The private markets are running out of room. SpaceX, OpenAI, and Anthropic, the three companies most likely to define the next decade of technology, are each approaching valuations that used to be reserved for countries, not startups. Their combined implied market cap now sits at an estimated $3.7 trillion, roughly the GDP of Germany.
And all three are moving closer to going public.
The numbers behind the trillion-dollar club
SpaceX is targeting a market valuation of $1.5 trillion for its eventual IPO. That would make Elon Musk’s rocket company more valuable at listing than every publicly traded aerospace and defense firm in America combined. OpenAI, the company behind ChatGPT, is aiming for around $1 trillion. Anthropic, the safety-focused AI lab founded by former OpenAI researchers, has seen its pre-IPO valuation surge to approximately $1 trillion as well.
Anthropic’s trajectory is arguably the most staggering of the three. The company closed a $30 billion Series G round in February 2026 at a $380 billion valuation. In secondary markets, it’s now valued at nearly three times that amount. That’s a 733% increase since October 2025.
