Three private companies with a combined value approaching $3.5 trillion are moving closer to public listings: SpaceX, OpenAI and Anthropic. This represents a rare clustering of very large initial public offerings in two of the most talked-about sectors of the decade: artificial intelligence and private space exploration. An initial public offering, or IPO, is when a private company lists on a stock exchange and its shares become publicly tradable. The most important point for

Working life tends to be split into three phases. There’s the early stretch, when you’re setting things up and putting your financial structure in place. There’s the final stretch, when you’re winding down towards retirement. Between these two phases, there’s the long middle stretch where most of life actually happens. In this middle phase, the main work of building your financial structure is done. The accounts are open, and the contributions are running in the background.

There is a stark distinction that successful founders must eventually confront: If your business cannot operate without you for 90 days, you do not own a business. You are self-employed. It is a truth that has been sitting with me since my very first annual hiking trip. Every year, I plan time away on the trail, deliberately disconnecting from the daily rhythm. I do it for three reasons. First, to see how my family operates without me. Second, to see how my business survives