Unironically, private markets are deeper on the bid side than public; price discovery is happening through SPVs that are now widely accessible.
Like, wdym my uncle can buy a triple wrapped SPV for OpenAI at $900bn. Exit to who exactly on IPO?
Robbinhood Ventures, which holds some of the best private companies (Databricks, Stripe, Revolut, etc), went public on NYSE and is trading at a ~10% discount to NAV
Not a good sign for private market valuations when liquid wrappers trade *below* the illiquid underlying