Retail Brokers Lure Traders Into SpaceX, AI Unicorns

Retail traders are accelerating purchases of pre-IPO shares in companies like SpaceX and Anthropic through specialized brokerage platforms according to reporting from Bloomberg on 1 June 2026. Platforms including Forge Global and Rainmaker Securities report monthly volumes exceeding $45 million for SpaceX alone. This surge represents a significant democratization of access to late-stage private capital markets traditionally reserved for institutional investors.

Context — why this matters now

The retail push into private shares follows the 2021-2022 boom and bust in special purpose acquisition company (SPAC) mergers. SPACs provided public market exposure to speculative growth stories but collapsed as rates rose. The current macro backdrop features stable inflation and a Federal Funds rate holding at 4.75%. This environment has shifted retail speculative capital seeking high-growth narratives away from public small-caps toward the perceived moats of mature private unicorns. The primary catalyst is the extended postponement of major IPOs. Companies like SpaceX, OpenAI, and Databricks have delayed public listings beyond 2027, creating pent-up retail demand for equity ownership. Concurrently, regulatory changes in 2025 eased accreditation requirements for certain pre-IPO investment vehicles, widening the eligible buyer pool.

Data — what the numbers show

Private share trading volumes on retail-accessible platforms grew 320% year-over-year in Q1 2026. SpaceX shares trade between $135 and $150, implying a company valuation range of $210 billion to $235 billion. This represents a 15% premium to the valuation from its last institutional funding round in late 2025. Forge Global data shows the average retail ticket size for private shares is $25,000. In comparison, the average retail trade on public markets is below $5,000. Secondary market volumes for OpenAI and Anthropic shares are lower but have doubled in the last six months. This contrasts with the S&P 500's year-to-date return of 8.2%, highlighting the search for alpha outside public indices. The 10-year Treasury yield at 4.31% provides a competing risk-free return that these private investments must significantly exceed to justify their illiquidity.

Asset	Secondary Price	Implied Valuation	YTD Volume Chg.
SpaceX	$142	~$220B	+85%
OpenAI	$68	~$95B	+110%
Anthropic	$42	~$32B	+95%

Analysis — what it means for markets / sectors / tickers

Secondary market platforms like Forge Global (FRGE) and Nasdaq Private Market (NDAQ) benefit directly from increased transaction flow and custody fees. Publicly traded brokerages with private market arms, such as Charles Schwab (SCHW) and Interactive Brokers (IBKR), may see enhanced client engagement and assets under management. The capital flow into private tech shares could divert retail liquidity from public small-cap technology ETFs like the iShares Russell 2000 Growth ETF (IWO). A significant risk is valuation opacity. Private company financials are not publicly disclosed, leaving retail buyers reliant on sporadic funding round data. This creates potential for mispricing and asymmetric information versus institutional sellers. Current positioning shows retail buyers are net long, while some early employees and venture capital funds are using the retail bid as a liquidity exit before potential IPO lock-up expirations.

Outlook — what to watch next

The next Federal Open Market Committee meeting on 24 June 2026 will set the rate environment that influences discount rates for private valuations. SpaceX's planned Starship orbital test flight in Q3 2026 is a key operational catalyst that could move its secondary share price. Watch for any SEC guidance on the definition of accredited investors and retail access to private securities, expected by year-end. Key valuation levels to monitor include the $150 per share resistance level for SpaceX, which represents its all-time secondary high. A break above this could signal further retail frenzy. Conversely, a sustained drop below $130 may indicate institutional selling pressure overwhelming retail demand. For more on market structure shifts, see our analysis on https://fazen.markets/en.

Frequently Asked Questions

How can retail investors buy shares in private companies like SpaceX?

Retail investors access these shares through specialized FINRA-registered broker-dealers like Forge Global, Rainmaker Securities, or platforms like EquityZen. These platforms operate regulated secondary markets where accredited investors, and increasingly non-accredited investors via certain fund structures, can purchase shares from early employees, investors, or other shareholders. Transactions are complex, involve high minimums, and shares are highly illiquid with no guaranteed future IPO.

What are the main risks of investing in pre-IPO companies?

The primary risks are extreme illiquidity, valuation opacity, and lack of disclosure. Investors may be unable to sell shares for years. Financial statements are private, and reported valuations can be stale. There is also concentration risk, as most value is tied to a single, often unprofitable, company. The investment is typically lost if the company fails before a liquidity event like an IPO or acquisition.

How does this trend affect the traditional venture capital model?

The trend provides earlier liquidity for venture capital limited partners and company employees, potentially shortening fund lifecycles. It also introduces a new price discovery mechanism outside of formal funding rounds. However, it can complicate cap tables and create a dispersed shareholder base ahead of an IPO, which may deter some investment banks from leading a future public offering.

Bottom Line

Retail capital is flooding into opaque private markets, seeking growth narratives absent from public equities but facing high illiquidity and information asymmetry.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.