Private markets · Companies
How investors get exposure to the most-watched private companies
Each company handles secondary sales differently. Some run their own tender offers, some say unapproved SPV interests are void, and one has already listed. Start with what the company itself has said.
Facts checked 7 Oct 2026 · By Dipankar Sarkar · Education only — not an offer
SpaceX
ListedListed on Nasdaq (SPCX) since 12 June 2026
SpaceX is no longer pre-IPO: it listed on Nasdaq as SPCX in June 2026. What that means for pre-IPO SPV holders, lock-ups and share classes.
Latest reference valuation: $800bn (Dec 2025)
OpenAI
Says SPV transfers are voidPrivate · draft registration submitted confidentially (June 2026)
How investors get exposure to OpenAI before an IPO: what equity holders own in OpenAI Group PBC, company-run tender offers, and why OpenAI says unapproved SPV interests are void.
Latest reference valuation: $852bn (Aug 2026)
Anthropic
Says SPV transfers are voidPrivate · draft S-1 submitted confidentially (1 June 2026)
How investors get exposure to Anthropic before an IPO: its public benefit structure, recent rounds and tenders, and why Anthropic says SPVs may not hold its stock.
Latest reference valuation: $965bn (May 2026)
Stripe
Enforces ROFRPrivate · no IPO filing
How investors get exposure to Stripe: its annual company-run tender offers, the $159bn February 2026 valuation, and the ROFR that voids unapproved sales and forwards.
Latest reference valuation: $159bn (Feb 2026)
Databricks
No published SPV policyPrivate · no IPO filing
How investors get exposure to Databricks before an IPO: the $190bn August 2026 round, employee liquidity through primary raises, and third-party SPV products the company says it has no relationship with.
Latest reference valuation: $62bn (Dec 2024)
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