In a landmark event for financial markets, SpaceX, OpenAI, and Anthropic are set to go public within months of each other in 2026, with a combined valuation approaching $4 trillion. The sheer scale raises a critical question: can the stock market absorb all three?
SpaceX Leads the Charge
SpaceX, under Elon Musk, targets a Nasdaq debut this Friday under the ticker "SPCX." The company has set a fixed price of $135 per share, aiming to raise $75 billion at a valuation of roughly $1.75 trillion. If successful, it will shatter the record for capital raised in an IPO, surpassing Saudi Aramco's $29.4 billion haul in 2019.
Index providers are already adapting. Nasdaq and FTSE Russell have shortened the trading days required for benchmark entry, while S&P Dow Jones has held its methodology unchanged. Retail investors, historically allocated only 5-10% of IPO shares, could get up to 30% in this offering, with firms like Fidelity lowering minimum investment thresholds to $2,000.
AI Giants Line Up
Anthropic filed confidentially with the SEC last Monday after closing a $65 billion Series H round at a $965 billion post-money valuation. Bankers are anchoring its public debut near $1 trillion, supported by a revenue run rate of $47 billion.
OpenAI filed confidentially in late May, targeting a public valuation between $852 billion and $1 trillion. Analysts predict a listing as early as September, with a raise of at least $60 billion.
Market Capacity and Concerns
Goldman Sachs projects the aggregate fundraise from the three could exceed $200 billion, surpassing the entire US IPO market's projected total for 2026. However, initial index weights will be modest due to low free float-SpaceX plans to release only 4% of its equity. Lock-up agreements further limit immediate pressure.
Valuation Questions Linger
None of the companies are profitable in conventional terms. OpenAI projects losses of $14 billion in 2026; Anthropic expects a thin 5% operating margin. SpaceX would trade at over 90 times its 2025 revenue of $18.7 billion at its proposed valuation. Morningstar values the company at less than half that target.
Despite skepticism, institutional support exists. The OECD cites AI investment as a key driver of global growth, though it admits productivity gains are "highly uncertain." The success of these IPOs may serve as a major stress test for AI valuations across the board.