Legion

Eyes on private markets.

[Legion @uselegion]

Anthropic, OpenAI and SpaceX are being priced three different ways by three different markets right now.

Find out what each crowd is saying and much more in Uninvited's new issue ↓
https://t.co/Svf45Hb0Pq

[Legion @uselegion]

The 3 biggest IPOs in history are approaching

Data shows day-one euphoria has a poor survival rate, most record listings never saw their IPO price again.

Is this time different?

[Legion @uselegion]

@pavelprata @murphcapital @fabrizio_builds @matty_ Excited to work together! Lot's of interesting things to come for sure

[Legion @uselegion]

@murphcapital @legiondotcc big if true

[Legion @uselegion]

@endowment_eddie @credistick Have u looked into other data points like onchain premiums and polymarket?

We've ran the numbers and they're definitely interesting

[Legion @uselegion]

The race to the Trillion-dollar IPO is on.

SpaceX, OpenAI, and Anthropic are all compounding value in private markets at extraordinary speed.

Are public markets ready for this much value to unlock at once?

[Legion @uselegion]

Sir, a second trillion-dollar IPO filing has hit the SEC.

[unusual_whales @unusual_whales]

JUST IN: Anthropic, makers of Claude and Claude Code, have filed for IPO

[Legion @uselegion]

This brings SpaceX more in line with our current OTC valuations, but Polymarket and Onchain speculators haven't got the memo

~40% spread across the three. Someone's wrong.

[Wall St Engine @wallstengine]

SPACEX CUTS IPO VALUATION TARGET TO AT LEAST $1.8T

Bloomberg reports $SPCX is now targeting a valuation of at least $1.8T, down from earlier expectations above $2T.

The company is still seeking to raise up to $75B.

That would make it the largest IPO ever.

SpaceX is expected to start formal marketing as soon as June 4 and price as early as June 11.

Expected listing: Nasdaq

[Legion @uselegion]

Anthropic’s new round may look like a sudden overtake, but our data showed the crossover weeks ago.

Secondary-market quotes and onchain proxy premiums had already been pointing to Anthropic pulling ahead.

[TrendSpider @TrendSpider]

🚨 Anthropic just surpassed OpenAI as the world's most valuable A.I. startup.

$65B raised at a $900B valuation.

[Legion @uselegion]

The signal LPs used to screen for is getting cheaper to fake by the month.

@andyhyfi on the new diligence problem, in this week's Uninvited: https://t.co/sK5DyRKVDf

[Legion @uselegion]

Private markets have become too large to stay this opaque.

Secondary-market volume is still measured in billions, while the opportunity behind it is measured in trillions.

[Legion @uselegion]

The pre-IPO onchain craze is reaching a new level

Retail investors are turning to tokenized exposure to private companies as a workaround for limited access to traditional private-market offerings, and they’re often paying a significant premium for it.

[Legion @uselegion]

Onchain prices on private companies keep stretching, top names now 50%+ above OTC secondaries.

That's the cost of being unaccredited

[fabrizio @fabrizio_builds]

https://t.co/UGRw0IMzsy

[Legion @uselegion]

10 of the biggest US IPOs of the past 6 years.

1. @Airbnb
2. @coinbase
3. @coupang
4. @Snowflake
5. @figma
6. @DoorDash
7. @ToastTab
8. @Affirm
9. @PalantirTech
10. @CoreWeave

7 trade below their IPO price today. Three trade above: DoorDash, Palantir, CoreWeave. For 8 of the 10, the private-market gain (gray) is the largest part of the total value captured.

[Legion @uselegion]

Most companies in the world are private.

The pieces are moving, and you're not part of the game.