{"id":3087562,"date":"2026-01-28T13:35:29","date_gmt":"2026-01-28T21:35:29","guid":{"rendered":"https:\/\/techcrunch.com\/?post_type=tc_video&#038;p=3087562"},"modified":"2026-01-28T13:35:35","modified_gmt":"2026-01-28T21:35:35","slug":"spacex-is-coming-to-the-public-markets-and-secondaries-are-already-on-fire","status":"publish","type":"tc_video","link":"https:\/\/techcrunch.com\/video\/spacex-is-coming-to-the-public-markets-and-secondaries-are-already-on-fire\/","title":{"rendered":"SpaceX is coming to the public markets, and secondaries are already on fire"},"content":{"rendered":"\n<p id=\"speakable-summary\" class=\"wp-block-paragraph\"><div id='jwppp-video-box-30875621' class='jwppp-video-box' itemprop='video' itemscope itemtype='http:\/\/schema.org\/VideoObject' data-video='1' style=\"margin: 1rem 0;\">\n<meta itemprop='name' content='SpaceX is coming to the public markets, and secondaries are already on fire | Equity Podcast'\/>\n<meta itemprop='description' content='SpaceX is reportedly lining up four major Wall Street banks for a 2026 IPO that could provide the reset the market needs. The company just completed a tender offer at an $800 billion valuation, and secondary market demand is through the roof. If SpaceX goes public anywhere near its rumored $1.5 trillion valuation, it could trigger an IPO cascade for other late-stage unicorns like OpenAI, Stripe, and Databricks. Today on TechCrunch\u2019s Equity podcast, Rebecca Bellan spoke with Greg Martin, Managing Director at Rainmaker Securities, to discuss why this IPO feels different, how tech employees are cashing out through secondary markets before companies go public, and what investors are actually looking for in pre-IPO shares. Chapters:00:00 Introduction01:39 The Booming Secondary Market for Pre-IPO Shares04:06 SpaceX as an IPO Bellwether06:31 Why Elon Musk Changed His Mind on Going Public10:04 The Race to a Trillion-Dollar Valuation12:27 The Elon Halo Effect on Valuations15:17 What Signals an Upcoming IPO?17:50 How Secondaries Drive Better Price Discovery20:47 How SpaceX Secondaries Actually Work24:03 What Investors Want from Pre-IPO Companies25:11 The Have and Have-Not World of Secondaries26:42 OutroSubscribe to Equity on \u2060YouTube\u2060,\u2060 Apple Podcasts\u2060,\u2060 Overcast\u2060,\u2060 Spotify\u2060 and all the casts. You also can follow Equity on\u2060 X\u2060 and\u2060 Threads\u2060, at @EquityPod.'\/>\n<meta itemprop='duration' content='PT0H27M26S'\/>\n<meta itemprop='thumbnailUrl' content='https:\/\/cdn.jwplayer.com\/thumbs\/cItk3yAg-720.jpg'\/>\n<meta itemprop='uploadDate' content='2026-01-28T13:35:29-08:00'\/>\n<meta itemprop='contentUrl' content='https:\/\/cdn.jwplayer.com\/v2\/media\/cItk3yAg'\/>\n<span class=\"jwppp-instant\" style=\"display: none;\" data-video=\"https:\/\/techcrunch.com\/?jwp-instant-articles=1&#038;player=GQNKsmiX&#038;mediaID=cItk3yAg\" data-width=\"480\" data-height=\"270\"><\/span><div id='jwppp-video-30875621' class='jwplayer'>Loading the player...<\/div>\n<script class=\"tcembed-script\" type=\"text\/javascript\" src=\"https:\/\/content.jwplatform.com\/libraries\/GQNKsmiX.js\"><\/script><script type='text\/javascript'>\nvar playerInstance_30875621 = jwplayer( \"jwppp-video-30875621\" );\nplayerInstance_30875621.setup({\nplaylist: \"https:\/\/cdn.jwplayer.com\/v2\/media\/cItk3yAg\",\n})\n<\/script><\/div><\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">paceX is&nbsp;reportedly lining&nbsp;up&nbsp;four major Wall Street banks&nbsp;for a&nbsp;2026 IPO&nbsp;that could provide the&nbsp;reset&nbsp;the market needs.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company just completed a tender offer at an&nbsp;$800 billion&nbsp;valuation, and secondary market demand is through the roof. If SpaceX goes public anywhere near its&nbsp;<a href=\"https:\/\/techcrunch.com\/2026\/01\/28\/elon-musk-reportedly-wants-a-june-spacex-ipo-to-align-with-his-birthday-the-planets\/\" target=\"_blank\" rel=\"noreferrer noopener\">rumored&nbsp;$1.5 trillion&nbsp;valuation<\/a>, it&nbsp;could trigger&nbsp;an IPO cascade for&nbsp;other&nbsp;late-stage unicorns like OpenAI, Stripe, and Databricks.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Watch as\u00a0<a href=\"https:\/\/techcrunch.com\/podcasts\/equity\/\" target=\"_blank\" rel=\"noreferrer noopener\">Equity<\/a>\u00a0host Rebecca Bellan chats with\u00a0<a href=\"https:\/\/www.rainmakersecurities.com\/operations-team-bios\/2022\/10\/10\/greg-martin-managing-director-of-sales-and-marketing\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Greg Martin<\/a>, Managing Director at Rainmaker Securities, about why this IPO feels different, how\u00a0tech\u00a0employees are cashing out through secondary markets before companies go public, and what investors\u00a0are\u00a0actually looking\u00a0for in pre-IPO shares.\u00a0<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">Subscribe to Equity on&nbsp;<a href=\"https:\/\/www.youtube.com\/@TechCrunch\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">YouTube<\/a>,<a href=\"https:\/\/itunes.apple.com\/us\/podcast\/id1215439780\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">&nbsp;Apple Podcasts<\/a>,<a href=\"https:\/\/overcast.fm\/itunes1215439780\/equity\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">&nbsp;Overcast<\/a>,<a href=\"https:\/\/open.spotify.com\/show\/5IEYLip3eDppcOmy5DmphC?si=rZDFHv2sQUul_g94iCRgpQ\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">&nbsp;Spotify<\/a>&nbsp;and all the casts. You&nbsp;also can&nbsp;follow Equity on<a href=\"https:\/\/twitter.com\/EquityPod\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">&nbsp;X<\/a>&nbsp;and<a href=\"https:\/\/www.threads.net\/@equitypod\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">&nbsp;Threads<\/a>, at @EquityPod.&nbsp;<\/p>\n","protected":false},"author":133574571,"featured_media":3087566,"template":"","meta":{"tc-featured-article":false,"tc-header-option":"","tc-breaking-news":false,"tc-article-brief":false,"carmot_uuid":"","apple_news_api_created_at":"2026-01-28T21:35:34Z","apple_news_api_id":"e4559052-f030-4978-af27-137145b2d714","apple_news_api_modified_at":"2026-01-28T21:35:35Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/A5FWQUvAwSXivJxNxRbLXFA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"tc_sponsors":[],"tc_exclude_from_rss_feed":false,"tc_exclude_from_content_rivers":true},"categories":[174,20429],"tags":[1244446,18477,371748,577369402,577370380],"tc_region":[],"tc_collection_tax":[],"tc_storyline_tax":[],"coauthors":[577084855],"class_list":["post-3087562","tc_video","type-tc_video","status-publish","has-post-thumbnail","hentry","category-space","category-startups","tag-elon-musk","tag-ipo","tag-spacex","tag-equity-video","tag-rainmaker-securities"],"video_duration":"PT27M26S","apple_news_notices":[],"yoast_head":"<!-- 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