Just months after a Stegosaurus skeleton sold for a record $44.6 million to billionaire investor Ken Griffin, collectible investment platform Rally will IPO shares of another Stegosaurus currently being excavated in Wyoming.
The dig began in late 2023 after its discovery by veteran fossil expert Tom Lindgren. Now dubbed "BCQ 24," Lindgren and Rally believe the ongoing excavation could yield one of the most significant Stegosaurus skeletons ever.
As the dig continues, Rally will IPO the dinosaur for a market cap of $13.75 million, divided into 200,000 shares priced at $68.75 each. Retail investors will be able to purchase shares starting Dec. 20.
As excavation continues, current bone volume is nearly 65%— a key metric for the valuation of dinosaur skeletons — with an expected final bone volume of 70% to 75%.
Rally expects the excavation to conclude within six months and become display-ready in September 2025.
Unlike many of the other assets on the platform, which trade similarly to a stock market, the plan for BCQ 24 is to bring it to market within two years, distributing the proceeds to the shareholders.
The record-breaking skeleton sold at Sotheby’s in July had a 79% bone volume. Considered “virtually complete” with 254 bone elements of 319 intact, that Stegosaurus skeleton, named Apex, attracted multiple offers of $20 million or more, according to Rally.
Rally's Stegosaurus is the first to be offered publicly since the July sale.
Dinosaur bones have long been a favorite among high-end collectors and celebrities, though the sale of a Tyrannosaurus rex named Sue for $8.36 million at Sotheby’s in 1997 has helped propel the category forward.
Celebrity collectors of dinosaur bones include Nicolas Cage, who once purchased a skull for $276,000 in 2007, but later returned it after finding it was illegally exported from Mongolia.
Once owned by Leonardo DiCaprio, a Mosasaur skull was sold by actor Russell Crowe during his “The Art of Divorce” auction in 2018.
Rally believes due to its "early entry" as well as the growing market, there is "significant potential for an exceptional price."
Ben Burrows is a reporter and editor for cllct.