Investors still can't get enough of Anthropic.

As the AI giant races towards what could be one of the largest IPOs in history, its shares are changing hands on secondary markets at valuations as high as $1.5 trillion, even as competition from OpenAI and Chinese open-source models intensifies.

Anthropic's private market valuation has recently soared to as much as $1.5 trillion, a 25% increase over the past month, according to three secondary traders who spoke with Business Insider. The catch is that shares are incredibly tough to get.

Read Ful"The few sellers on our books are around $1.5 trillion," said Glen Anderson, CEO of Rainmaker Securities, a merchant bank focused on private securities transactions. "Even at that number, there aren't a lot of sellers out there."…Read Full Article

“I know this sounds totally nuts,” Elon Musk told investors midway through SpaceX’s first earnings call as a public company, Fortune reported. He then laid out a plan to put a robot workforce on the Moon and scale up SpaceX’s manufacturing there. “We are going to land a lot of tonnage on the moon,” he said. “We’re going to build the factories on the moon.”

The idea is not a stray remark. It runs through the regulatory filings SpaceX lodged before its record-breaking IPO in June, in language far drier than Musk’s.
What the filing actually says
SpaceX says it intends to establish “lunar-based manufacturing capabilities, including factories to produce large-scale AI compute satellites.” The method is to mine the Moon’s regolith, its dusty surface layer, for raw minerals such as aluminium, titanium, and silicon. Chips and other light parts would ship from Earth. The bulk of each satellite would be built on the Moon itself…Read Full Article

• Rainmaker Securities co-founder Greg Martin told CNBC that the stock's near-term performance is likely to be influenced more by the lock-up expiration than by the company's underlying fundamentals.

• Additional share releases are scheduled for December 2026 and June 2027.

• The Texas Government announced that SpaceX will build a $16.8 billion semiconductor fabrication facility in Grimes County.

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Summary:

• SpaceX's first IPO lockup expired Aug. 6, 2026, freeing just over 911 million shares, roughly 7% of stock outstanding.

• That block is larger than the 639 million shares sold in the company's record-setting IPO.

• Rainmaker Securities' Greg Martin said the expiration may matter more for the stock's near-term path than the underlying business.

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SpaceX's first lockup period expires on Thursday, releasing more than 911 million shares and giving early investors a chance to cash out. According to Sina Finance, Wall Street is watching to see whether insiders use the occasion to sell shares on a large scale.

The stock has fallen more than 50% from its mid-June high. On Wednesday, it closed at $108.27 after the company released its first earnings report on Tuesday evening and said capital spending was more than twice revenue.

According to Sina Finance, Rainmaker Securities co-founder Greg Martin said the lockup expiration is more likely to drive the stock's near-term performance than fundamentals or company strategy. The filing also shows another 319 million shares will be unlocked on August 20, about 700 million in September, and a similar amount in October…Read Full Article

• Rainmaker Securities co-founder Greg Martin told CNBC that the stock’s near-term performance is likely to be influenced more by the lock-up expiration than by the company’s underlying fundamentals.

• Additional share releases are scheduled for December 2026 and June 2027.

• The Texas Government announced that SpaceX will build a $16.8 billion semiconductor fabrication facility in Grimes County.

  Shares of SpaceX (SPCX) traded higher in early trading on Thursday as investors looked past the company’s first major IPO lock-up expiration, although analysts cautioned that the sharp increase in tradable shares could keep the stock volatile in the near term…Read Full Article

More than 911 million shares become eligible for sale as options traders bet the stock may be nearing a bottom despite a sharp decline from June peak

Early investors in SpaceX had their first opportunity on Thursday to sell portions of their holdings following the expiration of the company’s initial IPO lock-up period, a closely watched milestone that could test investor appetite for a stock that has lost more than half its value since its post-listing peak.

The expiration makes approximately 911 million shares eligible for trading, equivalent to about 7% of the company’s outstanding shares. The newly unlocked shares exceed the 639 million shares sold in SpaceX’s record-setting initial public offering, raising the prospect of a meaningful increase in market supply even if only a fraction of investors choose to sell….Read Full Article

SpaceX stock touched a new low on Thursday as up to 911.5 million shares held by insiders became eligible for sale for the first time since the company went public in June.

The stock dipped to $105.11 in early trading before bouncing back to $111.17, a gain of 2.6%. As of Wednesday's close, SpaceX shares had shed more than half their value from the June 16 peak of $225.64 and were about 20% below the $135 IPO price.

The newly eligible shares, valued at roughly $100 billion at current prices, bring the total tradable share count to 1.55 billion, up from the 639 million that changed hands when Space Exploration Technologies Corp. completed its IPO, according to Bloomberg. The 911.5 million unlocked shares represent more than 140% of the stock that was available after the IPO, according to Barron's…Read Full Article

SpaceX stock touched a new low on Thursday as up to 911.5 million shares held by insiders became eligible for sale for the first time since the company went public in June.

The stock dipped to $105.11 in early trading before bouncing back to $111.17, a gain of 2.6%. As of Wednesday's close, SpaceX shares had shed more than half their value from the June 16 peak of $225.64 and were about 20% below the $135 IPO price.

The newly eligible shares, valued at roughly $100 billion at current prices, bring the total tradable share count to 1.55 billion, up from the 639 million that changed hands when Space Exploration Technologies Corp. completed its IPO, according to Bloomberg. The 911.5 million unlocked shares represent more than 140% of the stock that was available after the IPO, according to Barron's…Read Full Article

“I know this sounds totally nuts,” CEO Elon Musk told investors midway through SpaceX’s first earnings call as a public company on Tuesday. The remark came after Musk shared an overview of his bold plans to deploy a robot workforce on the moon to scale up SpaceX’s manufacturing capacity.

According to Musk, the plan calls for SpaceX building a mass accelerator after shipping the necessary components to the regolith layer of the moon via Musk’s colossal Starship rockets.

Ultimately, Musk’s goal is to build AI compute satellites at scale on the moon in a way Earth-based factories could never sustain, before shifting his sights to Mars. Once plans for the red planet are in place, Musk plans to use the experience SpaceX has garnered from its moon operations to build a human colony on Mars of a million inhabitants…Read Full Article

In a recent listing (opens in new tab) for an apartment in Duboce Triangle, a seller offered to knock off a couple of million dollars in exchange for OpenAI or Anthropic stock. Over in Mill Valley, a real estate investor sought out Anthropic employees willing to trade their shares for his $8 million compound.   

While it may sound like a clever shortcut for employees — leveraging equity in AI companies before they go public to get ahead in a brutal housing market — local real estate and wealth management professionals say these barter deals are not happening. 

“We’re not seeing people actually offering stock,” said Blakely Hull, a Bay Area real estate broker. “Sure, there’s anomalies and exceptions to every rule, but by and large, we are seeing the majority of offers actually still financed.”…Read Full Article

The world’s most valuable companies are almost impossible to avoid. One makes your iPhone. One delivers packages to your door. One built the Windows operating system running in workplaces worldwide, while another makes chips powering countless computers and devices. There’s the firm behind a scrappy search engine you may have heard of: Google.

And then, there’s SpaceX — Elon Musk’s money-losing rocket start-up that has soared into the orbit of all of those tech juggernauts with a fleet of fantastical plans instead of ubiquitous products. With a more than $2.4 trillion valuation as of Thursday, SpaceX is the world’s sixth-most-valuable company…Read Full Article

Rainmaker Securities managing director Greg Martin joins Yahoo Finance to explain how SpaceX's (SPCX) "A-plus" initial public offering (IPO) is paving the way for Anthropic (ANTH.PVT) and OpenAI (OPAI.PVT). Watch Full Video

Summary

• SpaceX IPO filing reveals $4.28 billion quarterly loss

• Analysts, fund managers broadly bullish, citing Musk's track record and Starlink's revenue

• Starship delays or cost overruns could threaten AI, satellite expansion and overall growth

May 21 (Reuters) - Investors buying into SpaceX's nearly $2 trillion IPO are making a high-stakes wager that CEO Elon Musk can turn a fast-growing satellite business into something far bigger, using an unproven rocket ​to unlock an ambitious push into AI.

Musk has grown SpaceX into the world's largest rocket business by launching thousands of Starlink internet satellites and pioneering reusable rockets ‌that have transformed the economics of space…Read Full Article

Rainmaker Securities Managing Director Greg Martin joins Josh Lipton on Market Domination to discuss Cerebras Systems (CESY.PVT) IPO, which could be valued at $48.8 billion.

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AI chipmaker Cerebras stock slid in early trading Friday, after soaring 68% in its public debut Thursday sending a strong signal as the first of many AI company initial public offerings this year.

Meanwhile Nvidia’s Jensen Huang, Apple’s (AAPL) Tim Cook, and Tesla’s (TSLA) Elon Musk are in China alongside President Trump for his meeting with Chinese President Xi Jinping. Xi told the CEOs and others that China will “open wider” to US businesses…Watch Full Video

The US venture secondary market just reached an annualized value of $112.2 billion and surpassed public listings. It is a milestone worth celebrating, but one that won’t last long.

The same three companies that drove much of the secondary market’s explosive growth are now preparing to go public. What happens to a $112 billion market when its most valuable constituents leave?

In this note, we size the concentration risk posed by SpaceX, OpenAI, and Anthropic’s mega-IPOs to venture secondaries, especially as the top 20 names account for 81.1% of secondary trading value, according to Hiive. When these companies go public, their returns will be held in lockup, then directed toward addressing venture’s four-year distribution deficit before any capital meaningfully recycles back into secondaries. The vacancy will be real, and the recovery will take time…Read Full Article

Desperate buyers are in a race to secure a dwindling supply of secondary shares in Anthropic, driving the AI company's valuation on some sites to $1 trillion, a price that would have seemed unthinkable even a few weeks ago.

Meanwhile, traders Business Insider spoke with are seeing slumping demand for OpenAI, which is now trading at a discount to Anthropic, despite OpenAI being valued at $852 billion, more than twice Anthropic's valuation in their most recent funding rounds.

Anthropic's valuation now hovers at around $1 trillion on Forge Global, a leading private marketplace exchange, its CEO Kelly Rodriques told Business Insider. OpenAI's valuation on the platform is $880 billion, a slight uptick from its March funding round…Read Full Article

Greg Martin, managing director of private markets at Rainmaker Securities, discusses the signs of life the IPO market is showing and what impact the expectations of large listings from Anthropic, OpenAI and SpaceX are having on investors. Martin speaks with Caroline Hyde and Ed Ludlow on “Bloomberg Tech.”

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SpaceX’s initial public offering may be the largest IPO ever, but it might just be a prelude to the largest merger ever—a combination of Tesla with Elon Musk’s space venture.

On April 1, SpaceX reportedly filed confidentially for an IPO. It’s likely to raise $75 billion, more than double the $29 billion Saudi Aramco raised in 2019, and three times the $25 billion Alibaba Group Holding raised in 2014. Its valuation could come in close to $2 trillion, immediately making the company the sixth-most valuable in the U.S. Not bad for a venture that was worth only $350 billion a year ago and was founded by a 30-year-old who thought it was dumb to dispose of rockets as if they were plastic straws…Read Full Article