
$100M Exits with Jason Kirby · 2026-06-04 · 48 min
In this episode of $100M Exits, Jeff Stewart breaks down why the venture capital and IPO system has fundamentally shifted - and what founders are getting wrong about scale, liquidity, and global capital markets. Jeff shares his experience raising and transacting over $100M across his own companies, investing over $100M through his fund, and leading more than $500M in total deal flow. The conversation dives deep into why the U.S. public markets have evolved into a “mega-cap only” game, why secondary markets create hidden risks, and why global listings are becoming a strategic advantage - not an alternative. The discussion also unpacks how founders should think about IPOs not as exits, but as long-term capital infrastructure. Jeff explains how public markets unlock talent, revenue, acquisition flexibility, and investor access in ways private markets increasingly cannot match.