106% Premium in Q1 2026
Secondary assets previously traded at around an 80% discount but reached an average 106% premium in Q1 2026.
Snapshot · All-In with Chamath, Jason, Sacks & Friedberg
Inside the Private Stock Market Boom: SpaceX, Anthropic, OpenAI & the Rise of Secondaries
Explore episode
Jun 7, 2026
Where this was said
Secondary Markets are Booming & Competing with IPOs
At 2:18 · chapter starts 0:47
The Secondary Market Takeover
Private secondary market trading has surged past its 2021 peak, with transactions competing with IPOs as the primary liquidity mechanism. Employee-backed secondaries reached 31% of all primary venture activity in 2025.
Double 2021 Peak volume
Secondary market transactions are at historic highs, driven by the emergence of late-stage private companies and institutional asset managers looking for distribution channels.
31% of primary VC activity
Employee liquidity options have scaled tremendously, representing nearly one-third of total primary venture activity.
Why Private Companies Lack Clean Information
Staying private shield CEOs from hard questions, creating an echo chamber of sycophantic private boards. Public markets provide clean, brutal truth and pressure testing that ultimately makes companies stronger.
Similar snapshots
$14K/month in 6 months
Sam built Algrow from zero to $14,000 in monthly revenue within just six months of shipping his first MVP.
10,000 users in 6 months
Algrow reached over 10,000 users in roughly six months, driven almost entirely by organic Discord community growth.
First 400 users from Discord
Sam acquired his first 400 users entirely through Discord communities, without paid advertising or traditional outreach.
480 new customers in one month
Algrow added exactly 480 new paying customers in its most recent month, demonstrating strong ongoing growth.
£10K revenue in last 4 weeks
Sam's Stripe dashboard showed over £10,000 in revenue in the last four weeks, equivalent to roughly $13,000–$14,000 USD.
Free access for early users as growth hack
Sam gave all early users free access so they could show the tool to friends, turning them into live demos and advocates who helped the product spread virally.
No self-promo rule exploit: screen sharing
By silently screen-sharing his tool in Discord voice chats rather than posting links, Sam attracted curiosity without violating no-self-promo server rules.
$10K+ from affiliate marketing first
Before building Algrow, Sam and two friends made over $10,000 in revenue through affiliate marketing for RizzApp by posting faceless texting story content.
$13K MRR with $0 marketing spend
Bhanu grew SiteGPT to $13,000 monthly recurring revenue entirely through organic channels, spending nothing on paid marketing.
