How To Invest In OpenAI and Anthropic Before They Go Public | Ankur Nagpal

— Private markets are increasingly where wealth compounds in America, with companies staying private longer (average 13 years before IPO) and public company count halving over decades; index-based venture investing works better than individual company picking.

— USVC is a publicly accessible venture fund with $500 minimum entry, quarterly liquidity targets (up to 5% of fund), and NAV-based pricing to avoid premium/discount distortion seen in closed-end ETFs.

— Portfolio includes SpaceX, Anthropic, OpenAI, Sierra, Ligora, Mercury, and Superbase; 20% allocated to early-stage fund managers for long-term compounding.

— Anduril SPV controversy: USVC bought LP stakes in an SPV rather than direct company equity; poor communication caused backlash, but the practice is standard and Anduril's caution about cap table opacity is understandable.

— AI is no longer a category but an inflection point across all businesses; focus shifting to companies solving hard problems—physical robotics, energy, foundation infrastructure—rather than AI-wrapped CRMs.

— Tax alpha strategies (QSBS, direct indexing, treasury money markets, S-corps for self-employed) can compound to millions in savings over a career; USVC investors gain pass-through QSBS eligibility after three-year hold.

— If considering private markets, only invest leftover dollars after maxing tax-advantaged accounts (401k match, Roth IRA, HSA) and broad market indexing; don't deploy capital you need in the near term.

— Use direct indexing instead of index funds for identical returns plus tax-loss harvesting; treasury money market funds beat high-yield savings without state/local taxes (New York example: no NYC/state levy on treasury yields).

— Seek QSBS-eligible early-stage investments where possible: up to $15 million in zero-tax gains on C-corp stakes held 3+ years; solo 401k for self-employed lets you defer $72,000 annually and borrow tax-free.