Mega IPOs Are Coming. The Real Question Is Whether You're Already Too Late.

SpaceX, OpenAI, and Anthropic are all targeting public listings before year's end, and client demand is surging. But as wealth managers field the calls, a more uncomfortable question is emerging: for public market investors, has most of the upside already passed?

Dean Rubino, CEO of KPC Private Funds, argues the shift is structural. Private capital has allowed today's biggest companies to scale further and longer before going public, meaning the IPO may no longer be the starting gun it once was.

"Investors waiting until after an IPO may be accessing a much more mature phase of the growth cycle."

Part of the problem, Rubino notes, is operational. Most advisors need investments to appear on custodial statements and integrate into existing reporting and compliance infrastructure, which has made institutional quality pre IPO exposure difficult to access at scale. That's why post IPO investing often gets framed as the prudent approach. It is more familiar and more liquid. But that framing comes with a tradeoff. Waiting for the public listing may mean missing the earlier stages of value creation entirely.

Read the full InvestmentNews analysis to see how advisors are positioning clients ahead of the most anticipated IPO wave in years.