PREMIUM NEWSLETTER FOR PAYING SUBSCRIBERS

Key takeaways:

Hey all,

The Exponential Age is accelerating! 3 of the biggest IPOs in history are about to launch that will push the boundaries of technology and the very fabric of human civilisation. It also has profound implications on the Equity Bull Market that just seems unstoppable.

Hyperbolic? I wish I was.

For anyone interested in a Wall Street Insider view on SpaceX check out our latest Interview with Bloomberg’s James Seyffart

An Initial Public Offering (IPO) is the moment a private company sells shares to the public for the first time, listing on a stock exchange like the Nasdaq or NYSE. Before an IPO, only insiders — founders, venture capital funds, and select institutions — can own a piece of the company.

For us mere mortals this is the first moment we can get exposure outside of the NASA ETF.

The critical detail for retail investors: you rarely get IPO shares at the market price. Most allocations go to big funds. Retail buyers typically purchase in the open market after listing, often at a significant premium to the IPO price.

🚀 SpaceX — The Biggest IPO in History

SpaceX is the furthest along of the three targeting the week of June 8 — with a Nasdaq listing under the ticker SPCX expected around June 12, 2026.

The numbers:

SpaceX makes its money in three ways:

1) Starlink (their satellite internet service used by millions worldwide) IMO this is their cashcow from here on in. Everyone wants Starlink and it’s eaten the global internet market.
2) Rocket launches (they dominate the global market for reusable rocket launches). No one comes close to their prices and technology.
3) Government and defence contracts. (USGov regularly rewards SpaceX with mission contracts) - think when they rescued the NASA astronauts last year.

Earlier this year they also merged with Elon Musk's AI company, and the combined business holds a significant amount of Bitcoin on its books.

The catch: Despite all of this, SpaceX is still losing money overall. Much of its enormous asking price is based on what the company might become — AI, Mars, and other big bets that haven't paid off yet. You're buying into the HYPE and the dream as much as the business.

I’ve always been a believer in investing in a person, not a company. Betting against Elon Musk has been a foolish path for twenty years.

Want exposure before the IPO? Bloomberg's James Seyffart flagged this in our recent CCI webinar — there's already a way in. The Tema Space Innovators ETF (ticker: NASA) is currently the only publicly available fund that holds actual SpaceX shares. You can buy it through your regular broker today, just like any stock but it’s not the same as owning SpaceX outright.

Two things to be aware of though.

First, NASA has become so popular that SpaceX now makes up a smaller slice of it than it used to — so you're getting indirect exposure. Second, there's a lock-up period after the IPO where those SpaceX shares can't be sold for at least six months. Eyes open — but for those who want in early, it's a genuine option worth knowing about.

Bottom line: SpaceX is a bet on the future and the efficiencies and breakthroughs that come from moving into the stars. It is an easy addition to our Exponential Age Portfolio. Personally, as a kid I loved space and still do - I have loved everything SpaceX does for a long time and this is a company I’m deeply interested in owning. Do your own due diligence. 

Sam Altman’s OpenAI is the company behind ChatGPT — the AI tool that's become part of daily life for nearly a billion people worldwide. They're planning to list on the stock market around September 2026, which would make them one of the most valuable companies ever to go public.

The numbers:

The business in plain English.

Revenue is growing at a staggering pace — billions of dollars a month and accelerating. The majority of that now comes from businesses paying to use their AI tools, not just individual users.

One important thing to know: OpenAI was originally set up as a non-profit. They've recently changed their legal structure specifically to allow them to go public and take on regular investors.

The catch: Despite all that revenue, OpenAI is still losing enormous amounts of money. Running AI at this scale costs more than almost any other business on earth — the computing power alone is eye-watering. There are also some governance red flags worth knowing: as a regular shareholder, you'd have very little say in how the company is actually run.

Competitors? This is another consideration. Going forward there will be fewer winners and many losers with AI. Does OpenAI slowly fade into the pack? To survive these companies need strong leaders with vision that can maintain a profitable business. The software itself will only get cheaper too so having the best model matters. Claude has pulled ahead technically but ChatGPT is still widely used. 

The flipside of that coin is its first mover advantage. Open AI is now entrenched. It has phenomenal tech and infrastructure and is in the boxseat to maintain a stranglehold on agentic AI software and be the first to create Artificial Super Intelligence.

Bottom line: A hot pick, but not something I will be personally buying right away.  

Anthropic is the company behind Claude!

It is my primary AI software due to its unrivalled capacity for manuscripts and coding. It’s an AI assistant similar to ChapGPT used heavily by businesses around the world but it doesn’t have the capacity to create raw images with prompts like Grok or ChatGPT.

Outside my bubble though, it's probably the least well-known of the three to everyday investors, but it's moving faster than most people realise.

The numbers:

The business in plain English: Anthropic's revenue has exploded in recent months — growing several times over in less than a year. Unlike OpenAI, which is focused heavily on consumers, Anthropic's bread and butter is large businesses paying to embed its AI into their products and operations. It's also notable for being the only one of the three that's close to actually turning a profit.

The timeline: Anthropic is targeting a late 2026 listing, though most analysts expect it to slip into early 2027. The legal and financial groundwork is being laid — but no official announcement has been made yet.

The interesting angle: Anthropic is quietly racing OpenAI to be the first pure AI company on public markets. That competition could push the timeline forward — or create pressure to list before they're fully ready.

Bottom line: It may be less sexy than OpenAI but what has me liking Anthropic is not its lower valuation but its willingness to deliver new and genuinely useful workflow improvements like Co-work where Claude can autonomously organise your computer and build systems to make you more efficient. As an investor it's always a good idea to use the product to see if you align with it - in this case, Claude ticks the boxes for me and the growth potential is attractive.  

This week's must watch

Wall Street is no longer watching crypto from the sidelines.

In our latest webinar, James Seyffart, Senior Research Analyst at Bloomberg Intelligence, breaks down what is actually happening inside the institutions reshaping the crypto market in 2026. From the SpaceX IPO wave and Bitcoin ETF resilience, to the standout Hyperliquid launch and the CLARITY Act.