# CFO Explains: The Rise of Secondaries and the Death of the IPO Path

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Text version: https://stenobird.com/podcast/run-the-numbers-6739797/cfo-explains-the-rise-of-secondaries-and-the-death-of-the-ipo-path.md
Podcast: [Run the Numbers](https://stenobird.com/podcast/run-the-numbers-6739797)
Published: 2026-04-06T09:02:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/cjgustafson222/episodes/CFO-Explains-The-Rise-of-Secondaries-and-the-Death-of-the-IPO-Path-e3heako
Audio file: https://anchor.fm/s/10e7a9a40/podcast/play/117958744/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-3-4%2F421410885-44100-2-dd34264a9e6d5.mp3
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JSON: https://stenobird.com/v1/public/podcasts/run-the-numbers-6739797/episodes/cfo-explains-the-rise-of-secondaries-and-the-death-of-the-ipo-path
Duration seconds: 2284

## Resource

Secondaries aren’t a niche anymore — they’re the main event. In 2025, the secondary market hit $233B, outpacing IPOs 5:1. This episode breaks down how we got here, why companies stay private longer, and how employees, investors, and CFOs actually navigate liquidity. From Facebook’s wild west to structured tenders and continuation vehicles — this is the new playbook. — SPONSORS: Aleph is a modern FP&A platform built for teams that want more than another planning tool. By connecting your ERP, CRM, and other systems into one trusted data layer with AI workflows, Aleph helps you move faster with real-time insights. Get a personalized demo at https://www.getaleph.com/run RightRev is an automated revenue recognition platform built for teams that have outgrown spreadsheets and billing tool workarounds. It handles high-volume subscriptions, usage-based contracts, and mid-cycle upgrades, so you can scale without scrambling at month-end. For RevRec that keeps your books clean, visit https://www.rightrev.com/CJ Rillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cj EY works with high-growth tech companies to navigate the messy realities of scaling—from regulatory requirements to IPO readiness. By helping teams get it right early and often, EY lets founders stay focused on building while reducing risk as they grow. Learn more at https://www.ey.com/techstartups SpendHound is a SaaS spend management platform built for finance an…

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## Transcript

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