IPO Tsunami Incoming: SpaceX, OpenAI, and Anthropic Prepare to Unleash Public Market Frenzy

Get ready for the main event. After years of speculation and private market mania, the titans of the new space and AI frontiers are lining up at the public market gates.

The Heavyweight Contenders

SpaceX, Elon Musk's orbital empire, is finally eyeing an exit beyond our atmosphere. OpenAI, the name behind the chatbot that rewired global conversation, is prepping its own public debut. Not to be outdone, Anthropic—the disciplined challenger in the AI arms race—is also in the queue. This isn't a trickle; it's a coordinated wave poised to redefine entire market sectors overnight.

Why This Time Is Different

Forget the SPAC-fueled hype of years past. This trio represents something more substantial: proven revenue, tangible technology, and market-defining influence. They've moved beyond venture capital fairy tales into the realm of hard metrics and global scale. The public markets are about to get a crash course in 21st-century valuation—where rockets and large language models command premiums that would make a traditional industrialist blush.

The Ripple Effect

Expect aftershocks. These listings will test investor appetite for deep-tech narratives and likely create a new benchmark for growth. They'll drain liquidity from other sectors, force comparisons across the tech landscape, and offer a legitimate exit for early backers who've been waiting for this moment. Just don't expect the usual IPO pop—these names have been priced to perfection in the private markets for years. The real show starts when the lock-up periods expire and the insiders finally get to cash their chips.

Valuations soar into hundreds of billions

The companies have yet to set IPO valuation targets. But their private valuations give some indication of their scale. OpenAI currently carries a price tag of $500 billion and is talking with investors about raising fresh money that could push its value past $750 billion. These discussions are still in early phases, but the company could take in tens of billions of dollars, people familiar with the talks said.

SpaceX is working on selling existing shares among private investors at a valuation of $800 billion, several sources confirmed. Anthropic is also seeking new investment that backers expect will value the artificial intelligence company above $300 billion.

If these three companies alone sold stock to the public, they WOULD bring in more than the roughly 200 American companies that went public in 2025. Peter Hébert, who started the investment firm Lux Capital, said he cannot remember seeing anything like this before.

“I can’t recall a crop like this — three private companies which would be among the largest public market caps in the world,” Hébert said. “The likelihood of all these companies listing [in 2026] is small, but possible, and would mean an epic bonanza for VCs, bankers and deal attorneys.”

SpaceX is expected to raise more than the $29 billion Saudi Aramco collected when it went public in 2019, making it the biggest stock offering ever.

A challenging year for IPOs in 2025

Last year saw some technology companies list their shares, including Figma, Klarna, CoreWeave, and Chime. During the first nine months of 2025, American companies raised more than $30 billion through new stock offerings, with most of that coming from tech firms, according to EY data.

Other large private companies are also considering going public this year. Databricks, a data analytics business valued at $134 billion, and Canva, a design platform worth $42 billion, are among those looking at their options, according to EY.

Founders Fund, the investment firm connected to Peter Thiel, put $20 million into SpaceX back in 2008 and has added more money in later rounds. That stake is now worth tens of billions of dollars. Alphabet also owns a position worth billions. Khosla Ventures, which got into OpenAI early, took a 5 percent stake in 2019.

Last year, both Anthropic and OpenAI took steps to prepare for life as public companies. They hired executives who have run publicly traded businesses before, cleaned up how their boards operate, and brought in large investors who typically buy shares of public companies.

These preparations mean the companies can choose when they want to go public, though recent market movements have created some uncertainty. Large publicly traded companies like Oracle and Broadcom have seen their stock prices drop sharply as worries grow about whether artificial intelligence companies are overvalued.

“When you have a generational company who is defining their category, I don’t think their decision to go public is a reaction to a macro market view,” Ryan Biggs, co-head of venture investment at Franklin Templeton, said “These businesses are so strong that they are the ones driving the macro.”

Plans could still change if major political or economic problems arise. Going public will also subject these companies to much closer examination than they face as private businesses. SpaceX did not respond when asked for comment. OpenAI also declined to comment.

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