ARKVX Offers Pre-IPO Exposure to SpaceX, OpenAI, Anthropic
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- ARKVX concentrates over 40% of its assets in its top five holdings across 68 public and private companies: SpaceX (17%), OpenAI (11%), Replit (5%), Figure AI (4%), and Anthropic (4%).
- SpaceX generated roughly $16 billion in revenue and $8 billion in profit last year (per Reuters), held an $800 billion valuation in December, and is now targeting an IPO valuation of up to $2 trillion after merging with xAI (per Bloomberg).
- OpenAI's annual revenue run rate topped $25 billion in February 2026, up 17% from $21.4 billion at the end of 2025, with a post-money valuation of $852 billion (34x annualized sales); the company projects $175 billion in 2029 revenue but doesn't expect profitability until 2030.
- Anthropic's annual revenue run rate topped $30 billion in April 2026, up over 200% from $9 billion at the end of 2025, with a $380 billion post-money valuation (~13x annualized sales); it projects $150 billion in 2029 revenue and expects profitability by 2028.
- The Ark Venture Fund carries a 3.49% gross expense ratio and operates as an interval fund with quarterly liquidity, restricting retail access to SoFi and Titan Global Capital Management only.
- All three companies — SpaceX, OpenAI, and Anthropic — could host IPOs before the end of 2026, with SpaceX already having filed the necessary paperwork with the SEC.
Why it matters: Retail investors priced out of the private secondary market now have a regulated fund wrapper to buy into SpaceX (targeting a $2 trillion IPO valuation), OpenAI ($852 billion post-money), and Anthropic ($380 billion) — but the 3.49% expense ratio and quarterly-only redemption window make ARKVX a costly, illiquid bet, and over 40% concentration in five names amplifies the risk.
