trading places

Practical Venture Capital
  • 5.0 (2)
  • Investing
  • Updated Weekly

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

  1. 1d ago

    NVIDIA's AI Empire: Chips, Startups, and Jensen Huang's Endgame

    This week on Trading Places, Dave McClure and Aman Verjee break down Nvidia's expanding AI ecosystem, a billion-dollar stake plus exclusive licensing with Poolside, an investment in data supplier Mercor at $20B, and a bet on Perplexity as it raises at $30B. Plus: OpenAI's CFO signals a 2027 IPO, Chinese open-weight models overtake closed models in usage, the Cursor and OpenRouter deals officially close, investors cash out big while Sam Bankman Fried sits out his winnings in jail, fresh mega-rounds for Lovable, Higgsfield, and Lambda, PitchBook's Emily Zheng on the secondary market, and Aman's valuation corner on sports-franchise economics after the Lakers sold for a record $12.5B. Timestamps: 00:00 - cold open 01:06 - [ tech and vc news ] Aman plays the US Open and book launch 🎾 03:15 - Nvidia moves $19B on their open AI ecosystem 💰 09:08 - leaked timeline for OpenAI IPO ⏲️ 10:45 - the Anthropic vs. OpenAI horserace 🐎 18:50 - open weight AI models usage is growing 📈 22:43 - investors cash out big on SpaceX-Cursor acquisition 🤑 25:00 - SBF sat out his big win in jail 🔐 26:45 - OpenRouter acquired by Stripe 🧾 30:11 - Lovable at $13B 💪 30:30 - Higgsfield raises at $5B 🚀 33:53 - Lebron bonds 🏀 37:01 - [ intvw: Emily Zheng, PitchBook ] the state of the VC secondary market 🤔 39:45 - the next top-10 VC secondary startups 🏪 43:40 - the top sectors in Q2 2026 🎩 45:02 - potential trouble in the SPV market 😟 52:10 - the future of tender offers👂 57:45 - 2027 predictions 🗓 59:51 - the changing nature of the IPO 🔃 1:03:02 - [ valuation corner: Lakers sell for $12.5B ] Lakers sale price breaks NBA record 🏅 1:04:30 - tax benefit to owning a sports franchise 📑 1:06:30 - breaking down the most valuable sports teams 🏟 1:09:11 - how different leagues manage revenue ⚾️ 1:12:17 - why the Cowboys are the most valuable team in sports 🏈 [ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ emily zheng = https://www.linkedin.com/in/emzheng/ | https://x.com/EMZheng47 ] [ 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 ] Disclaimer: This is not investment advice. We may hold positions in companies discussed. Do your own research. #Nvidia #AI #VentureCapital #Perplexity #PrivateMarkets

    NVIDIA's AI Empire: Chips, Startups, and Jensen Huang's Endgame

  2. Aug 19

    Anthropic vs. OpenAI: Inside the $2 Trillion IPO Race

    This week on Trading Places, Dave McClure and Aman Verjee break down the Anthropic roadshow numbers and leaked internal forecasts, Nvidia securing a $500B financing coalition of six Wall Street giants, and the SpaceX $60B acquisition of Cursor. Plus: the Canva growth slowdown rattles its IPO case, Databricks becomes a top-5 private company at $190B, and Aman celebrates the NYC launch of his new book, A Brief History of Financial Bubbles. 00:00 – cold open 00:45 – [ tech and vc news ] 00:56 – Aman’s “History of Financial Bubbles” book launch 📖 01:20 – are we in a bubble right now? 🫧 02:00 – Anthropic IPO in Sept/Oct? ⏳️ 05:30 – ⁠⁠Nvidia mobilizes $500B with 6 Finance Giants 🏢 11:22 – AI race: Anthropic is Secretariat, OpenAI is Twice a Prince 🏇 12:06 – potential timeline for OpenAI IPO 🤷‍♂️ 14:22 – SpaceX acquires Cursor for $60B 🤑 16:11 – Canva growth rates slow down, valuation cut 😢 20:55 – Stripe acquires OpenRouter for $7B 💳 22:41 – Silver Lake takes Workday private 🔐 24:26 – Databricks valued at $190B 💰 26:17 – Kalshi and Cognition raise at $40B valuation each 🏅 29:02 – [ valuation corner: Hadrian @ $8B ] 33:00 – solving long-standing problems in weapons manufacturing 🏹 33:28 – can set up new production lines in months, not years 🏭 35:00 – signed massive contract with US Navy 🚢 [ 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 ] Disclaimer: This is not investment advice. We may hold positions in companies discussed. Do your own research. #Anthropic #IPO #VentureCapital #DefenseTech #PrivateMarkets

    Anthropic vs. OpenAI: Inside the $2 Trillion IPO Race

  3. Aug 13

    Bending Spoons at $30B: Brilliant Roll-Up or Overvalued? + SpaceX, Airtable & VC News

    Is Bending Spoons really worth nearly $30 billion? This week on Trading Places, Dave McClure and Aman Verjee break down the Italian software roll-up after its $2.25B acquisition of Airtable — and ask whether buying challenged SaaS companies at 3–4x revenue can justify Bending Spoons trading around 10x revenue. Timestamps: 00:39 - [ tech and vc news ] 02:00 - historic Q2 earnings💲 05:18 - SpaceX stock rises 📈 09:53 - ⁠Elon scores AI wins after Grok 'miss' 💪 11:44 - Nvidia partners with Elon 💽 15:55 - Elon is planning the largest building in the world 🏢 18:10 - SpaceX buys Cursor 🚀 19:47 - OpenAI slashes prices  🔖 22:34 - Pitchbook Q2 report on VC Secondary Market 🛍 29:54 - Zach Dell starts energy company: Base Power @$13B🔌 30:38 - defense-tech startup Hadrian on the rise @8B 🪖 31:06 - AI power crunch fuels Valar Atomics @$6B ⚛️ 34:45 - Palmer Luckey joins Elon, Bezos and Dorsey 🏦 37:57 - Bending Spoons buys Airtable 💰 42:14 - the SaaSpocalypse is real 🧟‍♂️ 47:25 - [ valuation corner: Bending Spoons, Luca Ferrari ] 49:09 - unconventional background of Milan-based founder Luca Ferrari 🇮🇹 50:03 - buying up famous internet names 🏚 50:38 - determining if their current value is justified 🤔 52:26 - recent acquisition of Airtable 💨 54:14 - why the Bending Spoons business model makes sense 👍 57:35 - 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 ] Disclaimer: This is not investment advice. We may hold positions in companies discussed. Do your own research.

    Bending Spoons at $30B: Brilliant Roll-Up or Overvalued? + SpaceX, Airtable & VC News

  4. Aug 6

    Can Helsing Become Europe’s Anduril? Inside Its $18B Valuation

    Is Helsing becoming Europe’s answer to Anduril? In this episode of Trading Places, Dave McClure and Aman Verjee break down the German defense technology company’s new $18 billion valuation, its AI-powered autonomous systems, its battlefield testing in Ukraine, and the growing pressure on Europe to build its own defense capabilities. Aman compares Helsing’s software-first model with Anduril’s vertically integrated hardware-and-software approach—and explains why Helsing’s limited access to the U.S. defense market may be the biggest factor determining whether its valuation is justified. Dave also sits down with Kelly Rodriques, CEO of Forge Global, now part of Charles Schwab, to discuss the rapidly expanding private secondary market. 00:00 – cold open 00:47 – [ tech and vc news ] 02:41 – The Fed votes to hold rates steady 🏦 07:20 – Q2 Earnings Week: how big tech did last quarter 📈 09:22 – how big tech makes their money - diagramed 📊 12:08 – Situational Awareness - Aschenbrenner loses his shirt 😢 16:11 – the highly volatile Korean stock market 🇰🇷 18:14 – SpaceX shares unlock August 6 🚀 22:14 – Anthropic and OpenAI models hack into systems of other companies 🚨 25:37 – Big Tech employee tender offers 🧾 29:44 – Uber founder's new company and jet ski commute 🚤 32:51 – [ intvw: Kelly Rodrigues, Forge Global ] 33:19 – his journey into private markets 👔 35:57 – why companies stay private longer now 🔐 37:00 – the new secondary market "middle world"🏬 40:20 – the Forge customer type 🙋‍♂️ 46:30 – how to buy private companies on Forge 💳 49:00 – why Charles Schwab bought them out💲 57:04 – what SpaceX IPO can teach AI giants 🛰️ 1:05:15 – predictions for markets in coming year 🕔 1:06:58 – [ valuation corner: Helsing @ $18B ] 1:07:12 – the Munich-based company raised $1.8B 🇪🇺 1:07:45 – inspired by Clausewitz 🪖 1:11:45 – how military budgets are changing 💶 1:12:32 – how Helsing compares to Anduril and Saronic 🚁 Trading Places is the world’s worst podcast about VC secondaries, private markets and high-growth technology companies. Subscribe for weekly coverage of private-company valuations, tender offers, secondary transactions, IPOs and venture capital liquidity.[ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ][ kelly rodriques = https://www.linkedin.com/in/kelly-rodriques-9b49418 | https://x.com/frgeglobal ] [ 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 ] Disclaimer: This is not investment advice. We may hold positions in companies discussed. Do your own research. #Helsing #DefenseTech #VentureCapital #PrivateMarkets #Anduril #SpaceX #ForgeGlobal

    Can Helsing Become Europe’s Anduril? Inside Its $18B Valuation

  5. Aug 5

    SpaceX's First Earnings Report as a Public Company 🚨 SPECIAL EPISODE

    SpaceX just reported earnings for the first time since going public — and the numbers were a rollercoaster. Revenue beat estimates by a mile (+92% YoY), EBITDA came in strong, and every business segment posted growth. So why did the stock give up its gains and drop 8% after hours? In this special breakdown, Dave and Aman dig into: 0:27 SpaceX first earnings report 🚀 5:45 how SpaceX makes money 💸 6:38 the importance of EBITDA 📖 8:04 detailing SpaceX revenue 📈 12:55 bull and bear case for SpaceX stock 🐂 17:13 chances of a SpaceX-Tesla merger 🤝 23:40 Dave’s 60th birthday 🎂 This is a special one-off episode — full episode with our regular format comes out tomorrow. Thanks for tuning in! [ 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 ] Disclaimer: This is not investment advice. We may hold positions in companies discussed. Do your own research.

    SpaceX's First Earnings Report as a Public Company 🚨 SPECIAL EPISODE

  6. Jul 28

    Anduril Hits $100B, Saronic Hits $9B 💥 Inside the Defense Tech Boom w/ Dave McClure and Aman Verjee

    Dave McClure and Aman Verjee break down why venture capital is pouring into autonomous defense companies, how Anduril, Shield AI, Saronic and a new generation of startups are challenging the traditional defense primes, and why expanding military budgets outside the United States could create an enormous new market. They also discuss the growing threat Chinese open-weight AI models pose to OpenAI and Anthropic, including Kimi K3’s near-frontier performance at a fraction of the apparent cost. Could cheaper open models force the leading American AI labs to compete harder—or will Washington restrict access? 00:45 - [ tech and vc news ] 01:51 - the Iran war: will it ever end? 🛢️ 03:15 - Google: first negative cash-flow quarter ever 😢 09:55 - SpaceX continues to fall 📉 12:21 - Chinese open-source AI vs. American AI 🤼‍♂️ 16:47 - When will Anthropic go public? 📊 22:32 - most recent Chinese IPOs 🇨🇳 26:17 - massive valuation for Databricks 🤑 27:06 - Where is the IPO market headed? 🧾 31:57 - [ valuation corner: defense tech on the rise ] 32:03 - Anduril seeking $100B valuation 🛩 33:53 - why defense tech is soaring 🚀 35:37 - military-tech leaders: the new generation 🪖 38:04 - how military budgets are changing 🗃 47:49 - 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 ] Thank you for watching! #Anduril #saronic #shieldai #defensetech #venturecapital

    Anduril Hits $100B, Saronic Hits $9B 💥 Inside the Defense Tech Boom w/ Dave McClure and Aman Verjee

  7. Jul 22

    US vs. China AI: OpenAI, Anthropic, DeepSeek & Moonshot Go to War

    The AI arms race just got a lot more interesting. Moonshot's Kimi K3 is topping leaderboards ahead of proprietary US models, DeepSeek is raising at a $71B valuation ahead of its own IPO, and Anthropic is quietly lining up bankers for a Q4 listing that could value the company at $2-3 trillion. Meanwhile SpaceX has broken its IPO price, Stripe just made a $53B run at PayPal, and European defense tech is heating up with Helsing's $18B raise. Then Adam Crawley (Augment) and Marcelo Ballvé (Sacra) join to break down the new Augment Power 20 — how the rankings are built, who's moving up (hello Neuralink and Crusoe), and their bold predictions for Q3. We close out with a Valuation Corner deep dive on Crusoe, the neo-cloud infrastructure company reportedly raising at a $30B valuation, and where it fits into the broader AI stack. 0:00 - cold open 00:53 - [ tech and vc news ] 2:00 - post-IPO SpaceX: big flop? 📉 5:39 - Anthropic races to Q4 IPO 💰 7:26 - Chinese AI vs. US models 🇨🇳🇺🇸 14:26 - DeepSeek raises $1.5B @ $71B 🤖 16:15 - Stripe bids $53B for PayPal, not enough? 💸 22:49 - the European Anduril: Helsing 🛩️ 24:46 - [ intvw: adam crawley @augment & marcelo ballvé @sacra ] 27:24 - how Power 20 rankings are calculated 💡 33:02 - most active 💪 Power 20 companies Q2 '26 40:08 - largest risers 📈 in price gains 42:15 - bold predictions for Q3 🔮 54:37 - [ valuation corner: crusoe @ $30B ] 55:03 - rapid revenue growth 🚀 58:29 - the AI "stack" breakdown 🍰 1:01:11 - pick-and-shovel play ⛏️🪏 1:05:07 - 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 #secondarymarket

    US vs. China AI: OpenAI, Anthropic, DeepSeek & Moonshot Go to War

  8. Jul 15

    Can Jeff Bezos Catch Elon Musk? Blue Origin at $130B | Reflection AI vs. DeepSeek | Interview with Shawn Bercuson

    Welcome back to Trading Places, the weekly show covering the biggest stories in venture capital, private markets, AI, IPOs, and secondaries. This week, Jeff Bezos and Blue Origin make headlines with a $10B raise at a $130B valuation, igniting the next chapter in the battle with Elon Musk and SpaceX. We also break down OpenAI’s new multi-model strategy, the growing threat from open-weight AI models, Meta’s move into hyperscale cloud computing, Kalshi’s explosive valuation, and much more. Then we’re joined by Shawn Bercuson, Founder & CEO of Earlyasset Capital, for an in-depth conversation about the future of venture secondaries, liquidity, SPVs, private market investing, and why the next decade could fundamentally reshape private capital markets. Timestamps: 00:56 — [ tech and vc news ] 03:05 — setter top 30: the secondary scoreboard 🏆 07:53 — ⁠us vs anthropic ceasefire 🤝 12:11 — openai ships gpt-5.6: sol / terra / luna 🌕 13:24 — china vs us ai: does cheap/open reset the race 🌏 19:15 — meta back: low-cost models, rentable compute 🔋 21:17 — $SKHY raises $26B, mkt cap >$1T 💾 23:25 — blue origin: $10b on $130b 🚀 26:33 — kalshi raising at $40b, polymarket lagging 🎲 30:29 — [ intvw: Shawn Bercuson @ Earlyasset Capital ] ⁠from groupon to secondaries: an origin story 🍩 38:45 — bull vc: liquidity for distressed shares 🐂 43:30 — the law of 30 (really 50) 📏 46:18 — dailypay, SPVs, and the anthropic fallout ⚠️ 58:20 — ⁠⁠the private market in ‘27 and ‘28 🔮 1:01:08 — [ valuation corner: Reflection AI @ $25B ] the raise and the team 💰 1:04:35 — deepseek vs reflection: revenue and multiples 🇨🇳 1:07:05 — mapping the ai landscape: cost vs efficacy 🗺️ 1:10:00 — coding assistants and the verdict on reflection 🤖 [ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ shawn bercuson = https://www.linkedin.com/in/shawnbercuson | https://earlyasset.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 #tradingplacespodcast #vcsecondary #SteveBercuson #davemcclure #BlueOrigin

    Can Jeff Bezos Catch Elon Musk? Blue Origin at $130B | Reflection AI vs. DeepSeek | Interview with Shawn Bercuson
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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
    47
  • Rating
    Explicit
  • Copyright
    © Practical Venture Capital
  • Show Website
    trading places

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