SpaceX IPO Filing Disrupts Private Markets as Anthropic Momentum Surges Past OpenAI

Anthropic sees "insatiable" demand in private markets, but a massive SpaceX IPO filing threatens to drain liquidity for OpenAI and other tech giants.

By: AXL Media

Published: Apr 4, 2026, 8:49 AM EDT

Source: Information for this report was sourced from TechCrunch

Anthropic Surpasses OpenAI in Secondary Market Demand

Investment bank Rainmaker Securities reports that Anthropic has become the most difficult stock to source in the private secondary market, with demand now described as "insatiable." Recent data indicates that while investors have approximately $2 billion ready to deploy into Anthropic, roughly $600 million in OpenAI shares remain unsold. This shift in momentum is attributed to Anthropic’s public standoff with the Department of Defense, a conflict that transformed the company into a "hero" figure for investors looking for a differentiated narrative from OpenAI.

Valuation Discrepancies and Market Cooling for OpenAI

OpenAI is currently facing a more stagnant secondary market, with shares trading at a valuation of approximately $765 billion. This represents a notable discount from its most recent primary-round valuation of $852 billion. To combat the high-fee broker model, OpenAI has attempted to centralize trading through authorized banking channels. In a telling sign of the current climate, major banks like Goldman Sachs are waiving carry fees for OpenAI exposure while maintaining customary fees of 15% to 20% for clients seeking access to Anthropic.

SpaceX Prepares for Historic Market Debut

SpaceX has officially filed confidentially for an initial public offering, setting the stage for what could be the largest market debut in history. CEO Elon Musk is reportedly aiming to raise between $50 billion and $75 billion as early as June, with the company’s valuation already exceeding $1 trillion. Unlike many of its peers in the private sector, SpaceX avoided the steep market corrections of 2022-2024, maintaining a consistent upward trajectory due to disciplined pricing and conservative funding rounds.