The Augment Exchange Transistor (https://transistor.fm) https://feeds.transistor.fm/augment-exchange Private markets are becoming mainstream. The conversations with the people building them shouldn't stay behind closed doors. On the Augment Exchange, we talk with the entrepreneurs, allocators, and operators shaping the future of private capital markets. We dig into how these markets operate, the challenges, and the opportunities. New episodes every other Wednesday, from Augment. © 2026 Max Melmed | Augment e504487f-18c1-5406-ae29-b50063d0f3da yes en Wed, 19 Aug 2026 03:14:20 -0500 Wed, 19 Aug 2026 03:15:14 -0500 https://augment.market/?utm_source=augment+exchange&utm_medium=spotify&utm_campaign=augment-exchange-spotify https://img.transistorcdn.com/kS86B4s0F7R91aVpKNdf-5C1mpyvKl-CCn3MamsdCos/rs:fill:0:0:1/w:1400/h:1400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zNjI0/NWE3YWNiOTRjZTFk/YmY2ODg2YzdlMmFm/MTIwNi5wbmc.jpg The Augment Exchange https://augment.market/?utm_source=augment+exchange&utm_medium=spotify&utm_campaign=augment-exchange-spotify episodic Max Melmed | Augment Private markets are becoming mainstream. The conversations with the people building them shouldn't stay behind closed doors. On the Augment Exchange, we talk with the entrepreneurs, allocators, and operators shaping the future of private capital markets. We dig into how these markets operate, the challenges, and the opportunities. New episodes every other Wednesday, from Augment. Private markets are becoming mainstream. private markets, pre-ipo, venture capital, secondary markets, financial infrastructure, investing, Max Melmed | Augment podcast@augment.market No No The Rise and Fall of Assure, and the Future of SPVs | Jeremy Neilson, Sally 5 5 The Rise and Fall of Assure, and the Future of SPVs | Jeremy Neilson, Sally full 5382bd71-a002-4ee6-ba82-52d0418a550d https://share.transistor.fm/s/36c1dbb5 Jeremy Neilson was pushing his child on a swing when AngelList called. The ask, in an Australian accent: can you do funds in bulk? He said yes, and the yes became Assure, the firm that ran over 9,000 SPVs before the great re-pricing of 2022 that halted SPV volume took down the firm. The SPV episode: where the structure came from, what took Assure down, and why Jeremy came back to build Sally.


In this episode, Max sits down with Jeremy Neilson, founder and CEO of Sally. They discuss:


- The origin: eight SPVs from AngelList, no website, no marketing, and a phone that would not stop ringing

- From $300,000 and six months to a few days and $8,000: the cost collapse that made SPVs mainstream

- The whipsaw: 50 employees to 215 to zero, and layoffs chasing a bottom Assure could not catch

- Four SPVs, over $400 million, 48 hours: the deal that proved what the vehicle could do

- Sally's bet: pure software, white label, recurring revenue, and every feature in code

- SPV secondaries: investors trading seats with or without permission, and pre-IPO liquidity


ABOUT THE GUEST

Jeremy Neilson is the founder and CEO of Sally, a white-labeled software platform that automates launching and administering SPVs. He ran the State of Utah's $300 million fund of funds for seven years, then co-founded Assure in 2012 and built it into one of the largest SPV administrators before shutting it down in late 2022. Sally is his return to the market he helped create.

LinkedIn: https://www.linkedin.com/in/jeremyneilson 

Company: sally.co


OUTLINE

(00:00) The AngelList cold call

(02:14) What is an SPV

(04:08) Eight SPVs to 9,000

(09:24) SPVs will eat the world

(16:08) The boom: 50 to 215 employees

(18:15) Chasing a bottom they could not catch

(21:10) Shutting down Assure

(28:17) Sally, the fifth iteration

(34:43) Four SPVs, $400M, 48 hours

(39:26) Software, not services

(47:05) SPVs as the liquidity layer

(54:04) Why Jeremy said yes


MENTIONED IN THIS EPISODE

AngelList. Assure. Sally. CapLight. Forge. EquityZen. CartaX. Utah Fund of Funds.


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Investing in private securities is speculative, illiquid, and involves substantial risk, including the potential loss of principal. Not all private companies will go public or have a liquidity event. “Pre-IPO” is used generally to describe a privately held company that may be viewed as a potential candidate for a future public offering. The term does not mean that the company has filed for, scheduled, or committed to an IPO. An IPO or other liquidity event may never occur.


Brokerage services are offered through Augment Capital LLC, member FINRA and SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Both are wholly-owned subsidiaries of Augment Markets Inc.


Augment Markets and/or its affiliates, employees, or clients may hold positions in securities or other financial instruments mentioned in this communication. These positions may change at any time without notice.


Nothing contained herein should be construed as investment, legal, or tax advice, or as a recommendation to buy, sell, or hold any security. Recipients should conduct their own due diligence and consult their own professional advisors before making any investment decisions.


Please see Augment’s disclosures here: https://augment.market/disclosures

]]> Jeremy Neilson was pushing his child on a swing when AngelList called. The ask, in an Australian accent: can you do funds in bulk? He said yes, and the yes became Assure, the firm that ran over 9,000 SPVs before the great re-pricing of 2022 that halted SPV volume took down the firm. The SPV episode: where the structure came from, what took Assure down, and why Jeremy came back to build Sally.


In this episode, Max sits down with Jeremy Neilson, founder and CEO of Sally. They discuss:


- The origin: eight SPVs from AngelList, no website, no marketing, and a phone that would not stop ringing

- From $300,000 and six months to a few days and $8,000: the cost collapse that made SPVs mainstream

- The whipsaw: 50 employees to 215 to zero, and layoffs chasing a bottom Assure could not catch

- Four SPVs, over $400 million, 48 hours: the deal that proved what the vehicle could do

- Sally's bet: pure software, white label, recurring revenue, and every feature in code

- SPV secondaries: investors trading seats with or without permission, and pre-IPO liquidity


ABOUT THE GUEST

Jeremy Neilson is the founder and CEO of Sally, a white-labeled software platform that automates launching and administering SPVs. He ran the State of Utah's $300 million fund of funds for seven years, then co-founded Assure in 2012 and built it into one of the largest SPV administrators before shutting it down in late 2022. Sally is his return to the market he helped create.

LinkedIn: https://www.linkedin.com/in/jeremyneilson 

Company: sally.co


OUTLINE

(00:00) The AngelList cold call

(02:14) What is an SPV

(04:08) Eight SPVs to 9,000

(09:24) SPVs will eat the world

(16:08) The boom: 50 to 215 employees

(18:15) Chasing a bottom they could not catch

(21:10) Shutting down Assure

(28:17) Sally, the fifth iteration

(34:43) Four SPVs, $400M, 48 hours

(39:26) Software, not services

(47:05) SPVs as the liquidity layer

(54:04) Why Jeremy said yes


MENTIONED IN THIS EPISODE

AngelList. Assure. Sally. CapLight. Forge. EquityZen. CartaX. Utah Fund of Funds.


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Investing in private securities is speculative, illiquid, and involves substantial risk, including the potential loss of principal. Not all private companies will go public or have a liquidity event. “Pre-IPO” is used generally to describe a privately held company that may be viewed as a potential candidate for a future public offering. The term does not mean that the company has filed for, scheduled, or committed to an IPO. An IPO or other liquidity event may never occur.


Brokerage services are offered through Augment Capital LLC, member FINRA and SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Both are wholly-owned subsidiaries of Augment Markets Inc.


Augment Markets and/or its affiliates, employees, or clients may hold positions in securities or other financial instruments mentioned in this communication. These positions may change at any time without notice.


Nothing contained herein should be construed as investment, legal, or tax advice, or as a recommendation to buy, sell, or hold any security. Recipients should conduct their own due diligence and consult their own professional advisors before making any investment decisions.


Please see Augment’s disclosures here: https://augment.market/disclosures

]]> Wed, 19 Aug 2026 03:14:00 -0500 Max Melmed | Augment Max Melmed | Augment 3373 Jeremy Neilson was pushing his child on a swing when AngelList called. The ask, in an Australian accent: can you do funds in bulk? He said yes, and the yes became Assure, the firm that ran over 9,000 SPVs before the great re-pricing of 2022 that halted SPV volume took down the firm. The SPV episode: where the structure came from, what took Assure down, and why Jeremy came back to build Sally.


In this episode, Max sits down with Jeremy Neilson, founder and CEO of Sally. They discuss:


- The origin: eight SPVs from AngelList, no website, no marketing, and a phone that would not stop ringing

- From $300,000 and six months to a few days and $8,000: the cost collapse that made SPVs mainstream

- The whipsaw: 50 employees to 215 to zero, and layoffs chasing a bottom Assure could not catch

- Four SPVs, over $400 million, 48 hours: the deal that proved what the vehicle could do

- Sally's bet: pure software, white label, recurring revenue, and every feature in code

- SPV secondaries: investors trading seats with or without permission, and pre-IPO liquidity


ABOUT THE GUEST

Jeremy Neilson is the founder and CEO of Sally, a white-labeled software platform that automates launching and administering SPVs. He ran the State of Utah's $300 million fund of funds for seven years, then co-founded Assure in 2012 and built it into one of the largest SPV administrators before shutting it down in late 2022. Sally is his return to the market he helped create.

LinkedIn: https://www.linkedin.com/in/jeremyneilson 

Company: sally.co


OUTLINE

(00:00) The AngelList cold call

(02:14) What is an SPV

(04:08) Eight SPVs to 9,000

(09:24) SPVs will eat the world

(16:08) The boom: 50 to 215 employees

(18:15) Chasing a bottom they could not catch

(21:10) Shutting down Assure

(28:17) Sally, the fifth iteration

(34:43) Four SPVs, $400M, 48 hours

(39:26) Software, not services

(47:05) SPVs as the liquidity layer

(54:04) Why Jeremy said yes


MENTIONED IN THIS EPISODE

AngelList. Assure. Sally. CapLight. Forge. EquityZen. CartaX. Utah Fund of Funds.


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Investing in private securities is speculative, illiquid, and involves substantial risk, including the potential loss of principal. Not all private companies will go public or have a liquidity event. “Pre-IPO” is used generally to describe a privately held company that may be viewed as a potential candidate for a future public offering. The term does not mean that the company has filed for, scheduled, or committed to an IPO. An IPO or other liquidity event may never occur.


Brokerage services are offered through Augment Capital LLC, member FINRA and SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Both are wholly-owned subsidiaries of Augment Markets Inc.


Augment Markets and/or its affiliates, employees, or clients may hold positions in securities or other financial instruments mentioned in this communication. These positions may change at any time without notice.


Nothing contained herein should be construed as investment, legal, or tax advice, or as a recommendation to buy, sell, or hold any security. Recipients should conduct their own due diligence and consult their own professional advisors before making any investment decisions.


Please see Augment’s disclosures here: https://augment.market/disclosures

]]> private markets, pre-ipo, venture capital, secondary markets, financial infrastructure, investing, No How private markets research is created | Walter Chen, Sacra 4 4 How private markets research is created | Walter Chen, Sacra full 3c0bd52f-7209-40cc-98c1-a8d4040a2417 https://share.transistor.fm/s/cb6084b1 Walter Chen worked the Lehman Brothers bankruptcy as a lawyer. Then he quit. He built and sold iDoneThis, bootstrapped Animalz to eight figures with clients like Zapier and Airtable, then started Sacra to cover the pre-IPO market. The research episode: how Sacra covers private companies, and how investors use research in a market with limited information.


In this episode, Max sits down with Walter Chen, co-founder and CEO of Sacra. They discuss:


• Content marketing after SEO: the B2B SaaS playbook, AI-generated content, and the site that 100x'd traffic then lost 99 percent

• Coverage strategy: why Sacra goes deep on a few hundred companies while PitchBook tracks millions

• How Sacra does research: web scraping, expert interviews, an AI voice agent, and the Sacra MCP

• Why Sacra does not make buy or sell recommendations, and how AI tools personalize the research instead

• Diligence on secondaries: evaluating deals without the information rights of a traditional data room

• The dating app problem: Reddit's pre-IPO traffic spike, churn after the IPO, and building through the next cycle


Episode Outline


(00:00) Intro 

(01:21) From Lehman lawyer to bootstrapped founder 

(04:01) SEO is dead: content in the AI era 

(09:35) 600 companies deep, not 3 million wide 

(11:55) The Carta conversation that seeded Sacra 

(15:54) The ecosystem mission and founder access 

(20:43) No buy or sell calls: how Sacra adds value 

(22:54) Diligence without a data room 

(25:03) Consolidation and staying independent 

(28:34) Churn after the IPO and the SpaceX problem 

(31:02) What's next: defense, robotics, physical AI 

(36:24) Moats when the model companies move in 

(40:28) Ramp's data as an economic signal
(42:08) Magic wand: one view across every deal

(43:59) Private markets in five years



ABOUT THE GUEST

Walter Chen is the co-founder and CEO of Sacra. He started as a lawyer at Jenner & Block, then co-founded iDoneThis, a team productivity tool acquired in 2015. He founded Animalz, a content marketing agency whose clients included Zapier, Amplitude, and Airtable, and co-founded Sacra with Jan-Erik Asplund in 2020. Sacra's research now sits inside the workflows of the platforms and funds moving the pre-IPO market.

LinkedIn: https://www.linkedin.com/in/whchen Company: sacra.com


MENTIONED IN THIS EPISODE

Lehman Brothers. Carta. Zapier. Airtable. Amplitude. PitchBook. Ramp. Deel. Reddit. OpenAI. Anthropic. SpaceX. Anduril. The Power 20: https://augment.market/the-power-20


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change. 


Investing in private securities is speculative, illiquid, and involves substantial risk, including the potential loss of principal. Not all private companies will go public or have a liquidity event. “Pre-IPO” is used generally to describe a privately held company that may be viewed as a potential candidate for a future public offering. The term does not mean that the company has filed for, scheduled, or committed to an IPO. An IPO or other liquidity event may never occur. 


Brokerage services are offered through Augment Capital LLC, member FINRA and SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Both are wholly-owned subsidiaries of Augment Markets Inc. 


Augment Markets and/or its affiliates, employees, or clients may hold positions in securities or other financial instruments mentioned in this communication. These positions may change at any time without notice.


 Nothing contained herein should be construed as investment, legal, or tax advice, or as a recommendation to buy, sell, or hold any security. Recipients should conduct their own due diligence and consult their own professional advisors before making any investment decisions.


 Please see Augment’s disclosures here: https://augment.market/disclosures


]]> Walter Chen worked the Lehman Brothers bankruptcy as a lawyer. Then he quit. He built and sold iDoneThis, bootstrapped Animalz to eight figures with clients like Zapier and Airtable, then started Sacra to cover the pre-IPO market. The research episode: how Sacra covers private companies, and how investors use research in a market with limited information.


In this episode, Max sits down with Walter Chen, co-founder and CEO of Sacra. They discuss:


• Content marketing after SEO: the B2B SaaS playbook, AI-generated content, and the site that 100x'd traffic then lost 99 percent

• Coverage strategy: why Sacra goes deep on a few hundred companies while PitchBook tracks millions

• How Sacra does research: web scraping, expert interviews, an AI voice agent, and the Sacra MCP

• Why Sacra does not make buy or sell recommendations, and how AI tools personalize the research instead

• Diligence on secondaries: evaluating deals without the information rights of a traditional data room

• The dating app problem: Reddit's pre-IPO traffic spike, churn after the IPO, and building through the next cycle


Episode Outline


(00:00) Intro 

(01:21) From Lehman lawyer to bootstrapped founder 

(04:01) SEO is dead: content in the AI era 

(09:35) 600 companies deep, not 3 million wide 

(11:55) The Carta conversation that seeded Sacra 

(15:54) The ecosystem mission and founder access 

(20:43) No buy or sell calls: how Sacra adds value 

(22:54) Diligence without a data room 

(25:03) Consolidation and staying independent 

(28:34) Churn after the IPO and the SpaceX problem 

(31:02) What's next: defense, robotics, physical AI 

(36:24) Moats when the model companies move in 

(40:28) Ramp's data as an economic signal
(42:08) Magic wand: one view across every deal

(43:59) Private markets in five years



ABOUT THE GUEST

Walter Chen is the co-founder and CEO of Sacra. He started as a lawyer at Jenner & Block, then co-founded iDoneThis, a team productivity tool acquired in 2015. He founded Animalz, a content marketing agency whose clients included Zapier, Amplitude, and Airtable, and co-founded Sacra with Jan-Erik Asplund in 2020. Sacra's research now sits inside the workflows of the platforms and funds moving the pre-IPO market.

LinkedIn: https://www.linkedin.com/in/whchen Company: sacra.com


MENTIONED IN THIS EPISODE

Lehman Brothers. Carta. Zapier. Airtable. Amplitude. PitchBook. Ramp. Deel. Reddit. OpenAI. Anthropic. SpaceX. Anduril. The Power 20: https://augment.market/the-power-20


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change. 


Investing in private securities is speculative, illiquid, and involves substantial risk, including the potential loss of principal. Not all private companies will go public or have a liquidity event. “Pre-IPO” is used generally to describe a privately held company that may be viewed as a potential candidate for a future public offering. The term does not mean that the company has filed for, scheduled, or committed to an IPO. An IPO or other liquidity event may never occur. 


Brokerage services are offered through Augment Capital LLC, member FINRA and SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Both are wholly-owned subsidiaries of Augment Markets Inc. 


Augment Markets and/or its affiliates, employees, or clients may hold positions in securities or other financial instruments mentioned in this communication. These positions may change at any time without notice.


 Nothing contained herein should be construed as investment, legal, or tax advice, or as a recommendation to buy, sell, or hold any security. Recipients should conduct their own due diligence and consult their own professional advisors before making any investment decisions.


 Please see Augment’s disclosures here: https://augment.market/disclosures


]]> Wed, 05 Aug 2026 15:01:35 -0500 Max Melmed | Augment Max Melmed | Augment 2888 Walter Chen worked the Lehman Brothers bankruptcy as a lawyer. Then he quit. He built and sold iDoneThis, bootstrapped Animalz to eight figures with clients like Zapier and Airtable, then started Sacra to cover the pre-IPO market. The research episode: how Sacra covers private companies, and how investors use research in a market with limited information.


In this episode, Max sits down with Walter Chen, co-founder and CEO of Sacra. They discuss:


• Content marketing after SEO: the B2B SaaS playbook, AI-generated content, and the site that 100x'd traffic then lost 99 percent

• Coverage strategy: why Sacra goes deep on a few hundred companies while PitchBook tracks millions

• How Sacra does research: web scraping, expert interviews, an AI voice agent, and the Sacra MCP

• Why Sacra does not make buy or sell recommendations, and how AI tools personalize the research instead

• Diligence on secondaries: evaluating deals without the information rights of a traditional data room

• The dating app problem: Reddit's pre-IPO traffic spike, churn after the IPO, and building through the next cycle


Episode Outline


(00:00) Intro 

(01:21) From Lehman lawyer to bootstrapped founder 

(04:01) SEO is dead: content in the AI era 

(09:35) 600 companies deep, not 3 million wide 

(11:55) The Carta conversation that seeded Sacra 

(15:54) The ecosystem mission and founder access 

(20:43) No buy or sell calls: how Sacra adds value 

(22:54) Diligence without a data room 

(25:03) Consolidation and staying independent 

(28:34) Churn after the IPO and the SpaceX problem 

(31:02) What's next: defense, robotics, physical AI 

(36:24) Moats when the model companies move in 

(40:28) Ramp's data as an economic signal
(42:08) Magic wand: one view across every deal

(43:59) Private markets in five years



ABOUT THE GUEST

Walter Chen is the co-founder and CEO of Sacra. He started as a lawyer at Jenner & Block, then co-founded iDoneThis, a team productivity tool acquired in 2015. He founded Animalz, a content marketing agency whose clients included Zapier, Amplitude, and Airtable, and co-founded Sacra with Jan-Erik Asplund in 2020. Sacra's research now sits inside the workflows of the platforms and funds moving the pre-IPO market.

LinkedIn: https://www.linkedin.com/in/whchen Company: sacra.com


MENTIONED IN THIS EPISODE

Lehman Brothers. Carta. Zapier. Airtable. Amplitude. PitchBook. Ramp. Deel. Reddit. OpenAI. Anthropic. SpaceX. Anduril. The Power 20: https://augment.market/the-power-20


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change. 


Investing in private securities is speculative, illiquid, and involves substantial risk, including the potential loss of principal. Not all private companies will go public or have a liquidity event. “Pre-IPO” is used generally to describe a privately held company that may be viewed as a potential candidate for a future public offering. The term does not mean that the company has filed for, scheduled, or committed to an IPO. An IPO or other liquidity event may never occur. 


Brokerage services are offered through Augment Capital LLC, member FINRA and SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Both are wholly-owned subsidiaries of Augment Markets Inc. 


Augment Markets and/or its affiliates, employees, or clients may hold positions in securities or other financial instruments mentioned in this communication. These positions may change at any time without notice.


 Nothing contained herein should be construed as investment, legal, or tax advice, or as a recommendation to buy, sell, or hold any security. Recipients should conduct their own due diligence and consult their own professional advisors before making any investment decisions.


 Please see Augment’s disclosures here: https://augment.market/disclosures


]]> private markets, pre-ipo, venture capital, secondary markets, financial infrastructure, investing, No How price discovery works in private markets. | Javier Avalos, Caplight 3 3 How price discovery works in private markets. | Javier Avalos, Caplight full 67333400-7202-420a-b86a-fa0c33ed86c2 https://share.transistor.fm/s/80041ee0 Javier Avalos co-founded Caplight to create a derivatives platform pre-IPO stock. 

To start, there was no platform, just phone calls, and buyers showed up: a handful of trades closed, and one buyer called a losing position his best trade, because according to the investor - the option contained the loss. Then 2022 hit, the callbacks stopped, and nobody could value the options or the shares under them. So, Caplight set out to build a pricing layer for private-market participants. The price discovery episode: how private companies get marked, what a record quarter of concentration says about venture, and what is missing before the market grows up.


In this episode, Max sits down with Javier Avalos, co-founder and CEO of Caplight. Based on the data from Caplight and market activity, they discuss:


• Record concentration: 60% of Q1 deployment into five companies, 90% of secondary volume in 15 names

• What could happen if large private companies such as SpaceX, Anthropic, and OpenAI eventually pursue public listings, tender offers, or other major liquidity events, and the 70 new names that traded last year

• SPVs go institutional: under 15% of volume in 2021, 70% in Q1 2026

• The options experiment: brokering pre-IPO calls by phone, and the 2022 pivot when nobody could price the underlying

• Show your work: hourly prices with a full audit trail, and why black boxes fail institutional investors

• Why 95% of firm orders are not firm: committed capital in escrow, agreed legal docs, company approval


ABOUT THE GUEST

Javier Avalos is the co-founder and CEO of Caplight. He started in investment banking at Deutsche Bank and Cowen, spent nearly four years at Forge rising to SVP of Marketplace, then co-founded Caplight with Justin Moore in 2021. Caplight offers MarketPrice, a private-company pricing data product that provides estimated pricing information for a broad set of private companies. Augment uses Caplight pricing data as one input displayed within its app.

LinkedIn: https://www.linkedin.com/in/javier-avalos-caplight/ 

Company: caplight.com


OUTLINE

(01:12) Q1 2026: the concentration quarter
(04:13) When SpaceX, OpenAI, and Anthropic leave
(09:47) SPVs: from taboo to 70% of volume
(13:16) The original idea: pre-IPO options
(18:28) The callbacks stop, the pivot to price
(26:42) The missing market infrastructure
(33:42) Shorting private companies
(38:13) Why 95% of firm orders are not firm
(43:16) MarketPrice as the anchor
(47:09) 40 Act funds and the NAV premium
(50:18) Does Caplight ever go public?


MENTIONED IN THIS EPISODE

SpaceX. Anthropic. OpenAI. Andreessen Horowitz. Forge. EquityZen. Sacra. Caplight MarketPrice. The Power 20: https://augment.market/the-power-20


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment, which provides technology, data, and affiliated brokerage services for private-market participants. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. An IPO or other liquidity event is not guaranteed. Additionally, past performance of private securities does not indicate or predict future results. Investing in private securities involves a high degree of risk, including the potential loss of all invested capital.


Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Augment Capital LLC and Augment Advisors LLC are wholly owned subsidiaries of Augment Markets Inc. Please see Augment’s disclosures here: https://augment.market/disclosures

]]> Javier Avalos co-founded Caplight to create a derivatives platform pre-IPO stock. 

To start, there was no platform, just phone calls, and buyers showed up: a handful of trades closed, and one buyer called a losing position his best trade, because according to the investor - the option contained the loss. Then 2022 hit, the callbacks stopped, and nobody could value the options or the shares under them. So, Caplight set out to build a pricing layer for private-market participants. The price discovery episode: how private companies get marked, what a record quarter of concentration says about venture, and what is missing before the market grows up.


In this episode, Max sits down with Javier Avalos, co-founder and CEO of Caplight. Based on the data from Caplight and market activity, they discuss:


• Record concentration: 60% of Q1 deployment into five companies, 90% of secondary volume in 15 names

• What could happen if large private companies such as SpaceX, Anthropic, and OpenAI eventually pursue public listings, tender offers, or other major liquidity events, and the 70 new names that traded last year

• SPVs go institutional: under 15% of volume in 2021, 70% in Q1 2026

• The options experiment: brokering pre-IPO calls by phone, and the 2022 pivot when nobody could price the underlying

• Show your work: hourly prices with a full audit trail, and why black boxes fail institutional investors

• Why 95% of firm orders are not firm: committed capital in escrow, agreed legal docs, company approval


ABOUT THE GUEST

Javier Avalos is the co-founder and CEO of Caplight. He started in investment banking at Deutsche Bank and Cowen, spent nearly four years at Forge rising to SVP of Marketplace, then co-founded Caplight with Justin Moore in 2021. Caplight offers MarketPrice, a private-company pricing data product that provides estimated pricing information for a broad set of private companies. Augment uses Caplight pricing data as one input displayed within its app.

LinkedIn: https://www.linkedin.com/in/javier-avalos-caplight/ 

Company: caplight.com


OUTLINE

(01:12) Q1 2026: the concentration quarter
(04:13) When SpaceX, OpenAI, and Anthropic leave
(09:47) SPVs: from taboo to 70% of volume
(13:16) The original idea: pre-IPO options
(18:28) The callbacks stop, the pivot to price
(26:42) The missing market infrastructure
(33:42) Shorting private companies
(38:13) Why 95% of firm orders are not firm
(43:16) MarketPrice as the anchor
(47:09) 40 Act funds and the NAV premium
(50:18) Does Caplight ever go public?


MENTIONED IN THIS EPISODE

SpaceX. Anthropic. OpenAI. Andreessen Horowitz. Forge. EquityZen. Sacra. Caplight MarketPrice. The Power 20: https://augment.market/the-power-20


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment, which provides technology, data, and affiliated brokerage services for private-market participants. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. An IPO or other liquidity event is not guaranteed. Additionally, past performance of private securities does not indicate or predict future results. Investing in private securities involves a high degree of risk, including the potential loss of all invested capital.


Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Augment Capital LLC and Augment Advisors LLC are wholly owned subsidiaries of Augment Markets Inc. Please see Augment’s disclosures here: https://augment.market/disclosures

]]> Wed, 22 Jul 2026 05:00:00 -0500 Max Melmed | Augment Max Melmed | Augment 3351 Javier Avalos co-founded Caplight to create a derivatives platform pre-IPO stock. 

To start, there was no platform, just phone calls, and buyers showed up: a handful of trades closed, and one buyer called a losing position his best trade, because according to the investor - the option contained the loss. Then 2022 hit, the callbacks stopped, and nobody could value the options or the shares under them. So, Caplight set out to build a pricing layer for private-market participants. The price discovery episode: how private companies get marked, what a record quarter of concentration says about venture, and what is missing before the market grows up.


In this episode, Max sits down with Javier Avalos, co-founder and CEO of Caplight. Based on the data from Caplight and market activity, they discuss:


• Record concentration: 60% of Q1 deployment into five companies, 90% of secondary volume in 15 names

• What could happen if large private companies such as SpaceX, Anthropic, and OpenAI eventually pursue public listings, tender offers, or other major liquidity events, and the 70 new names that traded last year

• SPVs go institutional: under 15% of volume in 2021, 70% in Q1 2026

• The options experiment: brokering pre-IPO calls by phone, and the 2022 pivot when nobody could price the underlying

• Show your work: hourly prices with a full audit trail, and why black boxes fail institutional investors

• Why 95% of firm orders are not firm: committed capital in escrow, agreed legal docs, company approval


ABOUT THE GUEST

Javier Avalos is the co-founder and CEO of Caplight. He started in investment banking at Deutsche Bank and Cowen, spent nearly four years at Forge rising to SVP of Marketplace, then co-founded Caplight with Justin Moore in 2021. Caplight offers MarketPrice, a private-company pricing data product that provides estimated pricing information for a broad set of private companies. Augment uses Caplight pricing data as one input displayed within its app.

LinkedIn: https://www.linkedin.com/in/javier-avalos-caplight/ 

Company: caplight.com


OUTLINE

(01:12) Q1 2026: the concentration quarter
(04:13) When SpaceX, OpenAI, and Anthropic leave
(09:47) SPVs: from taboo to 70% of volume
(13:16) The original idea: pre-IPO options
(18:28) The callbacks stop, the pivot to price
(26:42) The missing market infrastructure
(33:42) Shorting private companies
(38:13) Why 95% of firm orders are not firm
(43:16) MarketPrice as the anchor
(47:09) 40 Act funds and the NAV premium
(50:18) Does Caplight ever go public?


MENTIONED IN THIS EPISODE

SpaceX. Anthropic. OpenAI. Andreessen Horowitz. Forge. EquityZen. Sacra. Caplight MarketPrice. The Power 20: https://augment.market/the-power-20


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment, which provides technology, data, and affiliated brokerage services for private-market participants. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. An IPO or other liquidity event is not guaranteed. Additionally, past performance of private securities does not indicate or predict future results. Investing in private securities involves a high degree of risk, including the potential loss of all invested capital.


Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Augment Capital LLC and Augment Advisors LLC are wholly owned subsidiaries of Augment Markets Inc. Please see Augment’s disclosures here: https://augment.market/disclosures

]]> private markets, pre-ipo, venture capital, secondary markets, financial infrastructure, investing, No Three reasons companies go public, and the one private markets still haven’t solved. | Adam Crawley, Augment 2 2 Three reasons companies go public, and the one private markets still haven’t solved. | Adam Crawley, Augment full f27184d4-0fb4-4d5a-b063-1e0c92b7efaa https://share.transistor.fm/s/7c7123a4 Adam Crawley has been obsessed with the markets since he was seven years old. In college, a professor insisted you can't beat the market. Adam set out to prove him wrong: from the Morgan Stanley trading floor to six years at SharesPost, then out of the industry, until Noel's cold LinkedIn found him at a martial arts retreat in Australia. The capital markets episode: how top private companies get sourced, priced, and accessed, and why liquidity is the last reason left to go public.


In this episode, Max sits down with Adam Crawley, co-founder and President of Augment. They discuss:


  • Capital, branding, liquidity: the three reasons to go public, and why liquidity is the one left unsolved
  • The institutional-first playbook: anchor orders, centralized flow, and retail buying on the same terms
  • The Anthropic decision: the FTX estate auction, and foundational models vs. the AI periphery
  • Still no market makers: ex-Citadel traders who solved the quant but not the qual, and the first year of electronic trading
  • Destiny Tech 100 and Robinhood Ventures: hacking a supply-demand gap, not tracking underlying value
  • The Rob Chandra method: one question for every top VC, and the biggest mistakes investors make


ABOUT THE GUEST

Adam Crawley is the co-founder and President of Augment. He started at Morgan Stanley, rising from operations in Baltimore to the headquarters trading floor in New York. He spent six years at SharesPost, one of the first online marketplaces for private securities and the firm behind Forge Global. He co-founded Augment with Noel Moldvai.

LinkedIn: https://www.linkedin.com/in/adam-crawley-b2146753 

Company: augment.market


OUTLINE

(00:00) Obsessed since seven, the professor's challenge

(01:40) Morgan Stanley: Baltimore ops to the floor

(04:15) SharesPost, Australia, and Noel's cold LinkedIn

(05:59) Capital, branding, liquidity

(07:23) The institutional-first playbook

(13:00) Primaries, tenders, and secondaries

(15:37) The Anthropic auction and foundational models

(19:22) Why there are no market makers

(22:56) Destiny Tech 100 and tracking the underlying

(29:15) Getting issuers on board

(32:00) The biggest mistakes investors make

MENTIONED IN THIS EPISODE

Morgan Stanley. SharesPost. Forge. Anthropic. OpenAI. SpaceX. Stripe. Kalshi. Robinhood. Destiny Tech 100. FTX. The Power 20: https://augment.market/the-power-20


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. An IPO or other liquidity event is not guaranteed. Additionally, past performance of private securities does not indicate or predict future results. Investing in private securities involves a high degree of risk, including the potential loss of all invested capital.


Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Augment Capital LLC and Augment Advisors LLC are wholly owned subsidiaries of Augment Markets Inc. Please see Augment’s disclosures here: https://augment.market/disclosures

]]> Adam Crawley has been obsessed with the markets since he was seven years old. In college, a professor insisted you can't beat the market. Adam set out to prove him wrong: from the Morgan Stanley trading floor to six years at SharesPost, then out of the industry, until Noel's cold LinkedIn found him at a martial arts retreat in Australia. The capital markets episode: how top private companies get sourced, priced, and accessed, and why liquidity is the last reason left to go public.


In this episode, Max sits down with Adam Crawley, co-founder and President of Augment. They discuss:


  • Capital, branding, liquidity: the three reasons to go public, and why liquidity is the one left unsolved
  • The institutional-first playbook: anchor orders, centralized flow, and retail buying on the same terms
  • The Anthropic decision: the FTX estate auction, and foundational models vs. the AI periphery
  • Still no market makers: ex-Citadel traders who solved the quant but not the qual, and the first year of electronic trading
  • Destiny Tech 100 and Robinhood Ventures: hacking a supply-demand gap, not tracking underlying value
  • The Rob Chandra method: one question for every top VC, and the biggest mistakes investors make


ABOUT THE GUEST

Adam Crawley is the co-founder and President of Augment. He started at Morgan Stanley, rising from operations in Baltimore to the headquarters trading floor in New York. He spent six years at SharesPost, one of the first online marketplaces for private securities and the firm behind Forge Global. He co-founded Augment with Noel Moldvai.

LinkedIn: https://www.linkedin.com/in/adam-crawley-b2146753 

Company: augment.market


OUTLINE

(00:00) Obsessed since seven, the professor's challenge

(01:40) Morgan Stanley: Baltimore ops to the floor

(04:15) SharesPost, Australia, and Noel's cold LinkedIn

(05:59) Capital, branding, liquidity

(07:23) The institutional-first playbook

(13:00) Primaries, tenders, and secondaries

(15:37) The Anthropic auction and foundational models

(19:22) Why there are no market makers

(22:56) Destiny Tech 100 and tracking the underlying

(29:15) Getting issuers on board

(32:00) The biggest mistakes investors make

MENTIONED IN THIS EPISODE

Morgan Stanley. SharesPost. Forge. Anthropic. OpenAI. SpaceX. Stripe. Kalshi. Robinhood. Destiny Tech 100. FTX. The Power 20: https://augment.market/the-power-20


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. An IPO or other liquidity event is not guaranteed. Additionally, past performance of private securities does not indicate or predict future results. Investing in private securities involves a high degree of risk, including the potential loss of all invested capital.


Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Augment Capital LLC and Augment Advisors LLC are wholly owned subsidiaries of Augment Markets Inc. Please see Augment’s disclosures here: https://augment.market/disclosures

]]> Wed, 08 Jul 2026 04:30:00 -0500 Max Melmed | Augment Max Melmed | Augment 2215 Adam Crawley has been obsessed with the markets since he was seven years old. In college, a professor insisted you can't beat the market. Adam set out to prove him wrong: from the Morgan Stanley trading floor to six years at SharesPost, then out of the industry, until Noel's cold LinkedIn found him at a martial arts retreat in Australia. The capital markets episode: how top private companies get sourced, priced, and accessed, and why liquidity is the last reason left to go public.


In this episode, Max sits down with Adam Crawley, co-founder and President of Augment. They discuss:


  • Capital, branding, liquidity: the three reasons to go public, and why liquidity is the one left unsolved
  • The institutional-first playbook: anchor orders, centralized flow, and retail buying on the same terms
  • The Anthropic decision: the FTX estate auction, and foundational models vs. the AI periphery
  • Still no market makers: ex-Citadel traders who solved the quant but not the qual, and the first year of electronic trading
  • Destiny Tech 100 and Robinhood Ventures: hacking a supply-demand gap, not tracking underlying value
  • The Rob Chandra method: one question for every top VC, and the biggest mistakes investors make


ABOUT THE GUEST

Adam Crawley is the co-founder and President of Augment. He started at Morgan Stanley, rising from operations in Baltimore to the headquarters trading floor in New York. He spent six years at SharesPost, one of the first online marketplaces for private securities and the firm behind Forge Global. He co-founded Augment with Noel Moldvai.

LinkedIn: https://www.linkedin.com/in/adam-crawley-b2146753 

Company: augment.market


OUTLINE

(00:00) Obsessed since seven, the professor's challenge

(01:40) Morgan Stanley: Baltimore ops to the floor

(04:15) SharesPost, Australia, and Noel's cold LinkedIn

(05:59) Capital, branding, liquidity

(07:23) The institutional-first playbook

(13:00) Primaries, tenders, and secondaries

(15:37) The Anthropic auction and foundational models

(19:22) Why there are no market makers

(22:56) Destiny Tech 100 and tracking the underlying

(29:15) Getting issuers on board

(32:00) The biggest mistakes investors make

MENTIONED IN THIS EPISODE

Morgan Stanley. SharesPost. Forge. Anthropic. OpenAI. SpaceX. Stripe. Kalshi. Robinhood. Destiny Tech 100. FTX. The Power 20: https://augment.market/the-power-20


FOLLOW

Max Melmed on LinkedIn: linkedin.com/in/max-melmed

The Augment Exchange: augment.market/exchange

Augment: augment.market


ABOUT THE SHOW

The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.


DISCLAIMER

Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. An IPO or other liquidity event is not guaranteed. Additionally, past performance of private securities does not indicate or predict future results. Investing in private securities involves a high degree of risk, including the potential loss of all invested capital.


Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Augment Capital LLC and Augment Advisors LLC are wholly owned subsidiaries of Augment Markets Inc. Please see Augment’s disclosures here: https://augment.market/disclosures

]]> private markets, pre-ipo, venture capital, secondary markets, financial infrastructure, investing, No How the Pre-IPO Market works. And why now. | Noel Moldvai, Augment 1 1 How the Pre-IPO Market works. And why now. | Noel Moldvai, Augment full e9b9687f-aa3b-481f-a30e-dca198c0aa76 https://share.transistor.fm/s/85c1dc8d If Noel had known how hard it would be to build the infrastructure for the modern pre-IPO market, he would not have started Augment. He started it anyway. Five years and over a thousand trades later, he walks Max through how a real venue for private stock works: why his original order-book idea had to give way to a managed marketplace, what the SPV debate is really about, and the four variables (access, simplicity, transparency, liquidity) anyone trying to build for this market has to solve.

In this episode, Max sits down with Noel Moldvai, co-founder and CEO of Augment. They discuss:

• The Rubrik liquidity story: cold LinkedIn DMs, twenty brokers, and the 6% fee. All leading to the creation of Augment
• Why the order-book idea had to die: the three-sided marketplace problem (buyer, seller, company), and what a managed marketplace solves
• The four variables any real venue for private stock has to solve: access, simplicity, transparency, and liquidity
• The SPV debate, on the record: layered fees, chain of custody, and why Augment runs a 0/0 structure
• How institutional anchors give a $10,000 accredited investor institutional-level pricing
• Why the previous attempts (SharesPost, Forge, EquityZen, Carta) did not solve it: a product-and-tech vs. broker-and-banker culture clash
• The regulatory triad: broker-dealer, ATS, and registered investment advisor, and what each piece actually enables

ABOUT THE GUEST
Noel Moldvai is the co-founder and CEO of Augment. Before Augment, he spent five years at Rubrik as an early engineer and architect, joining at 23 and staying through the company's journey to being a unicorn. Before Rubrik he was a software engineer at Google, and before that a Berkeley EECS undergrad and astrophysics researcher. Augment is the company he started after selling his own Rubrik shares in 2020 and discovering the process was held together by one-person brokers, opaque pricing, and a 6% fee on his transaction.

LinkedIn: https://www.linkedin.com/in/noelmoldvai
Company: augment.market

OUTLINE
(00:00) Intro and Noel's path: Berkeley, Google, Rubrik
(01:00) Selling Rubrik stock in 2020: cold DMs, twenty brokers, and a 6% fee
(09:00) Meeting Adam, the venture-scale question, the early build
(11:00) Why the order-book idea had to die, and what replaced it
(13:00) The four variables: access, simplicity, transparency, liquidity
(15:00) The SPV debate: Bill Gurley, layered fees, and Augment's 0/0 structure
(21:00) Who is actually trading: 80% institutional, $10K to $50M checks
(25:30) The pricing trick: institutional anchors and retail-level access
(27:00) Why this has not been solved before: product vs. broker culture
(34:00) The future: Augment behind your Fidelity, Schwab, or E-Trade account
(38:30) The regulatory triad and what 1,000 trades looks like
(41:00) Hindsight, family, and the founder reality check

MENTIONED IN THIS EPISODE
Rubrik. Google. UC Berkeley. SharesPost. Forge. EquityZen. Carta. SpaceX. OpenAI. Anthropic. Anduril. Kalshi. Polymarket. Robinhood. Fidelity, Schwab, E-Trade. Bill Gurley on SPVs. The JOBS Act of 2012. The Power 20 (Augment's report on the most-in-demand private companies).

FOLLOW
Max Melmed on LinkedIn: linkedin.com/in/max-melmed
The Augment Exchange:  augment.market/the-augment-exchange 
Augment: augment.market

ABOUT THE SHOW
The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.

DISCLAIMER
Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. An IPO or other liquidity event is not guaranteed. Additionally, past performance of private securities does not indicate or predict future results. Investing in private securities involves a high degree of risk, including the potential loss of all invested capital.


Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Augment Capital LLC and Augment Advisors LLC are wholly owned subsidiaries of Augment Markets Inc. Please see Augment’s disclosures  here. 

]]> If Noel had known how hard it would be to build the infrastructure for the modern pre-IPO market, he would not have started Augment. He started it anyway. Five years and over a thousand trades later, he walks Max through how a real venue for private stock works: why his original order-book idea had to give way to a managed marketplace, what the SPV debate is really about, and the four variables (access, simplicity, transparency, liquidity) anyone trying to build for this market has to solve.

In this episode, Max sits down with Noel Moldvai, co-founder and CEO of Augment. They discuss:

• The Rubrik liquidity story: cold LinkedIn DMs, twenty brokers, and the 6% fee. All leading to the creation of Augment
• Why the order-book idea had to die: the three-sided marketplace problem (buyer, seller, company), and what a managed marketplace solves
• The four variables any real venue for private stock has to solve: access, simplicity, transparency, and liquidity
• The SPV debate, on the record: layered fees, chain of custody, and why Augment runs a 0/0 structure
• How institutional anchors give a $10,000 accredited investor institutional-level pricing
• Why the previous attempts (SharesPost, Forge, EquityZen, Carta) did not solve it: a product-and-tech vs. broker-and-banker culture clash
• The regulatory triad: broker-dealer, ATS, and registered investment advisor, and what each piece actually enables

ABOUT THE GUEST
Noel Moldvai is the co-founder and CEO of Augment. Before Augment, he spent five years at Rubrik as an early engineer and architect, joining at 23 and staying through the company's journey to being a unicorn. Before Rubrik he was a software engineer at Google, and before that a Berkeley EECS undergrad and astrophysics researcher. Augment is the company he started after selling his own Rubrik shares in 2020 and discovering the process was held together by one-person brokers, opaque pricing, and a 6% fee on his transaction.

LinkedIn: https://www.linkedin.com/in/noelmoldvai
Company: augment.market

OUTLINE
(00:00) Intro and Noel's path: Berkeley, Google, Rubrik
(01:00) Selling Rubrik stock in 2020: cold DMs, twenty brokers, and a 6% fee
(09:00) Meeting Adam, the venture-scale question, the early build
(11:00) Why the order-book idea had to die, and what replaced it
(13:00) The four variables: access, simplicity, transparency, liquidity
(15:00) The SPV debate: Bill Gurley, layered fees, and Augment's 0/0 structure
(21:00) Who is actually trading: 80% institutional, $10K to $50M checks
(25:30) The pricing trick: institutional anchors and retail-level access
(27:00) Why this has not been solved before: product vs. broker culture
(34:00) The future: Augment behind your Fidelity, Schwab, or E-Trade account
(38:30) The regulatory triad and what 1,000 trades looks like
(41:00) Hindsight, family, and the founder reality check

MENTIONED IN THIS EPISODE
Rubrik. Google. UC Berkeley. SharesPost. Forge. EquityZen. Carta. SpaceX. OpenAI. Anthropic. Anduril. Kalshi. Polymarket. Robinhood. Fidelity, Schwab, E-Trade. Bill Gurley on SPVs. The JOBS Act of 2012. The Power 20 (Augment's report on the most-in-demand private companies).

FOLLOW
Max Melmed on LinkedIn: linkedin.com/in/max-melmed
The Augment Exchange:  augment.market/the-augment-exchange 
Augment: augment.market

ABOUT THE SHOW
The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.

DISCLAIMER
Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. An IPO or other liquidity event is not guaranteed. Additionally, past performance of private securities does not indicate or predict future results. Investing in private securities involves a high degree of risk, including the potential loss of all invested capital.


Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Augment Capital LLC and Augment Advisors LLC are wholly owned subsidiaries of Augment Markets Inc. Please see Augment’s disclosures  here. 

]]> Tue, 23 Jun 2026 13:46:16 -0500 Max Melmed | Augment Max Melmed | Augment 2303 If Noel had known how hard it would be to build the infrastructure for the modern pre-IPO market, he would not have started Augment. He started it anyway. Five years and over a thousand trades later, he walks Max through how a real venue for private stock works: why his original order-book idea had to give way to a managed marketplace, what the SPV debate is really about, and the four variables (access, simplicity, transparency, liquidity) anyone trying to build for this market has to solve.

In this episode, Max sits down with Noel Moldvai, co-founder and CEO of Augment. They discuss:

• The Rubrik liquidity story: cold LinkedIn DMs, twenty brokers, and the 6% fee. All leading to the creation of Augment
• Why the order-book idea had to die: the three-sided marketplace problem (buyer, seller, company), and what a managed marketplace solves
• The four variables any real venue for private stock has to solve: access, simplicity, transparency, and liquidity
• The SPV debate, on the record: layered fees, chain of custody, and why Augment runs a 0/0 structure
• How institutional anchors give a $10,000 accredited investor institutional-level pricing
• Why the previous attempts (SharesPost, Forge, EquityZen, Carta) did not solve it: a product-and-tech vs. broker-and-banker culture clash
• The regulatory triad: broker-dealer, ATS, and registered investment advisor, and what each piece actually enables

ABOUT THE GUEST
Noel Moldvai is the co-founder and CEO of Augment. Before Augment, he spent five years at Rubrik as an early engineer and architect, joining at 23 and staying through the company's journey to being a unicorn. Before Rubrik he was a software engineer at Google, and before that a Berkeley EECS undergrad and astrophysics researcher. Augment is the company he started after selling his own Rubrik shares in 2020 and discovering the process was held together by one-person brokers, opaque pricing, and a 6% fee on his transaction.

LinkedIn: https://www.linkedin.com/in/noelmoldvai
Company: augment.market

OUTLINE
(00:00) Intro and Noel's path: Berkeley, Google, Rubrik
(01:00) Selling Rubrik stock in 2020: cold DMs, twenty brokers, and a 6% fee
(09:00) Meeting Adam, the venture-scale question, the early build
(11:00) Why the order-book idea had to die, and what replaced it
(13:00) The four variables: access, simplicity, transparency, liquidity
(15:00) The SPV debate: Bill Gurley, layered fees, and Augment's 0/0 structure
(21:00) Who is actually trading: 80% institutional, $10K to $50M checks
(25:30) The pricing trick: institutional anchors and retail-level access
(27:00) Why this has not been solved before: product vs. broker culture
(34:00) The future: Augment behind your Fidelity, Schwab, or E-Trade account
(38:30) The regulatory triad and what 1,000 trades looks like
(41:00) Hindsight, family, and the founder reality check

MENTIONED IN THIS EPISODE
Rubrik. Google. UC Berkeley. SharesPost. Forge. EquityZen. Carta. SpaceX. OpenAI. Anthropic. Anduril. Kalshi. Polymarket. Robinhood. Fidelity, Schwab, E-Trade. Bill Gurley on SPVs. The JOBS Act of 2012. The Power 20 (Augment's report on the most-in-demand private companies).

FOLLOW
Max Melmed on LinkedIn: linkedin.com/in/max-melmed
The Augment Exchange:  augment.market/the-augment-exchange 
Augment: augment.market

ABOUT THE SHOW
The Augment Exchange is a biweekly conversation about how private markets operate, with the people running it. Produced by Augment (augment.market), building the access and execution layer for the pre-IPO market. New episodes every other Wednesday.

DISCLAIMER
Please note that this conversation is for informational purposes only. None of the information provided represents investment advice, an offer, or the solicitation of an offer to buy or sell any security. All views are subject to change.


Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. An IPO or other liquidity event is not guaranteed. Additionally, past performance of private securities does not indicate or predict future results. Investing in private securities involves a high degree of risk, including the potential loss of all invested capital.


Augment Markets Inc. is a technology company. Brokerage services are offered through Augment Capital LLC, member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser. Augment Capital LLC and Augment Advisors LLC are wholly owned subsidiaries of Augment Markets Inc. Please see Augment’s disclosures  here. 

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