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’s 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 Introduction

01:39 The Booming Secondary Market for Pre-IPO Shares

04:06 SpaceX as an IPO Bellwether

06:31 Why Elon Musk Changed His Mind on Going Public

10:04 The Race to a Trillion-Dollar Valuation

12:27 The Elon Halo Effect on Valuations

15:17 What Signals an Upcoming IPO?

17:50 How Secondaries Drive Better Price Discovery

20:47 How SpaceX Secondaries Actually Work

24:03 What Investors Want from Pre-IPO Companies

25:11 The Have and Have-Not World of Secondaries

26:42 Outro
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