The IPO window open once again which could offer relief for some limited partners who have been strapped for quite some time for liquidity over the past decade as more companies stay private for longer. Joining us right now is Haninada uh co-founder of Acme Capital. He has backed the likes of Alibaba, DraftKings, SoFi and so many other companies through multiple venture capital cycles.But this has been a particularly unique one in terms of just the length with which these companies have remained private. Wh ...

Joining us now to discuss the year of IPOs and his outlook for 2026 is NASDAQ President Nelson Griggs. Good morning to you. Congratulations on what was a pretty great 2025.>> Yeah. >> When you think about 2026, people are already speculating about names like Open AI and Anthropic and SpaceX. I mean, we could be in a whole new realm.So, where are we really. And is that uh pie in the sky or is that reality. >> Uh, I think there's a lot of reality there.I think this year we went in probably with higher expecta ...

Core Insights - OpenAI's valuation is currently at $500 billion, indicating significant investor interest and confidence in the company's future potential [1] - The CEO and CIO of Laffer Tengler Investments, Nancy Tengler, expresses continued interest in SpaceX, suggesting that the company remains a strong player in the private market despite its valuation [1] - Public market investors are increasingly considering the implications of private valuations, which may influence their investment strategies and decisions [1] Group 1 - OpenAI's valuation reflects a growing trend in the tech industry where private companies achieve high valuations, impacting overall market dynamics [1] - SpaceX is highlighted as a key investment opportunity, indicating its relevance and potential for growth in the aerospace sector [1] - The discussion emphasizes the need for public market investors to adapt to the changing landscape influenced by private company valuations [1]

Private Market Valuation & Growth - The "Magnificent 7" private market companies' valuations have nearly doubled in the past year, reaching $12 trillion [1] - This growth almost triples that of their public market counterparts [1] - Since late 2022, the combined value of these companies has quadrupled from $264 billion [2] AI's Dominance - AI is identified as the defining force behind private market performance [2] - OpenAI and Anthropic have surpassed Stripe and DataBricks in valuation, highlighting AI's influence on private capital [2] - 19 AI firms in the Forge basket have raised $65 billion year-to-date [3] - This represents 77% of all private market capital raised [4] Investor Sentiment & Market Trends - Investor demand for AI exposure is intense [3] - Crossover funds are actively seeking AI exposure [4] - Median valuations across the broader private market are trending back toward pre-downturn levels following the 2022 pullback [4]

Market Trends - Lambda, a GPU rental company, is reportedly considering going public, similar to its competitor CoreWeave [1]

Another big part of the market is all these private companies, right. We we we talk a lot on this show, you know, in general in the journal about the number of companies that are staying private longer. Sometimes that's like a startup company that just sort of delays its IPO for a long time, but sometimes those are like big established companies that are owned by private equity funds.There's a lot of talk of exits. It's hard for those companies to get exits. We've written a lot about the the challenge that ...