Global · Markets
Key Facts
—The race: the trillion-dollar IPO contest sharpened on May 20, when SpaceX filed its public prospectus and OpenAI was reported to be preparing its own listing within the same day.
—SpaceX scale: the rocket and satellite group, now merged with AI venture xAI, reported $18.67 billion in 2025 revenue and is targeting a valuation around $1.75 trillion, with a raise of up to $75 billion.
—OpenAI scale: the ChatGPT maker, last valued at $852 billion, is working toward a listing as soon as September at a valuation above $1 trillion.
