Trump Just Opened the Door to Private Markets

A $10 Trillion Door Starts to Open

On August 7, 2025, President Trump signed an executive order with a title that tells you everything: "Democratizing Access to Alternative Assets for 401(k) Investors."

For nearly 50 years, someone else decided what your 401(k) is allowed to own. Stocks, bonds, and mutual funds. That was it. Private deals stayed with pension funds and wealthy families, on the other side of a fence you were never invited to look over.

Trump’s order tells the Labor Department and the SEC to start tearing down that fence. And the very first item on the list is equity "not traded on public exchanges."

In plain English: private companies.

Washington acted fast. Five days after the order, the Labor Department scrapped the old guidance that told plan managers to stay away from private investments.

And Wall Street acted even faster. Larry Fink runs BlackRock. It is the largest money manager in the world with more than $13 trillion under management. In his letter to investors, he said the standard portfolio of the future won’t be 60% stocks and 40% bonds anymore. It will be 50/30/20 — with a full fifth of the money in private deals.

He said it as plainly as a man in his position can: "Private assets are legal in retirement accounts."

I want you to understand why the most powerful people in finance want in. Companies do most of their growing before they ever go public. You watched it happen last month. When SpaceX listed on the Nasdaq, it had a $1.77 trillion valuation. 11 years earlier, private investors bought SpaceX at a $12 billion valuation. A 147-fold climb — and every dollar of it was made in private.

That's what the money is coming for. Ten trillion dollars in retirement savings is looking for a way in. But here's what the press releases leave out. The money will arrive through funds, wrapped in fees, at prices set by Wall Street. And you will get in last.

But You don't have to wait. There's already a legal path to buy into private companies directly. SEC-qualified offerings are open to everyday investors.

The Company to Study First

And if you’re looking at private markets for the first time, let me show you the company I’d study before any other. It’s a business in Austin, Texas called Immersed.

Immersed built an app that turns a single laptop into a wall of giant virtual screens inside a headset — six, eight, as many as you need. The setup of a corner office, anywhere in the world. Since launching in 2020, 1.5 million people have started using it to do their jobs, making it the most-used AR/VR work app in the world. It holds a 4.2-star rating on the Meta Quest Store, while Meta’s own work app — built by a trillion-dollar company — sits at 2.8.

Fortune 500 teams use it every day. And people don’t dabble. They work inside it 40 to 60 hours a week, enough that Immersed users have logged the equivalent of 2,000 years inside virtual offices.

Now the best part is that Immersed runs three businesses on a single platform.

Three Businesses on One Platform

The first is the software — the Immersed app, the product that built the user base of 1.5m people.

The second is hardware. They’re building Visor — the world’s lightest 4K-per-eye spatial computer, designed for work, not gaming. It delivers two million more pixels than Apple Vision Pro at roughly a third of the price. More than 75,000 people are already on the waitlist. CNBC’s Jon Najarian debuted it at the New York Stock Exchange alongside CEO Renji Bijoy.

The third is AI. They’re building an assistant called Curator that summarizes meetings, organizes your day, and handles the busywork nobody wants to do. It’s already in beta — and early investors got first access.

And Immersed doesn’t work alone. The biggest names in tech are already involved. Google, Meta, Microsoft, Intel are all partners. Qualcomm builds the chip that runs the Visor — the same chip it put in headsets from Samsung and HTC. And Samsung picked Immersed as a launch partner for its newest headset.

The Company It Keeps

Even a former Intel CEO Pat Gelsinger is a shareholder. He designed the 486 processor and helped bring USB and Wi-Fi into the world… he has a longer track record than almost anyone else in hardware. So is Mark McClain, the founder of SailPoint, the Austin cybersecurity company now worth roughly $12 billion.

Six major outlets have covered the company: Time, Wired, Forbes, CNET, TechCrunch, and The New Yorker. That's an unusual amount of press for a startup this size. And Amplitude — the analytics firm that tracks growth for Walmart, DoorDash, and Coinbase — ranked Immersed the third-fastest-growing product in North America.

CEO Renji Bijoy is a Forbes 30 Under 30 honoree whose 75-person team includes engineers from Google, Meta, and Uber.

The company has generated $7 million in revenue and projects $71 million. More than 10,000 investors have put in over $38 million. And the organic demand speaks for itself: 1.75 billion social media views and 1.6 million YouTube subscribers, without a dollar of paid promotion.

The Financial Picture

Every workplace fight of the past century ended the same way — a new technology arrived and made the argument obsolete. I believe this one ends the same way. Not with a mandate from the top but with a device that gives workers the office without the building.

Immersed is still private. That means you’re getting in at a price that won’t exist once this company hits the public markets. That’s where the biggest returns come from.

The Private-Market Window

At $0.79 a share, you’re looking at what I believe is the lowest price you will ever see on this company.

I don’t say this often. But if you’ve been looking for early-stage exposure to what I believe is the most important shift in computing since the smartphone — this is it. And at $0.79 a share, I don’t think you’ll see this price again.