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

Everybody wants access to these private markets. Grants right now to discuss all of this is Kelly Rodriguez. He's the Forge CEO. 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, AI basket. These companies have grown on average 300%. Please join us in welcoming Gavin Baker, managing partner and CIO of Atreides. The ROI on AI has empirically, factually, unambiguously been possible. Investing is the search for truth. We welcome in Brad Gerstner. It's good to be back with you. You have a program called Invest America. I think we have a historic moment right now to get everybody into the game of capitalism. We have a few slides from Brad to kick this off. You know, let's let's let's get started. Spicy lobster. Times. Like old times. This, 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? 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, 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, 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 this is you know, I call these companies quasi public companies. These are these later stage companies. There's buying and selling that's going on every day. Look at that, Jason. Relative to the '21 peak, we thought that was crazy. At the end of '21, we're double that now in terms of secondary transactions. This is the amount of employee secondary. So this is people buying into Anduril, Anthropic, SpaceX, now represents 31% of all primary venture activity is buying into these secondaries in 2025. Secondaries are now competing with IPOs and acquisitions as the principal way that these guys are exiting. So I thought that was a decent setup to start the conversation this morning, just to level set how important secondaries have become. And then the final one is secondaries over the last couple years were trading at a discount to market. So if we wanted to sell shares in one of our companies, right, to buyers out there, they were willing to give us 80¢ on the dollar in order for us to get liquid so that we could send DPI back to our LPs. Today, it's at a 106, so a premium in the market as a q one per month. Doesn't include some of the wild west of SPVs that have been unraveled recently. People charging 10% load in fees, double carry, and a lot of gray market …