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Tuesday, March 31, 2026 | Private Markets Intelligence
Good morning, crowd.
Alberto here, let’s keep this week newsletter short so we can give you as much value in little time.
SpaceX is finally IPO-ing in June.
Retail investors get 30% of the shares at a $1.5 trillion valuation.
Sounds generous, until you realize what it actually means.
Let’s get to it.
Read time: 4 minutes
These Nuclear Stocks Are Delivering Real Cash Flow
Some market trends take years to really pan out.
Nuclear energy isn’t one of them.
Over the past year, multiple nuclear-related stocks climbed more than 40% as the next nuclear buildout cycle began taking shape heading into 2026…
Driven by real earnings, real contracts, and real demand.
One uranium producer generated nearly $200 million in quarterly free cash flow as prices surged.
Another nuclear-focused company locked in long-term government contracts that helped push revenue higher…
Without relying on commodity swings.
Our analysts pulled together a shortlist of these companies and a select few more -
All of them benefiting from nuclear’s return to relevance as U.S. capacity is projected to triple over the coming decades.
The names and tickers are in this new report: 7 Top Nuclear Stocks to Buy Now
The full list is free today, but it won’t stay that way, so get your copy now.
SPACE X IPO
SPACEX | The IPO is the exit
Elon Musk is engineering what could be the largest and strangest IPO in history. SpaceX is plotting a mid-June listing that may raise tens of billions, while carving out an unprecedented 30% of shares for retail investors.
The backstory:
In 2008, Musk had $1.5 million left in the bank. SpaceX had failed three rocket launches in a row. Investors had written them off.
Then Founders Fund wrote a $20 million check at a $500 million valuation.
Same month: Falcon 1 reached orbit (first privately built liquid-fuel rocket to do it). NASA awarded SpaceX a $1.6 billion contract.
Fast forward to 2026. SpaceX is valued at $1.5 trillion after folding xAI into the company. That 2008 Founders Fund check? Worth approximately $1.5 billion now.
The numbers:
Founders Fund: $20M → $1.5B = 75x return
Google/Fidelity (2015): $1B → $28B = 28x return
Early investors (2002-2008): Up to 3,000x before IPO
All of this happened in private markets. Before a single retail investor could buy a share.
The IPO terms:
Musk wants retail to get 30% of the float at the $1.5T valuation. Instead of the typical banker-led roadshow, he wants investors flown into SpaceX's campus to tour production lines and possibly watch launches.
Banks are reportedly confined to narrowly defined "lanes."
Why it matters:
By the time SpaceX IPOs, the returns are mostly baked in. The early investors already won.
This is the new playbook: companies stay private for 24 years (like SpaceX), 14 years (like Stripe), 12 years (like Databricks). They capture value outside public markets. Early investors capture the returns.
The IPO isn't where you get in. It's where insiders get out.
How to apply it:
The next SpaceX is in private markets right now. Anthropic. OpenAI. Databricks. Companies valued at $100B+ that you can't buy on Robinhood.
But you can access them through private market platforms. Minimums have dropped from $500K to $10K-$25K. You just need to know they exist.
SUMMARY
⚡ THE TAKEAWAY
IPOs are exits, not entries. By the time a company files, early investors have already made 28x, 75x, even 3,000x. Retail gets what's left — at the top.
The best companies stay private longer. SpaceX: 24 years. Stripe: 14 years. Databricks: 12 years. They're building empires in private markets.
Access is everything. Platforms exist. Minimums are lower. But if you're waiting for the IPO, you're already too late.
🔓 GET EARLY ACCESS
Premium members get pre-IPO deals every Thursday. Full investment memos. Pricing. Access. Before the IPO window opens and the returns disappear.
Companies like: SpaceX, OpenAI, Anthropic, Stripe, Databricks.
Minimums: $1K-$25K (not $500K).
Cost: $40/month.
Thursday: Why 20% of private equity distributions are now continuation vehicles (and why that's a massive red flag).
Have a great easter week!
Alberto ☕