Family offices are increasingly seeking pre-IPO exposure to some of the world’s most closely watched private companies, including OpenAI, Anthropic and SpaceX, as expectations grow that these firms could soon enter public markets. Demand for private shares has surged, with intermediaries reporting a flood of enquiries from wealthy families eager to secure positions before listings take place.
According to wealth advisers, interest spans the full spectrum of private investors, from large multi-billion-dollar family offices to smaller high-net-worth individuals. The attraction is clear: investors hope to capture value creation before these companies become publicly traded, when much of the early upside may already have been realised by existing shareholders.
Anthropic’s rapid rise illustrates the appeal. Founded in 2021, the AI company has experienced a dramatic increase in valuation following successive funding rounds backed by major institutional investors. Research from Cambridge Associates suggests that by the time many high-growth technology firms reach the stock market, a substantial portion of their gains has already accrued to private investors, increasing the urgency for family offices seeking early access.
However, gaining that access is not always straightforward. Many investors have turned to special purpose vehicles (SPVs), which are commonly used to pool capital and acquire stakes in private companies through secondary transactions. Yet questions have emerged over whether some of these structures provide legitimate ownership rights. Anthropic has publicly stated that transfers of its shares to SPVs are not permitted without board approval, warning that unauthorised transactions may be invalid.
The surge in demand has also fuelled growth in the secondary market. Data from SPV platform providers indicates a sharp increase in transactions over recent years, but advisers caution that heightened investor enthusiasm has attracted opportunistic intermediaries charging significant fees or offering exposure through complex arrangements.
Industry experts note that some SPVs may not actually hold direct equity in the underlying companies. Instead, investors could be purchasing contractual rights tied to future sale proceeds, rather than ownership of the shares themselves. As a result, careful due diligence has become increasingly important.
Despite these challenges, appetite remains strong. Family offices continue to expand their direct investments in private companies, viewing businesses such as OpenAI, Anthropic and SpaceX as transformative enterprises with the potential to shape industries ranging from artificial intelligence and infrastructure to defence and global technology for decades to come. Their growing interest reflects a broader trend among wealthy families seeking long-term exposure to category-leading private companies before they reach public markets.
