Private companies SpaceX, OpenAI, and Anthropic are seen as three of the most anticipated initial public offerings (IPOs) in the future. SpaceX has recently filed the necessary paperwork with the U.S. Securities and Exchange Commission (SEC), and all three companies could go public by the end of 2026. Currently, retail investors can gain early exposure to these three companies through the Ark Venture Fund (ARKVX).
SpaceX is an aerospace transportation company founded by Elon Musk in 2002, specializing in the design, manufacturing, and launch of advanced rockets and spacecraft. Its most well-known projects include the Starship system (the first fully reusable orbital rocket designed to return to its launch site) and the Starlink satellite internet service. SpaceX generated approximately $16 billion in revenue and about $8 billion in profit last year. In December last year, the company was valued at $800 billion, with a price-to-sales ratio of roughly 50x. According to Bloomberg, SpaceX has since merged with xAI, and the combined company is targeting an IPO valuation of up to $2 trillion.
OpenAI is an artificial intelligence research company founded in 2015, best known for its conversational application ChatGPT, as well as its generative AI tools for visual content and programming. In February 2026, OpenAI’s annualized revenue run rate surpassed $25 billion, up 17% from $21.4 billion at the end of 2025. The company’s current revenue primarily comes from consumer products, especially ChatGPT subscription fees. With new product launches and the integration of advertising, revenue from enterprise customers is expected to grow rapidly in the coming years. OpenAI was valued at $852 billion in its latest funding round, or 34 times its latest annualized sales. However, this multiple is expected to decline quickly. OpenAI’s projections show that its revenue will reach $175 billion by 2029, but the company does not expect to become profitable until 2030.
Anthropic was founded in 2021 by former OpenAI employees who left due to concerns over safety regulations. The company is known for its conversational assistant Claude and its coding assistant Claude Code. Developers can integrate Anthropic’s models into custom applications on the three major public cloud platforms operated by Alphabet, Amazon, and Microsoft. In April 2026, Anthropic’s annualized revenue run rate exceeded $30 billion, up more than 200% from $9 billion at the end of 2025. Since the release of Claude Cowork, a digital assistant for knowledge workers, in January this year, the company’s revenue growth has accelerated significantly.
The fund currently holds positions in 68 public and private companies, with more than 40% of its assets concentrated in its top five holdings: SpaceX at 17%, OpenAI at 11%, Replit at 5%, Figure AI at 4%, and Anthropic at 4%. The fund’s total expense ratio is as high as 3.49%. Additionally, the fund is an interval fund, meaning investors cannot sell shares at any time; Ark provides liquidity once per quarter, or four times per year. Due to these restrictions, the fund is not widely accessible. Retail investors can only purchase shares through SoFi and Titan Global Capital Management, while registered investment advisors can access the fund through brokerages such as Charles Schwab and Fidelity.
