Last week saw the largest public offering in history as SpaceX priced its IPO at $135 per share to raise $75bn at a $1.75 trillion valuation. VenCap has exposure to SpaceX through multiple Core Managers, and the IPO has the potential to drive meaningful DPI back to multiple VenCap funds over the next 6-24 months.

We also saw lots of momentum elsewhere in the portfolio — OpenAI files for its IPO, Revolut seeks a $115 billion valuation, and Cursor and Lovable surpass meaningful revenue milestones.

VenCap provides differentiated venture access for institutional investors and family offices. We welcome the opportunity to connect.

 

SpaceX Completes Largest IPO in History, Raising $75bn at $1.75 Trillion Valuation

SpaceX operates reusable launch vehicles, the Starlink satellite internet network, and an AI computing division through its xAI subsidiary. The company priced 555.6 million shares at $135 each to raise $75 billion in the largest initial public offering in history, listing on Nasdaq under the ticker SPCX and closing its first trading day at $160.95 — a 19% gain on the offer price. SpaceX is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17, VenCap 18.

 

OpenAI Files Confidentially for an IPO

OpenAI is the developer of the ChatGPT platform, which has grown to approximately 900 million weekly active users since its launch in 2022. The company submitted a draft registration statement to the SEC for a proposed IPO — following principal rival Anthropic's own filing the previous week. OpenAI is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16, VenCap 17, VenCap 18, VenCap 19.

 

Revolut Explores Secondary Share Sale at $115 Billion Valuation

Revolut is a London-based digital bank and financial super-app. The company is considering a secondary share sale at a $115 billion valuation — a 53% increase from its November 2025 secondary — allowing existing shareholders and employees to generate liquidity, following receipt of a full UK banking licence and the filing of a US national bank charter application. Revolut is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16, VenCap 17, VenCap 18.

 

Cursor Surpasses $4 Billion in ARR

Cursor is an AI-powered coding platform, founded in 2022. The company's annualised revenue run rate has crossed $4 billion, up from $2 billion in February, with enterprise clients now representing approximately 75% of run rate after its corporate segment tripled quarter-on-quarter in Q1. Cursor is an underlying asset of VenCap 6, VenCap 16, VenCap 17, VenCap 18, VenCap 19.

 

Lovable Reports $500 Million ARR with One Million New Projects per Week

Lovable is a European vibe-coding start-up that enables non-technical users to build functional web applications through natural language prompts. The company has reported an annualised revenue run rate of $500 million with its platform generating approximately one million new projects per week. Lovable is an underlying asset of VenCap 16, VenCap 18, VenCap 19.