When Giants Don’t Go Public: Inside the $5 Trillion Private Tech Market

February 27, 2026

Here's something that might surprise you — $5 trillion in tech market cap is now sitting in private markets. That’s a tenfold jump in just ten years, and it’s reshaping how founders, employees, and investors think about value. According to David George from a16z, the rise of private valuations isn’t just tech hype — it’s driven by newer funding methods like SPVs and tender offers, plus the collapse of legacy software prices. Now, AI companies are rushing to go public, almost speed-running their exit plans. ((slower)) Joe Weisenthal and Tracy Alloway from Bloomberg’s Odd Lots podcast talk with George about what all this means: a hidden giant of the market that’s not on the stock exchanges, but it’s growing fast and changing the game. So, get ready — this private market boom could have ripple effects you’ll want to watch. And, as content+a16zpodcast@a16z.com notes, understanding this shift is key for anyone involved in tech investing today.

Bloomberg's Odd Lots hosts Joe Weisenthal and Tracy Alloway speak with David George, general partner at a16z and head of the firm's growth fund, about why $5 trillion in tech market cap now sits in the private markets, how that figure has grown 10x in a decade, and what it means for founders, employees, and investors. They also cover SPVs, tender offers, the collapse of legacy software valuations, and why AI companies may be speed-running the path to public markets. This episode originally aired on Bloomberg's Odd Lots podcast.

Resources:

Follow Joe Weisenthal: https://twitter.com/TheStalwart

Follow Tracy Alloway: https://twitter.com/tracyalloway

Follow David George: https://twitter.com/DavidGeorge83

Listen to Odd Lots: https://www.bloomberg.com/oddlots

Stay Updated:

Find a16z on YouTube: YouTube

Find a16z on X

Find a16z on LinkedIn

Listen to the a16z Show on Spotify

Listen to the a16z Show on Apple Podcasts

Follow our host: https://twitter.com/eriktorenberg

Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Audio Transcript