Glen Anderson has brokered private company shares since 2010. As president of Rainmaker Securities, he sees a pivotal moment in the secondary market centered on Anthropic, OpenAI, and SpaceX.
Demand for Anthropic shares is insatiable with few sellers, a trend amplified by its public standoff with the Department of Defense. In contrast, roughly $600 million in OpenAI shares are struggling to find buyers. OpenAI shares trade at a discount to its latest primary valuation, around $765 billion.
SpaceX stands apart, having avoided the severe corrections that hit other private companies. Its disciplined pricing has delivered enormous gains for early investors. With SpaceX now filing for an imminent IPO aiming to raise tens of billions, it is soaking up investor demand. This first-mover advantage may leave less liquidity for the AI companies, which are also exploring public offerings this year.