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.

Shares are trading at a 6% premium to last round prices, reversing the 80-cent-on-the-dollar discounts that defined the post-zerp era.

Gerstner said his firm Altimeter Capital regularly tells founders it plans to sell 30% of its position, despite their objections. “My job as a fiduciary to the LPs is to do that,” Gerstner said.

Calacanis said his syndicate now sells alongside founders the moment portfolio companies cross $500 million valuations, taking the same price and the same exit. “I’m going to sell right alongside you so that I can invest in the next you coming into the market,” Calacanis said.

Schwab Pitch Convinces Founders To Allow Sales

Forge Global CEO Kelly Rodriques said his platform’s new tie-up with Schwab gives founders a fresh pitch for permitting SPVs and secondary sales: direct retail distribution to 46 million Schwab clients and $12 trillion in assets.

Rodriques said the pitch worked on Elon Musk, with Schwab now named as one of the retail allocations for the SpaceX IPO at the offer price.

New interval funds with $500 minimums are also bringing unaccredited investors into SpaceX exposure for the first time.

Prediction Markets Eye June Listing

Polymarket traders price the SpaceX listing happening by June 15th at 98%, with reports suggesting a valuation between $1.75 trillion and $2 trillion.

Gerstner flagged 14 leveraged ETFs queued to launch on the SpaceX IPO day at the high end of that range, calling it a retail-mania signal.

“We may not be at the top, but we ain’t at the bottom,” Gerstner said.

The rush of retail money raises concerns that everyday investors are serving as exit liquidity for venture funds locking in decade-long gains.

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