Inside the Private Stock Market Boom: SpaceX, Anthropic, OpenAI & the Rise of Secondaries
6/7/202640 min
(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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NYSE - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE.
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 preview
First 90 secondsBrad Gerstner· Guest0:00
Everybody wants access to these private markets.
Jason Calacanis· Host0:02
Joining us right now to discuss all of this is Kelly Rodriguez. He's the Forge CEO.
Brad Gerstner· Guest0:06
We see a world where the private market opens up and is accessible to any US and global investor. There's 19 companies in the private market, uh, AI basket. These companies have grown on average 300%.
Kelly Rodriques· Guest0:19
Please join us in welcoming Gavin Baker, Managing Partner and CIO of Atreides.
Brad Gerstner· Guest0:24
The ROI on AI has empirically, factually, unambiguously been possible.
Jason Calacanis· Host0:31
Hmm.
Brad Gerstner· Guest0:31
Investing is the search for truth.
Jason Calacanis· Host0:33
We welcome in Brad Gerstner. It's good to be back with you. You have a program called Invest American.
Brad Gerstner· Guest0:38
I think we have a historic moment right now to get everybody into the game of capitalism.
Chamath Palihapitiya· Host0:44
We have a few slides from Brad to kick this off.
Brad Gerstner· Guest0:49
You know, let's, let's, let's get going.
Chamath Palihapitiya· Host0:51
A little thought starter. A little spicy thought starter.
Brad Gerstner· Guest0:52
You know, like old times. Like old times. This, uh, this panel, I, I actually was backstage, I said, "Gavin, do you know we're talking about secondaries?" He's like, "What do you mean?" [laughs] And I said, "Okay." So here, let's just set this up for everybody. The room's full of people who are allocators, people who are looking for distributions. So this is, um, secondary markets over the course of the last decade. This is the amount of money going into VC each year, the amount of money coming out of VC each year. The red line represents the net effect of that. So Chamath- Right ... we're in like five years, right? Where a lot more is going in than is coming out. But the secondary market is at record volume. So