OpenAI Path To Profitability, Anduril Valuation, & India Unicorns | Qapita Ravi Ravulaparthi | Ep21

In this episode of Trading Places, Dave McClure and Aman Verjee break down what’s driving markets right now, and what it means for liquidity in private tech.They’re joined by Ravi Ravulaparthi (CEO & Co-Founder, Qapita).Together, they unpack what’s actually happening across IPOs, secondaries, SPVs, and late-stage price discovery:• Why public markets rallied and what’s underwriting the optimism 📈• EquipmentShare’s strong IPO vs BitGo’s weak debut (and what investors are rewarding) 🏋️🟠• Capital One buying Brex at $5.15B a “down round exit” that’s still a real outcome 🤝• Secondaries getting institutionalized (EQT–Coller) + Evercore’s volume signals 💰• Pinegrove’s $2.2B venture secondaries raise and what it implies for DPI 💸• Zipline’s $7.6B valuation + the hard path to real-world drone delivery 🛩️• SPVs scaling fast (Sydecar at $4B AUA) and why they’re becoming default infrastructure 🏦• OpenAI’s move toward ads and the principles they claim will govern it 📸• Qapita’s playbook: equity management + secondary infrastructure across India/Singapore → US 🌎• Valuation Corner: Anduril - hardware + software in defense tech, and the $14B → $31B step-up 🛡️If you’re tracking IPO windows, secondary liquidity, SPVs, and how private markets are evolving in 2026, this episode is a clean map of where the pressure (and opportunity) is building.Timestamps00:00 – cold open[ tech & vc news ]00:36 – Why public markets bounced 📈03:18 – EquipmentShare $7.2B strong IPO 🏋️03:51 – BitGo $2B weak IPO 🟠06:15 – Capital One acquires Brex $5.15B 🤝08:55 – EQT buys Coller Capital for $3.7B 💰11:02 – Pinegrove raises $2.2B 💸12:00 – Zipline $7.6B valuation 🛩️13:21 – Sydecar hits $4B AUA 🏦15:39 – OpenAI starts ads 📸18:11 – [ intvw: Ravi Ravulaparthi / Qapita ]18:50 – From Singapore to USA 🇸🇬➡️🇺🇸18:52 – What Qapita does 🧐21:48 – India investing dynamics 🇮🇳27:05 – SPVs go global 🌎33:24 – Where 2ndary volume concentrates: IPO-window names 🎯[ val corner: Anduril ]53:49 – Anduril overview: defense tech + disclosure 🛡️54:17 – What Anduril does (defense tech framing) 🧠55:17 – Founders Fund + Palmer Luckey origin story 🧩55:40 – Valuation step-up: $14B → $31B examined 📈01:01:14 – Final riff: “ready to rally… or we’ve lost our minds” 😵‍💫[ links ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ ravi ravulaparthi = https://sg.linkedin.com/in/raviravulaparthi ][ qapita = https://www.qapita.com/ ][ qapita socials = https://www.linkedin.com/company/qapita/ | https://x.com/qapita ][ 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 ]*This content is for informational purposes only and should not be considered investment advice.#VentureCapital #PrivateMarkets #Secondaries #SPVs #Anduril #DefenseTech #Qapita