Retail investors are racing to buy into pre-IPO names like SpaceX and Anthropic through new Charles Schwab (NYSE:SCHW) products.
Top venture capitalists Brad Gerstner and Jason Calacanis admitted at the weekend’s All-In Liquidity Summit that they are quietly selling on the other side of those trades.
“We are selling into this,” Gerstner said at the All-In Liquidity Summit on Saturday, framing the moves as fiduciary duty to limited partners rather than a top call.
Secondary Volume Doubles 2021 Peak
Secondary market volume is running at roughly double the 2021 peak, with employee secondaries at Anthropic, Anduril and SpaceX now representing 31% of all primary venture activity in 2025, according to panel data.
