According to the Financial Times, SpaceX, OpenAI, and Anthropic are simultaneously preparing for public listings, with combined valuations potentially surpassing $2.5 trillion. Under the Trump administration's lenient regulatory stance, Wall Street faces the biggest IPO test in nearly a decade.
IPO Timeline and Valuations of the Big Three
SpaceX CEO Elon Musk confirmed via X that the company could list as early as mid-2026, with a valuation range of $1 trillion to $1.5 trillion, which would make it the largest IPO ever, exceeding Saudi Aramco. OpenAI is seeking a valuation between $750 billion and $1 trillion. Anthropic targets around $300 billion. The combined listing amount is several times the total IPO fundraising on US equities in 2025.
SpaceX: Real Revenue Backs Trillion-Dollar Valuation
Secondary market data shows SpaceX's projected 2026 revenue of $24 billion, driven by Starlink service fees and Starship commercial launch contracts. Stable cash flow alleviates concerns over the aerospace industry's high capital expenditure, explaining why investors are willing to price the company at a trillion-dollar valuation.
OpenAI and Anthropic: AGI Valuation Faces Public Scrutiny
OpenAI, backed by Microsoft, may continue to incur losses until 2029. Going public allows early shareholders to exit and raises capital for spending. Anthropic, seen as a more neutral language model provider, is expected to grow its annualized revenue from $9 billion to $26 billion by 2026, supporting its $300 billion valuation thesis.
Market Capacity: Bubble Risks Loom
CoreWeave and Circle, high-growth firms that went public in 2025, posted strong first-day gains and three-month performances relative to the S&P 500, reigniting institutional appetite for new economy stocks. Investment banks like Morgan Stanley and Citigroup have begun forming underwriting teams, expecting record fee income. However, valuations rely heavily on future profit forecasts. If the Federal Reserve shifts monetary policy or AI monetization disappoints, the bubble could compress at any time.