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The All-In Podcast · June 7, 2026 · 39m 38s

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

Brad Gerstner, Gavin Baker, Kelly Rodriques
Show Notes

Brad Gerstner (Altimeter Capital), Gavin Baker (Atreides Management), and Kelly Rodriques join the Besties to discuss the explosive growth of secondary markets in private equities. The conversation covers why top companies stay private longer, the role of SPVs and platforms like Forge/Schwab in democratizing access, how secondaries provide exit liquidity for early VCs, and whether the private market is approaching a bubble. The episode maps the current landscape of the hottest private companies and the structural forces reshaping how capital flows to innovation.

This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.

Highlights

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Secondary Markets Competing with IPOs as Exit Path0:47
Secondary markets have grown so large and liquid that they now compete directly with IPOs as a viable exit mechanism for private companies and early investors.
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Companies Staying Private 2-3x Longer Than Historical Norms3:10
Top-tier companies like SpaceX, Anthropic, and OpenAI are remaining private for 2-3 times longer than companies did in previous eras before attempting public offerings.
ClaudeChatGPTGemini
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Forge-Schwab Partnership as Critical Infrastructure Inflection9:22
The partnership between Forge (secondary trading platform) and Charles Schwab represents the most significant infrastructure development in private markets since the emergence of secondaries, democratizing access previously gatekept by mega-funds.
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Secondary Markets as Primary Exit Liquidity for Early VCs27:00
Early-stage VCs are increasingly using secondary sales—rather than waiting for IPOs or acquisitions—as their primary exit mechanism and source of fund returns.
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Editorial

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SPVs as Gatekeeping Circumvention Mechanism13:28
Special Purpose Vehicles (SPVs) have emerged as a structural tool to let smaller investors participate in deals previously reserved for mega-funds, democratizing access to private market opportunities.
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Private Market Valuations May Be Detached From Reality32:03
The guests acknowledge concern that private market valuations—especially in secondaries—may be inflated relative to fundamental business performance or public market multiples.
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Misc

✧Secondary markets are now competing directly with IPOs as an exit path for private companies
✧Companies like SpaceX, Anthropic, and OpenAI staying private 2-3x longer than historical norms
✧Forge/Schwab partnership is the most significant infrastructure development in private markets since the emergence of secondaries
✧SPVs (Special Purpose Vehicles) democratizing access that was previously gatekept by mega-funds
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