Rephonic
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Venture Capital
Openai
Spacex
Anthropic
IPO
Donor-Advised Funds
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

PublishesWeeklyEpisodes38Founded10 months ago
Number of ListenersCategories
InvestingBusiness

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Latest Episodes

SpaceX just finished its first week as a public company. Anthropic just had its newest model frozen by the US government. And Jeff Bezos just raised $12B for a startup that's been alive for about a year.

Dave and Aman break it all down โ€” from SpaceX... more

The SpaceX IPO just happened. Dave and Aman break down the grades, the winners, and what comes next โ€” then sit down with CJ Gustafson, recovering tech CFO and founder of Mostly Metrics, to dig into the private market pricing mechanics that most inves... more

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

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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

Aman Verjee
Host of the valuation-focused segments and co-host for the show; associated with practical venture capital and private markets discussion.
Dave McClure
Co-host and commentator focusing on VC funding, liquidity, and market insights.

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.

Shows are insightful and accessible to both finance pros and curious founders.
Guests provide real-world perspectives on liquidity, SPVs, and DPI concepts.
Listeners praise practical, data-driven discussions of private markets and secondaries.
Overall, the banter and depth balance makes complex topics approachable for sponsors and guests alike.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

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?

A fast-moving, data-driven discussion on private markets, secondaries, SPVs, and the liquidity dynamics around high-profile tech companies. Episodes frequently dissect AI mega-rounds, SpaceX, Anthropic, OpenAI, and the evolving landscape of SPVs, tender offers, and valuation frameworks, often with guest insights from valuation experts, data vendors, and fund managers. The tone blends sharp financial analysis with practical takeaways for CFOs, founders, and investors seeking liquidity, new investment vehicles, or a clearer view of how private pricing differs from public markets. Notable quirks include frequent references to retail participation, SPV mechanics, and DPI frameworks, making it particularly useful for listeners who want actionabl... more

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Which podcasts are similar to trading places?

These podcasts share a similar audience with trading places:

1. Invest Like the Best with Patrick O'Shaughnessy
2. TBPN
3. The a16z Show
4. The Investor's Podcast (We Study Billionaires) - The Investorโ€™s Podcast Network
5. The Compound and Friends

How many episodes of trading places are there?

trading places launched 10 months ago and published 38 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

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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