BREAKING: OpenAI's pre-IPO valuation has officially hit a record $1 trillion. Pre-IPO instruments trading onchain, backed 1:1 by SPV exposure on Jupiter, are providing a real-time proxy for the company’s implied IPO valuation. OpenAI’s implied valuation is now up +163% since October 2025, when rumors first emerged of a potential $1+ trillion IPO. This comes as Anthropic is also nearing a potential $1+ trillion IPO and SpaceX is reportedly targeting $1.7+ trillion. The world has never had this many trillion-dollar private companies. AI is accelerating.(The Kobeissi Letter)