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All-In with Chamath, Jason, Sacks & Friedberg

Inside the Private Stock Market Boom: SpaceX, Anthropic, OpenAI & the Rise of Secondaries

All-In with Chamath, Jason, Sacks & Friedberg

All-In Podcast, LLC

Business, Technology, Entrepreneurship

4.010.4K Ratings

🗓️ 7 June 2026

⏱️ 40 minutes

🧾️ Download transcript

Summary

(0:00) Brad Gerstner, Gavin Baker, and Kelly Rodriques join the Besties!

(0:47) Secondary Markets are Booming & Competing with IPOs

(3:10) Why Companies are Staying Private So Long?

(9:22) SPVs, the Forge-Schwab Deal, Democratizing Private Market Access

(13:28) Secondary Markets as Exit Liquidity for VCs

(27:00) The Private Market Bubble?

(32:03) Hottest Secondary Companies Right Now

Thanks to our partners for making this possible!

EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value.

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Plaud - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight.

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Transcript

Click on a timestamp to play from that location

0:00.0

Everybody wants access to these private markets.

0:02.4

We're right now to discuss all of this is Kelly Rodriguez, the Ford CEO.

0:06.6

We see a world where the private market opens up and is accessible to any U.S. and global

0:12.8

investor.

0:13.3

There's 19 companies in the private market AI basket.

0:17.2

These companies have grown on average 300%.

0:19.9

Please join us in welcoming Gavin Baker, managing partner and CIO of Atreides.

0:23.6

The ROI at AI has empirically, factually, unambiguously been possible.

0:30.6

Investing is the search for truth.

0:33.6

We welcome in. Brad Gersner, it's good to be back with you.

0:35.6

You have a program called Invest America.

0:38.2

I think we have a historic moment right now to get everybody into the game of capitalism.

0:46.5

We have a few slides from Brad to kick this off.

0:49.9

You know, let's let's get, let's get going. A little spicy thoughts started. Like old times. Like old times.

0:56.3

This panel, I actually was backstage. I said, Gavin, do you know we're talking about secondaries? He's like, what do you mean?

1:01.3

And I said, okay. So here, let's just set this up for everybody. The room's full of people who are

1:05.7

allocators, people are looking for distributions. So this is secondary markets over the course of the last decade.

1:13.4

This is the amount of money going into VC each year, the amount of money coming out of

1:17.1

VC each year.

1:18.2

The red line represents the net effect of that.

1:20.8

So, Chimoth, we're in like five years, right, where a lot more is going in than's coming

1:25.3

out.

...

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