Anthropic is gaining momentum in the private equity market, but SpaceX may become a disruptor

According to TechCrunch, the private-market landscape is being reshaped as Anthropic, OpenAI, and SpaceX drive new developments. Glen Anderson, President of Rainmaker Securities, said demand for Anthropic shares is extremely strong, with virtually no sellers in the market; buyers have already set aside $2 billion for deployment. Its public standoff with the Department of Defense, rather than hurting sentiment, has actually strengthened market confidence—unlike OpenAI.

OpenAI’s secondary-market valuation currently stands at $765 billion, below its latest primary-market valuation of $852 billion. While it isn’t a case of “either-or,” market heat is clearly lower than it is for Anthropic. Morgan Stanley and others have stopped charging fees for OpenAI equity, while Goldman Sachs still takes a 15%-20% profit-share from Anthropic.

SpaceX stands out on its own: it has not been affected by the sharp pullback in off-exchange private markets during 2022–2024 (a decline of 60%-70%), and its share price has continued to rise. Early investors who backed the company when it was valued at $12 billion in 2015 are now seeing returns of more than 100x. The company’s current valuation is over $1 trillion. It has secretly submitted IPO paperwork, and it plans to raise between $50 billion and $75 billion—potentially making it one of the largest IPOs in history.

Anderson warned that if SpaceX lists first, it will absorb a large amount of liquidity, and that later planned IPOs for Anthropic and OpenAI may face insufficient capital and even stricter scrutiny. The market’s time window has quietly changed.