The Unbuyables: Not Listed, Not Liquid, Not Yours

The report highlights the unprecedented growth of private 'mega-unicorns' like SpaceX and OpenAI, whose secondary market values now exceed the entire IPO market cap of the late-90s tech boom. While Goldman Sachs remains bullish on the IPO environment, it notes that new public floats will likely be small relative to these companies' total valuations.

Key Takeaways

• 1.The most significant equity gains are currently happening in the off-exchange secondary markets for major private AI and space firms.
• 2.The combined valuation of SpaceX, Anthropic, and OpenAI (~$3.5-4 trillion) now exceeds the total value of all 2,600 IPOs from the 1995-2000 tech boom.
• 3.While massive IPOs are anticipated, Goldman Sachs predicts they will not derail the market due to relatively small initial floats.

Table of Contents

• Unicorns on steroids
• The inner circle
• The stat that should make you pause
• Don't worry, IPOs are coming...
• Top 10 privates
• DERail potential?

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