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
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?
@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
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?
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.
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
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.
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
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.
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.
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.