Funds Pitching SpaceX Rush to Lure Retail Investors Before IPO

Retail investors desperate for exposure to companies like SpaceX, OpenAIand Anthropic PBC are manically snapping up shares in a group of funds that have exposure to the hottest names in private markets.

One of the closed-end funds surged last month to about 3,000% of the value of the underlying assets as the allure of the tech firms drives a frenzy among mom-and-pop investors akin to the meme-stock era. For the sellers, there’s a limited window of opportunity. With the tech firms fast heading for initial public offerings, the exclusivity angle will soon disappear.

It’s the latest example ...