Happy 2026! Brian, Scott, and Teddy recap a stronger-than-expected 2025 for online private markets (near ~$902M, strongest since 2021), then outline the 2026 playbook: Reg A momentum, platforms shifting to broker-dealers and solicitation, secondaries/tokenization blurring public and private, and SEC leadership changes that may accelerate capital formation. We dig into the quality uptick from VC-backed CF rounds, how AI will compress build costs and reshape B2B, where risks live (SaaS churn, infra overbuild), and which sectors look compelling (defense, energy). Plus: Kingscrowd Pro launches for industry users, and our Reg CF raise is live on StartEngine.
00:00 – Intro, goals for 2026
01:17 – 2025 recap: funding near ~$902M; Reg A leads
03:41 – Kingscrowd Pro launch + Kingscrowd raise on StartEngine
05:59 – Infra shift: broker-dealers, solicitation, scale
08:04 – Tokenization & secondaries: liquidity and the public/private blur
11:58 – VC-backed CF deals rising; quality & signaling
13:50 – SEC/commission changes & policy backdrop
16:05 – Platforms’ revenue mix pivoting to private/secondaries
18:30 – AI in 2026: breakthroughs, modeling, cost curves
22:40 – Risks ahead: B2B SaaS churn; infra “clean-up”; IPO mechanics
27:12 – Sectors to watch: defense, energy
30:03 – What this means for founders & investors
33:40 – Wrap + 2025 Funding Report next week