Nasdaq Private Market CEO Tom Callahan shares his bull case for private markets

Market Trends - The IPO market is making a comeback in 2025 [1] - Public markets are shrinking, while private markets are growing [3] - 25 years ago, there were over 8,000 publicly traded companies, now there are half that amount [3] - A decade ago, there were about 50 unicorns, today there are close to 1,200 [3] Private Market Dynamics - Private companies are offering liquidity to employees through tenders to attract and retain talent [4][5] - NASDAQ Private Market's tender volume was approximately $35 billion 3 years ago, $65 billion last year, and is projected to be $30 billion in 2025 [6] - The private markets could exceed public markets by at least one metric in the next 3 to 5 years [2] - Private markets are being opened up to retail investors, but it's crucial to understand the differences from public markets [10][11][12] - Private companies need to approve every single share transfer, unlike public markets [13] Valuation of Private Companies - Open AI has a valuation of $500 billion, SpaceX has a valuation of $400 billion, and Anthropic has a valuation of $180 billion [7][8]