a16z: With SpaceX at $2.1T, LPs who missed Anthropic and OpenAI have explaining to do
a16z Newsletter · rss · 2026-09-11
An a16z newsletter argues LP asset-allocation frameworks have broken in the AI era: SpaceX IPO'd at $2.1T (10x the largest prior VC-backed IPO), while Anthropic ($965B, rumored $2T IPO) and OpenAI ($852B) mean $3.8–5T of value sits largely in private markets. VC exit values have tripled PE's high-water mark; CalPERS' shift toward venture took it from #30 to #1 among US pension PE programs. The piece calls on LPs to resize venture exposure as machine intelligence compounds.
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