Track Pre-IPO Valuations: SpaceX, OpenAI & More

SpaceX is being valued at $2 trillion by the market. OpenAI at $1.3 trillion. Anthropic at over $500 billion. But none of these companies are publicly traded. There’s no ticker symbol, no earnings call, no 10-K filing. So how do we know what the market thinks they’re worth?

The answer lies in a fascinating financial instrument that most developers and even many finance professionals overlook: publicly traded closed-end funds that hold shares in pre-IPO companies. And now there’s a free pre-IPO valuation API that does all the math for you — turning raw fund data into real-time implied valuations for the world’s most anticipated IPOs.

In this post, I’ll explain the methodology, walk you through the current data, and show you how to integrate this pre-IPO valuation tracker into your own applications using a few simple API calls.

The Hidden Signal: How Public Markets Price Private Companies

There are two closed-end funds trading on the NYSE that give us a direct window into how the public market values private tech companies:

• DXYZ (Destiny Tech100) — Holds shares in SpaceX, Stripe, Discord, and other pre-IPO giants
• VCX (10X Capital Venture Acquisition Corp) — Concentrated positions in OpenAI, Anthropic, Databricks, xAI, and more

Unlike typical venture funds, these trade on public exchanges just like any stock. That means their share prices are set by supply and demand — real money from real investors making real bets on the future value of these private companies.

Here’s the key insight: these funds publish their Net Asset Value (NAV) and their portfolio holdings (which companies they own, and what percentage of the fund each company represents). When the fund’s market price diverges from its NAV — and it almost always does — we can use that divergence to calculate what the market implicitly values each underlying private company at.

The Math: From Fund Premium to Implied Valuation

The calculation is straightforward. Let’s walk through it step by step:

Step 1: Calculate the fund’s premium to NAV

Fund Premium = (Market Price - NAV) / NAV

Example (DXYZ):
  Market Price = $65.00
  NAV per share = $8.50
  Premium = ($65.00 - $8.50) / $8.50 = 665%

Yes, you read that right. DXYZ routinely trades at 6-8x its net asset value. Investors are paying $65 for $8.50 worth of assets because they believe those assets (SpaceX, Stripe, etc.) are dramatically undervalued on the fund’s books.

Step 2: Apply the premium to each holding

Implied Valuation = Last Round Valuation × (1 + Fund Premium) × (Holding Weight Adjustment)

Example (SpaceX via DXYZ):
  Last private round: $350B
  DXYZ premium: ~665%
  SpaceX weight in DXYZ: ~33%
  Implied Valuation ≈ $2,038B ($2.04 trillion)

The API handles all of this automatically — pulling live prices, applying the latest NAV data, weighting by portfolio composition, and outputting a clean implied valuation for each company.

The Pre-IPO Valuation Leaderboard: $7 Trillion in Implied Value

Here’s the current leaderboard from the AI Stock Data API, showing the top implied valuations across both funds. These are real numbers derived from live market data:

Rank	Company	Implied Valuation	Fund	Last Private Round	Premium to Last Round
1	SpaceX	$2,038B	DXYZ	$350B	+482%
2	OpenAI	$1,316B	VCX	$300B	+339%
3	Stripe	$533B	DXYZ	$65B	+720%
4	Databricks	$520B	VCX	$43B	+1,109%
5	Anthropic	$516B	VCX	$61.5B	+739%

Across 21 tracked companies, the total implied market valuation exceeds $7 trillion. To put that in perspective, that’s roughly equivalent to the combined market caps of Apple and Microsoft.

Some of the most striking data points:

• Databricks at +1,109% over its last round — The market is pricing in explosive growth in the enterprise data/AI platform space. At an implied $520B, Databricks would be worth more than most public SaaS companies combined.
• SpaceX at $2 trillion — Making it (by implied valuation) one of the most valuable companies on Earth, public or private. This reflects both Starlink’s revenue trajectory and investor excitement around Starship.
• Stripe’s quiet resurgence — At an implied $533B, the market has completely repriced Stripe from its 2023 down-round doldrums. The embedded finance thesis is back.
• The AI trio — OpenAI ($1.3T), Anthropic ($516B), and xAI together represent a massive concentration of speculative capital in foundation model companies.

API Walkthrough: Get Pre-IPO Valuations in 30 Seconds

The AI Stock Data API is available on RapidAPI with a free tier (500 requests/month) — no credit card required. Here’s how to get started.

1. Get the Valuation Leaderboard

This single endpoint returns all tracked pre-IPO companies ranked by implied valuation: