Three trillion-dollar private companies. Three different access stories.
- SpaceX: ~$1T+ on Forge, cap table reportedly full of SPVs, IPO June
- OpenAI: $852B last primary
- Anthropic: $380B primary, $1T+ secondary
Combined private value: roughly $2.7 trillion.
Combined public float available to retail: $0.
When the primary-to-secondary spread is $620 billion and the only path through is an unauthorized SPV, the system is telling you what's broken.
Two ways to fix it:
1. Companies stop staying private through trillion-dollar valuations
2. Approved channels widen until "approved" stops meaning "accredited country club"
Neither happens by accident. Both happen by build.