Anthropic is having a moment in the private markets; SpaceX could spoil the party
TechCrunch • • business
Key Points:
- Glen Anderson, president of Rainmaker Securities, highlights a surge in institutional investors in the private late-stage market, with Anthropic, OpenAI, and SpaceX being the key players currently driving secondary market activity.
- Anthropic shares are in extremely high demand with almost no sellers, partly fueled by the company's public stance against the Department of Defense, which has boosted its popularity and differentiated it from OpenAI.
- OpenAI shares are trading at a discount compared to its latest primary valuation, with less vibrant market activity and increased company control over secondary trading, including authorized no-fee channels through major banks.
- SpaceX stands out for its consistent share price growth and disciplined valuation strategy, avoiding the steep corrections seen in other private companies, and is preparing for a major IPO expected to raise $50-$75 billion.
- The imminent SpaceX IPO is attracting strong buying interest but reducing share availability, potentially limiting liquidity and capital for subsequent IPOs from Anthropic and OpenAI, as early market entrants typically capture the majority of investor funds.
