The tech IPO landscape is undergoing a seismic shift following SpaceX's filing of its S-1 prospectus with the SEC in May 2026. The effects are immediate and profound.
Both Anthropic and OpenAI have now confidentially filed their own draft prospectuses. Anthropic submitted its confidential S-1 on June 1, 2026, followed by OpenAI exactly one week later, on June 8. This rapid succession is a direct strategic response to SpaceX kicking open the door for what could be the most significant tech listings in decades.
SpaceX's own offering is historic. It is targeting a debut valuation of approximately $1.75 trillion, with pricing expected around June 11, 2026. The offering involves roughly 555 million shares at $135 each, with demand reportedly oversubscribed by more than four times.
The AI giants are racing to follow. Anthropic's filing comes on the heels of a massive $65 billion Series H funding round that valued the company at $965 billion. OpenAI's move puts it in direct competition for investor capital. Both companies are working with Goldman Sachs and Morgan Stanley. Their public debuts are projected for late 2026 or early 2027, with expectations for valuations potentially exceeding $1 trillion each.
The sequential timing creates a specific dynamic for investors. SpaceX's performance will directly influence the pricing and appetite for the subsequent Anthropic and OpenAI listings. The concentration of advisory work at two major banks for both AI deals also presents unique challenges in managing institutional investor demand.
Crucially, none of these three companies have any token or crypto component. This represents a pure traditional equity competition for the same growth-seeking capital.