With Stripe and Databricks ($5.4B run-rate) eyeing 2026 listings, the secondary tape is now the primary engine for price discovery. For those tracking the pre-IPO delta, SPVs are the clear winner for capital efficiency allowing for a diversified portfolio with 1/10th the requirement of a direct transfer.
I have the latest data sheets on the Big Five for anyone rebalancing this quarter. DM for the tape.

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