An unfiltered look at private credit, fintech, and the realities of building a disruptive platform. Join Nelson and Prath as they share insights, challenges, and wins from their journey bridging the gap between Wall Street and Silicon Valley. Whether you're an accredited investor, a fellow founder, or just curious about the future of finance, tune in for raw, honest, and thought-provoking content delivered straight from the founder's perspective.
Gates are back — and this time it's BCRED. Nelson and Prath dig into why fund managers are choosing to gate rather than sell into a buyer-scarce secondary market, what Apollo's daily pricing initiative actually means (spoiler: mark-to-model, just more frequently), and whether the SpaceX IPO pop is a sign of healthy markets or peak froth. They close on the AI IPO pipeline — Anthropic and OpenAI are on deck — and why Nelson likes Anthropic's chances more than Prath does.
2 Jun 2026
The Last AAA
The US just lost its last AAA credit rating, and Nelson and Prath are not exactly shocked — but they are keeping score. This episode traces the economics of a bifurcating country where SpaceX employees are bidding $2M over ask on dilapidated San Francisco houses and everyone else is paying $7.29 for gas, then pivots to private credit: why $18 billion in annual secondary trading sounds impressive until you learn that corporate bonds trade $70 billion in a single day, and what it means that AI data center deals are now pricing inside public markets. Macro gloom, credit math, and an HVAC-on-Mars tangent. The usual.
16 May 2026
Trillions Is the New Billion
Cerebras IPOs at $68 billion with 320 employees, SpaceX is reportedly eyeing a $1.5T tape, and Anthropic is racing to beat OpenAI to the public markets. Meanwhile a gallon of gas hit $7.50 near a California airport, the CPI print came in hot, and the stock market still closed at record highs. Nelson and Prath unpack the disconnect — and what it means when "trillion" stops meaning what it used to mean. Plus Apollo's daily marks announcement, Powell's last day, and why the next moat in private credit isn't technology — it's distribution.
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Apple Podcasts (US)
5.0 / 5
2 ratings
Podcast Authority Score: 25 / 100
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Quality
37
Social presence
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YouTube
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Engagement
32
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