SpaceX, OpenAI, Anthropic IPOs: Significant risks and rewards

Wall Street is licking its chops over an unprecedented slate of massive IPOs set to arrive in the coming months, beginning with Elon Musk’s SpaceX in June.

That is expected to be followed by artificial intelligence rivals OpenAI and Anthropic. The trio of mega listings, each eyeing valuations around $1 trillion or more, constitutes a heady period of elevated risk and reward.

SpaceX is targeting an initial public offering that would raise up to $80 billion, roughly double the funds generated from all 2025 IPOs.

OpenAI and Anthropic are eyeing IPOs raising $60 billion, also huge numbers compared with the norm.