For the past few weeks, it feels like SpaceX has been everywhere. Headlines, group chats, water-cooler conversations.
It's not surprising that so many people are interested in this company. But why are they only getting interested now?
SpaceX was founded 24 years ago.1 By the time it reached public markets, investors saw two decades of innovation, growth, and value creation that already happened. Much of that value was captured by investors who got involved long before the IPO.
So, how did so much value get created before many investors were even looking?
The IPO Isn’t the Beginning Anymore
Forty years ago, the average company went public just 5–8 years after it was founded. Once businesses reached a certain size, they typically needed public investors to fund their next phase of growth.2
Today, that dynamic has changed.
A flood of private capital—from venture capitalists, private equity firms, and family offices—means companies generally no longer need to IPO as early as they once did. They can often raise billions of dollars in private markets and stay private for much longer.
The result? The median time to IPO has nearly doubled, from as low as 5 years in the 1980s to 14 in 2024.2
SpaceX is a recent example.
Over the last two decades, SpaceX’s private investors have participated in significant value creation during the company's private years. Prior to its IPO, Bloomberg reported that some early investors were poised for record returns.3 However, past returns of any specific company or fund are not indicative of future investment performance.
SpaceX's two decades as a private company saw substantial value creation before shares ever reached the public market. As with all investments, private market opportunities involve risk, including the potential loss of principal.
SpaceX Isn’t Alone
SpaceX is generating significant attention right now, but other large private companies, including OpenAI, Anthropic, and Stripe, have also been discussed as potential future IPO candidates.4
As private capital has become more widely available, some companies may choose to stay private longer, potentially reaching high valuations before considering a public offering.
At this point, you may be wondering how everyday investors access private markets in the first place.
Crowd Street is one way.
Access Private Market Offerings Through Crowd Street
Crowd Street provides access to fund offerings from alternative asset managers. Some of these fund managers have invested in private companies across various sectors and stages of growth.
Funds available through Crowd Street may offer exposure to private-market opportunities that have traditionally required significant minimum investments or institutional relationships.
The next time a major IPO makes headlines, consider how much of the story began long before the opening bell.
*Disclaimer: Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Private-market investments, including private equity, private credit, venture capital, and real estate, involve unique risks and may be speculative, illiquid, and subject to limited transparency. Investors should carefully consider their investment objectives, risks, charges, and expenses before investing. References to specific companies (including SpaceX, OpenAI, Anthropic, and Stripe) are for illustrative purposes only and do not constitute a recommendation of any security or investment strategy.
