{"podcast":{"title":"Sourcery","slug":"sourcery-6853139","podcast_index_feed_id":6853139,"rss_url":"https://anchor.fm/s/f192713c/podcast/rss","website_url":"https://www.sourcery.vc","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/40429063/40429063-1777331323919-38ab3ebcb33f6.jpg","author":"Sourcery with Molly O'Shea","episode_count":178,"summary":"Interviews with the top Investors, CEOs, & Founders","last_synced_at":"2026-07-22T22:18:35.948107+00:00","page_url":"https://stenobird.com/podcast/sourcery-6853139"},"episode":{"title":"SpaceX IPO: Inside the Firm That Owns 1%","slug":"spacex-ipo-inside-the-firm-that-owns-1","published_at":"2026-06-14T10:00:00+00:00","page_url":"https://stenobird.com/podcast/sourcery-6853139/spacex-ipo-inside-the-firm-that-owns-1","show_page_url":"https://stenobird.com/podcast/sourcery-6853139","url":"https://podcasters.spotify.com/pod/show/sourcery/episodes/SpaceX-IPO-Inside-the-Firm-That-Owns-1-e3kos84","audio_url":"https://anchor.fm/s/f192713c/podcast/play/121450180/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-5-14%2F426103645-44100-2-d9d1876ed1b8d.mp3","summary":"Justin Fishner-Wolfson is Co-Founder and Managing Partner of 137 Ventures, the firm that turned a contrarian read on private markets into a $15B platform and one of the largest SpaceX positions in venture. His firm now owns more than 1% of SpaceX, a stake worth roughly $20B at the company's $1.77T listing valuation. He was on the SpaceX deal team at Founders Fund in 2008, left to start 137, and has since bought into the company roughly two dozen times, mostly through secondaries and tenders, without selling a share. He has been buying since SpaceX was valued at $1B. In this conversation he walks through the thesis that companies would stay private longer, why partial liquidity sharpens founder focus rather than dulling it, and how 137 concentrates capital in durable companies instead of chasing sectors. We cover SpaceX's shift from cost-plus to fixed-price economics, the Falcon 9 reusability that made launch profitable, when Starlink became underwritable, the $240B secondary market, why he backed Cognition over the foundational models, his cash on cash discipline over ownership targets, and what he plans to do with the stake once the lockup lifts. Justin Fishner-Wolfson: https://www.linkedin.com/in/justinfw Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠ https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒 YouTube: https://youtu.be/y_JN4WNu8JY 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒 • Brex —The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing —Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • VCX —VCX is the public ticker for privat…","meta_description":"Justin Fishner-Wolfson is Co-Founder and Managing Partner of 137 Ventures, the firm that turned a contrarian read on private markets into a $15B platform…","key_points":[],"chapters":[],"topics":[],"duration_seconds":1795,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/sourcery-6853139/episodes/spacex-ipo-inside-the-firm-that-owns-1/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/sourcery-6853139/spacex-ipo-inside-the-firm-that-owns-1.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}