Chamath Palihapitiya said on the All-In Podcast that the 2026 IPO class faces a sequencing problem, and that companies waiting behind SpaceX may find the market has already eaten its fill.
“Get the heck out and get public and get your money and fortify your balance sheet ASAP,” Palihapitiya said. “I think the risk builds the further down the IPO chain you’re in.”
The warning lands days after Bloomberg reported that roughly $600 million in OpenAI shares sat unsold on secondary marketplaces.
Next Round Capital founder Ken Smythe told Bloomberg his firm could not find a single buyer among hundreds of institutional investors.
A year ago, that stock would have cleared in days.
Bids that did materialize came in around $765 billion, a 10% discount to OpenAI’s $852 billion primary round valuation.
Anthropic Is The Opposite Story
While OpenAI shares gather dust, Anthropic is seeing what one secondary broker called “essentially unlimited interest.”
Hiive, a secondary market platform, …
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