SpaceX, Anthropic, OpenAI Go Public in Trillion-Dollar IPO Wave

SpaceX, Anthropic, and OpenAI — three private companies valued above $1 trillion each — announced public listings Aug. 10, opening a record IPO window that could draw hundreds of billions in capital.

Both OpenAI and Anthropic filed confidential S-1 paperwork with the Securities and Exchange Commission in June, according to the companies. The New York Times reported in June that OpenAI may push its offering into 2027, while Anthropic is widely expected to list as early as this fall.

OpenAI, which launched ChatGPT in November 2022, carries a post-money valuation of $852 billion as of March, while Anthropic — whose Claude Code coding platform has won large corporate customers — is valued at $965 billion as of May. SpaceX's valuation was not disclosed in the announcement. OpenAI on Monday also introduced premium business seats at $125 per user per month, or $100 billed annually, five times the usage of its standard $25-per-user plan, matching Anthropic's Teams pricing.

The three listings represent a landmark for the tech sector, potentially attracting massive capital inflows and re-rating the AI and space investment themes that have driven index gains. A successful debut could trigger a wave of new IPOs from other large private technology companies and force institutional investors to rebalance portfolios toward the newly public names.

The trio's simultaneous filings end a three-year stretch in which clients repeatedly asked how to access SpaceX or OpenAI before their IPOs. The announcements shift those questions from private-market workarounds to public-market allocations, giving retail and institutional investors their first direct route into the AI and space leaders.

Valuations Top $1 Trillion Each

Anthropic's $965 billion post-money valuation as of May edges OpenAI's $852 billion as of March, reflecting the former's momentum with enterprise clients. Anthropic has won large corporate customers through Claude Code, its AI coding platform, helping push its valuation above OpenAI's despite launching its flagship model later. OpenAI counters with Codex, its own coding tool, and has expanded into productivity software with ChatGPT Work, announced in July, while Anthropic debuted its Claude Cowork platform in January.

Google, which develops its own AI models and services that match OpenAI's capabilities, remains a competitive reference point for investors pricing the new listings. The two AI companies also compete directly on pricing: OpenAI's new premium tier at $125 per user per month, or $100 billed annually, matches Anthropic's Teams plan, which charges the same rates.

Pricing and Timelines Diverge

The companies are pursuing different listing timelines. Anthropic is widely expected to hold its IPO later this year, potentially as early as fall, while OpenAI may delay its offering until 2027, per the New York Times report. SpaceX's filing details, including price range and shares offered, have not yet been disclosed.

The deals' payment structures, price ranges, and use-of-proceeds breakdowns also remain pending, with the companies yet to release full prospectus details. Regulatory approvals from the SEC are required before any of the three can begin trading.

For advisors, the listings create a new allocation question: how to weight three trillion-dollar names that previously sat outside public-market benchmarks. The IPOs could influence major indices and reshape portfolio allocations for institutional investors, while a strong debut may encourage other large private technology companies to file.

This article is for informational purposes only and does not constitute investment advice.