Ark Fund Offers Pre-IPO Opportunities in SpaceX and OpenAI, Though Risks Exist.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 30 2026
0mins
Source: Barron's
- Upcoming IPOs: SpaceX, OpenAI, Anthropic, and other major unicorns are expected to go public later this year.
- Investment Opportunities: Investors can gain exposure to these privately held start-ups without waiting for their initial public offerings.
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About DXYZ
Destiny Tech100 Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund’s investment objective is to maximize the portfolio’s total return, principally by seeking capital gains on equity and equity-related investments. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity and equity-linked securities of companies principally engaged in the technology sector. The Fund will invest in the equity and equity-linked securities of what it believes to be rapidly growing venture-capital-backed emerging companies, located in the United States. The Fund may also invest on an opportunistic basis in select United States publicly traded equity securities or certain non-United States companies that otherwise meet its investment criteria. It concentrates its investments in companies operating in one or more industries within the technology group of industries. Destiny Advisors LLC serves as the investment adviser to the Fund.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
SpaceX IPO Opens New Investment Opportunities for Retirement Savers
- Record IPO Achievement: SpaceX went public on June 12 at $135 per share, raising approximately $86 billion, marking the largest IPO in history with a market cap nearing $2.1 trillion, positioning it among the most valuable companies in the U.S. and allowing everyday investors to directly own shares for the first time.
- New 401(k) Investment Rules: In August 2025, new regulations will permit 401(k) plans to invest in private equity, private credit, and digital assets, providing growth opportunities for regular investors, although the associated 2% management fee and 20% profit share could significantly impact returns.
- Diversified Investment Channels: Many retirement investors currently hold indirect stakes in SpaceX through mutual funds like Destiny Tech100 and ARK Venture Fund, which appear as options in retirement plans, despite the challenges of valuing private equity shares.
- Market Risks and Opportunities: While SpaceX's stock surged 19% on its first day, its high valuation implies that future growth will take time to materialize, prompting investors to carefully assess market volatility and the company's long-term potential before making investment decisions.
See More
Anthropic and OpenAI Intensify IPO Race Amid AI Model Launches
- AI Model Releases: Anthropic has restored access to its flagship AI models, Mythos and Fable, while launching Sonnet 5, aiming to attract more developers with competitive offerings ahead of its IPO.
- OpenAI's New Model Launch: OpenAI announced the public release of its flagship GPT-5.6 Sol AI model on Thursday, despite a previous delay due to national security concerns, which will further solidify its market position.
- Intensified IPO Competition: Both OpenAI and Anthropic have filed confidential IPO applications with regulators, although OpenAI's timeline has shifted; Anthropic's annual revenue has tripled to $30 billion, surpassing OpenAI's $24 billion, indicating its market advantage.
- Valuation Discrepancies: According to Nasdaq Private Market data, Anthropic is valued at $1.09 trillion compared to OpenAI's $867.9 billion, highlighting the intensifying competition between the two companies in the AI sector.
See More
SpaceX IPO Opens Doors for Everyday Investors
- IPO Achievement: SpaceX went public on June 12 at $135 per share, raising approximately $86 billion, setting a record for the largest IPO in history, with a first-day stock price increase of 19%, bringing its market value close to $2.1 trillion, marking its entry into public markets and enhancing participation opportunities for everyday investors.
- 401(k) Plan Regulation Change: In August 2025, the Department of Labor will allow 401(k) plans to invest in alternative assets like private equity, enabling ordinary investors to access high-growth companies like SpaceX through target-date funds, although associated fees and liquidity risks must be carefully evaluated.
- Private Equity Fund Risks: Funds holding SpaceX shares, such as Destiny Tech100 and ARK Venture Fund, provide indirect investment opportunities, but due to the valuation challenges of private equity, investors may face premium risks where they pay more than the actual asset value, necessitating careful review of investment terms.
- Market Volatility and Investment Strategy: Despite SpaceX's strong debut, its market cap of $2 trillion suggests that future growth will take time, prompting investors to approach short-term volatility with caution and consider long-term holding strategies to mitigate potential valuation risks.
See More
Anthropic and OpenAI Prepare for IPOs Amidst Valuation Surge
- IPO Preparations: Anthropic and OpenAI have filed confidentially with the SEC, with OpenAI potentially delaying its IPO until 2027, while Anthropic, having made significant product advancements in 2026, is expected to go public sooner, indicating strong market confidence and strategic positioning.
- Valuation Comparison: Anthropic's last equity raise in May valued the company at $965 billion, surpassing OpenAI's $852 billion valuation from March, reflecting strong growth in the AI market and high investor recognition.
- Revenue Growth: Anthropic reported a $47 billion revenue run rate, driven by the success of its Claude Code agent and various iterations, indicating widespread acceptance of its products in business applications and significant market share gains.
- Investment Opportunities: Investors can gain exposure to Anthropic through closed-end funds like Destiny Tech100 or Ark Venture Fund, although the high fees and liquidity risks associated with these funds should be carefully considered, they still provide avenues for investment ahead of Anthropic's public debut.
See More
Anthropic Files Confidential IPO with SEC Amid Strong Valuation Growth
- Valuation Surge: Anthropic's valuation has soared to $965 billion following significant product advancements in 2026, surpassing OpenAI's $852 billion, indicating strong competitive positioning and investment appeal in the AI market.
- Revenue Growth: The company reported a revenue run rate of $47 billion, primarily driven by the success of its Claude Code agent, reflecting substantial market share gains in business adoption and further solidifying its market position.
- Investment Opportunities: Investors can gain early exposure through closed-end funds like Destiny Tech100 and Ark Venture Fund, although the high fees and liquidity risks associated with these funds warrant careful consideration.
- Major Client Support: Tech giants like Amazon and Alphabet have invested hundreds of billions in Anthropic, with Amazon's stake potentially valued at $200 billion, enhancing Anthropic's strategic collaboration with cloud computing services.
See More
OpenAI Plans Initial Public Offering Amid Market Volatility
- IPO Plans: OpenAI filed a confidential S-1 form with the SEC on June 8, indicating its intention to go public, although it may not debut until 2027, reflecting a cautious approach to market timing amid volatility.
- Investor Structure: Microsoft invested $13 billion in OpenAI from 2019 to 2023, now holding a 27% stake valued at approximately $230 billion based on OpenAI's latest valuation, highlighting major tech firms' commitment to AI.
- Other Major Investors: Amazon holds $15 billion in preferred stock and has committed an additional $35 billion, while Nvidia has invested $30 billion, showcasing strategic partnerships in AI technology development.
- Indirect Investment Channels: Investors can gain exposure to OpenAI through mutual funds or closed-end funds like Ark Venture Fund and Destiny 100, which allocate 8.5% and 5.8% of their portfolios to OpenAI, respectively, though they come with management fees and specific investment rules.
See More
SpaceX IPO Opens New Investment Opportunities for Retirement Savers
- Record IPO Achievement: SpaceX went public on June 12 at $135 per share, raising approximately $86 billion, marking the largest IPO in history with a market cap nearing $2.1 trillion, positioning it among the most valuable companies in the U.S. and allowing everyday investors to directly own shares for the first time.
- New 401(k) Investment Rules: In August 2025, new regulations will permit 401(k) plans to invest in private equity, private credit, and digital assets, providing growth opportunities for regular investors, although the associated 2% management fee and 20% profit share could significantly impact returns.
- Diversified Investment Channels: Many retirement investors currently hold indirect stakes in SpaceX through mutual funds like Destiny Tech100 and ARK Venture Fund, which appear as options in retirement plans, despite the challenges of valuing private equity shares.
- Market Risks and Opportunities: While SpaceX's stock surged 19% on its first day, its high valuation implies that future growth will take time to materialize, prompting investors to carefully assess market volatility and the company's long-term potential before making investment decisions.
See More
Anthropic and OpenAI Intensify IPO Race Amid AI Model Launches
- AI Model Releases: Anthropic has restored access to its flagship AI models, Mythos and Fable, while launching Sonnet 5, aiming to attract more developers with competitive offerings ahead of its IPO.
- OpenAI's New Model Launch: OpenAI announced the public release of its flagship GPT-5.6 Sol AI model on Thursday, despite a previous delay due to national security concerns, which will further solidify its market position.
- Intensified IPO Competition: Both OpenAI and Anthropic have filed confidential IPO applications with regulators, although OpenAI's timeline has shifted; Anthropic's annual revenue has tripled to $30 billion, surpassing OpenAI's $24 billion, indicating its market advantage.
- Valuation Discrepancies: According to Nasdaq Private Market data, Anthropic is valued at $1.09 trillion compared to OpenAI's $867.9 billion, highlighting the intensifying competition between the two companies in the AI sector.
See More
SpaceX IPO Opens Doors for Everyday Investors
- IPO Achievement: SpaceX went public on June 12 at $135 per share, raising approximately $86 billion, setting a record for the largest IPO in history, with a first-day stock price increase of 19%, bringing its market value close to $2.1 trillion, marking its entry into public markets and enhancing participation opportunities for everyday investors.
- 401(k) Plan Regulation Change: In August 2025, the Department of Labor will allow 401(k) plans to invest in alternative assets like private equity, enabling ordinary investors to access high-growth companies like SpaceX through target-date funds, although associated fees and liquidity risks must be carefully evaluated.
- Private Equity Fund Risks: Funds holding SpaceX shares, such as Destiny Tech100 and ARK Venture Fund, provide indirect investment opportunities, but due to the valuation challenges of private equity, investors may face premium risks where they pay more than the actual asset value, necessitating careful review of investment terms.
- Market Volatility and Investment Strategy: Despite SpaceX's strong debut, its market cap of $2 trillion suggests that future growth will take time, prompting investors to approach short-term volatility with caution and consider long-term holding strategies to mitigate potential valuation risks.
See More
Anthropic and OpenAI Prepare for IPOs Amidst Valuation Surge
- IPO Preparations: Anthropic and OpenAI have filed confidentially with the SEC, with OpenAI potentially delaying its IPO until 2027, while Anthropic, having made significant product advancements in 2026, is expected to go public sooner, indicating strong market confidence and strategic positioning.
- Valuation Comparison: Anthropic's last equity raise in May valued the company at $965 billion, surpassing OpenAI's $852 billion valuation from March, reflecting strong growth in the AI market and high investor recognition.
- Revenue Growth: Anthropic reported a $47 billion revenue run rate, driven by the success of its Claude Code agent and various iterations, indicating widespread acceptance of its products in business applications and significant market share gains.
- Investment Opportunities: Investors can gain exposure to Anthropic through closed-end funds like Destiny Tech100 or Ark Venture Fund, although the high fees and liquidity risks associated with these funds should be carefully considered, they still provide avenues for investment ahead of Anthropic's public debut.
See More
Anthropic Files Confidential IPO with SEC Amid Strong Valuation Growth
- Valuation Surge: Anthropic's valuation has soared to $965 billion following significant product advancements in 2026, surpassing OpenAI's $852 billion, indicating strong competitive positioning and investment appeal in the AI market.
- Revenue Growth: The company reported a revenue run rate of $47 billion, primarily driven by the success of its Claude Code agent, reflecting substantial market share gains in business adoption and further solidifying its market position.
- Investment Opportunities: Investors can gain early exposure through closed-end funds like Destiny Tech100 and Ark Venture Fund, although the high fees and liquidity risks associated with these funds warrant careful consideration.
- Major Client Support: Tech giants like Amazon and Alphabet have invested hundreds of billions in Anthropic, with Amazon's stake potentially valued at $200 billion, enhancing Anthropic's strategic collaboration with cloud computing services.
See More
OpenAI Plans Initial Public Offering Amid Market Volatility
- IPO Plans: OpenAI filed a confidential S-1 form with the SEC on June 8, indicating its intention to go public, although it may not debut until 2027, reflecting a cautious approach to market timing amid volatility.
- Investor Structure: Microsoft invested $13 billion in OpenAI from 2019 to 2023, now holding a 27% stake valued at approximately $230 billion based on OpenAI's latest valuation, highlighting major tech firms' commitment to AI.
- Other Major Investors: Amazon holds $15 billion in preferred stock and has committed an additional $35 billion, while Nvidia has invested $30 billion, showcasing strategic partnerships in AI technology development.
- Indirect Investment Channels: Investors can gain exposure to OpenAI through mutual funds or closed-end funds like Ark Venture Fund and Destiny 100, which allocate 8.5% and 5.8% of their portfolios to OpenAI, respectively, though they come with management fees and specific investment rules.
See More
