All-In with Chamath, Jason, Sacks & Friedberg

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

June 7, 2026

AI Summary

5 min read

The private market has reached an inflection point. Secondary transactions—the buying and selling of shares in companies that have not yet gone public—are now at record volume, more than double the 2021 peak. Employee secondaries alone represent 31% of all primary venture activity in 2025. And for the first time, these shares are trading at a premium: 106 cents on the dollar, up from 80 cents just a few years ago. This shift is creating a third exit path alongside IPOs and acquisitions, and it is reshaping how capital moves through the venture ecosystem.

Why Companies Stay Private Longer

The panel agreed that the primary driver of this shift is founder preference. Running a public company is a fundamentally different job—one that many founders find less enjoyable. As one participant put it, "You're turning into an investment manager, primarily, as a public company CEO." Private life offers more freedom, less scrutiny, and the ability to think long-term without quarterly pressure.

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What you'll learn

1 (00:00) **Introduction: The Private Market Boom** - The episode sets up the massive growth of private market secondaries, with 19 companies in the AI basket growing 300% on average.
2 (01:04) **The Secondary Market Explosion** - Data shows secondary transactions have doubled since the 2021 peak, now representing 31% of all primary venture activity.
3 (03:08) **Impact on Employees: The Cash-Poor, Paper-Rich Problem** - Gavin Baker explains why secondary liquidity is necessary for employees at companies staying private longer.
4 (04:34) **Why Stay Private? The Founder's Perspective** - The panel debates whether staying private longer is beneficial, with a deep dive into the Facebook/HTML5 example.
5 (09:17) **The Case for Going Public vs. Staying Private** - Brad counters that being a public company CEO is "much less fun" and turns you into an investment manager, but acknowledges the need for democratized access.
6 (11:50) **Pitching Elon: How to Get Access to SpaceX** - Brad explains his pitch to Elon Musk: Schwab's 46 million investors and $12 trillion in assets can democratize access and smooth the transition from private to public.
7 (13:27) **The Downside: Democratization vs. Blind FOMO** - Brad warns retail investors to be careful, not to blindly follow trades, and to avoid double-fee SPVs.