Three of the largest stock market debuts ever attempted are lining up within months of each other. SpaceX is expected to list on Nasdaq around 12 June, OpenAI is reported to be targeting a float as early as September, and Anthropic filed confidentially at the start of June.
The Numbers
SpaceX is seeking to raise roughly $75 billion at a valuation reported near $1.8 trillion, which would be the largest IPO on record. Its 2025 revenue was $18.7 billion, with Starlink contributing around $11.4 billion, though it still reported a net loss of $4.94 billion, most of it tied to Starship.
OpenAI is reported to be aiming for a listing as early as September at a valuation around or above $1 trillion, looking to raise up to about $60 billion. Its last private round, in March, was $122 billion at an $852 billion valuation.
Anthropic filed confidentially at the start of June near a $965 billion valuation, after a $65 billion round at the same level in late May, with annualised revenue reported around $47 billion.
Why the Numbers Are So Large
Underneath all three sits one expectation. Investors are pricing AI as a general layer beneath most software and most work, something closer to a utility than a single product. On that view, today's revenue is an early slice of a market that eventually reaches how organisations write, decide, build and serve customers, and a valuation that looks stretched against this year's accounts reads differently if the technology becomes part of nearly every workflow over the next decade. SpaceX sits a little apart, an infrastructure and connectivity company rather than a model developer, but its listing rides the same appetite for the systems AI runs on.
The Other Side
There are reasons for caution. The valuations sit well ahead of current revenue, so a large amount of future growth is already in the price, and SpaceX was still loss-making in 2025. The case rests on AI demand compounding and on a small group of providers holding their lead, the same concentration we have written about before. If those assumptions slip, the distance between price and present-day earnings has a long way to fall.
After the Listings
None of this is investment guidance. Prices will probably take time to settle after each debut, since opening weeks often run hot, with institutional and retail money arriving together and lock-ups and early sentiment pulling valuations both ways before a steadier level emerges. Whatever the first prints say, these will be among the most closely watched listings in years, and a fair test of how public markets value the idea of AI as basic infrastructure.
Sources: Bloomberg and CNBC on SpaceX; Yahoo Finance and TechTimes on OpenAI; TechCrunch and CNBC on Anthropic. Figures are as reported and may change ahead of pricing.
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