OpenAI, Anthropic—trillions in wealth are locked in private markets. Banks want in. With valuations of nonpublic companies reaching record levels on the back of the AI boom, private-market access is increasingly becoming the defining battlefield for client acquisition in private banking. Consider SpaceX’s public debut earlier this month. It was the largest initial public offering in history, adding $75 billion to its roughly $15.85 billion pre-IPO cash position and creating a market