ByteDance is reportedly changing hands near a $600 billion secondary valuation while its founder tells staff an IPO is "not on the table" — the clearest sign yet that for the largest private names, the secondary market isn't the waiting room, it can be the destination. Meanwhile the AI buildout is quietly being refinanced through credit markets rather than equity, with SpaceX tapping the bond market days after its IPO, and Qualcomm is reportedly paying ~$4 billion for a chip-software startup it could have bought for $1.6 billion nine months ago.