SpaceX is reportedly lining up four major Wall Street banks for a potential 2026 IPO — a move that could signal the long-awaited reopening of the public markets after a years-long IPO drought.
In the meantime, late-stage private companies like SpaceX are finding other ways to create liquidity for employees and early shareholders, largely through a fast-growing secondary market.
To unpack what SpaceX’s IPO chatter means, how private liquidity works before a debut, and what investors are looking for in today’s pre-IPO giants, we spoke with Greg Martin, managing director at Rainmaker Securities, a broker-dealer specializing in secondary share transactions for late-stage private companies.
You can listen here or wherever you get your podcasts, or read the conversation below.
UPDATE: This conversation took place before the news broke that SpaceX is considering merging with xAI and Tesla. TechCrunch reached out to Martin to learn how this news has affected SpaceX secondary sales. His response:
“The news that SpaceX may be considering various transactions with xAI and Tesla, has caused a temporary pause in the market for SpaceX shares, as shareholders and investors sort through the implications of these potential transactions.
As both SpaceX and Tesla look to expand their business identities beyond their core businesses to reflect their future leadership in AI, the merger of any of these entities is increasingly intriguing.“
This interview has been edited for brevity and clarity.
Greg, welcome to the show. Before we dive in, can you share a bit about your background?
I’m founder and managing director of Rainmaker Securities, which specializes in helping large late-stage, pre-IPO companies transact shares in the secondary market. I am also the founder of a secondary firm that buys private company shares called Archer Capital Group, and co-founder of Liquid Stock, a business that helps employees and executives exercise their options using their shares as collateral.
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