The Private Market Gates Are Opening — And Most Investors Have No Idea What’s Coming
By Tom Anderson, Wall Street Watchdogs
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For 23 years, Elon Musk kept SpaceX locked away from ordinary investors.
For nearly a decade, Sam Altman’s OpenAI — the company that created ChatGPT and sparked the AI revolution — has been completely inaccessible to anyone without a $1 million net worth.
And Anthropic, the “safety-first” AI lab building Claude — the chatbot that many tech insiders consider superior to ChatGPT — has been the exclusive playground of Google, Amazon, and a handful of Silicon Valley elites.
But all of that is about to change.
Within the next 12 to 18 months, these three companies — collectively worth over $2.8 trillion in private market valuations — are preparing to storm the public markets in what could be the biggest IPO sequence in Wall Street history.
SpaceX is targeting a $1.5 trillion valuation and a mid-to-late 2026 listing that would raise more than $30 billion — making it the largest IPO of all time, eclipsing Saudi Aramco’s record $29 billion offering in 2019.
OpenAI is preparing to file with the SEC as early as the second half of 2026, targeting a $1 trillion valuation and a raise of at least $60 billion.
And Anthropic has hired Wilson Sonsini — the same law firm that shepherded Google, LinkedIn, and Lyft to market — to prepare for a potential 2026 listing at a valuation exceeding $300 billion.
On December 11, 2025, Elon Musk himself confirmed the SpaceX IPO rumors, responding to Ars Technica reporter Eric Berger’s story with three simple words on X: “As usual, Eric is accurate.”
This isn’t speculation anymore. The countdown has begun.
And here’s what Wall Street doesn’t want you to know: You don’t have to wait until IPO day to get exposure to these companies. There are legitimate ways to position yourself right now — before the public frenzy begins.
In this report, I’m going to show you exactly how to do it.
Why This Matters More Than Any IPO Cycle in History
Let me put this in perspective.
When Amazon went public in 1997, you could have bought shares for $18. If you’d invested just $1,000, you’d be sitting on over $2.2 million today.
When Tesla listed in 2010 at a $2.2 billion valuation, the “smart money” laughed. Elon Musk’s electric car company was dismissed as a vanity project. A $10,000 investment then would be worth over $3 million now.
NVIDIA’s IPO in 1999 valued the company at around $600 million. Today, it’s the most valuable company on Earth, having just crossed $5 trillion in market capitalization. Early investors have seen returns exceeding 350,000%.
But here’s what’s different about the 2026 IPO wave: Until now, you could only invest in AI through indirect plays. NVIDIA sells the chips. Microsoft owns 27% of OpenAI. Amazon has invested $8 billion in Anthropic. Google poured $3.3 billion into the same company.
These are all “picks and shovels” plays. Important companies, yes. But they’re not the actual gold.
SpaceX, OpenAI, and Anthropic are the gold.
And for the first time in history, ordinary investors will be able to own shares in the companies that are actually building the future — not just supplying them.
Sam Altman himself acknowledged the inevitable during a recent livestream: “I think it’s fair to say [an IPO] is the most likely path for us, given the capital needs that we’ll have.”
Those capital needs are staggering. OpenAI has committed to deploying approximately 30 gigawatts of computing power with a total cost of ownership projected at $1.4 trillion over the coming years. Anthropic has announced a $50 billion investment in U.S.-based AI infrastructure, including data centers in Texas and New York.
These companies are building the infrastructure that will power the next century of human progress. And they need public market capital to do it.
The question is: Will you be positioned when the gates finally open?
The Three Titans: What You Need to Know
SpaceX: The Largest IPO in History
Let’s start with the numbers that matter.
SpaceX is currently valued at approximately $800 billion based on its December 2025 secondary share sale — more than double the $400 billion valuation it achieved just five months earlier.
If the company goes public at its targeted $1.5 trillion valuation, SpaceX would instantly become one of the 10 largest publicly traded companies in the world, on par with its sister company Tesla (which has a market cap of around $1.39 trillion after 15 years as a public company).
The company is projected to generate $15.5 billion in revenue in 2025 — $11.8 billion of which will come from Starlink, its satellite internet constellation that now serves over 4 million subscribers globally.
Here’s what most investors miss: SpaceX is not just a rocket company. It’s a communications infrastructure monopoly in the making.
Starlink has launched over 8,000 satellites into low-Earth orbit. Its medium-term total addressable market for satellite connectivity is estimated at $100 billion. And revenue is accelerating — Starlink generated $4.2 billion in 2023, $8.4 billion in 2024, and is on track for nearly $12 billion in 2025.
That’s not linear growth. That’s exponential domination.
The IPO is expected in mid-to-late 2026, with SpaceX raising more than $30 billion — the largest single capital raise in IPO history.
OpenAI: The AI Company That Changed Everything
OpenAI is the reason you know what artificial intelligence is.
Before ChatGPT launched in November 2022, AI was an abstract concept debated by academics and tech nerds. Within two months, ChatGPT became the fastest product in history to reach 100 million users.
Today, ChatGPT has 700 to 800 million weekly active users. OpenAI’s annualized revenue run rate is projected to hit $20 billion by the end of 2025 — up from just $1 billion in 2023.
That’s 20x revenue growth in two years.
During a recent staff livestream, CEO Sam Altman revealed that the company could cross $100 billion in annual revenue by 2027 — a timeline that’s accelerated significantly from internal projections just a year ago that pegged that milestone for 2029.
The company is currently valued at $500 billion following its October 2025 restructuring, which converted its main business into a for-profit corporation. Microsoft, which has invested $13 billion, owns approximately 27% of the new entity.
OpenAI is considering filing for an IPO as soon as the second half of 2026, with a target valuation of $1 trillion and a raise of at least $60 billion.
If successful, it would be the largest tech IPO in history.
Anthropic: The “Safety-First” Challenger
While OpenAI dominates headlines, Anthropic has quietly become its most formidable competitor.
Founded in 2021 by former OpenAI researchers — including Dario Amodei, who served as OpenAI’s VP of Research — Anthropic has taken a different approach: building AI systems with safety and reliability at the core.
Its Claude chatbot is increasingly favored by enterprise customers. The company serves over 300,000 businesses and has signed multi-million-dollar contracts with Fortune 500 firms for data analysis and customer service automation.
Anthropic’s valuation has exploded over the past year:
- November 2024: Raised $4 billion at a $40 billion valuation
- March 2025: Raised $3.5 billion at a $61.5 billion valuation
- September 2025: Raised $13 billion at a $183 billion valuation
That’s a valuation that effectively tripled in just six months.
CEO Dario Amodei has told investors that annualized revenue could reach $26 billion in 2026 — nearly triple the current run rate. The company projects it could reach profitability by 2028.
Last month, Microsoft and NVIDIA announced plans to invest up to $15 billion in Anthropic as part of a broader deal that includes a $30 billion commitment by Anthropic to use Microsoft’s cloud services.
The company has hired Wilson Sonsini — the Silicon Valley law firm that guided Google, LinkedIn, and Lyft through their IPOs — to begin preparation for a potential 2026 listing.
An Anthropic spokesperson told the Financial Times: “It’s fairly standard practice for companies operating at our scale and revenue level to effectively operate as if they are publicly traded companies.”
Translation: They’re ready.
How to Get Exposure NOW — Before the IPOs
Here’s where it gets interesting.
Most financial advisors will tell you there’s no way to invest in private companies unless you’re an accredited investor with a $1 million net worth.
That’s not entirely true anymore.
Thanks to recent regulatory changes and innovative fund structures, ordinary investors now have several legitimate pathways to gain exposure to SpaceX, OpenAI, and Anthropic — before they go public.
I’ve identified five methods, ranging from simple to sophisticated. Let me walk you through each one.
Method #1: The ARK Venture Fund (ARKVX)
Minimum Investment: $500
Annual Fee: 2.9%
Accessibility: All investors (via SoFi, Titan, or Public apps)
Cathie Wood’s ARK Venture Fund is the most accessible way for ordinary investors to own shares of SpaceX, OpenAI, and Anthropic simultaneously.
As of December 2025, the fund’s top holdings include:
| Company | Weight in Fund |
|---|---|
| SpaceX | 7.43% |
| Figure AI | ~6% |
| Neuralink | ~5% |
| OpenAI | ~5% |
| Lambda Labs | ~4% |
| xAI | ~4% |
| Anthropic | ~3% |
That’s seven of the most valuable private AI and space companies in the world — all in one fund.
The ARK Venture Fund has delivered 18.51% annualized returns since inception, with total shareholder value growth of 79% since March 2023. While the broader market returned 89% over the same period, the fund offers something the S&P 500 cannot: direct exposure to companies that aren’t publicly traded yet.
How to invest: You cannot buy ARKVX through a traditional brokerage. You’ll need to download the SoFi, Titan, or Public app, create an account, and purchase shares directly. The minimum investment is just $500.
The catch: This is an interval fund, not an ETF. You can only request redemptions quarterly, and only up to 5% of the fund’s net asset value can be redeemed by investors each quarter. Liquidity is limited.
The 2.9% annual fee is also significantly higher than typical ETFs (which average around 0.51%). Over a 10-year horizon, this can meaningfully impact returns.
But here’s the key advantage: When SpaceX, OpenAI, or Anthropic go public, the ARK Venture Fund will continue to hold those shares through the IPO transition. You get pre-IPO exposure that converts seamlessly to post-IPO holdings — without having to do anything.
Method #2: The Fundrise Innovation Fund
Minimum Investment: $10
Annual Fee: 1.85%
Accessibility: All U.S. investors
Fundrise is best known for real estate crowdfunding, but its Innovation Fund has emerged as a compelling alternative to ARK Venture for AI exposure.
The fund’s holdings include:
- OpenAI (via an SPV structure — visible only after becoming an investor)
- Anthropic
- Databricks
- Anduril
- Anyscale
According to CNBC’s Disruptor 50 list for 2025, the Fundrise Innovation Fund owns stakes in the top six disruptive companies on the list.
The fund has delivered a 44.7% net-of-fees return over the past 12 months, according to CEO Ben Miller’s recent CNBC appearance.
Why I find this interesting: The fee structure is significantly better than ARK Venture (1.85% vs. 2.9%), and the minimum investment is just $10 — making it accessible to literally anyone.
Ben Miller explained Fundrise’s approach on CNBC: “We figured out a new way to do it. We actually went to the SEC and said we need to democratize investing into these tech companies. We figured out a new way to do it, which is to create a venture fund that’s regulated by the SEC.”
The limitation: The fund does not hold SpaceX. If SpaceX exposure is critical to your thesis, you’ll need to combine this with another method.
Method #3: SoFi Private Markets Funds
Minimum Investment: As low as $10 (varies by fund)
Accessibility: All investors via SoFi Invest
In late 2025, SoFi expanded its alternative investment offerings to include new private markets funds from Cashmere, Fundrise, and Liberty Street Advisors.
These funds provide exposure to companies including:
- OpenAI
- SpaceX
- xAI
- Databricks
- Epic Games
SoFi has also partnered with Templum to offer the Cosmos Fund, which provides exposure to SpaceX, Databricks, and xAI — though that fund requires a $25,000 minimum investment.
The advantage: SoFi consolidates multiple fund options in one app, with minimums as low as $10 for some funds. This makes it easy to build a diversified pre-IPO portfolio without significant capital.
Method #4: Secondary Markets (Accredited Investors Only)
Minimum Investment: $25,000 – $100,000+
Accessibility: Accredited investors only
If you qualify as an accredited investor — meaning you have an annual income exceeding $200,000 (or $300,000 jointly) or a net worth exceeding $1 million excluding your primary residence — you can buy pre-IPO shares directly through secondary marketplaces.
The four primary platforms are:
| Platform | SpaceX Available? | Minimum Investment |
|---|---|---|
| Hiive | Yes | ~$25,000 |
| Forge Global | Yes | ~$5,000 |
| EquityZen | Yes | $5,000 – $200,000+ |
| UpMarket | Yes | ~$100,000 |
As of December 11, 2025, the Forge Price for SpaceX stock was $263.22 per share. The Hiive Price was $285.00 per share.
These platforms connect buyers with existing shareholders — typically employees, venture capital firms, or angel investors — who want to sell their stakes before an IPO.
Important caveats:
- Company approval required: SpaceX maintains a right of first refusal on share transfers. The company can block any transaction it doesn’t approve.
- Fees are substantial: Secondary market transactions often involve placement fees, transaction fees, and management fees that can total 5-10% of your investment.
- Limited transparency: Private companies aren’t required to disclose financial information. You’re buying shares with limited visibility into the company’s actual performance.
- Illiquidity: Once you buy, you may not be able to sell until the company goes public — which could be years away.
That said, for accredited investors who want direct ownership of SpaceX shares (not fund exposure), these platforms are the only option.
Method #5: Invest in Public Companies With Private Stakes
Minimum Investment: Whatever your broker requires
Accessibility: All investors
The simplest (and often overlooked) approach is to invest in publicly traded companies that have significant stakes in SpaceX, OpenAI, or Anthropic.
For SpaceX exposure:
- Alphabet (GOOGL): Invested $900 million in SpaceX in 2015 and participated in subsequent rounds. Current stake estimated at ~7%, worth approximately $28 billion at current valuations.
- Bank of America (BAC): Invested $250 million in SpaceX’s November 2018 round. Current stake worth approximately $3.3 billion.
For OpenAI exposure:
- Microsoft (MSFT): Invested $13 billion in OpenAI and owns approximately 27% of the company. At OpenAI’s current $500 billion valuation, Microsoft’s stake is worth approximately $135 billion.
For Anthropic exposure:
- Alphabet/Google (GOOGL): Has invested over $3.3 billion in Anthropic.
- Amazon (AMZN): Has invested $8 billion in Anthropic, making it the largest single investor.
The limitation: These stakes represent a tiny fraction of each company’s total value. Google and Amazon are trillion-dollar conglomerates. A $3-8 billion investment in Anthropic, while significant in absolute terms, won’t move the needle on their stock prices in any meaningful way.
But for investors who want some exposure without the complexity of interval funds or secondary markets, this is a simple approach.
The Timeline: What Happens Next
Based on confirmed reports and regulatory filings, here’s the current timeline:
| Company | Expected IPO Filing | Expected IPO Date | Target Valuation |
|---|---|---|---|
| SpaceX | Q1-Q2 2026 | Mid-to-Late 2026 | $1.5 trillion |
| OpenAI | H2 2026 | Late 2026 – Early 2027 | $1 trillion |
| Anthropic | 2026 | As early as 2026 | $300+ billion |
Elon Musk confirmed on December 11, 2025 that SpaceX IPO reports are “accurate.”
OpenAI CFO Sarah Friar has told associates the company is targeting a 2027 listing, though some advisors believe it could happen as early as late 2026.
Anthropic CEO Dario Amodei has stated the company is “effectively operating as if publicly traded” — a clear signal that IPO preparations are well underway.
The Risks You Must Understand
I’d be doing you a disservice if I didn’t address the risks.
Valuation risk: These companies are trading at astronomical multiples. SpaceX at $800 billion represents over 50x its projected 2025 revenue. OpenAI at $1 trillion would be nearly 100x its projected 2025 revenue. Historically, companies trading at these multiples have disappointed more often than they’ve delivered.
Execution risk: OpenAI expects to consume $115 billion by 2029, while generating just $13 billion in revenue this year. Anthropic is burning cash at a similar rate. These companies are betting everything on continued AI advancement. If progress stalls — or if a competitor leapfrogs them — the losses could be catastrophic.
Regulatory risk: AI regulation is coming. The EU has already passed the AI Act. The U.S. is developing its own framework. Any restrictions on AI development or deployment could fundamentally change these companies’ trajectories.
Competition risk: OpenAI and Anthropic are competing not just with each other, but with Google (which recently processed 1.3 quadrillion tokens monthly — up 170% in six months), Meta (which is open-sourcing its AI models), and xAI (Elon Musk’s new AI venture, valued at $200 billion).
Liquidity risk: Interval funds like ARK Venture restrict redemptions. Secondary market shares can be impossible to sell. If you need your money back quickly, these investments may not be appropriate.
My Recommendation
Here’s what I would consider:
For most investors: Start with the ARK Venture Fund or Fundrise Innovation Fund. The minimums are low ($500 and $10, respectively), the diversification is built in, and you get exposure to multiple pre-IPO companies simultaneously.
For investors who want dedicated AI exposure: Combine ARK Venture (which holds SpaceX, OpenAI, and Anthropic) with Fundrise Innovation (which has stronger Anthropic and Databricks exposure). This gives you overlapping positions in the most important names.
For accredited investors with capital to deploy: Consider a direct SpaceX position through Hiive or Forge, combined with fund exposure for OpenAI and Anthropic. This gives you the largest direct position in the company most likely to IPO first.
For conservative investors: Simply accumulate Microsoft (MSFT), Alphabet (GOOGL), and Amazon (AMZN). You get indirect exposure to all three AI leaders, plus the stability of diversified technology conglomerates.
Whatever you decide, the window is closing.
Once these companies go public, the “easy money” phase is over. Institutional investors will have captured their gains. The media will have hyped the stories to exhaustion. And retail investors will be buying at peak valuations — as they always do.
The time to position yourself is now. Not when CNBC is running 24/7 coverage of the SpaceX IPO. Not when your neighbor is bragging about his OpenAI shares. Now.
Final Thought
Twenty years from now, people will talk about the 2026 AI IPO wave the way we talk about the 1999 internet boom — or the 2010s smartphone revolution.
The difference is this time, you have the chance to get in before the public market frenzy begins.
SpaceX, OpenAI, and Anthropic aren’t speculative bets on unproven technology. They’re the dominant players in industries that are already generating billions in revenue and growing at unprecedented rates.
The gates that have kept ordinary investors locked out for decades are finally opening.
The only question is whether you’ll walk through them.
Stay alert,
Tom Anderson
Wall Street Watchdogs
Wall Street Watchdogs is committed to uncovering the truth about financial markets and helping individual investors prepare for systemic risks that mainstream media won’t discuss. We receive no compensation from the companies or assets we analyze. This article is for educational purposes only and should not be construed as investment advice.
