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I Read the 308-Page SpaceX S-1 So You Don’t Have To
Episode 36
Tuesday, May 26, 2026 • Duration 01:01:25
Aman read all 308 pages of the SpaceX S-1 so you don't have to. This week we break down every major number, surprise, and buried Easter egg in the filing — plus the biggest IPO week in recent memory across the AI holy trinity.
SpaceX is pricing around June 12 and could open at a $2T+ valuation. We walk through all three business segments (Connectivity, Space, AI), the $28.5 trillion TAM claim, Elon's compensation plan that pays out $583B if he colonizes Mars, the unusual staggered lock-up structure, and the two breadcrumbs in the S-1 that suggest a SpaceX-Tesla merger could be coming.
We also cover Anthropic's monster quarter ($10.9B in Q2 revenue, profitable, raising at $900B), OpenAI rushing to beat them to IPO after winning the Musk lawsuit, NVIDIA's $81B print growing 85% YoY, Mercury's $200M Series D at $5.2B, the US government taking equity stakes in quantum companies, and Nasdaq Private Markets suing Hiive over secondary market plumbing.
A lot happened this week.
00:43 - [ tech news and vc ]
08:04 - Anthropic profitable, $900B looks cheap 🤯
13:38 - OpenAI rushes to IPO after courtroom win 🏃♂️➡️
17:53 - NVIDIA $82B print $80B buyback 💰🫲
22:20 - Mercury $200M Series D @ $5.2B 🏦
25:35 - US Govt = Quantum VC ⚛️
29:05 - NPM sues Hiive over 2ndry plumbing 🪠
30:58 - [ val corner: 308 page SpaceX S-1 ]
31:06 - SpaceX S-1 highlights 📸🔦
35:56 - $28T TAM includes Martians 🌎🌍🌏🌖✨
37:00 - 3 core biz units: Connectivity, Space, AI 3️⃣
$900B Anthropic, SpaceX IPO Date, and the SPV Wild West w/ Clara Vydyanath | Trading Places Pod EP35
Episode 35
Thursday, May 21, 2026 • Duration 01:10:21
IPO season is here — and private markets are breaking at the seams.
This week on Trading Places: Cerebras just had one of the best IPOs in years, pricing way above range and popping 68% on day one. SpaceX is targeting June 12th for its Nasdaq listing — and the prospectus drops next week. Anthropic raised $30B at a $900B valuation (up from ~$350B just three months ago) — and then told SPV operators to back off. And Anduril closed a $5B round at $61B, doubling its valuation in under a year.
Then Dave and Aman sit down with Clara Vydyanath, a secondaries veteran who's spent eight years at Forge and Hiive, to break down what's actually happening in the SPV market — who's legit, who's a scammer, and what CFOs should be doing right now. Plus: retail VC part two, where Aman pits AngelList's USVC (Naval Ravikant + Ankur Nagpal) against Cathie Wood's Ark Ventures. One of them has a track record problem.
Timestamps:
cold open
[ tech news and vc ]
00:53 - Warsh confirmed as new Fed chair 🪑
03:32 - Hormuz "you shall not pass" 🚢🧙♂️
07:05 - Cerebras blockbuster IPO 📈
12:28 - SpaceX IPO date around June 12 🚀
15:56 - Anthropic raises $30B @ $900B valuation 💰
28:30 - Anduril closes $5B @ $61B 🛫
30:07 - [ intvw: Clara Vydyanath, 2ndry advisor ]
What she learned at Hiive & Forge 🧠
33:52 - SPVs and Anthropic ✋
39:43 - What will happen after IPO summer 🔮
Iran Tanks IPOs | 2026 VC Outlook with PitchBook & CB Insights | ByteDance @ $550B | Ep26
Episode 26
Tuesday, March 10, 2026 • Duration 01:13:10
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.
OpenAI $110B Raise, Stripe at $159B, and the Donor Money Tax Hack VCs Use | Trading Places Podcast E25
Episode 25
Wednesday, March 4, 2026 • Duration 01:11:05
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.
OpenAI $830B vs Anthropic $380B: The Future of Private Market Pricing with Tyson Hendricksen | E24
Episode 24
Tuesday, February 24, 2026 • Duration 01:18:31
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👨🏽⚖️
Elon Musk $1.25T SpaceX + xAI merger, How to Get DPI in 2026 w/ David Zhou | Ep23
Episode 23
Wednesday, February 11, 2026 • Duration 01:29:29
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 🦄 – [ Valuation Corner: SpaceX + xAI ] – $1.25T merger examined 🧐 – East India bull case for SpaceX 🐂 – the Tesla puzzle piece 🧩 – investors weigh in 🏋️ – Dave singing + second takes[ links ][ invest = ][ trading places socials = www.linktr.ee/tradingplacespod ][david zhou = | ] [aman verjee = | ] [dave mcclure = | ] *This content is for informational purposes only and should not be considered investment advice.
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 👩🏽⚖️
OpenAI Path To Profitability, Anduril Valuation, & India Unicorns | Qapita Ravi Ravulaparthi | Ep21
Episode 21
Wednesday, January 28, 2026 • Duration 01:01:31
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
Top 20 Private Companies in 2026, The Billionaire Tax, Mistral AI Valuation | Augment + Sacra | Ep20
Episode 20
Wednesday, January 21, 2026 • Duration 01:27:14
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.
In this episode of Trading Places, Dave McClure and Aman Verjee break down the reopening IPO market, sky-high AI valuations, and the growing push for private-market liquidity — before diving deep into Latin America’s venture ecosystem with Nathan Lustig (Magma Partners) and Karin Tenenboim (Practical VC).
Karin explains why Latin America has quietly outperformed other emerging markets on $1B+ exits, how Brazil’s Pix payments system changed fintech overnight, and why secondaries are still underdeveloped across the region. The episode closes with a valuation corner on Discord, including its rejected Microsoft offer and what its IPO might look like today.
Timestamps
0:00 - cold open
[ tech & vc news ]
1:24 - 2026 IPO market opens 🏁
4:31 - a16z raises $15B across several funds 🥇
6:38 - Top 10 VC firms in the world
12:36 - China blocks Manus ✋
16:16 - Bill Gurley on AI
24:15 - Anthropic, OpenAI, xAI valuations 💸
32:15 - Discord & Strava IPOs 🔔
37:29 - G Squared + Nasdaq team up for private market liquidity 🤝
40:09 - [ intvw: Nathan Lustig / Magma Partners ]
40:26 - Nathan Lustig background and moving to Chile
