economy
April 4, 2026
Anthropic is having a moment in the private markets; SpaceX could spoil the party
Glen Anderson, president of Rainmaker Securities, says the secondary market for private shares has never been more active — with Anthropic the hottest trade around, OpenAI losing ground, and SpaceX's looming IPO poised to reshape the landscape for everyone.
TL;DR
- The secondary market for private company shares has experienced significant growth since 2010.
- Anthropic shares are currently the hardest to source in the marketplace due to high demand and few sellers.
- The public standoff between Anthropic and the Department of Defense has paradoxically boosted its popularity and differentiated it from OpenAI.
- OpenAI shares are trading at a discount on the secondary market compared to their primary valuation, and the company is trying to assert more control over secondary trading.
- SpaceX has shown consistent growth and did not experience the market correction seen by many private companies between 2022 and 2024.
- SpaceX has confidentially filed for an IPO, which could be one of the largest market debuts in history.
- SpaceX's IPO is expected to absorb a significant amount of liquidity, potentially disadvantaging companies that follow, including AI firms.
- Disciplined pricing and avoiding excessive valuation increases in funding rounds have contributed to SpaceX's success.
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