Inside the Private Stock Market Boom: SpaceX, Anthropic, OpenAI & the Rise of Secondaries
All-In with Chamath, Jason, Sacks & Friedberg
All-In Podcast, LLC
4.0 • 10.4K 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
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Transcript
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| 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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