RIT Capital's Private Bets: SpaceX, Anthropic, Stripe Before the IPO

While retail investors are arguing about whether to buy the $SPY dip, RIT Capital Partners is playing a completely different game. The 4.5 billion pound multi-asset fund, covered in a recent Bloomberg Merryn Talks Money episode, is sitting on a private equity stack that reads like a Silicon Valley wish list: SpaceX, Anthropic, OpenAI, Databricks, Stripe, and Ramp. That is roughly 33% of the fund in private assets, all deliberately positioned to capture value before any IPO events.

The thesis is clean: own the full AI stack from frontier models (Anthropic, OpenAI) to infrastructure to applications, and hold through whatever market drama unfolds. They are also rotating public equity exposure away from the US toward Europe, Japan, and emerging markets, which is either contrarian genius or excellent timing given current geopolitical noise.

The real flex here is indifference. RIT is explicitly content holding Anthropic and OpenAI whether they ever list publicly or not. That kind of patience is the actual edge most investors never develop.