Money
Secondary Market Now Double 2021 Peak as Employee Sales Hit Record
All-In Podcast
Inside the Private Stock Market Boom: SpaceX, Anthropic, OpenAI & the Rise of Secondaries
"Look at that, Jason, relative to the '21 peak. We thought that was crazy at the end of '21. We're double that now in terms of secondary transactions. This is the amount of employee secondary. So this is people buying into Anduril, Anthropic, SpaceX. Now represents 31% of all primary venture activity."
Brad Gerstner presented new data showing secondary market transactions have doubled from the 2021 peak, with employee secondaries now representing 31% of all primary venture capital activity in 2025. The secondary market is now trading at a 6% premium to fair value, reversing the 20% discount of recent years. This shift signals unprecedented liquidity demand in late-stage private companies and potential froth in private valuations.
From this episode
All-In Podcast