trading places

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

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

    3D AGO

    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

    1h 13m
  2. Iran Tanks IPOs | 2026 VC Outlook with PitchBook & CB Insights | ByteDance @ $550B | Ep26

    MAR 10

    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

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

    MAR 4

    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

    1h 11m
  4. OpenAI $830B vs Anthropic $380B: The Future of Private Market Pricing with Tyson Hendricksen | E24


    FEB 24

    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

    1h 19m
  5. Elon Musk $1.25T SpaceX + xAI merger, How to Get DPI in 2026 w/ David Zhou | Ep23

    FEB 11

    Elon Musk $1.25T SpaceX + xAI merger, How to Get DPI in 2026 w/ David Zhou | Ep23

    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

    1h 29m
  6. xAI SpaceX merger, LatAm 2026 IPOs, Anurag Chandra wisdom from managing pension funds & FOs | Ep22

    FEB 4

    xAI SpaceX merger, LatAm 2026 IPOs, Anurag Chandra wisdom from managing pension funds & FOs | Ep22

    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 open 00:53 – [ 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 history 1:03:43 – top LatAm unicorns 🦄 1:11:44 – PicPay & fintech competition 1:17:46 – 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

    1h 18m
  7. OpenAI Path To Profitability, Anduril Valuation, & India Unicorns | Qapita Ravi Ravulaparthi | Ep21

    JAN 28

    OpenAI Path To Profitability, Anduril Valuation, & India Unicorns | Qapita Ravi Ravulaparthi | Ep21

    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

    1h 2m
  8. Top 20 Private Companies in 2026, The Billionaire Tax, Mistral AI Valuation | Augment + Sacra | Ep20

    JAN 21

    Top 20 Private Companies in 2026, The Billionaire Tax, Mistral AI Valuation | Augment + Sacra | Ep20

    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 rules If 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. Timestamps 00:00 – cold open 00:59 – [ 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

    1h 27m
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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
    27
  • Rating
    Clean
  • Copyright
    © Practical Venture Capital
  • Show Website
    trading places

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