Paulius Judickas spends a lot of time thinking about something most people never notice, IP addresses. The internet runs on them, every server, every phone, every AI endpoint, every connected device. But there are only so many IPv4 addresses left, and the strange economics around that scarcity have created a new kind of market.

On this episode of Innovators, I spoke with Judickas, VP of Strategic Alliances at IPXO, a company building what is essentially a marketplace for internet infrastructure. IPXO leases IPv4 addresses from companies that have large unused reserves to startups, hosting firms, telecoms, and AI companies that need them to operate. It sounds obscure at first, but the deeper we got into the conversation, the more it started to resemble real estate.

Back in the early days of the internet, engineers assumed 4.3 billion IPv4 addresses would be more than enough. Instead, the modern internet burned through them. Companies that arrived early, IBM, Apple, major telecoms, ended up sitting on massive blocks of addresses, while newer firms often struggle to get even a few hundred.

Judickas explained how IPXO emerged from that imbalance. The founders originally ran a hosting company and began leasing their own unused IP addresses to customers. Demand exploded almost immediately. That experiment eventually became a global marketplace that now manages millions of addresses.

What makes the story interesting is that the business is not really about software alone. It is about trust. Judickas described the challenge of convincing large enterprises that the IP addresses sitting idle on their books could become a revenue stream. In many cases, companies did not even realize those assets had value.

We also talked about the strange half-finished migration from IPv4 to IPv6. For decades, the industry has talked about replacing IPv4 entirely, yet much of the internet still depends on it. Judickas sees a world where both systems coexist for years to come, especially as AI systems and connected devices increase demand for network infrastructure.

The conversation eventually turned toward AI. Every AI endpoint needs connectivity. Every distributed system needs addresses. Judickas believes the next wave of infrastructure demand will come not from traditional hosting companies but from AI firms gathering data, training systems, and deploying agents across the web.

There is something almost invisible about this market. Most people never think about the plumbing underneath the internet until it starts running short. But scarcity changes behavior. IPXO is betting that IP addresses will increasingly behave less like technical resources and more like financial assets, leased, managed, and traded much like commercial property.