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a very bad 💩podcast about VC secondaries broken unicorns ❤️‍🩹🦄 & busted carry 📉🙈

  1. SpaceX, Saronic, and the New Era of Defense Tech Investing | Trading Places Podcast Ep31

    2 DAYS AGO

    SpaceX, Saronic, and the New Era of Defense Tech Investing | Trading Places Podcast Ep31

    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 open 00:36 — Tech & VC news 01:56 — 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

    42 min
  2. Anthropic Passes OpenAI ($30B ARR), SpaceX Lost $5B & How EquityBee Unlocks Employee Equity | Ep. 30

    14 APR

    Anthropic Passes OpenAI ($30B ARR), SpaceX Lost $5B & How EquityBee Unlocks Employee Equity | Ep. 30

    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 open 00:45 — [ 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

    59 min
  3. SpaceX $2T IPO ?!? 🚀 Shield AI = next Anduril 🛩️ Shri Bhashyam Sydecar grows to $4B SPVs | Ep29

    31 MAR

    SpaceX $2T IPO ?!? 🚀 Shield AI = next Anduril 🛩️ Shri Bhashyam Sydecar grows to $4B SPVs | Ep29

    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 open 00:49 — [ tech and vc news ] 00:49 — #7 of private Mag7 02:21 — Iran war end when 03:35 — Why June for SpaceX IPO 05:34 — First to go public: Anthropic or OpenAI 10:23 — Bezos seeks $100B 14:02 — Meta & YouTube found liable 19:12 — Ex-Kalshi launch 5cc 21:27 — [ intvw: Shri Bhashyam @ Sydecar] 21:52 — Forge ➡️ EquityZen 24:22 — SPV secondaries vs primaries 29:04 — Trajectory to $4B AUA 41:40 — SPV fee structure warning 51:05 — DEAL act to set privates free 54:50 — [ valuation corner: Shield AI @ $12.7B ] 55:59 — Shield AI marvel story 56:40 — What Shield AI does 57:41 — Anduril playbook 1:01:04 — Future of defense tech 1:02:02 — 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 ]

    1hr 2min
  4. Polymarket vs Kalshi ($20B), OpenAI vs Anthropic (IPO?), Tesla & SpaceX create Austin Terafab | Ep28

    25 MAR

    Polymarket vs Kalshi ($20B), OpenAI vs Anthropic (IPO?), Tesla & SpaceX create Austin Terafab | Ep28

    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

    31 min
  5. Nvidia $4.4T vs Cerebras $23B Val | Why Private Prices Are Wrong with Nick Fusco of PM Insights | Episode 27

    18 MAR

    Nvidia $4.4T vs Cerebras $23B Val | Why Private Prices Are Wrong with Nick Fusco of PM Insights | Episode 27

    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 open 00:50 — [ 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

    1hr 13min
  6. Iran Tanks IPOs | 2026 VC Outlook with PitchBook & CB Insights | ByteDance @ $550B | Ep26

    10 MAR

    Iran Tanks IPOs | 2026 VC Outlook with PitchBook & CB Insights | ByteDance @ $550B | Ep26

    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 open 00:53 - [ 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

    1hr 13min
  7. OpenAI $110B Raise, Stripe at $159B, and the Donor Money Tax Hack VCs Use | Trading Places Podcast E25

    4 MAR

    OpenAI $110B Raise, Stripe at $159B, and the Donor Money Tax Hack VCs Use | Trading Places Podcast E25

    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 productivity Welcome 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 open 00:47 - [ 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 1️⃣ 52:10 - DAFs for investors 2️⃣ 1:01:54 - 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

    1hr 11min
  8. OpenAI $830B vs Anthropic $380B: The Future of Private Market Pricing with Tyson Hendricksen | E24


    24 FEB

    OpenAI $830B vs Anthropic $380B: The Future of Private Market Pricing with Tyson Hendricksen | E24


    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 tariffs Then 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 open 00:53 - [ 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

    1hr 19min
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About

a very bad 💩podcast about VC secondaries broken unicorns ❤️‍🩹🦄 & busted carry 📉🙈

Information

  • Creator
    Practical Venture Capital
  • Years Active
    2025 - 2026
  • Episodes
    31
  • Rating
    Clean
  • Copyright
    © Practical Venture Capital
  • Show Website
    trading places

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