This Week in Pre-IPO Stocks

Consider premier AI leaders OpenAI and Anthropic, which are demonstrating dominant market positions with massive revenue growth and secondary market valuations of $570.5B and $214.6B respectively. Crusoe offers a "picks and shovels" opportunity on the AI boom, providing essential energy-efficient data centers with strategic backing from NVIDIA and Supermicro. In defense technology, Anduril Industries is a compelling investment, with its secondary market valuation surging 90% to $58.1B after securing major government contracts. For a more direct valuation signal, Cohere is conducting a tender offer at a $7 billion valuation, representing a 20% premium to its current secondary price. Finally, Redwood Materials sits at the intersection of the EV and AI megatrends, with its battery recycling and energy storage solutions now strategically backed by NVIDIA.

Advanced Micro Devices (AMD) is a compelling investment following its landmark $15-$18 billion GPU deal with OpenAI, which is projected to add $2-$3 billion in annual revenue. E-commerce platforms Etsy (ETSY) and Shopify (SHOP) present a new growth opportunity as their integration with ChatGPT is expected to create a $5 billion sales channel within a year. The partnership between Coinbase (COIN) and Mastercard (MA) to build a global stablecoin payments network positions both companies to capture a significant share of the cross-border settlement market. For investors interested in future IPOs, monitor NVIDIA competitor Cerebras Systems, which plans to go public within 24 months. Finally, Google (GOOGL) is directly challenging Microsoft in the corporate market with its Gemini Enterprise suite, targeting over $10 billion in AI revenue by 2026.

Consider investing in e-commerce platforms ETSY and SHOP, as their new integration with OpenAI's "Instant Checkout" feature creates a massive new sales channel. Watch for the upcoming IPO of the highly profitable fintech firm Wealthfront (WLTH), which is preparing to list on the NASDAQ. Meta's (META) recent acquisition of an AI chip startup reinforces its long-term bull case by aiming to reduce future costs and dependence on NVIDIA. For accredited investors, pre-IPO companies like AI chip designer Cerebras Systems offer a high-growth "picks and shovels" play on the AI hardware boom. Alternatively, high-risk opportunities exist in foundational AI leaders like OpenAI and Anthropic on secondary markets, with investors watching OpenAI's path to profitability by 2026.

The massive OpenAI partnership reinforces the bullish case for NVIDIA (NVDA) as the essential hardware provider for the AI revolution. Consider the upcoming IPO for Fermi (FERM), an energy REIT expected to trade on October 1 between $18-$22 per share, offering a "picks and shovels" investment in AI data center power. CoreWeave is a direct public investment in AI infrastructure, with its revenue strongly supported by a $22.4 billion cloud commitment from OpenAI. Investors can also gain exposure through key public partners like Oracle (ORCL), which supplies OpenAI and is a potential buyer of TikTok's U.S. assets. Similarly, Microsoft (MSFT) benefits from integrating leading AI models from both OpenAI and Anthropic into its Copilot ecosystem.

For investors with private market access, AI chip company Groq is a high-conviction opportunity, with analysts suggesting any valuation under $10 billion is a gift. In contrast, exercise caution with humanoid robotics company Figure AI, as its $39 billion valuation is considered highly speculative for a pre-revenue business. The most immediate opportunities in the humanoid robotics theme are in enabling infrastructure companies like Groq or NVIDIA (NVDA), not the robot developers themselves. Be aware that Google's (GOOGL) core search business faces a significant threat from AI-native competitors, potentially impacting its primary revenue stream. When evaluating AI software investments, prioritize companies focused on enterprise clients, as they have a clearer path to generating a return on investment.

Private defense technology firm Anduril is a high-conviction investment, with analysts projecting a potential 3x return in approximately three years to a $150 billion valuation. The company is well-positioned to benefit from the major trend of deglobalization, which is expected to drive sustained increases in military spending. For investors in private markets, OpenAI presents a unique opportunity as its planned conversion to a standard for-profit corporation is expected to unlock significant new institutional investment. Consider SpaceX's expansion into satellite-to-cell phone service as a massive new growth driver, positioning it as a diversified technology platform beyond just launch services. These opportunities are part of a predicted decade-long bull market driven by technological leaps in AI and robotics, which are reshaping major industries.

Consider the newly public 'buy now, pay later' company Klarna, which recently IPO'd at $40 per share and offers direct exposure to the consumer credit market. Monitor OpenAI for news regarding a potential IPO, which would provide a landmark opportunity to invest directly in the leader of the AI revolution. The defense tech sector is

The AI application layer is a key investment theme, with a focus on companies that have a defensible moat through proprietary models and data. OpenEvidence, a private AI company for doctors valued at $6 billion, is a prime example due to its proprietary technology and adoption by 40% of US physicians. Its specialized model, which achieved a 100% score on medical board exams, creates a significant competitive advantage. For investors seeking high-growth FinTech, private company Revolut is a notable opportunity, recently valued at $75 billion in a tender offer. However, be aware that Revolut's success is tied to a strong macroeconomic environment and its ability to grow in the competitive US market.

Fintech company Klarna is planning a U.S. IPO, aiming to raise up to $1.27 billion by offering shares between $35 and $37. Crypto exchange Gemini is also preparing a NASDAQ IPO under the ticker GEMI with a price range of $17 to $19, but investors should be cautious due to its unprofitability. OpenAI's strategic move to develop its own AI chips, with mass production planned for 2026, presents a significant long-term risk to NVIDIA's (NVDA) market dominance. Investors should watch for the IPO of AI infrastructure provider Lambda Labs, a key supplier to NVIDIA and Microsoft, which is expected as early as the first half of 2026. For accredited investors, AG Dillon & Co is offering pre-IPO access to high-profile AI companies like XAI and Lambda Labs through single-stock funds until September 26, 2025.

Consider participating in the upcoming Klarna IPO, targeted for September 2025 at a valuation of $13-$14 billion, as the company has returned to profitability with strong customer growth. Keep an eye on ByteDance, as any resolution to its U.S. regulatory issues could unlock significant value and close its massive valuation gap with Meta (META). For exposure to the growing use of stablecoins, consider investing in crypto infrastructure plays similar to the private company Rain, which partners with Visa (V) and supports blockchains like Solana (SOL). While private AI leaders like Anthropic and XAI are attracting huge valuations, this signals strong momentum for the entire public AI sector. Finally, accredited investors can gain direct pre-IPO access to high-growth companies like XAI through specialized funds.

The highest conviction opportunity is in AI infrastructure, with private company Databricks being the top pick ahead of its potential IPO. Accredited investors should seek pre-IPO shares, as the company just secured a $100 billion valuation and is reportedly outperforming its rivals. For those without private market access, competitor Snowflake (SNOW) offers a liquid, publicly-traded alternative in the data and AI space. Another significant pre-IPO opportunity is design platform Canva, which is leveraging its 200 million users to become a key AI application play. Finally

Anthropic is a premier AI model company showing explosive growth, with its valuation potentially hitting $170 billion on the back of a 300% revenue surge in just months. As a key AI infrastructure play, Databricks demonstrates strong investor confidence with a new funding round valuing it at $100 billion, a 61% increase in less than a year. Consider Crusoe Energy Systems as a unique "picks and shovels" investment, which powers AI data centers using stranded energy and is growing revenue at 300% annually. Payments giant Stripe is making a strategic push into Web3 by partnering with Metamask to launch a stablecoin, tapping into over 100 million crypto users. These pre-IPO leaders offer a direct way to invest in the core infrastructure and models driving the AI revolution.

OpenAI continues to dominate the AI landscape, with a new tender offer establishing a massive $500 billion valuation and reinforcing its market leadership. For accredited investors seeking a contrarian opportunity, Cohere presents a potential value play as its secondary market shares trade at a significant discount to its recent funding round. The explosive growth of platforms like n8n signals that the most significant investment theme may be in AI workflow automation. Businesses can gain a practical edge today by exploring low-cost tools like Zapier and make.com to automate tasks and boost productivity. Ultimately, the key opportunity lies in the "AI apps" layer that makes this powerful technology accessible to everyone.

Consider the upcoming IPO for Figure Technology Solutions (FIGR), a profitable fintech company using blockchain for lending, targeting a price of $22 to $25 per share. For higher-risk exposure to the institutional crypto market, watch for the Bullish (BLSH) IPO, which plans to list shares between $28 and $31. While you cannot invest directly in private leader OpenAI, its rapid growth creates opportunities in the broader AI 'picks and shovels' theme. This involves investing in companies that provide the essential hardware, software, and infrastructure powering the AI industry. Keep an eye on high-growth private companies like AI chipmaker Grok and sales platform Clay as strong candidates for future public offerings.

The most attractive investment area is AI infrastructure, which provides the essential "picks and shovels" for the industry's growth. Private company Groq, a maker of AI inference chips, is a high-conviction opportunity with a potential 3.2x return in approximately two years. Investors should seek public market exposure to this theme, as infrastructure players will directly benefit from the projected $400 billion in AI spending by big tech in 2025. Be cautious with foundational LLM companies like OpenAI due to extremely high valuations that may limit upside. It is best to avoid the highly speculative AI applications layer for now, as these companies face significant long-term competitive risks.

Consider watching for Klarna's potential New York IPO as early as September 2025, as the consumer credit firm targets a valuation exceeding $15 billion. Another upcoming public offering to monitor is from cryptocurrency custody firm BitGo, which provides a "picks and shovels" way to invest in digital asset infrastructure. The most significant private market growth is in Artificial Intelligence, with companies like Anthropic, xAI, and chip designer Grok (Groq) raising capital at rapidly increasing valuations. For a potentially de-risked private tech play, keep an eye on Ramp, an AI-driven expense management company that has already achieved cash flow positivity. While many of these top-tier AI companies are pre-IPO, accredited investors can sometimes gain exposure through specialized funds.

Consider the upcoming Figma IPO, a high-quality software company with a sticky product, valued at a reasonable 15x revenue multiple. A more durable investment strategy is to focus on the "picks and shovels" of the AI boom, specifically the infrastructure all AI companies require. The demand for electricity to power data centers is expected to surge, making utilities and energy producers attractive long-term investments. This massive buildout also directly benefits companies that supply the core components for data centers. The most direct public company play on this trend remains the primary GPU supplier, NVIDIA (NVDA).

Exercise extreme caution with Scale AI, as the private data-labeling company faces significant headwinds and its $26.6 billion valuation is at high risk of dropping below $10 billion. Prepare for the upcoming IPO of Via Transportation, a transit-tech company that partners with cities, offering a potentially more stable business model than consumer ride-sharing. Accredited investors can gain pre-IPO exposure to high-demand companies like XAI and Anduril through AG Dillon & Co's single-stock funds before they close in September 2025. XAI's recent $200 million contract with the U.S. Department of Defense validates its technology and ability to compete for major government deals. Finally, the prediction market Polymarket has been significantly de-risked after resolving investigations with U.S. regulators, clearing a path for future growth.

A major headwind is emerging for the FinTech sector, as large banks like JPMorgan (JPM) consider charging fees that could significantly harm the profitability of data aggregators and the apps that rely on them. The massive energy consumption of AI data centers is creating a powerful secondary investment theme in electricity generation. Since investing directly in electricity is difficult, consider nuclear energy stocks as a strong proxy to capitalize on the rising demand for reliable power. Be cautious of the "acqui-hire" trend in the private AI space, where giants like Google (GOOGL) absorb key talent, potentially devaluing the remaining startup for other investors. Despite this risk, massive funding rounds for private companies like xAI and Mistral AI confirm that top-tier AI remains the dominant theme with strong investor backing.

Accredited investors can gain pre-IPO exposure to high-growth tech like xAI and Groq through specialized funds closing in September 2025. Consider Revolut in the secondary market, as its current $43 billion valuation presents a potential opportunity ahead of a planned funding round targeting $65 billion. AI hardware company Groq shows strong momentum with its valuation doubling to $6 billion as it challenges NVIDIA in the AI inference market. SpaceX continues to demonstrate strong performance, with a new secondary sale valuing the company at $400 billion, or $212 per share, driven by its Starlink division. Finally, exercise caution with the upcoming Shein IPO, as potential U.S. tariffs pose a significant risk that could negatively impact its $50 billion target valuation.