The short answer: Ron Biscardi thinks so, and he says IPOs are the reason. The iConnections CEO told The Pomp Podcast that venture funds struggled to raise money for years because their investments were not turning into cash. After SpaceX's record IPO in June 2026, he said, venture funds went from barely getting meetings at his February event to being in heavy demand at his June event. He expects Anthropic's planned IPO to keep that momentum going. That is his forecast based on his events, not an industry-wide measure.
Drawing on The Pomp Podcast, hosted by Anthony Pompliano (anthonypompliano.com), with guest Ron Biscardi, co-founder and CEO of iConnections (episode released November 6, 2026).
Why has venture capital struggled to raise money?
Ron said that "as an asset class, venture has had a really hard time raising money for really the last three or four years." Top funds, he said, can almost always raise. The problem for everyone else was liquidity: even successful startups stayed private longer, so funds could not return cash to their investors.
Why do IPOs matter for venture fundraising?
Ron explained the mechanics. An institution that backs a venture firm across several funds counts on the early funds exiting investments and sending cash back, which it then recycles into the firm's later funds. When those distributions do not arrive, the institution has to find cash elsewhere, such as contributions to a pension plan. He said that dynamic hurt illiquid funds broadly, private credit less so because it pays out more cash, and venture most of all.
He pointed to SpaceX, which he said is about 20 years old and in an earlier era would likely have gone public long ago. Companies are staying private longer, he said, partly because so much capital is available in private markets.
What changed between February and June?
Ron compared two iConnections events. At one in late February, which iConnections held in Miami Beach, he said venture funds struggled to get meetings. At his New York event in June, he said, it was a "completely different scenario," and venture funds got "a ton of meetings." He tied the shift to the timing of the SpaceX IPO. These meeting trends are Ron's account of his own events.
The SpaceX IPO itself is a matter of record: SpaceX priced its offering at $135 a share on June 11, 2026, and shares began trading on Nasdaq on June 12. Reuters reported the deal raised $75 billion, a record. Read more: What Is SpaceX?
Will the Anthropic IPO help venture funds?
Ron expects it to. He said "that momentum that started midyear should absolutely carry through" with Anthropic going public. Anthropic has publicly filed for an IPO but, as of this writing, has not set a price or a trading date; Yahoo Finance reported it could trade as soon as Nov. 16, 2026. Until it prices, the IPO is not a done deal. More: What Is Anthropic? and How to Buy Anthropic Stock
Is AI a bubble?
Ron, who said he came up in the dot-com era, argued that today's AI leaders differ from that period because they generate large revenue, not just website traffic. He said he does not know if Anthropic should be worth $2 trillion, but called it "an incredibly valuable asset." Valuation is the open question. Related: Is the AI Spending Boom a Bubble?
Key takeaways
Ron Biscardi says venture fundraising was hard for three or four years because funds could not return cash.
Institutions recycle distributions from older funds into new ones, so IPOs and exits drive future fundraising.
At his events, he said, venture funds went from struggling for meetings in February to heavy demand in June.
SpaceX priced its record IPO on June 11, 2026. Anthropic has filed for an IPO but has not priced it yet.
His view that the momentum will carry through is a forecast, not a certainty.
Best quotes from this episode
"as an asset class, venture has had a really hard time raising money for really the last three or four years."
"They got a ton of meetings."
"that momentum that started midyear should absolutely carry through."
"an incredibly valuable asset."
FAQ
Is venture capital making a comeback?
iConnections CEO Ron Biscardi says demand for venture funds at his events rose sharply between February and June 2026, which he tied to the SpaceX IPO. That reflects his events, not an industry-wide measure.
Why do IPOs matter for venture fundraising?
IPOs let venture funds return cash to their investors, who often recycle those distributions into the next fund. Without exits, institutions must find cash elsewhere.
When did SpaceX go public?
SpaceX priced its IPO at $135 a share on June 11, 2026, and its stock began trading on Nasdaq on June 12, 2026.
Has Anthropic gone public?
Not yet. Anthropic has publicly filed for an IPO, but as of Nov. 7, 2026 it had not set a price or a trading date.
Is AI a bubble like the dot-com era?
Ron Biscardi argues AI leaders differ from dot-com companies because they generate large revenue, though he said he does not know if Anthropic should be worth $2 trillion.
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Watch or listen to the full episode
Hear Ron Biscardi explain why IPOs are reviving interest in venture funds.
"Bitcoin Is Waiting On One Thing Before Institutions Go All-In" with Ron Biscardi, November 6, 2026. The venture discussion starts around the 13-minute mark.
Sources
Last updated: November 7, 2026
About The Pomp Podcast
The Pomp Podcast is hosted by Anthony Pompliano and covers the future of business, finance and technology. The show features Pomp's conversations with founders, investors and economists about bitcoin, markets, AI and the economy. Follow The Pomp Podcast on X.
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This article reflects the opinions of the guests and host as shared on The Pomp Podcast. It is guest opinion, not investment advice. Do your own research before making any investment decision.
