We talked with @alexjacobson (Co-Founder & Managing Partner) about the evolving private markets. "SpaceX gives employees equity and runs tenders regularly so that equity becomes liquidity. Although the liquidity price is lower than public market value, employees know their equity will grow because SpaceX keeps expanding. "The strategy is to give employees certainty that the equity they've been issued will be worth a lot more in the future. That is harder to do in the public markets because everything is perfectly priced. In private markets, if you run your process properly, you can have this very deterministic outcome for your employees."