Private companies SpaceX, OpenAI, and Anthropic are three of the most highly anticipated initial public offerings (IPOs) on the horizon. SpaceX recently filed the necessary paperwork with the SEC, but all three companies could host IPOs before the end of 2026.
However, retail investors can get exposure to all three companies today through the Ark Venture Fund (ARKVX +0.36%). Here are the important details.
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SpaceX: The company behind Starship and Starlink
SpaceX is an aerospace transportation company founded by Elon Musk in 2002. It designs, manufactures, and launches advanced rockets and spacecraft, and is particularly well known for its Starship system (the first fully reusable orbital rocket designed to return to the launch site) and Starlink satellite internet service.
SpaceX generated about $16 billion in revenue and about $8 billion in profit last year, according to Reuters. The company had a valuation of $800 billion in December, which put its price-to-sales multiple around 50. However, SpaceX has since merged with xAI and the combined company is targeting an IPO valuation of up to $2 trillion, according to Bloomberg.
OpenAI: The company behind ChatGPT
OpenAI is an artificial intelligence research company founded in 2015. It is best known for the conversational application ChatGPT, but also provides generative AI tools for visual content and coding. Developers can also build OpenAI models into custom applications through Amazon Bedrock and Microsoft Foundry.
In February 2026, OpenAI's annual revenue run rate topped $25 billion, up 17% from $21.4 billion at the end of 2025, per The Information. The company currently makes most of its money from consumer products, primarily subscription fees from ChatGPT, but revenue from enterprise customers is projected to increase quickly in the years ahead as it releases new products and integrates advertising.
OpenAI closed its most recent funding round with a post-money valuation of $852 billion, which is 34 times its latest annualized sales figure. But that multiple should drop quickly. Forecasts from OpenAI show its revenue hitting $175 billion in 2029, though the company does not expect to reach profitability until 2030.
Anthropic: The company behind Claude
Anthropic is an artificial intelligence research company founded in 2021 by former OpenAI employees who left due to concerns about safety monitoring. It is well known for its conversational assistant Claude and its coding assistant Claude Code. Developers can also build Anthropic models into custom applications on all three major public clouds, run by Alphabet, Amazon, and Microsoft.
In April 2026, Anthropic's annual revenue run rate topped $30 billion, up more than 200% from $9 billion at the end of 2025, according to The Information. The company's revenue growth has accelerated dramatically since its January release of Claude Cowork, a digital assistant for knowledge workers that can automate a broad range of tasks, from sales and marketing to data analytics and product management.
Unlike OpenAI, Anthropic currently earns the vast majority of its money through enterprise products, and it expects that pattern to continue in the years ahead. The company closed its most recent funding round with a post-money valuation of $380 billion, which is about 13 times its latest annualized sales figure. Projections from Anthropic show revenue hitting $150 billion in 2029, and the company expects to reach profitability by 2028.
NASDAQMUTFUND: ARKVX
Key Data Points
The Ark Venture Fund
The Ark Venture Fund currently has positions in 68 public and private companies, though more than 40% of its assets are concentrated in the top five holdings.
- SpaceX: 17%
- OpenAI: 11%
- Replit: 5%
- Figure AI: 4%
- Anthropic: 4%
The Ark Venture Fund has a hefty gross expense ratio of 3.49%. It is also an interval fund, meaning investors cannot sell shares whenever they want. Instead, Ark provides liquidity on a quarterly basis, meaning the fund offers to repurchase shares four times per year.
Due to that restriction, the Ark Venture Fund is not widely available. Retail investors can only buy shares through SoFi and Titan Global Capital Management, though registered investment advisors can access the fund through brokerages like Charles Schwab and Fidelity.
