Rainer Michael Preiss – Global Markets Commentary
For decades, some of the most attractive investment opportunities were reserved for venture capital firms, sovereign wealth funds, university endowments and ultra-high-net-worth investors.
Companies such as SpaceX, OpenAI and Anthropic created enormous shareholder value while remaining private for many years. By the time most retail investors gained access through an IPO, much of the early-stage appreciation had already occurred.
That reality may now be changing.
A new generation of investment vehicles is emerging that seeks to provide ordinary investors with indirect exposure to some of the world's most valuable private companies. Bloomberg recently highlighted how investors are increasingly using products such as the Fundrise Innovation Fund (VCX), private-market funds, venture capital vehicles and secondary marketplaces to gain access to private technology leaders before they reach public markets.
The Rise of Private Market Investing
The trend reflects a broader transformation in capital markets.
In previous decades, companies typically went public much earlier in their development cycle. Today, many remain private for significantly longer periods while raising billions of dollars from institutional investors.
As a result, substantial value creation increasingly occurs before public listing.
SpaceX, OpenAI and Anthropic illustrate this shift.
Together, these firms represent enormous private market value and could become some of the largest IPOs in financial history.
Why Investors Are Paying Attention
1. Artificial Intelligence
OpenAI and Anthropic are among the leading beneficiaries of the AI revolution.
2. Space Economy
SpaceX has transformed the economics of space through reusable rockets and Starlink's global satellite network.
3. Scarcity Premium
Because access to these companies has historically been restricted, investors often assign significant premiums to vehicles that provide even indirect exposure.
Opportunities and Risks
Potential benefits include:
• Exposure to transformational technologies.
• Participation in private-market growth.
• Diversification beyond traditional public equities.
• Access to companies that may dominate future industries.
Risks include limited liquidity, valuation uncertainty, premium-to-NAV risk, long holding periods and reduced transparency.
The Coming IPO Wave
The anticipated IPOs of SpaceX, OpenAI and Anthropic may become a defining event for global capital markets and further blur the distinction between public and private investing.
Implications for Private Clients
For private clients and family offices, the key lesson is not necessarily to chase private-market exposure at any price.
Rather, investors should recognize that the investment landscape is evolving. The traditional distinction between public and private markets is becoming increasingly blurred. Access is expanding, investment structures are becoming more innovative, and technology is democratizing opportunities that were once available only to elite institutions.
The next generation of wealth creation may emerge not only from listed equities, but from the growing ecosystem connecting private innovation with public capital.
Disclaimer: This article is provided for informational purposes only and does not constitute investment advice.
Rainer Michael Preiss, Partner & Portfolio Strategist Das Family Office
