trading places

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• The SpaceX IPO Report Card, OpenAI vs. Anthropic, and the Private Market No One Talks About | CJ Gustafson w/ Guest CJ Gustafson 16.06.2026 1時間 33分

  The SpaceX IPO just happened. Dave and Aman break down the grades, the winners, and what comes next — then sit down with CJ Gustafson, recovering tech CFO and founder of Mostly Metrics, to dig into the private market pricing mechanics that most investors get completely wrong.This week: SpaceX Day 1 results and the $75B raise that dwarfed an entire year of VC-backed IPOs. The updated Private Mag Seven — who stays, who goes public, and who replaces them. OpenAI vs. Anthropic: which IPO is actually stronger and at what price. Google raising $80B in equity (not debt) with Berkshire Hathaway coming in. Cognition at $26B and the AI coding land grab. ——00:36 - [ tech news and vc ]01:52 - Big 3 Race to Go Public 🏁04:15 - Google $85B Equity Raise 💰22:48 - SaaSpocalypse Over? 🫨29:46 - AI-coding Cognition Raises $1B 💸32:32 - Databricks Past $134B & Revolut Past $100B 🚀40:01 - [ intvw: CJ Gustafson, recovering tech CFO ] 44:32 - Raising $1B in 18 Months 💸46:16 - SaaS Multiples: From 20x to 4x and the Road Back 📉1:17:00 - Stay Private, Get to $1B ARR Before You IPO 🏰1:20:26 - [ val corner: Aman grades SpaceX IPO ]1:25:12 – What happens to stock price next 6 months 🤔1:29:45 – Who made the most money 🤑——[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ cj gustafson = https://www.linkedin.com/in/cj-gustafson-13140948/ | https://x.com/cjgustafson ][ run the numbers podcast https://www.youtube.com/@RuntheNumberswithCJ ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Trading Places is the only VC secondary podcast on the internet. Hosted by Dave McClure and Aman Verjee of Practical Venture Capital.Subscribe for weekly coverage of private markets, AI company valuations, and the deals most investors never see coming.#spacex #spacexipo #spacexstock #secondaries #venturecapital
• I Read the 308-Page SpaceX S-1 So You Don’t Have To 26.05.2026 1時間 1分

  Aman read all 308 pages of the SpaceX S-1 so you don't have to. This week we break down every major number, surprise, and buried Easter egg in the filing — plus the biggest IPO week in recent memory across the AI holy trinity.SpaceX is pricing around June 12 and could open at a $2T+ valuation. We walk through all three business segments (Connectivity, Space, AI), the $28.5 trillion TAM claim, Elon's compensation plan that pays out $583B if he colonizes Mars, the unusual staggered lock-up structure, and the two breadcrumbs in the S-1 that suggest a SpaceX-Tesla merger could be coming.We also cover Anthropic's monster quarter ($10.9B in Q2 revenue, profitable, raising at $900B), OpenAI rushing to beat them to IPO after winning the Musk lawsuit, NVIDIA's $81B print growing 85% YoY, Mercury's $200M Series D at $5.2B, the US government taking equity stakes in quantum companies, and Nasdaq Private Markets suing Hiive over secondary market plumbing.A lot happened this week.00:43 - [ tech news and vc ]08:04 - Anthropic profitable, $900B looks cheap 🤯13:38 - OpenAI rushes to IPO after courtroom win 🏃‍♂️‍➡️17:53 - NVIDIA $82B print $80B buyback 💰🫲22:20 - Mercury $200M Series D @ $5.2B 🏦25:35 - US Govt = Quantum VC ⚛️29:05 - NPM sues Hiive over 2ndry plumbing 🪠30:58 - [ val corner: 308 page SpaceX S-1 ] 31:06 - SpaceX S-1 highlights 📸🔦35:56 - $28T TAM includes Martians 🌎🌍🌏🌖✨37:00 - 3 core biz units: Connectivity, Space, AI 3️⃣47:05 - SpaceX-Tesla merger? 🤔50:10 - board members revealed 👤53:48 - unusual staggered lock-up period 🔐1:01:00 - Dave sings a whole new Mars 🎶[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Thank you for watching#spacexs1 #spacexipo #spacex #secondaries #venturecapital
• $900B Anthropic, SpaceX IPO Date, and the SPV Wild West w/ Clara Vydyanath | Trading Places Pod EP35 21.05.2026 1時間 10分

  IPO season is here — and private markets are breaking at the seams.This week on Trading Places: Cerebras just had one of the best IPOs in years, pricing way above range and popping 68% on day one. SpaceX is targeting June 12th for its Nasdaq listing — and the prospectus drops next week. Anthropic raised $30B at a $900B valuation (up from ~$350B just three months ago) — and then told SPV operators to back off. And Anduril closed a $5B round at $61B, doubling its valuation in under a year.Then Dave and Aman sit down with Clara Vydyanath, a secondaries veteran who's spent eight years at Forge and Hiive, to break down what's actually happening in the SPV market — who's legit, who's a scammer, and what CFOs should be doing right now. Plus: retail VC part two, where Aman pits AngelList's USVC (Naval Ravikant + Ankur Nagpal) against Cathie Wood's Ark Ventures. One of them has a track record problem.Timestamps:cold open[ tech news and vc ]00:53 - Warsh confirmed as new Fed chair 🪑03:32 - Hormuz "you shall not pass" 🚢🧙‍♂️07:05 - Cerebras blockbuster IPO 📈12:28 - SpaceX IPO date around June 12 🚀15:56 - Anthropic raises $30B @ $900B valuation 💰28:30 - Anduril closes $5B @ $61B 🛫30:07 - [ intvw: Clara Vydyanath, 2ndry advisor ]What she learned at Hiive & Forge 🧠33:52 - SPVs and Anthropic ✋39:43 - What will happen after IPO summer 🔮44:20 - Wild West of 2ndries is only beginning 🤠46:00 - CFOs tender offer playbook 📕58:50 - [ val corner: retail VC part 2 ]Closed end funds: AngelList & Ark Invest 📝1:00:33 - AngelList USVC portfolio breakdown 😇1:02:35 - ARKK Ventures Ark Invest portfolio breakdown 🌈1:05:10 - Portfolio strategy and fees faceoff 🥊1:06:00 - Ankur Nagpal vs Cathie Wood 🤺1:10:10 - second takes 😂[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ clara vydyanath = https://www.linkedin.com/in/clara-vydyanath-cfa-cpa-14287316/ | https://x.com/ClaraVydyanath ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Thank you for watching#tradingplacespodcast #SpaceX #ClaraVydyanath #davemcclure #SpaceXIPO
• Anthropic's $44B Revenue Run Rate, SpaceX's $75B IPO Problem, and the Retail VC Trap | Ep 34 14.05.2026 1時間 3分

  Anthropic is now reportedly running at a $44B ARR pace, secondary markets are valuing it north of $1T, and demand is turning into full-scale FOMO.This week on Trading Places, Dave McClure and Aman Verjee break down:00:00 — cold open00:39 — [ tech and vc news ] 01:53 — Markets ATH during Iran war 💥06:45 — SpaceX + Anthropic $4B deal 🤝10:51 — New NASDAQ rules benefit SpaceX 🔔15:21 — Anthropic raising $50B @ $900B, ARR accelerating 📈18:20 — Sam and Elon courtroom drama 🍿23:21 — Cerebras IPO 20x oversubscribed 🥊25:14 — SaaS-pocalypse continues ⛈️📉27:47 — [ valuation corner: retail VC part 1 ]Non-accredited investors want private stock 🙏29:11 — Robinhood Ventures w/ Sarah Pinto & Vlad Tenev 1️⃣30:15 — Fundrise w/ Ben Miller 2️⃣33:00 — D/XYZ w/ Soheil Prasad 3️⃣36:39 — Which would Dave pick? 🤔41:35 — [ VC secondary 101 w/ dave mcclure ] What is secondary? 🌈43:03 — Size of the market 📈44:53 — Why people buy/sell 🤷‍♂️47:41 — What are Secret Stallions 🐴48:45 — Three deal strategies 🧠[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Thank you for watching#tradingplacespodcast #secondary101 #vcsecondary #davemcclure #anthropicstock
• Anthropic at $900B, OpenAI Slipping | Sacra & Augment Power 20 Private Companies | Cohere Valuation | Ep 33 07.05.2026 1時間 14分

  Anthropic is accelerating at a pace the tech world has never seen.In Episode 33 of Trading Places, Dave McClure, Aman Verjee, Marcelo Ballvé (Sacra), and Adam Crawley (Augment) break down the AI valuation frenzy, OpenAI’s growing pressure, hyperscaler spending, Cohere’s international AI strategy, and whether SpaceX’s trillion-dollar valuation has completely detached from fundamentals.Timestamps:[ tech and vc news ]00:53 – Iran hits markets 💥05:00 – Hyperscalers $700B AI CapEx 💸12:31 – Anthropic raises $50B at $900B+ 🚀13:51 – Musk vs Altman courthouse battle 🥊18:22 – OpenAI eyes 2027 IPO 👀21:35 – Cerebras IPO imminent 🏁23:18 – Founders Fund $6B with 25% GP commit 😮25:41 – Sierra raises $950M at $15.8B 🚀29:16 – GameStop bids $56B for eBay 💰31:39 – [ intvw: Marcelo Ballve @ SACRA + Adam Crawley @ Augment ]33:16 – Why Anthropic beat OpenAI 🏆35:35 – Defense tech crashes the top 20 🛡️41:06 – SpaceX at $2T — vibes or fundamentals? 🚀47:35 – Most stretched valuation on the list 😬54:51 – Retail VC fund trap 👎1:02:24 – AGI in 18 months? 🤖1:04:23 – [ valuation corner: Cohere @ $7B ]1:05:40 – Canadian roots and team 🇨🇦1:09:45 – Aleph Alpha German acquisition 🇩🇪1:10:01 – The anti-US & anti-China play 🙅‍♂️1:13:08 – second takes 😂[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ adam crawley = https://www.linkedin.com/in/adam-crawley-b2146753/ | https://x.com/adamcrawley1 ][ augment = https://augment.market/ ][ marcelo ballvé = https://www.linkedin.com/in/marceloballve/ | https://x.com/ballve ][ sacra = http://sacra.com/ ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Thank you for watching**Please note: Inclusion in the Augment Power 20 does not predict future performance and should not be considered investment advice. For informational purposes only. Augment Markets, Inc. is a technology company offering software and data services with securities-related services offered through its wholly-owned but separately managed subsidiary Augment Capital, LLC, Member of FINRA/ SIPC. Read our full disclosure statement here.#tradingplacespodcast #sacra #augmentmarkets #davemcclure #cohere
• Anthropic Hits $1T, OpenAI Struggling, Elon Reloads with $60B Cursor Deal | Trading Places Podcast E32 30.04.2026 47分

  Anthropic just crossed a $1 trillion valuation… and may have officially passed OpenAI.Meanwhile, Elon Musk is making moves—SpaceX is partnering with (and possibly acquiring) Cursor in a $60B deal, while OpenAI races to stay competitive with new releases like GPT-5.5 and Images 2.0.This week on Trading Places, Dave McClure and Aman Verjee break down one of the wildest weeks in AI, venture capital, and secondary markets:— The Fed shakeup and what it means for interest rates— Iran war tensions and global market implications— Anthropic’s meteoric rise past OpenAI— SpaceX’s massive AI bet with Cursor— OpenAI’s latest product push— AngelList opening venture capital to retail investors— The rise of prediction markets like Polymarket and KalshiPlus: a deep dive into Cursor—the fastest-growing SaaS company ever—and why SpaceX wants it.00:00 – cold open[ tech and vc news ]01:22 – Warsh fed chair moves Up 🪑03:52 – Iran war ends when 🤔06:15 – Anthropic $1T valuation 💰08:10 – Cursor & SpaceX engage 👰‍♀️14:21 – OpenAI launches GPT 5.5 + images 2.0 🚂17:54 – AngelList launches USVC 💸25:11 – Polymarket & Kalshi double down 🎲29:25 – [ valuation corner: Cursor @ $50B ] what is Cursor 🤖31:24 – CEO & MIT team 👥33:12 – Why SpaceX wants Cursor & vice versa 💍💒38:23 – early investors a16z + Thrive 🤑39:56 – Sam Bankman-Fried almost won big 🙅‍♂️[ spv: Equitybee ]44:27 – why we invested in Equitybee 🐝46:15 – how you can join the SPV 👍46:53 – spinal cap debut 🎶[ links: ][ equitybee SPV invest = https://practicalvc.com/eb ][ trading places socials = www.linktr.ee/tradingplacespod ][ aman verjee = https://www.linkedin.com/in/aman-verjee/ | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]#cursorspacex #spacexcursor #venturecapital #secondarymarkets #secondaries
• SpaceX, Saronic, and the New Era of Defense Tech Investing | Trading Places Podcast Ep31 22.04.2026 42分

  Markets hit all-time highs in 11 trading days. Someone shorted oil 20 minutes before Trump spoke. SpaceX wants to raise $75B at a $2T valuation. And an autonomous naval defense startup just hit a $9.25B valuation — and almost no one's talking about it.Dave and Aman break down the biggest stories in venture and tech: the OpenAI executive exodus, why Stripe and Databricks still won't IPO, the continuation vehicle boom reshaping VC fund structures, and a deep valuation dive on Saronic — the defense tech company building autonomous warships for the US Navy.Timestamps:00:00 — Cold open00:36 — Tech & VC news01:56 — OpenAI C-suite exodus 💨05:52 — Markets ATH despite Iran War 🚀11:56 — How to price the SpaceX IPO 🤔19:53 — Cerebras IPO is greenlit 🟢21:43 — VC top 15 mega raise 💰25:48 — Iconiq: celebrity wealth advisor to the stars 📸27:27 — Stripe, Databricks, Canva IPO mirage 👻30:15 — Continuation vehicle boom 🚖33:26 — Valuation Corner: Saronic @ $9.25B 🛳41:44 — Second takes[ links: ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ aman verjee = https://www.linkedin.com/in/aman-verjee/ | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]#VentureCapital #SpaceXIPO #StartupValuation #TechInvesting #Saronic
• Anthropic Passes OpenAI ($30B ARR), SpaceX Lost $5B & How EquityBee Unlocks Employee Equity | Ep. 30 14.04.2026 59分

  Trading Places is the only VC secondary podcast on the internet. Each week, Dave McClure and Aman Verjee break down the biggest stories in venture capital, tech, and private markets — with the insider perspective most shows don't have access to.This week's guest is Oren Barzilai, founder and CEO of EquityBee — the platform that funds startup employees' stock option exercises via forward contracts, giving them access to liquidity most never see.00:00 — cold open00:45 — [ tech and vc news ] 01:28 — Iran war vs. markets 💥 03:49 — OpenAI c-suite shakeup 🪇 05:29 — Anthropic $30B ARR goes BRRR 💸 10:48 — Claude Mythos mystery 🫆 13:47 — SpaceX financials leaked 🫗 16:13 — CoreWeave deal with Anthropic & Meta 🤝18:17 — [ intvw: Oren Barzilai @ EquityBee ]18:29 — What EquityBee does 🐝 21:08 — Who uses EquityBee 👤 31:02 — How much do people sell 💰 31:41 — Which secondary stock is most in demand 🫴 34:50 — Risks and rewards of stock options ⚠️🚀42:21 — PVC + EquityBee partnership 🙌49:08 — [ valuation corner: Whoop vs. Oura ]49:14 — Whoop vs. Oura use cases 🏃‍♂️50:50 — Whoop ideal customer 💪 52:22 — Oura ideal customer 💍 54:57 — Whoop vs. Oura financials 🧐 57:22 — Who IPOs first? 🏁[ links: ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ oren barzilai = https://www.linkedin.com/in/orenbarzilai/ | https://x.com/orenbarzilai ][ aman verjee = https://www.linkedin.com/in/aman-verjee/ | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]#VentureCapital #DaveMcClure #AmanVerjee #equitybee #OrenBarzilai
• SpaceX $2T IPO ?!? 🚀 Shield AI = next Anduril 🛩️ Shri Bhashyam Sydecar grows to $4B SPVs | Ep29 31.03.2026 1時間 2分

  SpaceX just filed its confidential IPO prospectus — and prediction markets say it will be June 3rd, Elon's birthday, during a rare 6-planet alignment. Anthropic is on a generational heater — Opus 4.6, Cowork, enterprise momentum — while OpenAI cuts Sora and kills the Disney deal trying to find focus. Prediction markets now say Anthropic IPOs first, 60/40 chance.In Episode 29 of Trading Places, Dave McClure and Aman Verjee reshuffle the Private Mag7 – Anthropic jumps, OpenAI slides. Shield AI breaks into the conversation after closing at a $12.7B valuationJeff Bezos announces a $100B AI manufacturing fund — and Dave says it's 100% getting raised, probably oversubscribed.The Meta/YouTube social media addiction verdict that spooked the entire tech sector.Plus a deep dive with Shri Bhashyam, COO of Sydecar, on how SPVs are becoming a permanent part of every investor's toolkit — and why layered SPVs aren't always the villain people think they are.Timestamps:00:00 — cold open00:49 — [ tech and vc news ]00:49 — #7 of private Mag702:21 — Iran war end when03:35 — Why June for SpaceX IPO05:34 — First to go public: Anthropic or OpenAI10:23 — Bezos seeks $100B14:02 — Meta & YouTube found liable19:12 — Ex-Kalshi launch 5cc21:27 — [ intvw: Shri Bhashyam @ Sydecar]21:52 — Forge ➡️ EquityZen24:22 — SPV secondaries vs primaries29:04 — Trajectory to $4B AUA41:40 — SPV fee structure warning51:05 — DEAL act to set privates free54:50 — [ valuation corner: Shield AI @ $12.7B ] 55:59 — Shield AI marvel story56:40 — What Shield AI does57:41 — Anduril playbook1:01:04 — Future of defense tech1:02:02 — second takes[ links: ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ aman verjee = / aman-verjee | https://x.com/amanverjee ][ dave mcclure = / davemcclure | https://x.com/davemcclure ][ shri bhashyam = / davemcclure | https://x.com/ShriBhashyam ]
• Polymarket vs Kalshi ($20B), OpenAI vs Anthropic (IPO?), Tesla & SpaceX create Austin Terafab | Ep28 25.03.2026 31分

  Dave and Aman break down a packed week in VC and tech — from macro headwinds threatening the IPO window to the big question of whether SpaceX and Tesla are quietly becoming one company.The Private Mag7 gets a full ranking debate: SpaceX is comfortably #1 at over a trillion, but Anduril's surprise $20B DoD contract has it punching into the top three. OpenAI just raised the biggest private round ever — so why is the CMO telling everyone to stop doing side quests?Valuation Corner goes deep on the prediction market arms race. Kalshi hit $260M revenue in 2025 and is now running at a $1.5B run rate. Polymarket is still early on monetization but sitting on massive on-chain activity. Both just crossed $20B valuations. Dave and Aman stack them up against DraftKings and FanDuel — and make their call.Plus: Kraken pulls its IPO, PayPal finally launches stablecoins in 70 countries, and a $55M prop bet on Cardi B turns into a legal mess.00:00 — cold open[ tech and vc news ] 0:33 — "you shall not pass" straits of hormuz ✋2:58 — private mag7 rankings 🏆6:04 — elon terafab in austin 🔋7:21 — Tesla x SpaceX super merger? 🤝10:26 — OpenAI abandons sidequests 🫳11:41 — who will take no. 7 🔔14:57 — Kraken freezes IPO plan 🥶16:25 — PayPal expands stablecoin 🌏[ valuation corner: prediction markets ] 18:07 — Kalshi vs. Polymarket 🥊20:15 — the incumbents: DraftKings & FanDuel 👴🏻27:42 — which is best bet? 💰28:40 — the tale of cardi b 💃30:45 — second takes[ links: ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]#VentureCapital #DaveMcclure #AmanVerjee #TradingPlacesPodcast
• Nvidia $4.4T vs Cerebras $23B Val | Why Private Prices Are Wrong with Nick Fusco of PM Insights | Episode 27 18.03.2026 1時間 12分

  Episode 27 of Trading Places asks a simple question:Are we pricing AI companies completely wrong?This week, Dave McClure and Aman Verjee are joined by Nick Fusco, founder of PM Insights, a private markets intelligence platform focused on tracking valuations, secondaries, and what assets are actually trading for beneath the surface.From Cerebras at $23B to Nvidia at $4.4T, the spread in valuations is massive — but the underlying dynamics are even more confusing.Meanwhile, Anthropic is adding $5B in ARR in a single month, robotics startups are raising at extreme multiples, and secondary markets are quietly revealing what assets are actually worth.So what’s real… and what’s mispriced?If you’re investing, building, or just trying to understand AI right now — this episode breaks down where the market might be getting it wrong.Timestamps:00:00 — cold open00:50 — [ tech & vc news ]00:50 — Private Mag 7 + 3 Impostors 🧐04:34 — Anthropic vs OpenAI 🥊05:23 — Figure Robotics $39B val 🤪08:00 — Iran: Straits of Hormuz vs. Price of Oil 🔮15:00 — Oracle & Meta Layoffs 🚶‍♂️‍➡️19:43 — VC MAG 7 🏆28:11 — Atoms: Travis is BACK 🤖30:20 — Mind Robotics raises $500M 💰31:17 — Replit $9B val 💸33:16 — [ intvw: Nick Fusco, PM Insights ]From public to private markets 🙇‍♂️41:05 — Their competitive advantage 💪42:40 — Databricks example 📝49:58 — Down rounds and repricing 📉1:02:43 — SpaceX IPO & Robinhood private stock 🤔[ val corner: Cerebras @ $23B ] 1:04:17 — Cerebras vs NVIDIA 🤺1:06:37 — 5x revenue in one year 📈1:07:01 — S1 weakness 💣1:12:05 — second takes[ links: ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ nick fusco = https://www.linkedin.com/in/nickfusco/ | ][ PM insights = https://www.pminsights.com/ | https://x.com/P_M_Insights | https://www.linkedin.com/company/pm-insights/ ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]#VentureCapital #PrivateMarkets #SecondaryMarkets #TradingPlacesPodcast
• Iran Tanks IPOs | 2026 VC Outlook with PitchBook & CB Insights | ByteDance @ $550B | Ep26 10.03.2026 1時間 13分

  Dave and Aman break down how the Iran conflict is rattling markets — and what oil futures backwardation is signaling about how long it lasts.Then: Anduril closes at a $60B valuation (a portfolio company for Dave and Aman — they got in at $14B), Palmer Luckey vs. Dario Amodei, Anthropic getting flagged as a supply chain risk by the Pentagon, Kraken connecting to the Fed, Robinhood's $RVI fund underwhelming at launch, and the secondary market hitting a record $226B in 2025.We bring in Emily Zheng (PitchBook) and Jason Saltzman (CB Insights) for a deep data dive: 53% of unicorns are worse off year-over-year, AI companies are raising multiple rounds within 12 months, and LP appetite isn't coming back fully in 2026. Plus their bold predictions for the year ahead.And in Val Corner: Aman goes solo to break down ByteDance at $550B — a full sum-of-parts across Douyin, TikTok International, and TikTok US. Was it a bargain at $330B last fall? Is $550B the right price now? Spoiler: China still controls the algorithm — and gets paid 20% of TikTok US revenue to prove it.00:00 - cold open00:53 - [ tech & vc news ] 01:04 - Augment Power 20 🏆01:53 - Anduril $4B raise on $60B 🛸03:00 - Palmer Luckey vs Dario Amodei 🤼‍♂️06:30 - Iran war shocks NASDAQ, oil, & IPO markets 💥🛢️11:28 - Can Cerebras IPO in 2026? 🤷‍♂️13:27 - Robinhood public VC fund $RVI launch 🏁16:51 - Secondary deals hit $226B in 2025 🚀20:17 - Decagon tender offer @ $4.5B 💰25:09 - Kraken connects to Fed 🐙27:46 - [ intvw: Emily Zheng & Jason Saltzman ] 28:23 - Emily gives Pitchbook 2025 recap 🙇🏻‍♀️31:36 - Jason gives CB Insights 2025 recap 🙇‍♂️35:50 - Emily gives Pitchbook 2026 predictions 🔮57:53 - Jason gives CB Insights 2026 predictions 🔮1:00:56 - [ val corner: ByteDance @ $550B ] 1:01:20 - Sum of Parts analysis 🧩1:05:09 - What is TikTok US worth? 💃1:09:33 - China still controls algorithm 🇨🇳1:12:53 - second takes 😂links:[ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ emily zheng = https://www.linkedin.com/in/emzheng/ | https://x.com/EMZheng47 ][ pitchbook = https://pitchbook.com/news/author/emily-zheng ][ jason saltzman = https://www.linkedin.com/in/jason-salt/ | https://x.com/saltzman_jason ][ CB insights = https://www.cbinsights.com/ ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]#venturecapital #secondaries #secondarymarkets #tradingplacespod #davemcclure #amanverjee #pitchbook #cbinsights
• OpenAI $110B Raise, Stripe at $159B, and the Donor Money Tax Hack VCs Use | Trading Places Podcast E25 04.03.2026 1時間 11分

  OpenAI just closed a historic $110B funding round — the largest private raise ever.At the same time:• Stripe surged to a $159B valuation• Anthropic is selling $6B of employee shares• The Pentagon reportedly blocked Anthropic from defense work• Sam Altman quickly picked up a DoD AI contract• ByteDance hit a $550B valuation• And Jack Dorsey laid off 4,000 employees citing AI productivityWelcome to Episode 25 of Trading Places, where Dave McClure and Aman Verjee break down the biggest stories in venture capital, AI, and private markets.In Valuation Corner, we analyze why Stripe now commands a $159B valuation — and whether PayPal could become an acquisition target.Then we’re joined by Daniel Blake (UI Charitable) to explain a powerful strategy many founders and investors overlook:How Donor-Advised Funds (DAFs) can turn illiquid startup equity, fund interests, or crypto into major tax deductions.If you’re a founder, VC, or startup employee sitting on paper wealth, this episode is worth watching.___________________________________________________________00:00 - cold open00:47 - [ tech & vc news ]02:07 -⁠ ⁠OpenAI historic $110B raise 😲06:14 - Anthropic $6B staff share sale 🕺07:45 -⁠ ⁠Pentagon cancels Anthropic 🧨11:08 -⁠ ⁠Sam Altman grabs DoD AI bag💥14:26 -⁠ ⁠SaaSpocalypse update 📉18:20 -⁠ ⁠Jack Dorsey lays off 4,000 🚶‍➡️21:37 -⁠ ⁠ByteDance @ $550B 💃24:11 - ⁠Plaid tender offer @ $8B 🔒25:49 -⁠ ⁠Robinhood $1B private fund 🤺27:24 - [ val corner: Stripe @ $159B ] 29:58 -⁠ ⁠Competitive analysis 💪32:40 -⁠ ⁠PayPal acquisition target 🎯39:23 - [ intvw: Daniel Blake - UI Charitable ] 40:09 - introducing Daniel Blake and UI Charitable 👋40:43 - the problem with selling privately held complex assets 🧐42:39 - intro to Donor-Advised Funds 🤲49:03 - DAFs for founders + employees 1️⃣52:10 - DAFs for investors 2️⃣1:01:54 - donate your crypto holdings 💛1:03:43 - not all DAFs are created equal ≠1:05:07 - case studies 📖1:10:20 - get in touch with UI Charitable 📞1:10:43 - second takes___________________________________________________________[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ daniel blake = https://www.linkedin.com/in/drblake/ ] [ donor-advised fund info = https://www.uicharitable.org/ ][aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ] *This content is for informational purposes only and should not be considered investment advice.#VentureCapital #OpenAI #Stripe #Startups #AI #PrivateMarkets #TechNews
• OpenAI $830B vs Anthropic $380B: The Future of Private Market Pricing with Tyson Hendricksen | E24
 24.02.2026 1時間 18分

  The biggest private round in history just got bigger.This week on Trading Places, Dave McClure and Aman Verjee break down:• OpenAI’s rumored $100B raise at an $830B valuation• Anthropic’s $380B valuation surge• Stripe’s $140B employee tender• Databricks at $134B• Harvey AI jumping to $11B• SCOTUS striking down Trump’s emergency tariffsThen we go deep with Tyson Hendricksen, Founder & CEO of Notice.co, on private market pricing transparency, broker networks, secondary liquidity, and what’s really happening beneath the surface of today’s AI concentration.And in Valuation Corner:OpenAI vs Anthropic — who actually wins?Let’s unpack it.⸻00:00 - cold open00:53 - [ tech & vc news ] 02:09 - ⁠OpenAI @ $830B🥇02:56 - ⁠ Anthropic @ $380B🥈04:02 -⁠ ⁠Stripe tender @ $140B 💸06:38 -⁠ ⁠Databricks @ $134B 🧱08:39 - ⁠Harvey AI @ $11B👨🏽‍⚖️11:07 -⁠ ⁠SCOTUS rejects Trump Tariffs 🙅‍♂️22:30 - [ intvw: Tyson Hendricksen / Notice.co ] 23:17 - ⁠olympic training to 🍍 farmer 26:21 -⁠ ⁠founding Notice.co 💼33:48 -⁠ ⁠product walkthrough 🚶‍➡️ 37:58 -⁠ why people need transparent pricing 👀55:50 - prediction markets 🎰[ val corner: OpenAI vs Anthropic ]1:03:20 -⁠ ⁠OpenAI raise history 🚀1:08:04 -⁠ ⁠OpenAI vs. Anthropic 🥊1:13:43 - ⁠who wins Gold 🥇1:18:07 - second takes⸻[ links ][ invest = https://practicalvc.com ][ donor-advised fund webinar signup = PracticalVC.com/DAF101 ][ trading places socials = www.linktr.ee/tradingplacespod ][ tyson hendricksen = https://www.linkedin.com/in/tyson-hendricksen | https://x.com/thetyson ] [ www.notice.co = https://www.linkedin.com/company/noticedotco | https://x.com/noticedotco ][aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ] *This content is for informational purposes only and should not be considered investment advice.If you care about private markets, AI dominance, and secondary liquidity — this is the episode.👇 Drop your vote in the comments:OpenAI or Anthropic?#OpenAI #Anthropic #AIvaluation #privatemarkets #venturecapital #secondarymarket
• Elon Musk $1.25T SpaceX + xAI merger, How to Get DPI in 2026 w/ David Zhou | Ep23 11.02.2026 1時間 29分

  Space, AI, SaaS carnage, secondary liquidity, and the biggest merger of all time.Welcome to Episode 23 of Trading Places — and this one covers everything from venture DPI math to Mars colonization strategy.This week, Dave McClure, Aman Verjee, and returning guest David Zhou break down:🚀 The $1.25T SpaceX + xAI merger📉 Why SaaS multiples just collapsed💰 How VCs can generate DPI before year 10🧠 The future of AI infrastructure (data centers in space?)📊 What secret “stallions” investors should actually buy🧾 Why most VC funds have 0 DPI at year 7Timestamps:00:00 – cold open00:53 – [ News ]02:03 – $1.25T merger: xAI + SpaceX 🚀05:33 – SaaSpocalypse 📉💣13:46 – $68B → $11B: Figma slides 🛝17:30 – Tether $20B backpedal 🕺19:35 – ElevenLabs $11B valuation 🗣️21:00 – Cerebras $23B benchmark 🤖24:48 – [ Interview: David Zhou 2.0 ]25:35 – DPI or ☠️32:38 – why fund cycles are broken ⛓️‍💥37:42 – how to get DPI before IPO 💼48:11 – what nobody tells GPs 🤔53:07 – SPVs are everywhere 📦56:47 – the 5 types of unicorns 🦄1:09:22 – [ Valuation Corner: SpaceX + xAI ]1:09:30 – $1.25T merger examined 🧐1:12:28 – East India bull case for SpaceX 🐂1:16:20 – the Tesla puzzle piece 🧩1:20:42 – investors weigh in 🏋️1:27:38 – Dave singing + second takes[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][david zhou =   / davidjzhou   | https://x.com/cupazhou ] [aman verjee =   / aman-verjee   | https://x.com/amanverjee ] [dave mcclure =   / davemcclure   | https://x.com/davemcclure ] *This content is for informational purposes only and should not be considered investment advice. #venturecapital #spacexxai #mergersandacquisitions #tradingplacespod #davemcclure #amanverjee
• xAI SpaceX merger, LatAm 2026 IPOs, Anurag Chandra wisdom from managing pension funds & FOs | Ep22 04.02.2026 1時間 18分

  Welcome back to Trading Places — the terrible, very bad, absolutely horrible VC secondaries podcast with Dave McClure and Aman Verjee.This week is a full-spectrum market tour: the latest rumors swirling around Elon’s empire (SpaceX + Tesla + xAI), the mega-rounds and IPO chess games of Anthropic + OpenAI, the reality check hitting public SaaS multiples reported by Jamin Ball, and a deep dive into secondaries, LP liquidity, and why DPI is suddenly the only thing anyone cares about.We’re joined by Anurag Chandra (operator → investor → allocator) for a rare look inside how real capital allocators think: risk budgets, time horizons, pension constraints, and why governance + incentives matter more than “manager genius.” Then we head to Valuation Corner LATAM with Karin from the Practical VC team for a breakdown of Latin America unicorns, the IPO window reopening, and what could be next after PicPay’s IPO — plus why Brazil’s Pix changed the game.Timestamps:0:00 – cold open00:53 – [ news ]1:13 – Elon Inc: xAI + SpaceX + Tesla 🚀6:06 – Anthropic doubles to $350B 💰8:16 – OpenAI Q4 IPO 🏁12:25 – Ethos Technologies $200M US IPO 🔔13:55 – AI eats SaaS 🍽️16:00 – Kevin Warsh Fed chair nod 🪑19:04 – Waymo $110B valuation 🚕21:37 – Social media goes on trial 👩🏽‍⚖️24:11 – MoltBook viral swarm AI 🦞30:31 – [ intvw: Anurag Chandra ]32:05 – $2B VC money managed 💪33:12 – Family office fundamentals 💼37:40 – San Jose Pension Fund success 🙌38:17 – Future of San Jose 🔮1:01:32 – [ val corner: PicPay $2.5B IPO ] 1:02:07 – Analysis: LatAm exit market & liquidity history1:03:43 – top LatAm unicorns 🦄1:11:44 – PicPay & fintech competition1:17:46 – second takes[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ anurag chandra = https://www.linkedin.com/in/anchandra/ ][ karin tenenboim = https://www.linkedin.com/in/ktenenboim/ | https://x.com/LadyChutzpa ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]*This content is for informational purposes only and should not be considered investment advice.#secondarymarkets #secondaries #venturecapital #tradingplacespod #davemcclure #amanverjee
• OpenAI Path To Profitability, Anduril Valuation, & India Unicorns | Qapita Ravi Ravulaparthi | Ep21 28.01.2026 1時間 1分

  In this episode of Trading Places, Dave McClure and Aman Verjee break down what’s driving markets right now, and what it means for liquidity in private tech.They’re joined by Ravi Ravulaparthi (CEO & Co-Founder, Qapita).Together, they unpack what’s actually happening across IPOs, secondaries, SPVs, and late-stage price discovery:• Why public markets rallied and what’s underwriting the optimism 📈• EquipmentShare’s strong IPO vs BitGo’s weak debut (and what investors are rewarding) 🏋️🟠• Capital One buying Brex at $5.15B a “down round exit” that’s still a real outcome 🤝• Secondaries getting institutionalized (EQT–Coller) + Evercore’s volume signals 💰• Pinegrove’s $2.2B venture secondaries raise and what it implies for DPI 💸• Zipline’s $7.6B valuation + the hard path to real-world drone delivery 🛩️• SPVs scaling fast (Sydecar at $4B AUA) and why they’re becoming default infrastructure 🏦• OpenAI’s move toward ads and the principles they claim will govern it 📸• Qapita’s playbook: equity management + secondary infrastructure across India/Singapore → US 🌎• Valuation Corner: Anduril - hardware + software in defense tech, and the $14B → $31B step-up 🛡️If you’re tracking IPO windows, secondary liquidity, SPVs, and how private markets are evolving in 2026, this episode is a clean map of where the pressure (and opportunity) is building.Timestamps00:00 – cold open[ tech & vc news ]00:36 – Why public markets bounced 📈03:18 – EquipmentShare $7.2B strong IPO 🏋️03:51 – BitGo $2B weak IPO 🟠06:15 – Capital One acquires Brex $5.15B 🤝08:55 – EQT buys Coller Capital for $3.7B 💰11:02 – Pinegrove raises $2.2B 💸12:00 – Zipline $7.6B valuation 🛩️13:21 – Sydecar hits $4B AUA 🏦15:39 – OpenAI starts ads 📸18:11 – [ intvw: Ravi Ravulaparthi / Qapita ]18:50 – From Singapore to USA 🇸🇬➡️🇺🇸18:52 – What Qapita does 🧐21:48 – India investing dynamics 🇮🇳27:05 – SPVs go global 🌎33:24 – Where 2ndary volume concentrates: IPO-window names 🎯[ val corner: Anduril ]53:49 – Anduril overview: defense tech + disclosure 🛡️54:17 – What Anduril does (defense tech framing) 🧠55:17 – Founders Fund + Palmer Luckey origin story 🧩55:40 – Valuation step-up: $14B → $31B examined 📈01:01:14 – Final riff: “ready to rally… or we’ve lost our minds” 😵‍💫[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ ravi ravulaparthi = https://sg.linkedin.com/in/raviravulaparthi ][ qapita = https://www.qapita.com/ ][ qapita socials = https://www.linkedin.com/company/qapita/ | https://x.com/qapita ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]*This content is for informational purposes only and should not be considered investment advice.#VentureCapital #PrivateMarkets #Secondaries #SPVs #Anduril #DefenseTech #Qapita
• Top 20 Private Companies in 2026, The Billionaire Tax, Mistral AI Valuation | Augment + Sacra | Ep20 21.01.2026 1時間 27分

  In this episode of Trading Places, Dave McClure and Aman Verjee dive deep into the rapidly evolving world of private tech markets.They’re joined by: • Noel Moldvai (Founder & CEO, Augment Markets) • Adam Crawley (Co-Founder, Augment Markets) • Marcelo Ballvé (Founder, Sacra)Together, they unpack what’s actually happening beneath the surface of AI, secondaries, and late-stage private companies: • Why the bar for IPOs keeps moving higher • How secondary markets have become a primary source of liquidity • What SPVs, tender offers, and structured secondaries really solve • Whether today’s AI valuations reflect fundamentals—or momentum • Why many “private” companies now behave like public companies without public rulesIf you’re tracking AI, private markets, or venture liquidity in 2026, this episode explains where price discovery is really happening—and who benefits from it.Timestamps00:00 – cold open00:59 – [ tech & vc news ]01:15 – California billionaire tax 🤌09:06 – China IPOs in 2026 🇨🇳13:10 – JP Morgan & secondary market 📈15:49 – BlackRock–Microsoft $12.5B partnership 🤝 17:47 – Cerebras AI new $22B valuation 💰22:04 – [ roundtable: Marcelo Ballvé / Adam Crawley ]22:47 – Adam Crawley, co-founder of Augment 👨‍💼23:31 – Marcelo Ballvé: CB Insights → Sacra 🚀24:19 – Augment Power 20 🔍31:39 – How Sacra gets data 📊34:42 – Up-and-coming private companies 🐎39:51 – Going public vs staying private 🆚[ val corner: Mistral AI ]56:13 – Top 10 French unicorns 🇫🇷58:03 – $2B → $13B 👍59:00 – 100x on “maybe” revenue 👎1:02:53 – Valuation prediction 🔮[ intvw: Noel Moldvai / Augment CEO ]1:04:02 – Value proposition of Augment 💰1:06:40 – The rise of SPVs 💸1:11:17 – Tokenization of private companies 🟡1:15:38 – Future of secondary markets 🤔[ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ noel moldvai = https://www.linkedin.com/in/noelmoldvai/ | https://x.com/noelregrets ] [ adam crawley = https://www.linkedin.com/in/adam-crawley-b2146753/ | https://x.com/adamcrawley1 ] [ augment = https://augment.market/ ] [ marcelo ballvé = https://www.linkedin.com/in/marceloballve/ | https://x.com/ballve ][ sacra = http://sacra.com/ ] [ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Thank you for watching#VentureCapital #StartupInvesting #secondaries #VCSecondaries #mistralai #augmentmarket
• Why LatAm Beats Other Emerging Markets, 2026 IPOs, & Discord Valuation | Guest Nathan Lustig | Ep19 14.01.2026 1時間 44分

  In this episode of Trading Places, Dave McClure and Aman Verjee break down the reopening IPO market, sky-high AI valuations, and the growing push for private-market liquidity — before diving deep into Latin America’s venture ecosystem with Nathan Lustig (Magma Partners) and Karin Tenenboim (Practical VC).Karin explains why Latin America has quietly outperformed other emerging markets on $1B+ exits, how Brazil’s Pix payments system changed fintech overnight, and why secondaries are still underdeveloped across the region. The episode closes with a valuation corner on Discord, including its rejected Microsoft offer and what its IPO might look like today.Timestamps0:00 - cold open[ tech & vc news ] 1:24 - 2026 IPO market opens 🏁4:31 - a16z raises $15B across several funds 🥇6:38 - Top 10 VC firms in the world 12:36 - China blocks Manus ✋16:16 - Bill Gurley on AI 24:15 - Anthropic, OpenAI, xAI valuations 💸32:15 - Discord & Strava IPOs 🔔37:29 - G Squared + Nasdaq team up for private market liquidity 🤝40:09 - [ intvw: Nathan Lustig / Magma Partners ]40:26 - Nathan Lustig background and moving to Chile40:34 - Karin Tenenboim on PVC LatAm strategy 🌎49:25 - Brazil Pix payments breakthrough 52:45 - Mottu vertical stack (Motorcycle leasing/logistics) 🏍️1:07:30 - Investing strategy in LatAm1:08:56 - PVC + Magma LatAm 2ndry Fund partnership 🥳1:33:59 - [ val corner: Discord IPO ]1:34:36 - What is Discord 🗣️1:42:07 - 2021 valued at $14.7B / $15B 📈1:43:24 - Rejected $12B Microsoft offer 🚫1:43:24 - Valuation today 🤔1:44:19 - second takes[ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ nathan lustig = https://www.linkedin.com/in/nathanlustig | https://x.com/nathanlustig ] [ magma partners = https://magmapartners.com ] [ karin tenenboim = https://www.linkedin.com/in/ktenenboim | https://x.com/@LadyChutzpa ] [ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Thank you for watching#VentureCapital #StartupInvesting #LatinAmericaTech #VCSecondaries #DiscordIPO #NathanLustig
• TP18: James Riney of Coral Capital 🇯🇵 | Japan's VC Explosion 🚀 | 2026 IPO Predictions 📈 07.01.2026 1時間 31分

  Episode 18 of the @TradingPlacesPod featuring James Riney from Coral Capital is out now!This week: Dave and Aman kick off 2026 with their macroeconomic predictions (GDP growth, Fed rate cuts, and tax refunds), break down the IPO market outlook (SpaceX at $1.6T?!, OpenAI, Anthropic, Databricks), and dive deep into the secondary market dynamics for companies that won't go public in 2026. Plus, we explore the private Mag 7 vs. public Mag 7 in our [valuation corner] to answer the big question: where would you rather be—public or private markets?Then, Dave sits down with James Riney, founder and managing partner of Coral Capital in Tokyo, Japan. James shares how he went from JP Morgan to founding one of Japan's largest crypto exchanges (Coin Check) to launching 500 Startups Japan (now Coral Capital) at age 26. They discuss Japan's explosive VC growth (from $700M to $7-10B annually), the rise of "hidden unicorns" (companies that IPO'd before hitting $1B), why secondaries weren't a thing in Japan until recently, and Coral's massive $100M secondary sale in SmartHR—the largest secondary exit ever in Japan that returned 6X on their fund while still holding half their stake.[ timestamps ]00:00 – cold open01:07 – [ tech & vc news ]01:29 – macro growth picture 🖼️07:40 – 2026 IPO predictions 🔮10:24 – 2ndry market game plan 🏈16:43 – Nvidia gives Groq $20B 💰22:00 – SoftBank buys DigitalBridge $4B 🌉23:01 – Google acquires Intersect $4.75B 💸25:42 – Meta hands Manus $2B 👋27:25 – hot IPO Market in China31:35 – [ intvw: James Riney / Coral Capital ]31:46 – $100M 2ndry sale of SmartHR 🧠34:44 – Japanese founding story 🏯36:15 – Japan startup scene 🇯🇵41:35 – Coral Capital strategy 🪸43:54 – China vs Japan vs USA 🌏1:13:59 – [ val corner: mag7 public vs private ]1:13:59 – public mag7 analysis 🔔1:18:38 – Tesla Elon magic 🪄1:22:00 – private mag7 deep dive 🕵️1:27:10 – 2026 2ndry strategy 🧐1:30:51 – second takes[ links ] [ trading places podcast = www.linktr.ee/tradingplacespod ] [ james riney = https://www.linkedin.com/in/jamesriney | https://x.com/jriney ] [ coral capital = https://coralcap.co ] [ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Pod highlights this week:-2026 macro setup is strong: 4% GDP growth, Fed quantitative easing starting, and the biggest tax refunds ever hitting Q1 (tips, social security, overtime exemptions)-IPO predictions: SpaceX targeting $1.6T valuation, OpenAI and Anthropic likely to go public, plus Databricks, Stripe, Canva, Kraken in the mix-Private market reality check: top 10 AI companies getting all the attention, but the real secondary opportunities are in the next 200-300 companies trading at discounts-Nvidia's shopping spree: $20B for Groq (talent + inference tech), $100B in annual free cash flow to deploy—expect more acquisitions-Japan VC market exploded: from $700M (2015) to $7-10B today, with companies IPO'ing at series B/C stage instead of staying private for 12 years-SmartHR secondary: Coral Capital's $100M sale to General Atlantic = largest secondary in Japan history, 6X return on fund, still holding half their stake for the IPO-Hidden unicorns in Japan: 42+ companies hit $1B valuation within 12 years but were already public—so they don't count in "unicorn" stats (definition = private company)-Valuation corner showdown: Public Mag 7 trading at 7-10X revenue with profits; Private Mag 7 top tier (OpenAI, Anthropic, X.AI) at 20-30X revenue with no profits—priced for perfection-Dave's take: avoid the froth at the top (OpenAI, Anthropic, SpaceX), hunt for value in second-tier private companies (Canva at 7X revenue, Databricks at 20X revenue) trading at discounts outside organized tender windows