SpaceX, Anthropic, OpenAI Reshape Private Market Capital Formation

The private market landscape witnessed a historic shift in capital formation last month, driven by notable activity from companies like SpaceX, Anthropic, and OpenAI.

These three companies have redefined the upper echelons of private market valuations, with their combined worth comprising a significant portion of the top 50 private companies’ total valuation, Forge Global reports.

Last month, SpaceX merged with xAI, forming the highest-valued private entity to date with a staggering $1.25 trillion valuation. This move marks the creation of the first "Teracorn," a phrase used to reference a trillion-dollar-plus private company. 

Following that announcement, SpaceX revealed that it was reportedly preparing to confidentially file for an initial public offering as soon as March. Elon Musk's rocket startup is targeting a June listing that could raise up to $50 billion, and would surpass Saudi Aramco‘s $29 billion debut in 2019 to become the largest IPO in history.

Anthropic completed a $30 billion raise at $380 billion, led by investors GIC and Coatue, while OpenAI announced a $110 billion financing — the largest private capital raise on record.

2026 is on pace to set a new high-water mark for the mid- and late-stage private funding, with $140 billion already raised year-to-date by Anthropic and OpenAI alone. The concentration of capital among these leading companies is evident, with SpaceX, OpenAI, and Anthropic accounting for 68% of the total valuation of the top 50 private entities. 

In contrast, the top three public companies (Nvidia, Apple, and Alphabet) total $11.96 trillion. The total market cap of the top 50 public companies is $41 trillion, giving the top three 29% of the total, Forge stated.

"February's activity illustrates a private market operating at a new scale, with capital formation increasingly concentrated among a small number of systemically significant companies," the report stated.

The Forge Private Market Index (FPMI) and Forge Accuidity Private Market Index (FAPMI) both outperformed public market indices in February. The FPMI rose by 11.5%, while the FAPMI increased by 9.2%, compared to declines in public benchmarks like SPY(down 0.9%)  and QQQ (down 2.3%).

Despite a strong start to the year, February saw a slowdown in IPO activity, with no late-stage tech companies going public. BitGo and EquipmentShare both went public in January, but weakness in the public markets put a damper on IPO enthusiasm last month. 

However, the potential for SpaceX’s IPO could reignite public market interest. This shift in market dynamics highlights the evolving role of private markets in funding the next wave of industry leaders.

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