As 2026 begins, the Financial Times reports that SpaceX, OpenAI, and Anthropic are preparing for IPOs simultaneously, with a combined valuation potentially exceeding $2.5 trillion. Under the Trump administration's more lenient regulatory environment, Wall Street is facing the biggest IPO test in nearly a decade.
Timelines and valuations of three mega IPOs
SpaceX CEO Elon Musk has confirmed through the X platform that it will go public as early as mid-2026, with a market valuation ranging from $1 trillion to $1.5 trillion. If it comes to fruition, it will surpass Saudi Aramco to become the largest IPO in history.
OpenAI is seeking a valuation of $750 billion to $1 trillion.
Anthropic aims for approximately $300 billion.
The combined IPO proceeds of these three companies are equivalent to several times the total amount raised through IPOs in the US stock market in 2025.
SpaceX: Backed by Real-World Revenue
Secondary market data shows that SpaceX's revenue is projected to reach $24 billion in 2026, primarily from Starlink service fees and Starship commercial launch contracts. Stable cash flow alleviates market concerns about the high capital expenditures of the aerospace industry, explaining why investors are willing to value the company in trillions of dollars.
OpenAI and Anthropic: AGI valuations undergo their first public scrutiny.
Despite receiving support from Microsoft, OpenAI's losses may continue until 2029. Going public would help early shareholders exit and make up for capital expenditures.
Anthropic is seen as a more neutral language model provider, and analysts expect its annualized revenue to grow from $9 billion to $26 billion by 2026, providing a growth argument for a $300 billion valuation.
Is the market able to absorb the demand?
In 2025, high-growth companies such as CoreWeave and Circle successfully went public, with their average first-day gains and three-month performance both outperforming the S&P 500, reigniting institutional appetite for the new economy.
Investment banks such as Morgan Stanley and Citigroup have begun assembling underwriting teams, anticipating record-breaking fee revenues. However, corporate valuations heavily rely on future profit forecasts, and if the Federal Reserve's monetary policy shifts or the commercialization of AI-related paid services falls short of expectations, the bubble could burst at any time.
