Anthropic is currently dominating the private market for secondary shares, while OpenAI faces a cooling demand and SpaceX looms as a potential disruptor. Glen Anderson, president of Rainmaker Securities, observes a dramatic shift in investor sentiment. While OpenAI once captured the majority of attention, buyers are now aggressively seeking Anthropic stock. Reports indicate investors have $2 billion ready to deploy into Anthropic, yet roughly $600 million worth of OpenAI shares remain unsold. Anderson notes that sourcing Anthropic shares has become nearly impossible due to a complete lack of sellers. A significant factor fueling Anthropic's surge is its public conflict with the U.S. Department of Defense. What initially appeared as a reputational risk transformed into a marketing victory, casting the company as a champion against government overreach. This narrative has helped differentiate Anthropic from OpenAI, leading investors to favor the former. In contrast, OpenAI shares on the secondary market are trading at a discount, reflecting a valuation of approximately $765 billion, well below its recent $852 billion primary round valuation. OpenAI has attempted to control this market by establishing authorized, fee-free channels for share transactions, urging caution regarding unauthorized brokers. SpaceX represents a unique anomaly in this volatile landscape. Unlike many private companies that suffered steep corrections between 2022 and 2024, SpaceX stock has consistently appreciated. Anderson credits this resilience to the company's disciplined pricing strategy, which avoided squeezing investors in every funding round. This conservatism has generated massive returns for early backers, with some seeing over 100x gains since 2015. With SpaceX valued at over $1 trillion, it is preparing for an imminent initial public offering that could raise between $50 billion and $75 billion. The filing of SpaceX's IPO application has already altered secondary market dynamics. While demand from investors is surging, supply is drying up as existing shareholders hold onto their stakes in anticipation of the liquidity event. This dynamic poses a significant risk to both Anthropic and OpenAI, which are also exploring public offerings. Anderson warns that SpaceX, by filing first, will absorb a substantial portion of available IPO capital. The first company to go public secures the best market conditions, leaving subsequent contenders to face increased scrutiny and a thinner pool of investor funds. The outcome suggests that timing is critical, as late movers may struggle to secure the necessary capital for their debuts.