Cathie Wood, founder of ARK Invest, argues that the biggest IPO opportunity now occurs before a company ever lists, as most investors miss the steepest growth while firms remain private. In a recent analysis, ARK highlights that the median US company now waits 12 years to go public, up from just five years in 1999, according to data from University of Florida professor Jay Ritter. This shift is driven by the 2012 JOBS Act, which raised the shareholder cap from 500 to 2,000, and deep private funding that allows companies to delay listings for years. ARK's Venture Fund holds six private companies it expects to list, each already at public-market scale, including SpaceX, which filed for a $75 billion IPO—the largest in history—and plans to debut on Nasdaq on June 12 at $135 per share, implying a valuation near $1.77 trillion. Other firms cited include OpenAI, which crossed $25 billion in annualized revenue, and Anthropic, which confidentially filed for an IPO at a $965 billion valuation. ARK suggests that venture exposure provides earlier access to disruptive innovation than public markets, linking this pre-IPO opportunity to its broader innovation research and a bullish Bitcoin forecast.

Key facts

• Median US company age at IPO rises to 12 years from 5 in 1999.
• SpaceX files record $75 billion IPO, debuting June 12 at $135/share.
• ARK holds six pre-IPO firms at public-market scale, including OpenAI.
• Anthropic confidentially filed for IPO at $965 billion valuation.
• 2012 JOBS Act raised shareholder cap, enabling later listings.

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