Cathie Wood Says the Biggest IPO Gains Now Happen Before Companies Go Public

Cathie Wood believes investors are increasingly missing the most valuable stage of company growth because many high-profile firms are staying private much longer before launching an initial public offering (IPO). According to the ARK Invest founder, the strongest returns are often generated during the pre-IPO phase, long before shares become available on public markets.

Wood highlighted SpaceX’s recent IPO filing as a major milestone, but she views it as part of a broader trend involving several large private companies preparing to enter public markets. ARK Invest currently holds stakes in six private firms that it expects to eventually go public, with many already operating at a scale comparable to publicly traded corporations.

Research from ARK Invest shows that the median age of a U.S. company at the time of its IPO has climbed to 12 years, compared with just five years in 1999. Data tracked by University of Florida finance professor Jay Ritter supports this trend, showing a significant increase in the time companies remain private.

Two key developments have contributed to this shift. The 2012 JOBS Act increased the shareholder threshold requiring public registration from 500 to 2,000 investors, while growing access to private capital has enabled companies to raise billions without needing to list on stock exchanges.

ARK points to companies such as OpenAI, Anthropic, and Databricks as examples of businesses that achieved massive scale while remaining private. OpenAI reportedly surpassed $25 billion in annualized revenue by early 2026. Anthropic confidentially filed for an IPO in June 2026, while Databricks is also expected to pursue a public listing.

Meanwhile, SpaceX is preparing for what could become the largest IPO in history. The company is targeting a $75 billion offering and plans to debut on Nasdaq at $135 per share, implying a valuation of approximately $1.77 trillion.

Wood argues that venture capital exposure offers investors earlier access to disruptive technologies across artificial intelligence, robotics, and digital assets. This outlook aligns with ARK Invest’s broader innovation strategy and its optimistic long-term forecasts for emerging technologies, including Bitcoin and the rapidly expanding AI sector.