SpaceX publicly filed its S-1 prospectus with the SEC on May 20, targeting a $75 billion raise on the Nasdaq under the ticker SPCX. At a share price of $135 across 555.6 million shares, the listing implies a valuation somewhere between $1.75 trillion and $2 trillion. That would make it the largest US IPO ever, by a wide margin.
Anthropic followed less than two weeks later, confidentially filing its own draft registration statement on June 1. The AI company is now ahead of rival OpenAI in the race to go public, with analysts projecting a debut valuation between $900 billion and $1 trillion. OpenAI, for its part, is working with Goldman Sachs and Morgan Stanley on a potential September or Q4 2026 listing, aiming to raise around $60 billion at a $1 trillion valuation target.
Add it all up and these three companies could collectively pull somewhere north of $150 billion to $200 billion from public markets. For context, that figure alone would dwarf total US IPO proceeds from most recent full calendar years.
The SpaceX factor
SpaceX has been the most transparent of the three, moving from a confidential submission in April to a full public filing in May. The company’s targeted valuation of up to $2 trillion would place it among the most valuable publicly traded companies on Earth, roughly in the same neighborhood as Apple and Microsoft.
