Iran Tanks IPOs | 2026 VC Outlook with PitchBook & CB Insights | ByteDance @ $550B | Ep26

Dave and Aman break down how the Iran conflict is rattling markets — and what oil futures backwardation is signaling about how long it lasts.Then: Anduril closes at a $60B valuation (a portfolio company for Dave and Aman — they got in at $14B), Palmer Luckey vs. Dario Amodei, Anthropic getting flagged as a supply chain risk by the Pentagon, Kraken connecting to the Fed, Robinhood's $RVI fund underwhelming at launch, and the secondary market hitting a record $226B in 2025.We bring in Emily Zheng (PitchBook) and Jason Saltzman (CB Insights) for a deep data dive: 53% of unicorns are worse off year-over-year, AI companies are raising multiple rounds within 12 months, and LP appetite isn't coming back fully in 2026. Plus their bold predictions for the year ahead.And in Val Corner: Aman goes solo to break down ByteDance at $550B — a full sum-of-parts across Douyin, TikTok International, and TikTok US. Was it a bargain at $330B last fall? Is $550B the right price now? Spoiler: China still controls the algorithm — and gets paid 20% of TikTok US revenue to prove it.00:00 - cold open00:53 - [ tech & vc news ] 01:04 - Augment Power 20 🏆01:53 - Anduril $4B raise on $60B 🛸03:00 - Palmer Luckey vs Dario Amodei 🤼‍♂️06:30 - Iran war shocks NASDAQ, oil, & IPO markets 💥🛢️11:28 - Can Cerebras IPO in 2026? 🤷‍♂️13:27 - Robinhood public VC fund $RVI launch 🏁16:51 - Secondary deals hit $226B in 2025 🚀20:17 - Decagon tender offer @ $4.5B 💰25:09 - Kraken connects to Fed 🐙27:46 - [ intvw: Emily Zheng & Jason Saltzman ] 28:23 - Emily gives Pitchbook 2025 recap 🙇🏻‍♀️31:36 - Jason gives CB Insights 2025 recap 🙇‍♂️35:50 - Emily gives Pitchbook 2026 predictions 🔮57:53 - Jason gives CB Insights 2026 predictions 🔮1:00:56 - [ val corner: ByteDance @ $550B ] 1:01:20 - Sum of Parts analysis 🧩1:05:09 - What is TikTok US worth? 💃1:09:33 - China still controls algorithm 🇨🇳1:12:53 - second takes 😂links:[ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ emily zheng = https://www.linkedin.com/in/emzheng/ | https://x.com/EMZheng47 ][ pitchbook = https://pitchbook.com/news/author/emily-zheng ][ jason saltzman = https://www.linkedin.com/in/jason-salt/ | https://x.com/saltzman_jason ][ CB insights = https://www.cbinsights.com/ ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]#venturecapital #secondaries #secondarymarkets #tradingplacespod #davemcclure #amanverjee #pitchbook #cbinsights