Top 20 Private Companies in 2026, The Billionaire Tax, Mistral AI Valuation | Augment + Sacra | Ep20

trading places · Jan 21, 2026 · 1h 27m · transcript

In this episode of Trading Places, Dave McClure and Aman Verjee dive deep into the rapidly evolving world of private tech markets.

They’re joined by:

• Noel Moldvai (Founder & CEO, Augment Markets)

• Adam Crawley (Co-Founder, Augment Markets)

• Marcelo Ballvé (Founder, Sacra)

Together, they unpack what’s actually happening beneath the surface of AI, secondaries, and late-stage private companies:

• Why the bar for IPOs keeps moving higher

• How secondary markets have become a primary source of liquidity

• What SPVs, tender offers, and structured secondaries really solve

• Whether today’s AI…