SpaceX, OpenAI, and Anthropic are set to go public collectively in 2026, with a total valuation reaching up to 2.5 trillion USD, marking an unprecedented stress test for market funding.

(Background recap: Musk’s net worth approaches 750 billion USD, the first in history! Court restores sky-high salaries, SpaceX IPO sparks imagination)

(Additional background: Tether reiterates: We will return to the US market! Targeting institutional clients, but not following Circle’s IPO approach)

Table of Contents

• Timeline and valuation of three super IPOs
• SpaceX: Physical revenue as support
• OpenAI, Anthropic: AGI valuation undergoes its first public scrutiny
• Is the market capable of absorbing this?

2026 is just beginning. The Financial Times reports that SpaceX, OpenAI, and Anthropic are preparing for IPO simultaneously, with a combined valuation possibly surpassing 2.5 trillion USD. Under the lenient regulatory environment of the Trump administration, Wall Street faces the largest new stock test in nearly a decade.

Timeline and valuation of three super IPOs

SpaceX has confirmed via CEO Musk on the X platform that it could go public as early as mid-2026, with market valuation estimates ranging from 1 trillion to 1.5 trillion USD. If true, it will surpass Saudi Aramco to become the largest IPO in history.

OpenAI seeks a valuation between 750 billion and 1 trillion USD.

Anthropic aims for approximately 300 billion USD.

The combined IPO amounts of these three companies are several times the total IPO financing of the entire US stock market in 2025.

SpaceX: Physical revenue as support

Secondary market data shows that SpaceX’s 2026 revenue is estimated at 24 billion USD, mainly from Starlink service charges and Starship commercial launch contracts. Stable cash flow reduces market concerns over high capital expenditure in the aerospace industry, which also explains why investors are willing to value it in the trillions.

OpenAI, Anthropic: AGI valuation undergoes its first public scrutiny

Although supported by Microsoft, OpenAI’s losses may continue until 2029. Going public will help early shareholders exit and cover capital expenditures.

Anthropic is viewed as a more neutral language model provider. Analysts expect its 2026 annualized revenue to grow from 9 billion USD to 26 billion USD, providing growth rationale for a 300 billion USD valuation.

Is the market capable of absorbing this?

In 2025, high-growth companies like CoreWeave and Circle successfully went public, with average first-day gains and three-month performance outperforming the S&P 500, reigniting institutional appetite for the new economy.

Investment banks like Morgan Stanley and Citigroup have begun assembling underwriting teams, expecting record-breaking fee income. However, corporate valuations heavily depend on future profit forecasts. If the Federal Reserve shifts monetary policy or AI commercialization proceeds slower than expected, bubbles could be compressed at any time.