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
What was said
"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.
Verification status
Attributed speaker claim
Egleze verified who said this and where. The underlying claim has not been independently established by Egleze.
Source and context
Egleze verified who said this and where. The underlying claim has not been independently established by Egleze.
- Programme
- All-In Podcast
- Episode
- Inside the Private Stock Market Boom: SpaceX, Anthropic, OpenAI & the Rise of Secondaries
- Clip time
- 1:32
- Original source
- Watch the source segment →
From this episode
All-In Podcast