Anyone tracking the bid-ask spreads on the Big 3 (SpaceX, OpenAI, Stripe) lately? Seeing secondary blocks clearing at 25–40% discounts to the last funding rounds. At those entry multiples, are we finally seeing the private market price in the liquidity premium, or is there still too much air in the $100B+ valuations? Curious if the buy-side is seeing a floor here.

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Still way too much air. Would recommend waiting for the market to correct a little harder

Spot on. SpaceX owns Starlink outright, and it’s essentially the engine driving that $1.5T valuation target. At a 40% secondary discount, you’re basically getting the launch monopoly for free and paying a reasonable multiple on the ISP revenue. That’s exactly why private credit and institutional 'dry powder' have been quietly absorbing these blocks lately.

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