPO Companies Use At-the-Market Offerings for Capital
In this episode, Lucas and Luna explore how post-IPO companies use at-the-market (ATM) offerings to raise capital gradually, minimizing dilution and market disruption. They use the current market context—July 22, 2026—to examine real examples like Coinbase, which has used ATM programs to raise over $2 billion since its direct listing, and discuss how smaller companies like Palantir and Roblox could leverage this tool amid recent stock declines. The hosts break down the mechanics, benefits, and…
How Post-IPO Companies Use Virtual Investor Days
In this episode, Lucas and Luna explore how recently public companies are replacing traditional in-person analyst days with virtual investor events to reach a broader audience while cutting costs. They discuss the recent trend among tech IPOs like Arm and Klaviyo, which have shifted to digital-only or hybrid formats, and how this changes the dynamic between management and investors. The conversation is anchored by current market data showing volatility in high-growth stocks like Roku and…
How Post-IPO Companies Use ESG Metrics in Investor Communications
In episode 125, Lucas and Luna examine how newly public companies are incorporating ESG metrics into their investor relations to attract institutional capital. Focusing on the case of Rivian—down 0.2% this week to $17.76—they discuss how the EV maker uses sustainability reports and carbon targets to differentiate itself. They also look at how Tesla and other tech firms navigate the fine line between genuine reporting and greenwashing, and why ESG-linked compensation is becoming a retention tool…
Post-IPO Companies Use Secondary Offerings to Raise Capital
IPO lockups are expiring, and many newly public companies are facing a liquidity crunch. But some are turning to secondary offerings—selling more shares after the IPO—to raise cash without crashing their stock. Lucas and Luna break down how companies like Palantir and Rivian have used follow-ons, when they work, and when they backfire. They explore the mechanics of secondary offerings, including accelerated book builds and registered direct offerings, and what the recent market data says about…
How Post-IPO Companies Use Sponsored Content as Investor Relations
In this episode of Tech IPO Conversations, Lucas and Luna explore a growing trend among newly public tech companies: using sponsored content — think partner-produced podcasts, newsletters, and video series — as a tool for investor relations. Rather than relying solely on traditional earnings calls and press releases, firms like Shopify and Airbnb are commissioning independent creators to produce deep-dive analyses that reach retail investors and analysts alike. The hosts break down how this…
How Post-IPO Companies Use AI for Earnings Call Prep
In this episode, Lucas and Luna dive into how recently public companies are using AI to prepare for earnings calls, from drafting Q&A scripts to analyzing sentiment in real time. They explore a specific case: a cloud software firm that used a large language model to generate mock investor questions and flag weak spots in messaging before the call. The hosts also discuss the risks of over-reliance on AI, such as sanitized language that lacks authenticity. With Apple stock up 5.2% in the past…
How Post-IPO Companies Use AI for Earnings Call Prep
In this episode of Tech IPO Conversations, Lucas and Luna examine how newly public companies are using artificial intelligence to prepare for earnings calls. They break down the specific tools and techniques — from AI-generated Q&A rehearsals to real-time sentiment analysis of analyst questions — and discuss why this matters for investor relations. The conversation is anchored by recent market moves at Apple and Nvidia, and explores how AI is changing the way CFOs and IR teams communicate with…
How Post-IPO Companies Use Earnout Clauses in Acquisitions
When a newly public company buys a private firm, the deal often includes an earnout — a contingent payment tied to hitting specific milestones post-close. In this episode, Lucas and Luna unpack why earnouts have become a fixture in tech M&A, especially for post-IPO acquirers with volatile stocks. They walk through a real example: Shopify's acquisition of Deliverr in 2022, where a $2.1 billion deal included a significant earnout component tied to revenue targets. They discuss how earnouts bridge…
How Post-IPO Companies Use Tender Offers for Buybacks
Episode 119 of Tech IPO Conversations explores how post-IPO companies use tender offers for share buybacks—a tool that lets them repurchase large blocks of stock directly from shareholders at a fixed premium. Lucas and Luna dive into the mechanics, using recent market data to illustrate when and why a company might choose a tender offer over open-market repurchases. They discuss the signaling impact on stock price, the role of institutional vs. retail shareholders, and the tax implications for…
How Post-IPO Companies Use Dual-Class Share Structures
Episode 118 of Tech IPO Conversations with Fexingo dives into dual-class share structures—why post-IPO companies like Meta and Palantir use them, the trade-offs for public investors, and how recent IPO candidates are designing their own. Lucas and Luna discuss the concentration of voting power at Snap, the erosion of one-share-one-vote norms, and what it means for governance in the AI era. They anchor on Palantir's recent buyback activity and the growing trend of 'time-based sunset' clauses.…
How Post-IPO Companies Use Stock Buybacks During Market Dips
In this episode of Tech IPO Conversations, Lucas and Luna explore how post-IPO companies deploy stock buybacks during market downturns to signal confidence and support share prices. Using recent data from July 2026, they examine how companies like Apple, with a 5.2% gain over five days, and Tesla, down 3.3%, might approach buybacks differently. The hosts discuss the strategic timing of buybacks, the risks of buying at market peaks, and the importance of transparent communication with investors.…
How Post-IPO Companies Use Lockup Release Market Making
When the lockup period ends at a recently-public company, millions of shares suddenly become eligible for sale by insiders and early investors. That flood can crush the stock. In this episode, Lucas and Luna look at how some companies are fighting back with a strategy called lockup release market making. Using data from recent high-profile lockup expirations, they explain how companies pre-arrange block trades with banks, use accelerated share repurchases, and even deploy algorithmic buying to…
How Post-IPO Companies Use AI-Powered Chatbots for Investor Relations
Episode 115 of Tech IPO Conversations explores a quietly transformative trend: post-IPO companies deploying AI chatbots on their investor relations websites to handle routine analyst questions, provide real-time data, and free up executive time. Lucas and Luna look at the specific case of a recently public software firm that saw a 30 percent reduction in inbound IR email volume after implementing a custom chatbot built on its own earnings transcripts and filings. They discuss the…
How Post-IPO Companies Use Stock Buybacks During Lockup Expirations
Episode 114 of Tech IPO Conversations explores a little-discussed but critical moment for newly public companies: the expiration of the lockup period. Lucas and Luna walk through the mechanics of how firms use share buybacks to absorb the flood of insider shares hitting the market, using the example of a 2025 IPO that faced a 30% stock drop on lockup day. They discuss timing, disclosure rules, and the tension between signaling confidence and managing dilution. The hosts reference the recent…
How Post-IPO Companies Use Directed Share Programs to Woo Institutional Investors
In this episode, Lucas and Luna explore directed share programs (DSPs) — a tool post-IPO companies use to allocate shares to key institutional investors during follow-on offerings. They discuss why companies like Palantir and Airbnb have used DSPs, how they differ from traditional secondary offerings, and the trade-offs between building long-term relationships and diluting existing shareholders. With Palantir up nearly 4% in the past five days and Coinbase surging 5.8%, they examine how…
How Post-IPO Companies Use Convertible Bonds to Raise Capital
In this episode of Tech IPO Conversations, Lucas and Luna explore how recently public tech companies use convertible bonds as a financing tool. They examine the mechanics of convertible debt, how it differs from traditional equity offerings, and why companies like those in the AI sector might prefer it in the current interest-rate environment. The hosts discuss a recent example of a convertible issuance by a mid-cap tech firm, breaking down the terms and strategic rationale. They also touch on…
How Post-IPO Companies Use Stock Buybacks as a Liquidity Tool
In this episode of Tech IPO Conversations, Lucas and Luna explore how recently public software companies leverage stock buybacks not just to signal confidence, but to manage liquidity for employees and large shareholders. They examine Meta's aggressive buyback program—$50 billion authorized in February 2026—and how its stock's 9.3% five-day gain reflects market approval. They contrast this with Shopify's more cautious approach, using its 5.4% bump as a case study. The discussion also touches on…
How Post-IPO Companies Use Direct Listings to Go Public
In this episode of Tech IPO Conversations, Lucas and Luna explore the mechanics and strategic implications of direct listings as an alternative to traditional IPOs. They examine the case of Coinbase, which went public via direct listing in April 2021, and contrast it with the traditional IPO process. The hosts discuss how direct listings allow existing shareholders to sell directly to the public without underwriters setting an initial price, and how this can lead to more efficient price…
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