Picture this:
A venture capitalist (VC) sits down with a big-time Wall Street banker who handles IPOs.
The VC wants to know what the public markets are looking for. With that information, he’ll be able to invest — early, cheaply — in private startups that could become blockbuster IPOs.
The banker is happy to oblige. He lays out exactly what the public markets are hungry for. It’s not a long list. Just three buckets:
- Large Language Models (AI systems from companies like OpenAI and Anthropic).
- Defense Tech.
- Physical AI (robots, humanoids, and autonomous drones).
This exact scenario happened a few weeks ago.
Today, I’ll give you the details. Then I’ll show you how to use these insights to get positioned for blockbuster profits.
Who Is Jason Shuman and Why Should You Care?
Jason Shuman is a Partner at Primary Venture Partners, a New York City-based venture fund.
He’s been recognized on lists like “Forbes 30 Under 30,” and as a founder-turned-investor, he brings invaluable operational experience to the table.
Here’s what he posted on X a few weeks ago:
His post, and the conversations it inspired, cut through the noise because he’s so deep in the ecosystem. He spends ten, twelve, fourteen hours a day talking to founders, bankers, and limited partners who are focused on growing businesses and creating wealth.
The perspective of the head of investment banking he met with is gold, too.
Such bankers live at the intersection of private startups and public markets. They see which deals get the green light for IPO roadshows and which ones get shrugged off.
When they say the public markets have a specific appetite, it’s not a guess — it’s a signal about where the big money sees the next wave of profits coming from.
So let’s look at the three buckets these insiders talked about, and dig into the names they discussed.
The Three Buckets, Explained
First, here are the three buckets:
Large Language Models (LLMs): These are the foundational AI systems you keep hearing about. They power everything from consumer chatbots to enterprise-level code generation. Two private startups currently lead the pack: OpenAI (creator of ChatGPT) and Anthropic (creator of Claude). These companies aren’t just building clever apps — they’re creating the “picks and shovels” for an AI-powered economy. These companies are scaling exponentially right now, so the market potential and financial upside feel virtually unlimited.
Defense Tech: Geopolitics is back, budgets are soaring, and the Pentagon is increasingly open to the innovative, software-first approach of defense startups. Anduril and Saronic exemplify this new wave: autonomous systems, AI-driven platforms, and rapid iteration that the traditional defense giants struggle to match.
Physical AI (Robotics and Vertical Integrators): This AI doesn’t just live in the cloud — it moves atoms in the real world. Think humanoids that work alongside humans in factories, or autonomous drones, or robotic delivery-systems.
Quick Takes on the Names Mentioned
Now let’s look at some of the specific names mentioned in Jason’s post on X:
- OpenAI: The poster child for AI. Massive valuation (approaching $1 trillion), customer traction, and constant innovation. Still private, but a bellwether for the sector.
- Anthropic: Focused on safe, reliable AI as well as enterprise adoption. Positioned as a thoughtful leader in a fast-moving space. Scaling revenues exponentially.
- Anduril: Founded by Palmer Luckey, Anduril is rebuilding American defense with AI, autonomy, and border-to-battlefield systems. Already valued in the tens of billions and winning major U.S. defense contracts.
- Saronic: Building autonomous surface vessels (maritime drones) for the Navy. Recently raised big money and landed major contracts as the U.S. looks to counter military threats with cheaper tech.
- SpaceX: Elon Musk’s rocket and Starlink powerhouse, plus an AI contender (xAI), plus a first-mover in the race towards data centers in space. This is vertical integration at planetary scale. It blends space, AI, comms, and autonomy.
- Figure: A humanoid robotics company building general-purpose robots for factories, warehouses, and beyond. Making rapid progress toward commercial deployment.
- Zipline: Pioneer in autonomous drone-delivery. Started with medical supplies in Africa, now expanding to U.S. retail and more. Proven at scale.
- Dandy: Using robotics, AI, and digital manufacturing to revolutionize dental labs. This is mass customization via modern technology.
- Flock: AI-powered cameras and systems helping law enforcement and communities fight crime through massive data networks and autonomy.
These startups are building their businesses in sectors where technology meets vast real-world needs — and where public markets are signaling they’ll pay up for winners.
Why Getting In Before the IPO Matters
Here’s the reality that most retail investors miss:
By the time game-changing companies like these hit the public markets, the biggest gains have already been made. Early backers in private rounds can pocket 10x, 50x, 100x or more as a young company scales. Post-IPO, you’re buying at a premium, while early backers are selling.
The banker’s three-bucket short list is no guarantee, of course. Markets shift, companies fail to execute, valuations can get frothy. But it’s a good place to start.
Bottom line: when the smart money converges on certain themes, investors like us should take notice.
So, if you’re looking for exposure to the companies that will define the future — before they become household names — now’s the time to explore the private markets.
Happy Investing.
Founder
Crowdability.com
