Pre-IPO secondary volume: the $120B figure these sources cannot carry

The largest figure of that order anywhere in the supplied material is OpenAI's March round: $122 billion raised at an $852 billion valuation ^[6]. That is primary issuance into a company, not stock moving between holders, and none of these three sources reports aggregate pre-IPO secondary turnover at any level ^[17]. The $120B+ label, as a volume figure, is not grounded here.

What is grounded is adjacent and more interesting. Anthropic's May round of $65 billion ^[5] and OpenAI's March round ^[6] together put $187 billion of primary capital into two private companies inside four months ^[14]. SpaceX's offering, described by Bloomberg as record-setting ^[4], grossed about $75.0 billion at the $135 price ^[12], rising to roughly $86.25 billion if the underwriters exercise their full 30-day option on 83,333,333 shares ^[3][13]. So two private rounds raised about two and a half times what the record listing raised ^[15]. Capital is not queuing at the exit; it is paying for the delay.

That is where the liquidity question actually sits. OpenAI is now leaning toward 2027, with bankers pointing to volatility in tech stocks and in SpaceX shares after their June 12 debut ^[8][2]. A name that does not list keeps changing hands on marks that move with each reported round rather than a daily close ^[11], and the available reference points, meaning rounds, tender offers and secondary indications, may be non-transparent, transaction-specific and materially different from executable pricing ^[10].

Then the gap. Sam Altman is reported to be holding a $1 trillion target against a last round marked between $730 billion and $852 billion ^[9], which is $148 billion to $270 billion of daylight, or 17 to 37 percent above the mark ^[16]. Until something prints, that spread is an argument, not a price.