Pre-IPO liquidity and public-market tests

Key Questions

What was the valuation and size of SpaceX’s IPO?

SpaceX priced a record $75B IPO at a $1.8T valuation with demand far exceeding supply.

What liquidity issues remain after the SpaceX IPO?

The IPO has not solved venture’s broader liquidity problem, as 10 firms raised 77% of capital and 90% of commitments went to established managers.

What other space and defense deals were announced?

Cursor was acquired by SpaceX for $60B, Agility Robotics is going public via SPAC, and Ondas acquired DZYNE for $875.8M.

Anthropic has reportedly filed for a Nasdaq IPO, making its valuation, debt, governance, disclosures, and investor response a major test for frontier-AI companies moving from private capital to public markets. SpaceX’s reported $1.8T IPO remains a landmark benchmark, while broader venture liquidity is much less abundant.

Sources (7)