SpaceX, OpenAI and Anthropic eye record-breaking IPO wave

SpaceX, OpenAI and Anthropic are lining up a public-market test that could reshape the U.S. stock market and expose how much of the A.I. boom is built on promise rather than profit. The three companies could add about $3 trillion in combined market value to the more than $69 trillion U.S. equity market, creating what Reuters described as the largest wave of initial public offerings in history.

The scale alone makes the comparison with past tech manias unavoidable. Ordinary investors would not just be buying growth; they would be buying into a set of businesses still burning cash, even as they sit at the center of the most powerful technology narrative on Wall Street. SpaceX, OpenAI and Anthropic are all losing money, a rare profile for listings of this size and a reminder that revenue growth does not yet equal durable earnings power.

SpaceX is the most ambitious of the three. Reuters said Elon Musk’s rocket and satellite company was targeting a $1.75 trillion valuation and could pursue an IPO as early as June 2026. The company posted a nearly $5 billion loss on more than $18.6 billion of revenue last year, while Starlink remains the clearest growth engine inside the business. That mix of heavy losses and a fast-scaling internet franchise is exactly what investors will have to weigh: whether satellite broadband and launch economics can justify a valuation that would rank among the largest ever.

OpenAI and Anthropic bring a different pitch. Both sit at the center of the A.I. boom, and both have won rare mainstream traction through products that reached far beyond Silicon Valley, with ChatGPT and Claude becoming recognizable enterprise software brands. Reuters said OpenAI was seeking a valuation of around $1 trillion, while Anthropic was valued at $380 billion in a February 2026 funding round. Anthropic then announced a $65 billion Series H financing on May 28, 2026, at a $965 billion valuation, overtaking OpenAI’s earlier private-market mark and showing how quickly investor expectations are still moving.

OpenAI’s late-2025 corporate restructuring cleared a path toward a possible listing, and chief executive Sam Altman has said an IPO is the most likely path for the company’s future. Still, timing remains unsettled, and that uncertainty matters. As Anthony Saglimbene of Ameriprise has warned, profits will become the critical question after the excitement stage fades. For public investors, the coming wave is not just a bet on A.I. demand. It is a test of which of these giants can turn dominance, scale and brand recognition into lasting, defensible earnings.