Pre-IPO Asset Recommendation Report
April 21, 2026
I. Macro Background & Investment Logic
The three "super tracks" of Artificial Intelligence (AI), Commercial Space, and Next-Gen Defense Technology have encountered an unprecedented resonance of capital and technology between 2024 and 2025. Generative AI, represented by Large Language Models (LLMs), is reshaping the global productivity landscape; reusable rockets and satellite internet in the commercial space sector have entered a commercial harvest period; and global geopolitical tensions have catalyzed a massive demand for "Software-Defined Defense." Simultaneously, the fusion of Decentralized Finance (DeFi) and information markets is opening up entirely new asset classes.

This report features 5 selected core Pre-IPO targets covering the most frontier tracks: Artificial General Intelligence (AGI), Space Transportation & Satellite Internet, AI Safety, Next-Gen Defense Tech, and Prediction Markets. These assets are currently in the primary market stage with rapidly accelerating valuations, representing rare opportunities to position yourself before the IPO window opens.
II. Detailed Asset Analysis
OpenAI —— The Leader of Artificial General Intelligence
Core Business: The world's leading AI research and product company. Developer of era-defining products such as ChatGPT, GPT-4o, the "o" series reasoning models (o1/o3), and the video generation model Sora. It provides AI infrastructure services to millions of enterprises and developers globally via its API platform.
Investment Highlights: ChatGPT's weekly active users have surpassed 300 million, solidifying its position as the "Super Traffic Gateway" of the AI era. The company is transitioning from a "Capped-Profit" structure to a fully "For-Profit" entity, a move widely seen as a key step toward an IPO. Microsoft has invested a cumulative total of over $13 billion. In early 2025, a massive $40 billion funding round led by SoftBank set a record for the largest single venture capital round in history, bringing the post-money valuation to approximately $300 billion.
SpaceX —— The Absolute Hegemon of Space & Satellite Internet
Core Business: The world's largest commercial aerospace company. Core business covers three major sectors: reusable rocket launch services (Falcon 9/Falcon Heavy), the next-gen super-heavy launch system (Starship), and the Starlink global satellite broadband service.
Investment Highlights: Falcon 9 has achieved industrial-scale high-frequency reuse, completing over 130 orbital launches in 2024, accounting for over 60% of the global orbital launch mass. Starlink users have exceeded 4 million across over 100 countries, becoming the core revenue engine and reaching profitability. Starship is in intensive testing; once fully reusable, it will reduce the cost per kg to orbit to 1/10 of current levels. The potential for a "Starlink Spin-off IPO" remains a high-focus catalyst for the market.
Anthropic —— The Benchmark for AI Safety & Enterprise AI
Core Business: A frontier AI company focused on AI safety. Developer of the Claude series of LLMs, providing secure, reliable, and interpretable AI solutions and API services for enterprise clients.
Investment Highlights: Claude excels in the enterprise market, particularly in ultra-long context processing (supporting over 200,000 tokens). Amazon has invested a cumulative $8 billion, integrating Claude deeply into AWS Bedrock. Using "Constitutional AI" as its core framework, the company has built a high technical moat in AI Alignment. A funding round completed in March 2025 pushed its valuation to approximately $61.5 billion, with Annual Recurring Revenue (ARR) surging from approximately $500 million in mid-2024. Google is also a key strategic investor with a $2 billion stake.
Anduril Industries —— The Silicon Valley Disruptor of Defense Tech
Core Business: A next-gen defense tech company centered on "Software-Defined Defense." Products include the Lattice OS (autonomous command and control), Ghost (autonomous reconnaissance drones), Altius (loitering munitions), and Anvil (anti-drone interceptors).
Investment Highlights: Founded in 2017 by Palmer Luckey, Anduril challenges the "Big Five" defense giants using a Silicon Valley model: "fast iteration, software-first, and self-funded R&D." Lattice OS is its core competitive barrier, integrating data from satellites, radars, and drones into a unified autonomous decision network. Revenue is rapidly approaching the $1 billion mark. A $1.5 billion funding round in December 2024 raised its valuation to approximately $28 billion. The company is building a "super-factory" named Arsenal to achieve mass production of defense hardware, similar to Tesla’s Gigafactory.
Polymarket —— Pioneer of Prediction Markets & Info-Finance
Core Business: The world's largest decentralized prediction market platform, allowing users to trade on real-world event outcomes (elections, sports, economics) in real-time. Built on the Polygon blockchain for transparency and efficiency.
Investment Highlights: Achieved massive fame during the 2024 US Election with cumulative trading volume reaching billions of dollars. Its pricing accuracy often surpassed mainstream polls, making it a phenomenal "information aggregation tool." It received $70 million in Series B funding led by Founders Fund. Note: Due to CFTC regulatory uncertainty, it is currently not open to US residents; regulatory risk is the primary uncertainty for this target.
III. Core Estimated Financials & Valuation Data
⚠️ Disclaimer: The following data is based on private company information, news releases, SEC filings (if any), and analyst estimates. These are not audited financial statements.

IV. Investment Advice & Risk Warnings
Allocation Strategy
Core Holdings: SpaceX and OpenAI are recommended as the anchors of a Pre-IPO portfolio due to their absolute leadership, proven business models, and clear IPO paths.
Diversification: Anthropic serves as a specialized AI play focused on safety and enterprise compliance, while Anduril offers high-elasticity exposure to geopolitical and defense modernization trends.
Speculative: Polymarket is a high-risk, high-reward play suitable only for very small allocations due to regulatory uncertainty.
Risk Warnings
Pre-IPO assets possess extremely low liquidity and long capital lock-up periods. Furthermore, valuations depend entirely on private market transactions and lack the price discovery mechanisms found in public markets. Investors should pay particular attention to the following:
Valuation Bubble Risk: Current primary market valuations for AI and Space sectors are at historical highs (P/S ratios of 20–40x). If market sentiment cools after an IPO, there is a possibility of a significant valuation correction.
Legal and Policy Risk: AI oversight (specifically the EU AI Act and U.S. Executive Orders), space debris regulations, and the legal status of prediction markets could all materially impact business operations.
Cash Burn Rate Risk: The annual losses for OpenAI and Anthropic remain in the billions of dollars. The ability to continue raising capital is a prerequisite for maintaining their valuations; if the capital market environment deteriorates, there is a risk of a "Down Round" (raising capital at a lower valuation than the previous round).
Key Personnel Risk: There is a heavy reliance on Elon Musk at SpaceX and Palmer Luckey at Anduril.
Geopolitical Risk: Drastic changes in international relations could simultaneously affect defense contracts, space cooperation, and cross-border AI services.
⚠️ Disclaimer: The financial data for the Pre-IPO companies in this report consists of estimated values based on public information, not audited financial statements, and does not constitute any form of investment advice. Primary market investment involves high degrees of uncertainty and liquidity risk; investors should make prudent decisions based on their own risk tolerance. Some data is current as of Q1 2025 and may not reflect the most recent developments.

