Three of the most closely watched private companies in American tech are preparing to go public, and the numbers involved are almost cartoonishly large. SpaceX, OpenAI, and Anthropic are each targeting valuations near $1 trillion, with combined fundraising ambitions approaching $200 billion, according to reports from Tech Xplore, Malay Mail, and other outlets.
SpaceX is expected to move first, eyeing a June IPO and seeking to raise up to $80 billion on its own. To put that in perspective: all U.S. IPOs combined raised $70 billion in 2025. OpenAI and Anthropic are each pursuing roughly $60 billion in their own planned listings, with timelines pointing to late 2026 or 2027.
The three offerings together could nearly match the $240 billion raised by U.S. IPOs over the past four years. That is either a sign of extraordinary momentum or the kind of concentration that makes risk managers reach for antacids.
Emily Zheng of PitchBook flagged exactly that concern, noting that the value here is stacked in three mega-offerings rather than distributed across a healthier spread of companies coming to market. Wall Street is reportedly eager anyway, with investor appetite described as strong despite the risks.
The timing adds some wrinkles. Ongoing conflict in the Middle East is contributing to inflationary pressure and geopolitical uncertainty, according to the reports, which is not the backdrop any IPO roadshow team would choose. Markets absorb big offerings more comfortably when the macro picture is calm, and calm is not the current prevailing mood.
For the AI industry specifically, the OpenAI and Anthropic listings carry weight beyond the dollar figures. The News Lens described the two planned offerings as a key indicator for how public markets will value AI companies broadly, and for where the overall market is heading. If investors pile in at trillion-dollar valuations, it sets a reference point for every AI startup with public ambitions. If the offerings stumble, the ripple effects run in the other direction.
SpaceX, for its part, has the advantage of a more tangible business: rockets, satellites, and government contracts. The AI companies are asking investors to price in a future that is still being written, which is a harder sell in a jittery market, and a potentially very lucrative one if the thesis holds.
Original source: https://kite.kagi.com/5b73205d-fb42-4ee3-87ba-854f2545e029/tech/11