Rephonic
Artwork for trading places
Venture Capital
Openai
Spacex
IPO
Donor-Advised Funds
Anthropic
NVIDIA
Private Markets
Secondary Market
IPO Market
Tax Efficiency
Canva
Philanthropy
Oracle
Tether
University Impact
Environmental Solutions
Michael Burry
VC Secondary Market
DPI

a very bad ๐Ÿ’ฉpodcast about VC secondaries broken unicorns โค๏ธโ€๐Ÿฉน๐Ÿฆ„ & busted carry ๐Ÿ“‰๐Ÿ™ˆ

PublishesWeeklyEpisodes36Founded9 months ago
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Latest Episodes

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 โ€” plus the biggest IPO week in recent memory across the AI holy trinity.

SpaceX is pricing arou... more

IPO season is here โ€” 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 listin... more

Anthropic is now reportedly running at a $44B ARR pace, secondary markets are valuing it north of $1T, and demand is turning into full-scale FOMO.

This week on Trading Places, Dave McClure and Aman Verjee break down:

00:00 โ€” cold open

00:39 โ€” [ te... more

Anthropic is accelerating at a pace the tech world has never seen.

In Episode 33 of Trading Places, Dave McClure, Aman Verjee, Marcelo Ballvรฉ (Sacra), and Adam Crawley (Augment) break down the AI valuation frenzy, OpenAIโ€™s growing pressure, hypersca... more

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Recent Guests

Clara Vydyanath
Experienced private markets and secondaries professional
Hiive (asset management and SPD practice)
Episode: $900B Anthropic, SpaceX IPO Date, and the SPV Wild West w/ Clara Vydyanath | Trading Places Pod EP35
Aman Verjee
Professor, valuation expert
Valuation Corner guest
Episode: Anthropic at $900B, OpenAI Slipping | Sacra & Augment Power 20 Private Companies | Cohere Valuation | Ep 33
Oren Barzilai
Founder and CEO of EquityBee
EquityBee
Episode: Anthropic Passes OpenAI ($30B ARR), SpaceX Lost $5B & How EquityBee Unlocks Employee Equity | Ep. 30
Shri Bhashyam
CEO at Sydecar
Sydecar
Episode: SpaceX $2T IPO ?!? ๐Ÿš€ Shield AI = next Anduril ๐Ÿ›ฉ๏ธ Shri Bhashyam Sydecar grows to $4B SPVs | Ep29
Nick Fusco
Founder and CEO of PM Insights
PM Insights
Episode: Nvidia $4.4T vs Cerebras $23B Val | Why Private Prices Are Wrong with Nick Fusco of PM Insights | Episode 27
Jason Saltzman
Venture data analyst, CB Insights
CB Insights
Episode: Iran Tanks IPOs | 2026 VC Outlook with PitchBook & CB Insights | ByteDance @ $550B | Ep26
Tyson Hendricksen
Founder & CEO of Notice.co
Notice.co
Episode: OpenAI $830B vs Anthropic $380B: The Future of Private Market Pricing with Tyson Hendricksen | E24
Anurag Chandra
Investor, advisor on pension fund governance and family offices
Practical Venture Capital / San Jose Pension
Episode: xAI SpaceX merger, LatAm 2026 IPOs, Anurag Chandra wisdom from managing pension funds & FOs | Ep22
Ravi Ravulaparthi
Founder and CEO of Qapita Software
Qapita Software
Episode: OpenAI Path To Profitability, Anduril Valuation, & India Unicorns | Qapita Ravi Ravulaparthi | Ep21

Hosts

Dave
Co-host and interviewer with long-running involvement in the show's trading-focused discourse
Aman Verjee
Co-host with extensive involvement across episodes, often guiding discussions with data-driven questions

Reviews

5.0 out of 5 stars from 3 ratings
  • A Hidden Corner of Startup/VC Investing, Explained

    Iโ€™ve really enjoyed the [trading places] podcast. It takes a part of the investing world that usually feels pretty mysteriousโ€”the secondary marketโ€”and makes it easy to follow without dumbing it down. The hosts (Dave McClure and Aman Verjee) ask great questions, and the guests (like Upfront Venturesโ€™ Mark Suster, as well as other secondary investors) give honest, practical insights you donโ€™t hear on most finance/startup/VC podcasts. Iโ€™ve walked away from episodes with a much clearer understanding... more

    Apple Podcasts
    5
    daveschappell
    United States9 months ago
  • Nobody does it better

    This is the single greatest podcast ever done on the VC secondary market.

    Apple Podcasts
    5
    HotHamCheese101
    United States9 months ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Guests consistently provide honest, actionable insights not found in mainstream finance podcasts.
Questions from hosts are sharp and practical, helping guests unpack complicated topics.
Audience tends to value liquidity-focused discussions and data-driven analysis.

Chart Rankings

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Talking Points

Recent interactions between the hosts and their guests.

SpaceX $2T IPO ?!? ๐Ÿš€ Shield AI = next Anduril ๐Ÿ›ฉ๏ธ Shri Bhashyam Sydecar grows to $4B SPVs | Ep29
Q: Shri, welcome to the program. What's going on in your world lately? Hardly anything happening in SPVs, right?
Shri explains that SPVs have grown in prominence as a way to simplify and scale private market access, with primary activity still dominant but secondary activity rising, and emphasizes Sydecar's role in making SPVs easier to set up and manage for deal-makers.
Iran Tanks IPOs | 2026 VC Outlook with PitchBook & CB Insights | ByteDance @ $550B | Ep26
Q: Aman, could you explain how tender offers work in practice?
Tender offers bring in new money and set a price for existing employees or shareholders who want to sell, with rules to ensure fair allocation and retention benefits, often used to provide liquidity before an IPO.
Elon Musk $1.25T SpaceX + xAI merger, How to Get DPI in 2026 w/ David Zhou | Ep23
Q: How does signaling risk differ when using SPVs versus traditional secondary sales?
Using SPVs reduces reliance on the company's consent and can enable liquidity through structured buying by LPs or other SPV members, mitigating some signaling risks associated with secondary sales, while preserving more control over timing and pricing.
Elon Musk $1.25T SpaceX + xAI merger, How to Get DPI in 2026 w/ David Zhou | Ep23
Q: What should the size of a position be in the SPV for it to be meaningful?
SPV costs typically run 8-10K on the low end, with potentially 25K or more, and initial checks of around 500K make SPV costs a small percentage of the investment; for checks under 250K it becomes material, so investors may wait until the position is larger to justify SPV economics.
TP18: James Riney of Coral Capital ๐Ÿ‡ฏ๐Ÿ‡ต | Japan's VC Explosion ๐Ÿš€ | 2026 IPO Predictions ๐Ÿ“ˆ
Q: What has happened with Coral Capital and the venture capital landscape in Japan recently?
James discussed their significant secondary sale in SmartHR, noting it as the largest of its kind in Japan, while also highlighting the growing venture capital market.

Audience Metrics

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Frequently Asked Questions About trading places

What is trading places about and what kind of topics does it cover?

The show centers on private markets, VC secondaries, and liquidity for investors in emerging ecosystems. Across episodes, topics frequently swing between secondary market dynamics, unicorn and IPO outlooks, AI-driven disruption, and region-specific trends (notably LatAm and India) as well as data-driven insights from research-focused guests. It's likely to appeal to listeners who want practical takes on private.asset liquidity, deal flow, and the evolving VC landscape, with a healthy dose of market psychology, valuation debates, and liquidity solutions for employees and investors alike. A standout angle is the consistent emphasis on secondary markets as a core theme, including conversations with practitioners who shape liquidity and pricing... more

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Which podcasts are similar to trading places?

These podcasts share a similar audience with trading places:

1. Capital Allocators โ€“ Inside the Institutional Investment Industry
2. Odd Lots
3. Forward Guidance
4. Money Stuff: The Podcast
5. Uncapped with Jack Altman

How many episodes of trading places are there?

trading places launched 9 months ago and published 36 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on trading places?

Recent guests on trading places include:

1. Clara Vydyanath
2. Aman Verjee
3. Oren Barzilai
4. Shri Bhashyam
5. Nick Fusco
6. Jason Saltzman
7. Tyson Hendricksen
8. Anurag Chandra

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